Article: Successful employee retention practices: characteristics found in Danish and Icelandic banks Journal: International Journal of Business Information Systems (IJBIS) 2023 Vol.44 No.2 pp.161 - 179 Abstract: Based on the elements of social exchange theory this study sought to investigate the characteristics uncovered in large commercial banks that have successfully retained talented employees. The qualitative data was collected via 32 interviews and the participants comprised of four stakeholder groups: 1) external recruitment specialists; 2) HR managers in banks; 3) mid-level bank managers; 4) bank specialists. The results reveal that a structured and systematic investment in talent management and strategic human capital has an impact on the retention of specialist. In addition, organisational connections with employees, employee education, inclusive communication, recognition, and management recruitment practices all impact the employees satisfaction with their employer, thereby improve the retention rate. This research contributes to the literature as it validates the importance of investment in talent - supported by corporate strategies - as a way to understand trends and to plan and define retention strategies that back companies' successful retention of specialists. Inderscience Publishers - linking academia, business and industry through research

Title: Successful employee retention practices: characteristics found in Danish and Icelandic banks

Authors: Unnar Theodorsson; Svala Gudmundsdottir; Thorhallur Gudlaugsson

Addresses: Department of Business Administration, University of Iceland, Gimli, Sæmundargata, IS-102 Reykjavik, Iceland ' Department of Business Administration, University of Iceland, Gimli, Sæmundargata, IS-102 Reykjavik, Iceland ' Department of Business Administration, University of Iceland, Gimli, Sæmundargata, IS-102 Reykjavik, Iceland

Abstract: Based on the elements of social exchange theory this study sought to investigate the characteristics uncovered in large commercial banks that have successfully retained talented employees. The qualitative data was collected via 32 interviews and the participants comprised of four stakeholder groups: 1) external recruitment specialists; 2) HR managers in banks; 3) mid-level bank managers; 4) bank specialists. The results reveal that a structured and systematic investment in talent management and strategic human capital has an impact on the retention of specialist. In addition, organisational connections with employees, employee education, inclusive communication, recognition, and management recruitment practices all impact the employees satisfaction with their employer, thereby improve the retention rate. This research contributes to the literature as it validates the importance of investment in talent - supported by corporate strategies - as a way to understand trends and to plan and define retention strategies that back companies' successful retention of specialists.

Keywords: strategic human capital; SHC; talent management; strategic human resource management; HRM; motivation; banking industry.

DOI: 10.1504/IJBIS.2023.134970

International Journal of Business Information Systems, 2023 Vol.44 No.2, pp.161 - 179

Received: 16 Dec 2022
Accepted: 25 Dec 2022
Published online: 22 Nov 2023 *

Title: Successful employee retention practices: characteristics found in Danish and Icelandic banks

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