An Investigation into the Retention of Talent in the Nigeria Banking Sector

Abstract

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.