Analysis of talent management and retention strategies in the banking industry of Pakistan: a case study of banking sector in Pakistan

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The current study aimed at analysing the talent retention practices and their effectiveness withinPakistani banking sector. Through pragmatic philosophical stance and mixed methods approach,talent management and retention practices of Pakistani banks were investigated by applyingqualitative and quantitative methods. The alignment of qualitative and quantitative researchmethods in this study was made through abductive research approach. Survey and interviewswere conducted with representatives of four banks of Pakistan including JS Bank, UBL Bank, ABLBank and MCB Bank. A sample of 300 employees from these banks was chosen throughconvenience sampling technique for survey and a sample of 20 participants was chosen throughpurposive sampling for interviews.The reliability of the survey instrument was found through Cronbach alpha which was 0.72 andwas in line with the standard value. Further statistical analysis of survey was done through SPSSwhile a thematic analysis of interview data was done. It was found that performance managementis directly and positively correlated with offering career guidance and succession planning,motivation of employees and training and development whereas it has a negative correlation withrecruitment and selection. Regression analysis confirmed that employees’ turnover intentions areimpacted by performance management, career guidance and succession planning, recruitmentand selection, employee motivation, and training and development. The qualitative analysisidentified nine themes including talent management, leadership, talent retention, organisationalculture, performance management, employee training, talent identification, skills audit andsuccession planning. The findings revealed that the important factors that lead to employeeturnover in banks of Pakistan include lack of training and development, poor job satisfaction, lackof appropriate reward systems and practices and lack of career development opportunities.Based on the findings, this study proposed recommendations for improving talent managementand retention practices within Pakistani banks. Important recommendations include to improvemanagers’ skills in providing feedback about the employees supervised by them and to identifyperformance gap, to provide training to identify talent for having a clear and robust selectionprocess, and to develop a proper career path and progression for the employees. This study alsoproposed future prospects for researchers for extending its scope. It was proposed that futureresearchers may investigate mediating role of HR practices in finding relationship between talentattraction and talent retention within banks of Pakistan. The study concluded that effectiveemployee appraisal system followed by career counselling and guidance about careerdevelopment are the two most important practices adopted by banking sector in Pakistan.