The role of millennial traits on organisational performance in the banking industry

M.Com. (Business Management)Abstract: The South African banking industry is becoming increasingly dynamic and competitive as traditional players within the industry, as well as non-traditional players, such as fintech firms seek to deliver disruptive innovations. Attracting and retaining high performing Millennial talent may be critical to a bank’s ability to sustain a high level of performance. However, limited knowledge about the role of Millennial employees in organisational performance and the negative associations typically held with Millennials may dilute the importance of creating engagement strategies to retain them. The aim of this study was to investigate the role of Millennial traits on organisational performance in the South African banking industry. A qualitative study was undertaken to gain a deeper understanding of the views held by senior and executive managers in relation to the topic and objectives of the study. A sample of 12 participants from four of South Africa’s biggest banks were selected through a purposive non-probability sampling technique. By virtue of the nature of their roles in their respective banks, these participants were well positioned to provide the insight necessary to answer the research question. Data was collected from each participant using semi-structured, face-to-face interviews. Each interview was recorded and transcribed as permitted by the participants. Qualitative content analysis was subsequently used to analyse the data. The study identified that Millennials play a positive role in organisational performance. The role of millennial traits in the various drivers and measures of organisational performance was discussed. The implications for managers, firms and the industry were highlighted and recommendations for future studies were proposed