Bank Manager Strategies to Retain Skilled Employees Beyond 5 Years

AbstractThe banking industry is fraught with low employee retention threatening the bank’s ability to perform optimally. Bank managers who fail to implement strategies to retain skilled employees experience reduced productivity and increased turnover costs. Grounded in the job embeddedness theory, the purpose of this qualitative single-case was to explore strategies bank managers use to minimize employees\u27 intent to leave during downtimes in the banking industry. The participants were four employees of a Fortune 500 bank located in the U.S. in Virginia. Data were collected using semistructured interviews and a review of organizational employee handbooks. The six themes identified through a thematic analysis were merging of skillsets, reduction of turnover, strategy relevance, continuous training, incentives, and workplace culture. A key recommendation is for bank managers to acknowledge employees\u27 achievements through monthly employee recognition and ongoing training, incentives, and workplace culture. The implications for positive social change include the potential to enhance the quality of life for skilled employees in the bank industry