Enhancing employee retention by promoting decent work in a South African financial services institution

The South African financial services sector currently grapples with employee turnover, as increasingly flexible work arrangements have triggered more casual labor due to indecent work practices including poor compensation and a lack of job security which compromise employee retention. This research aimed to understand how employee retention can be improved in the South African financial services sector by promoting decent work.

A qualitative approach was adopted to understand the research phenomena, specifically using a case study research strategy. A purposive sampling technique was utilized to select the 17 employees within the South African financial services institution who were interviewed through semi-structured interviews.

Following the deductive coding techniques that were used to conduct the thematic data analysis, the current state of decent work in the South African financial services institution was characterized by the work policies and working conditions experienced by employees, compensation and benefits, career development and growth, as well as organizational culture and management practices. Meanwhile, the mechanisms that were identified as enhancing employee retention by promoting decent work included competitive pay, rewards and recognition, professional development, job security and employment stability, as well as the institutionalization of flexible work arrangements.

This research offers empirical insights on how South African financial institutions can improve their employee retention by promoting practices that encourage decent work. Practical recommendations proffered by the study include implementing transparent compensation and recognition outcomes, promoting equitable access to employee development opportunities, officializing flexible work structures, and fortifying employment stability and job security.