An Investigation into the Retention of Talent in the Nigeria Banking Sector
This study aims to investigate talent retention in the Nigeria Banking Sector using Wema Bank Plc. as a case study. To achieve this aim, the primary source of data was employed to collect data from respondents. Specifically, semi-structured interviews were conducted to gather data from nine (9) empl...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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Peoples’ Friendship University of Russia (RUDN University)
2023-12-01
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| Series: | RUDN Journal of Public Administration |
| Subjects: | |
| Online Access: | https://journals.rudn.ru/public-administration/article/viewFile/37413/23024 |
| _version_ | 1827383062827106304 |
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| author | Tolulope Bamigboye Abdulmaleek O. Abdulazeez |
| author_facet | Tolulope Bamigboye Abdulmaleek O. Abdulazeez |
| author_sort | Tolulope Bamigboye |
| collection | DOAJ |
| description | This study aims to investigate talent retention in the Nigeria Banking Sector using Wema Bank Plc. as a case study. To achieve this aim, the primary source of data was employed to collect data from respondents. Specifically, semi-structured interviews were conducted to gather data from nine (9) employees at Wema Bank. Data retrieved were analysed using thematic analysis. Findings from the semi-structured interview showed that factors such as poor remuneration, non-flexibility in work arrangements, poor performance management process, increased workload, and increased stress levels are responsible for the increased rate of talent turnover in Nigeria Banks. In addition, it was discovered that the increased turnover rate caused by the identified factors had been the cause of poor service delivery of banks, especially in areas such as Internet banking and mobile applications. Furthermore, employee resistance to change, non-commitment of the management team, and budget constraints were identified as challenges causing a hindrance to the implementation of some of the talent retention strategies created by Wema Bank. Thus, based on the findings from the semi-structured interview, training and educating talent, ensuring timely promotion, pay increase in such a way that offers more than competitors within and outside the banking industry, rewarding and recognising talent, implementing flexible work arrangements, and ensuring cross border recruitment, have been found suitable for improving talent retention in Nigerian Banks. Furthermore, the study recommended implementing flexible work arrangement policies and practices to help reduce workload and stress and ensure a healthy work-life balance. |
| first_indexed | 2024-03-08T14:32:25Z |
| format | Article |
| id | doaj.art-caaa39d5aa4d440ca3bd4f0af2b3b7c6 |
| institution | Directory Open Access Journal |
| issn | 2312-8313 2411-1228 |
| language | English |
| last_indexed | 2024-03-08T14:32:25Z |
| publishDate | 2023-12-01 |
| publisher | Peoples’ Friendship University of Russia (RUDN University) |
| record_format | Article |
| series | RUDN Journal of Public Administration |
| spelling | doaj.art-caaa39d5aa4d440ca3bd4f0af2b3b7c62024-01-12T08:53:36ZengPeoples’ Friendship University of Russia (RUDN University)RUDN Journal of Public Administration2312-83132411-12282023-12-0110458359210.22363/2312-8313-2023-10-4-583-59221170An Investigation into the Retention of Talent in the Nigeria Banking SectorTolulope Bamigboye0Abdulmaleek O. Abdulazeez1https://orcid.org/0000-0002-0490-2007Birmingham City UniversityOsun State UniversityThis study aims to investigate talent retention in the Nigeria Banking Sector using Wema Bank Plc. as a case study. To achieve this aim, the primary source of data was employed to collect data from respondents. Specifically, semi-structured interviews were conducted to gather data from nine (9) employees at Wema Bank. Data retrieved were analysed using thematic analysis. Findings from the semi-structured interview showed that factors such as poor remuneration, non-flexibility in work arrangements, poor performance management process, increased workload, and increased stress levels are responsible for the increased rate of talent turnover in Nigeria Banks. In addition, it was discovered that the increased turnover rate caused by the identified factors had been the cause of poor service delivery of banks, especially in areas such as Internet banking and mobile applications. Furthermore, employee resistance to change, non-commitment of the management team, and budget constraints were identified as challenges causing a hindrance to the implementation of some of the talent retention strategies created by Wema Bank. Thus, based on the findings from the semi-structured interview, training and educating talent, ensuring timely promotion, pay increase in such a way that offers more than competitors within and outside the banking industry, rewarding and recognising talent, implementing flexible work arrangements, and ensuring cross border recruitment, have been found suitable for improving talent retention in Nigerian Banks. Furthermore, the study recommended implementing flexible work arrangement policies and practices to help reduce workload and stress and ensure a healthy work-life balance.https://journals.rudn.ru/public-administration/article/viewFile/37413/23024talenttalent retentionnigerian banking sector |
| spellingShingle | Tolulope Bamigboye Abdulmaleek O. Abdulazeez An Investigation into the Retention of Talent in the Nigeria Banking Sector RUDN Journal of Public Administration talent talent retention nigerian banking sector |
| title | An Investigation into the Retention of Talent in the Nigeria Banking Sector |
| title_full | An Investigation into the Retention of Talent in the Nigeria Banking Sector |
| title_fullStr | An Investigation into the Retention of Talent in the Nigeria Banking Sector |
| title_full_unstemmed | An Investigation into the Retention of Talent in the Nigeria Banking Sector |
| title_short | An Investigation into the Retention of Talent in the Nigeria Banking Sector |
| title_sort | investigation into the retention of talent in the nigeria banking sector |
| topic | talent talent retention nigerian banking sector |
| url | https://journals.rudn.ru/public-administration/article/viewFile/37413/23024 |
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