Retaining Talent in the Banking Sector
Retaining Talent in the Banking Sector
The financial sector faces an immense challenge in retaining and attracting talent.
One of the leading banks in the country approached The Strategists to receive an intervention to solve this issue internally. Our goal was to take the issue of retention and research the nuances and factors that play a role in this disruption and develop a strategy for this institution specifically and personally.
When developing an understanding of employee well-being, behaviour, and overall attraction to their position, concise research and analysis must take place. Understanding the upper-management point of view is crucial but solving a problem to this extent requires an internal look.
The approach was the development of ten separate sprints with a multicultural and diverse team of employees situated in multiple duties across the bank be it front-facing or back-office individuals. The goal was to create a unique space where conversations could be held that determine why individuals would stay or leave the bank.
The first intervention was aimed at a team of twenty individuals. The concept was to identify their preferences, dislikes, and reasoning for either staying or leaving the bank.
A series of codes and patterns were outlined, and further conversations were held in-depth addressing these themes and codes. Another set of sprints was setup where a problem-solving and theoretical discussion was held addressing the themes and codes identified previously.
The aim was to find out how to address these issues or develop positive influences on retention.
The work with this bank is still underway. After addressing key points and aspects of retention throughout the bank as a whole, a new approach to employee satisfaction must be found.
Within the third phase, the application process is currently underway. Through the series of interventions and sprints, our team was able to develop a way forward where the facilitation of the process we designed can be executed, monitored, and reviewed consistently.
Retention is a modern problem facing many industries and firms. The psychological influence on employee retention spans far greater than remuneration and monetary compensation. This case is an excellent example of bringing firms into an innovative approach that allows employees to be satisfied with their job as a whole and not simply the salary they receive at the end of the month.
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