Abstract
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 oers empirical insights on how South African
financial institutions can improve their employee retention by promoting
practices that encourage decent work. Practical recommendations proered
by the study include implementing transparent compensation and recognition
outcomes, promoting equitable access to employee development opportunities,
ocializing flexible work structures, and fortifying employment stability and job
security.