Effectiveness of non-monetary factors on staff retention within the South African banking sector

Abstract

The recent global recession resulted in many job losses across the world with the financial industry being most severely impacted. Today the focus for many banks is to do more with less employees and to reduce the cost to income ratio on their balance sheets. It is therefore pertinent that they devise strategies that will enable them to retain talented employees. This paper mainly employed a quantitative approach in which a questionnaire was utilised as the instrument for data collection with a focus on non-monetary incentives and turnover intentions. Small scale interviews were used to supplement the collected quantitative data. The findings revealed that non-financial rewards are an important factor in employee retention that cannot be ignored.