STAFF RETENTION: A CLOSER LOOK AT THE FINANCIAL SECTOR IN S.A.

This book is centred on the impact of the Employment §equity Act on the retention of staff in the §financial sector. Attention will be given to the §benefits of staff retention to the organisation and §the broader economy. As a global problem, minimizing §employee turnover now ranks with finding new §employees as one of the toughest challenges in a §talent-scarce economy. Holding on to the best people §in the organisation is of importance to §organisations and their future, especially taking §into account the state of the current global economy.§§Staff turnover occurs a few times in a year, pushing §up the recruiting costs significantly. The primary §aim of these institutions would be to ensure bigger §profits year on year, hence their concern with §regard to the impact of high staff turnover on the §company s bottom line. §§In general, high staff turnover has an impact on §many aspects within a particular institution, §ranging from company culture, recruitment costs, §skills and expertise, to name but a few. Getting §answers to these questions could be of benefit to §both the academic community as well as the South §African financial sector.