Employee retention in the Irish financial sector since the financial crisis

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Cowan, Ross
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MBA in Business Management
Dublin Business School
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Ireland has found itself in a financial crisis along with the rest of the world, yet financial sector employment still continues to move jobs. Employers find themselves in a difficult position to retain their employees as their profit margins tighten and so the retention of their employees is a vital factor in determining the success of their business. The retention of key employees is directly linked to the performance of the workforce as a whole, retain of these employees influences employee satisfaction, motivation, and organisational loyalty. A company's success hinges on its employees and motivates them to become highly committed and more productive in order to reach their full potential. Retention strategies must be aligned with the needs of the industry's employees in order to combat the evident movement of employees within the financial sector. This is a study based on a review of the literature and primary data gathered from financial sector employees in order to analyze if and why employees are moving despite the crisis and what employers need to focus on in their retention plans. It is clear that all the employees cannot be retained with a single retention plan and this study seeks to assess the factors which employers should focus on in order to maximize employee retention and if they have they have changed since the crisis began. The Retention plan should focus on a number of key factors such as by employee engagement, training and development opportunities and remuneration in order to maximise employee retention. Author keywords: Employee retention, financial crisis