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Running Head: CHALLENGES IN RETAINING EMPLOYEES IN FINANCE SECTOR     1
CHALLENGES IN RETAINING EMPLOYEES IN FINANCE SECTOR     1
CHALLENGES IN RETAINING EMPLOYEES IN FINANCE SECTOR
Table of Contents
Introduction    3
Analysis    3
Challenges in Retaining Employees    4
Lack of Recognition    4
Lack of Trust    5
Lack of Confidence in leadership    7
Micromanagement    8
Challenges in Attracting Employees    9
Mitigation Plans    10
Conclusion    11
References    12
Introduction
In the modern world, the jobs that have developed for individuals are manifold in nature and along with the development of a number of job opportunities retaining the existing employees of a job has become a problematic task for some companies going to the fact that they are facing severe problems in retaining employees for themselves. There are some factors, that lead to develop problems in retaining the employees for a company and those factors are manifold in nature. Judging from the point of view of the employees it can be seen that the factors that affect the retaining of employees in the finance sector are not very reversible and there are certain amendments that can be done in order to nullify these problems. In this article, various factors pertaining to the key problems of retaining employees in the finance sector shall be discussed and the ways to nullify those problems shall be discussed in detail.
Analysis
In any business or in any company the first step that is required in order to fully understand the necessities which are in alignment to the objective of the company is to conduct a survey in order to understand the various sources and nature of data and analysis of those data into a systematic study. As stated by Ahmed (2018), the studies that are conducted should incorporate the necessities that are required for the individuals to work in a company comfortably and should take into consideration the various problems that employees face while working for a company. The various factors that lead to unemployment for the loss of employees in a company shall also be considered and analysed in this step of assessment. While conducting this step the management of a company should keep in mind the key factors that lead to the loss of employees for that particular company and in case of finance sector, the problem regarding retaining of employees shall be considered in detail and analysed to understand the basic needs that are driving employees away from this sector.
After conducting this research, the results that are gathered shall be analysed in detail and in alignment with the situations of the cu
ent market for complete understanding of the problems on part of the employees. After understanding of the problem the management shall take the necessary steps that are required to mitigate the problems, amendments can be done in the policies of the company, and this amendment might lead to solving of the problem of retaining employees in the finance sector. Therefore, the first step of assessment is very essential for understanding the requirements and requisites of the employees in order to work for a company and making of necessary amendments in case the employees face certain difficulties for working for the company. In this way, the problems regarding retaining of employees in the finance sector can be mitigated largely.
 Challenges in Retaining Employees
There are some problems, that employees face while working for a company and those problems might lead to those employees quitting job and might lead to the company's losing employees over a span of time. These factors that lead to companies losing employees are discussed below-
 Lack of Recognition
The first and foremost reason, which is responsible for creating problem in retaining of employees in the finance sector, is lack of recognition. It is a well-known fact that an employee shall not wish to work for a company if the company fails to provide recognition to the post of the employee and this problem is what some employees of the finance sector face and leads to the loss of employees for the company. Recognizing the work of an employee is very essential for retaining an employee in a company and enabling him or her to provide service for the company at his or her own will (Seman & Suhaimi, 2017). Research has shown that the top 20 leading companies in any sector are known for recognizing the work of their employees largely and this has lead to better performance by the employees and has promoted the feeling of loyalty towards company. This is the reason, recognition of work by an employee is very important for a company. This shall be taken into consideration that in the finance sector, employees might not be satisfied with the recognition they get for their work and that may lead to the laws of employees for that sector and is specifically harming the sector in terms of recognition.
As stated by Franzel (2018), a survey conducted among a number of companies in the finance sector have shown that many employees are dissatisfied with the recognition they get from their work and that is why it may be a main cause for the loss of employees in the finance sector. It has been estimated that the loss of employees per year accounts for more than 12% of reduction in labour for a sector given the beginning of the year and that is harmful for the business and shall be avoided. With the problem of lack of recognition, persisting among individuals it might be one of the leading causes for which individuals are willing to quit job in the finance sector and opting for jobs with better recognition of their work. The company must give credibility of the employees and failing to do so the company might lose the number of employees, which is much uncalled. Therefore, the number of employees leaving the finance...