An investigation of the factors necessary in the development of a retention strategy for a financial organization

Abstract

rhe research study investigated the factors necessary for the development of an organizational retention ;trategy for a financial organization pertaining to key equity employees. Equity employees are those employees jescribed as such in the Employment Equity Act 55 of(1998). Bussin's (2002) Total Rewards Model was used as the theoretical framework for the study. The investigation was conducted within an interpretive paradigm and employed a qualitative methodology. Thematic analysis was used in the interpretation of the three data sources gained access through the data collection process. A previously completed employee relationship audit's findings, and the data derived from nine exit interviews formed the basis for the twenty-four semi-structured individual interviews, which were conducted with a sample ofthe employees. A purposive sampling technique enabled the identification of particular employees, who were the equity participants in the study. An additional component of the Total Rewards Model, namely Talent Management was identified from an analysis of the results. Six salient factors were highlighted in the investigation. The factors identified were: A need for a short-term incentive plan, which would provide recognition above and beyond an employee's monthly salary. The need for career development opportunities. The utilization of new skills from the training initiated by the organization. The representation of women and Black people in senior management positions. The need for formal performance support. The standardization of the recruitment process, the management of unrealistic or unattainable expectations and listening to employees' concerns.,KMBT_363,Adobe Acrobat 9.54 Paper Capture Plug-in