HR Practices and Employee Retention in the Banking Sector of Pakistan
Abstract
Purpose: Human Resource is one of the most valuable resources in any organization and its contribution is massive everywhere in the world. Human Resources (HR) practices can be helpful to retain valued employees. This study examines the role and association between HR practices and employee retention. HR practices include training & development, compensation, job security, working environment, leadership and culture & policies. Major objective of this study is indentfiy the roele and effect of HR practices on employee retention in banking sector of Pakistan.
Design: The population of this study consists of 8 major banks of Pakistan including public, private, Islamic and foreign banks. The mixed-method was employed to get the data through interviews and questionnaires. Simple random sampling and stratified random were used for interviews and questionnaires respectively.
Findings: Findings of the study indicate that compensation; job security, training & development, working environment and leadership practices have a significant association with employee retention. These variables also play a very imperative role in employee retention except job security. The culture & policies have no significant association and role on employee retention.
Value: The research findings may help the policymakers to prioritize the areas of instant concerns and invest resources as per the local requirement of staff for their retention in the banking sector of Pakistan.
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