Knowledge Retention Strategies Employed by Banks to Execute Strategy Implementation
Knowledge Retention Strategies Employed by Banks to Execute Strategy Implementation

Summary/Abstract: Employee retention tactics are crucial to the effectiveness of modern business operations. The way an organisation uses and manages its people resources determines how effective it is. Employers today struggle to find and keep skilled and innovative staff members in an increasingly competitive marketplace. The triangulation design and the survey method were utilised by the study to collect data. Information was gathered from a bank in South Africa. Twenty-five professional employees, including fifteen supervisors from several bank departments, made up the population sample. The investigator gathered information through conducting manager interviews and making observations. This study additionally indicated that preventing a "brain drain" is important to the effective implementation of strategies. As such, the bank should establish a succession planning programme prior to use to prevent critical dependence on particular individuals and guarantee that critical institutional knowledge is maintained when employees leave, retire, or relocate abroad. It also emphasised how crucial it is for the bank to create a consistent culture throughout all of its business units, since this will affect how its staff conduct and are motivated during the strategy's implementation phase. Finally, the report recommended that middle management be included while senior management is developing the overarching bank strategies.

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