An investigation into the best practices of retaining millennials in the financial sectors

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Cappelli, Lisa
Issue Date
Master of Business Administration
Dublin Business School
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This research investigates the best practices of retaining millennial generation employees within the financial sector. This study provided an understanding of the perspectives of millennials in relation to the reasons for leaving previous roles. This study also outlined what draws Millennials to staying with employers and their opportunities to grow professionally in the workplace. This was studied in line with typical professional development opportunities provided by management including feedback, appraisals, coaching training and development and rewards. These perspectives uniquely assisted the analysis of best practices in retaining Millennial employees within the financial sector, during the unusual and challenging time of the global pandemic. A meta-analysis was carried out by comparing the primary data with the secondary data gathered in this study. The primary data was collected through quantitative research, using surveys as the data collection instrument and the population sample included Millennial staff from five Allied Irish Bank branches across south Dublin. This research found that high employee turnover is an evident issue in the financial sector, that Millennials do require specific attention to retain them and that professional development initiatives are surprisingly crucial in order to retain them. This brought together valuable recommendations or a unique outline of best practices to solve the problem of high Millennial turnover and low retention within the financial sector.