Enhancing employee retention by promoting decent work in a South African financial services institution

Bibliographic Data

ID22433589
AuthorsPatricia Lungile Setshogoe (University of Johannesburg), Wilfred Ukpere (0000-0002-3308-0081, University of Johannesburg), Wilfred Isioma Ukpere (University of Johannesburg), Musawenkosi D Saurombe (0000-0002-2923-2863, University of Johannesburg)
Year2026
Volume11
Pages1835488-1835488
Publication date2026-07-10
Peer ReviewedYes
Open AccessYes
TypeARTICLE
VenueFrontiers in Sociology (JOURNAL)
Journal identifiersISSN: 2297-7775 • E-ISSN: 2297-7775
PublisherFrontiers Media SA (PUBLISHER • CH)
DOI10.3389/fsoc.2026.1835488
PMID42500591
OpenAlexW7167937054
LanguageEN
References cited67

Introduction The South African financial services sector currently grapples with employee turnover, as increasingly flexible work arrangements have triggered more casual labor due to indecent work practices including poor compensation and a lack of job security which compromise employee retention. This research aimed to understand how employee retention can be improved in the South African financial services sector by promoting decent work. Methods A qualitative approach was adopted to understand the research phenomena, specifically using a case study research strategy. A purposive sampling technique was utilized to select the 17 employees within the South African financial services institution who were interviewed through semi-structured interviews. Results Following the deductive coding techniques that were used to conduct the thematic data analysis, the current state of decent work in the South African financial services institution was characterized by the work policies and working conditions experienced by employees, compensation and benefits, career development and growth, as well as organizational culture and management practices. Meanwhile, the mechanisms that were identified as enhancing employee retention by promoting decent work included competitive pay, rewards and recognition, professional development, job security and employment stability, as well as the institutionalization of flexible work arrangements. Discussion This research offers empirical insights on how South African financial institutions can improve their employee retention by promoting practices that encourage decent work. Practical recommendations proffered by the study include implementing transparent compensation and recognition outcomes, promoting equitable access to employee development opportunities, officializing flexible work structures, and fortifying employment stability and job security.

Career development · Employee retention · Financial institution · Financial services · Institution · Job security · Qualitative research · Retention Management · Thematic analysis · Work (physics) · Higher Education and Employability · International Labor and Employment Law · Labor Movements and Unions