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Discuss about the Attracting and Retaining Staff for Journal of Organizational Behavior.

The main purpose of this paper is to discuss the challenges faced by the financial sector organizations while attracting and retaining employees within their workforce.  Human resource department of an organization is mainly responsible to develop strategies which would help them to attract and retain their employees. Employee attraction and retention are defined as the ability of the organization to attract and retain their employees within the workforce. This paper will focus on some of the key challenges faced by the financial sectors while attracting new and right candidates towards the organization. These strategies will able these organizations to increase the level of performance of the organization, by increasing the overall productivity and profitability. These candidates want to work in the organization where they will receive an opportunity to develop their professional career. They also want to work in the organizations, which provide well-developed career paths to their employees. As these organizations fail to provide these opportunities to the candidates, they are unable to attract new and right candidates towards the organization. Furthermore, this paper will also review some of the key challenges which these organizations face while retaining their employees. The employees want to work in those organizations where their skills will be appreciated and valued. The companies who are unable to provide a positive environment are more likely to fail to retain their employees.  These organizations are not capable to motivate their employees, thus decreasing the level of performance of the employees.  Moreover, this paper will also discuss how these organizations can improve their ability to attract and retain their employees. 

The financial sectors are facing several problems while attracting new talents towards their organization.  The reputation of the financial sector has decreased to a significant extent, thus affecting the attractiveness of these organizations. Due to this, the candidates are looking for opportunities in various other sectors. Several factors influence the attractiveness of these organization such as career development opportunities, motivation, recognition, and flexibility in the workplace etc.  The HR department is responsible to attract the right talent towards the organization. However, due to their poor management practices, they fail to attract them, thus decreasing the attractiveness of the financial sector. In the words of Gulzar, (2017), high salary and compensation are one of the most important criteria while attracting the right talent to the organization. However, it is not the most important factor while increasing the number of right candidates within the organization. A majority of the candidates wants toy week in organizations, providing opportunities for career development. Training, workshops etc. can provide this opportunity to the employees. These organizations fail to provide these facilitates to the candidates. According to Brewster, (2017), development of skills increases the level of satisfaction among the employees, both personally and professionally. These employees also want to maintain a balance in their professional and personal life. Most of the organizations are unable to provide flexible work schedules to the employees, which results in a decrease in their ability to attract new and right candidates. Due to these reasons, the financial sector organizations are unable to provide employee satisfaction to their employees.

Employee attraction challenges in the financial sectors


Attracting the right employee will enable these organizations to increase their overall performance, effectiveness, and efficiency. However, as these organizations cannot provide career development opportunities to the candidates. Thus they are unable to attract the right candidates towards these financial sector organizations. In the words of, these organizations fail to motivate the right candidates to join their workplace. The workplace environment of these firms are not flexible, thus the employees will not be able to maintain a work-life balance. These issues further demotivate them to join the financial sector organizations. As per Alomari, Awawdeh & Alolayyan, (2017), the reputation of the financial sectors have decreased to a great extent, thus further alienating the right candidates towards the organization. In the words of Hamdallah, Abed & Srouji, (2014), the employees want to work in a place where their talents are valued and respected. A majority of these financial sector organizations are unable to recognize and appraise the talents of their employees. It provides a motivation for the employees to remain motivated and committed towards the organization. Increase in the level of motivation and commitment of the employees, allows the firms to increase their overall efficiency. A decrease in the level of motivation among the candidates prompts them to look for opportunities in other places. In the words of Pandita & Ray, (2018), lack of recognition and appraisal within a firm plays a vital role in decreasing the attractiveness of these organizations. These issues create a significant amount of challenges for these organizations to attract new and right candidates towards the organization.                        

Employee retention is defined as the effort given by an organization in order to retain their employees within their workplace. As per Cascio, (2018), there are several challenges in retaining the employees in the financial service sector. Human resource department of these financial sector organizations is responsible for providing a supportive environment within the workplace. If they are unable to provide that to their employees, they will not be able to retain them.  According to Bratton & Gold, (2017), the factors affecting the employee retention ability of these organizations are motivation, job satisfaction, career development opportunities, recognition, and appraisal.  A hostile environment will affect the motivation of the employees to perform better. Poor management practices by the HR department will encourage the workers to leave the organizations and look for better opportunities. Employee satisfaction is one of the vital factors, as it will help the employee in getting associated with the firm for a longer period of time. In the opinions of Marchington, Wilkinson, Donnelly & Kynighou, (2016), those firms which are unable to provide satisfaction to their employees, risk losing them. Along with higher pay, an employee also want opportunities to develop their professional career. In the words of, the firms who are unable to provide training and other career development opportunities fail at retaining their employees. The organizations with hostile work environment do not encourage their employees to commit fully to their organization. These organizations face the challenge of high employee turnover, due to these reasons. 

Employee retention challenges in the financial sectors


In the opinions of Anitha & Begum, (2016) recognition and appraisal of the workers play a vital role in retaining them within the organization. An employee is motivated to perform better if their efforts are recognized and appraised by the senior management. In the words of Terera & Ngirande, (2014), failure to recognize the efforts of the workers will decrease the ability of the company to retain them. The employees will look for other places where their skills and expertise are appreciated.  The workers also want a balance in their personal and professional life. In case the organizations are unable to provide this balance, they will fail to retain their employees within the organization. As per Cloutier, Felusiak, Hill, & Pemberton-Jones, (2015), dissatisfaction among the workers will ultimately affect their performance within the organization. It will lead to a decrease in the morale of these workers of the firms.  A decrease in the motivation of the employees will lead to decreased productivity of the organization. The workers want to develop their skills both for their personal and professional development. Development of professional skills allows the employee to advance their professional career and increase their job satisfaction. However, the organizations who are unable to provide these opportunities are incapable of retaining their employees. In the words of Vidal-Salazar, Cordón-Pozo & de la Torre-Ruiz, (2016), poor work environment within the organization prompts the employees to look for other opportunities in other organizations, thus severely affecting the employee retention ability of the organization.  A decrease in the reputation of the organizations also plays a major role in retaining the employees within the workplace. These issues play a significant role in decreasing the ability to retain employees in the organizations operating in finances.

There are several strategies which the human resource department can employ to attract the right talent towards these organizations. An employee wants to work in a firm which will provide him a fair salary and other job-related benefits (Stone & Deadrick, 2015). They expect to receive the right amount of salary for their respective roles and responsibilities.  The organizations should provide continuous career development opportunities to their employees.  A positive environment must be ensured to attract the right talent towards the firm (Coetzee & Stoltz, 2015).  These financial firms can develop a program for the benefit of their employees, this program should focus on their necessities. With the help of a well-developed employee benefits plan, these organizations should be able to attract more employees towards the organization. An employee wants to join those organizations which provide ample opportunity for career growth. Thus the organizations must conduct training sessions so that the employees can develop their skills (Nica, 2016). Development of their skills will allow the employees to increase their personal and professional satisfaction. Increase in the job satisfaction among the employees will increase the productivity and profitability of the organization. It will also play a positive role in increasing the reputation of the organization among in the market. When the reputation of these financial organizations will increase, it will also increase their attractiveness (Oseghale, Mulyata & Debrah, 2018). Thus the candidates with the right talent will be attracted towards these organizations. They must develop a positive atmosphere in the workplace to attract more employees in the organization. The atmosphere within the organization should motivate the employees to perform better, thus increasing their productivity.

Strategies for improving employee attraction and retention


These organizations should be able to provide a work-life balance, in order to attract new candidates within the workforce. Flexibility in the workplace will play a crucial role in increasing the ability of the organization to attract right and new talents (Irshad, Zaman & Kakakhel, 2014). A balance between the personal and professional life of the employees will encourage them to join these financial organizations. The firms can create an employee incentive program so that they can attract a number of candidates in their workforce. An organization which provides a way to develop the career of the employees attracts a number of right candidates towards the organization. If the organization offers a way to the employees to move up within the organization, has the better probability of attracting new and right candidates. Mobility in the job is an effective way to attract more candidates. The HR department plays a key role in attracting new and right employees towards the organization. They must create career development opportunities for their employees in order to attract the right candidates towards the organization. They must form a professional bond with their employees to increase the level of efficiency within the organization (Taylor, 2016).

These strategies will help them to increase the productivity and profitability levels of the organization by increasing the level of satisfaction among the employees of the organization. Job satisfaction, mobility in the jobs are the two main strategies by which the organization can attract the right talent towards the organization. Increasing the job satisfaction among the employees of the organization plays a vital role in retaining the right candidates in the organization. The employees will be pleased when they will be able to advance their professional career in the organization. These organizations should conduct continuous training sessions so that the employees can develop more professional skills. A well-defined career path should be provided so that the organization can retain their employees.  A positive environment within the organization to increase the motivation of the employees within the organization (Al-Emadi, Schwabenland & Wei, 2015). Motivated and satisfied employees play a key role in increasing the performance of the organization. Increase the productivity of the organization will ultimately lead to increase their profitability as well.  The employees must be led by an ethical leader, to increase the level of performance of the organization. Proper roles and responsibilities must be delegated to them according to their skills. The employees should be satisfied with their roles and responsibilities, so that they may not look for opportunities at other organizations.  Employee satisfaction plays a key role in increasing the retention of employees within the organization. It motivates the employees of the organization to engage with the organizational goals and commit to their fulfillment.

These employees will drive the performance towards excellence. If the organization is able to provide a well-defined career path to the employees, they will be able to retain a majority of the employees. Retaining the right employees is crucial, as it will increase the level of efficiency within the organization. These organizations can also retain their employees by recognizing and rewarding the efforts of their employees. An employee wants to work in the organization where their skills and responsibilities are appreciated and valued. So in order to retain the right employee within the organization, they must develop a positive environment within the workplace. In a positive environment, the efforts of these employees will be recognized and appraised. A supportive environment in an organization will help the employees to reach their maximum potential (Gilani & Cunningham, 2017). It will increase the level of communication among the workers, thus increasing the profitability of the organization.

These financial organizations must encourage their employees to achieve their potential and develop their skills. Developing their skills will allow the employees to move up in the organization. It will increase the mobility in the job within an organization.  Increase in the flexibility within the workplace will allow the employees to achieve and maintain work-life balance (Al-Emadi, Schwabenland & Wei, 2015). When the employees will be able to maintain these balance, they will be more focused towards achieving goals of the organization. They will be more focused to work together as a team, to enhance their performance. With the help of reward and recognition strategy, The HR department will able to increase the level of job satisfaction among the employees. Thus, they will be to retain their employees with the help of these strategies and reduce the occurrence of turnover in the workplace. These firms will be able to develop their reputation in the market, by employing these human resource management strategies within the organization. Increase in the reputation will also increase the ability to attract and retain their employees within the organization.       

Conclusion

Human resource debarment of an organization is mainly responsible for attracting and retaining employees within an organization. Employee retention is defined as the ability of a firm to prevent their employees from leaving. Employee attraction is defined as the ability of the organization to attract new and right candidates towards the organization. With the help of these two strategies, a company increases their overall productivity and profitability. However, the financial organizations are facing some challenges while attracting and retaining the employees within their organization. A majority of the candidates are not attracted towards this sector, as these companies fail to provide career development opportunities to their employees. These companies also fail to provide flexibility and a balance in the personal and professional life to the employees. This paper concludes that an organization can attract and retain more employees by employing the right strategy. These firms must develop a positive and supportive environment within the organization. A supportive environment will allow the employees to achieve their maximum potential and move up in the organization.  A well-defined career path will motivate people to join and remain in these organizations. These strategies will help these organizations to attract and retain more employees, thus increasing their overall profitability and productivity.

References

Al-Emadi, A. A. Q., Schwabenland, C., & Wei, Q. (2015). The vital role of employee retention in human resource management: A literature review. IUP Journal of Organizational Behavior, 14(3), 7.

Alomari, B. M. A., Awawdeh, A. M. H., & Alolayyan, M. N. (2017). The Important of Training and its Impact on the Performance of Employees in Banking Sectors (Abu Dhabi–UAE) to rising Efficiency. Modern Applied Science, 11(9), 138.

Anitha, J., & Begum, F. N. (2016). Role of organizational culture and employee commitment to employee retention. ASBM Journal of Management, 9(1), 17.

Bratton, J., & Gold, J. (2017). Human resource management: theory and practice. Palgrave.

Brewster, C. (2017). The integration of human resource management and corporate strategy. In Policy and practice in European human resource management (pp. 22-35). Routledge.

Cascio, W. (2018). Managing human resources. McGraw-Hill Education.

Cloutier, O., Felusiak, L., Hill, C., & Pemberton-Jones, E. J. (2015). The importance of developing strategies for employee retention. Journal of Leadership, Accountability and Ethics, 12(2), 119.

Coetzee, M., & Stoltz, E. (2015). Employees' satisfaction with retention factors: Exploring the role of career adaptability. Journal of Vocational Behavior, 89, 83-91.

Gilani, H., & Cunningham, L. (2017). Employer branding and its influence on employee retention: A literature review. The Marketing Review, 17(2), 239-256.

Gulzar, R. (2017). A Comparative Study of Human Resource Management Practices and Its Impact on Organizational Performance in Indian Public Sector Banks. International Journal of Human Resource Studies, 8(1), 89-108.

Hamdallah, M. E., Abed, S. R., & Srouji, A. F. (2014). Human Resource Factors and its Effect on Accountants in Jordanian Banks. Global Journal of Management And Business Research.

Irshad, M., Zaman, G., & Kakakhel, S. J. (2014). Does Organization Good Image Help to Attract and Retain Talented Employees: Employees Perspective. Abasyn University Journal of Social Sciences, 7(2).

Marchington, M., Wilkinson, A., Donnelly, R., & Kynighou, A. (2016). Human resource management at work. Kogan Page Publishers.

Nica, E. (2016). Employee voluntary turnover as a negative indicator of organizational effectiveness. Psychosociological Issues in Human Resource Management, 4(2), 220-226.

Oseghale, O. R., Mulyata, J., & Debrah, Y. A. (2018). Global Talent Management. In Organizational Behaviour and Human Resource Management (pp. 139-155). Springer, Cham.

Pandita, D., & Ray, S. (2018). Talent management and employee engagement–a meta-analysis of their impact on talent retention. Industrial and Commercial Training, 50(4), 185-199.

Stone, D. L., & Deadrick, D. L. (2015). Challenges and opportunities affecting the future of human resource management. Human Resource Management Review, 25(2), 139-145.

Taylor, S. (2016). 9. Compensation policy and employee turnover. Research Handbook on Employee Turnover, 166.

Terera, S. R., & Ngirande, H. (2014). The impact of rewards on job satisfaction and employee retention. Mediterranean Journal of Social Sciences, 5(1), 481.

Vidal-Salazar, M. D., Cordón-Pozo, E., & de la Torre-Ruiz, J. M. (2016). The flexibility of benefit systems and firms' attraction and retention capacities. Employee Relations, 38(4), 487-504.

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