HRMT20024 Essay: Attracting and Retaining Staff in Finance Sector

This essay delves into the complex challenges faced by the financial sector in attracting and retaining a skilled workforce. It explores various aspects of human resource management (HRM), including recruitment, selection, performance management, compensation, employee motivation, and worker relations. The essay highlights issues such as the lack of diverse motivational approaches, gaps in job redesign, weak change management processes, and the importance of cultural compatibility in recruitment. It also addresses challenges related to employee assessment, communication, and the impact of new regulations. Furthermore, the essay examines the impact of factors such as performance management challenges, lack of alignment, insufficient resources, and compensation packages. The analysis emphasizes the need for financial institutions to adopt effective strategies to improve employee retention, enhance employee experience, and foster a positive work environment. The essay also references various research studies and provides insights into the importance of addressing legal issues, managing conflicts, and recognizing the significance of employee opinions and decisions to boost motivation and productivity.