Human Resources Strategies for Retaining Employees in St. Lucian Banks

Retention issues have been a challenge for human resources (HR) leaders for years. Organization HR leaders face employee retention challenges that lead to the loss of talented employees and a decline in the organization\u27s quality of service, which negatively affects profitability. Based on Schultz\u27s human capital theory, the purpose of this multiple case study was to explore strategies HR leaders used to retain employees. Data collection included company archival documentation review and face-to-face semistructured interviews with 11 purposefully selected HR leaders from 3 banks in the northern region of St. Lucia. Data analysis included using Yin\u27s 5-step method, coding the transcribed interviews to identify relevant themes, member checking to strengthen the reliability and validity of the interpretations of participants\u27 responses, and review of company documents. The 5 main themes revealed were strategies of employee retention, human capital development, culture of engagement, succession planning, and leader-member exchange, which affects employees\u27 commitment and organizational profitability. Human resources leaders in organizations may use the findings of this study to develop effective strategies to retain employees, which could lead to individual achievement. Social change implications include the importance of investing in human capital that may lead to succession planning to promote business sustainability and economic growth in St. Lucia and other countries