Retaining Knowledge Workers: A Case Study of a Leading South African Bank

Abstract

This paper explored the factors that influenced the retention of knowledge workers (KWs) at a major financial institution in South Africa, to ascertain the strategies that are currently being employed, determine the strategies that were most valued by the employees, and recommend strategies to retain the KWs. The data which was collected through self-administered questionnaires from a convenience sample of KWs revealed that remuneration, challenging work, learning and development opportunities and, flexible work practices, were the most valued strategies. The retention strategies KWs were most satisfied with were good working conditions, respect, an aspirational brand, a safe working environment and leave benefits. Remuneration was a key factor influencing their intentions to remain in the organization, and there were no significant differences between the retention strategies valued by Black and White knowledge workers. It is recommended that in order to retain KWs, financial institutions should focus on a few well embedded retention strategies such as flexible working hours, providing more learning and development opportunities, and a more meaningful and challenging work environment.

DOI: 10.5901/mjss.2014.v5n23p2768