Abstract
Decent work encompasses conducive employment that delivers fair income, workplace security, social protection, and opportunities for personal development. The financial services sector in South Africa has experienced significant employment changes, marked by increased casualisation and two-tier employment systems. This transformation has been associated with job insecurity and systemic exclusion from basic employment benefits, resulting in increased employee turnover and employment volatility.
This study explored perceptions of decent work in employee retention in South Africa’s financial services sector. The study aimed to assess the current state of decent work, identify retention factors, while uncovering mechanisms to enhance decent work in the financial services sector.
A qualitative research approach anchored within a phenomenological research strategy was employed to explore the phenomenon outlined above. Empirical data was collected at a selected financial services organisation in Gauteng, South Africa, through semi-structured interviews, which were conducted with 17 participants, comprising both permanent and temporary employees. A purposive sampling technique was used to select participants who met the study’s predefined inclusion criteria. Thematic analysis was specifically used to develop the various themes and sub-themes that informed the study’s outcomes, while addressing the research objectives.
The research findings revealed that decent work perceptions are multidimensional, encompassing security, relationships, compensation, recognition, and development opportunities. More specifically, the study revealed that permanent employees generally experienced decent work through comprehensive benefits and job security, with retention factors aligning closely with decent work principles. Meanwhile, the study also revealed the systemic exclusion of temporary workers from essential decent work provisions. Temporary workers, some employed for over five years, were found to be surviving on the hope of future permanent employment while presently being denied overtime pay, medical aid, and development opportunities. Information asymmetry in compensation and limited transparency was also found to undermine trust.