Relationship between employee procurement strategies and retention: a survey of investment banks in Kenya
People are the assets on which competitive advantage is built, whether in the public or private sector, whether in the corporate world or in the world of education. The one thing that competitor organizations cannot imitate is people and their skills. On the basis of this concern, this research sought to investigate the relationship between employee procurement strategies and retention of employees. In trying to achieve the objectives of the research, the study adopted a survey research design where a questioner was developed and administered to nineteen investment banks in Kenya. The target respondents were the human resource managers these organizations. Investment banks should embrace and put in place elaborate mechanisms of recruiting competent staff and once recruited; organizations should endevour to retain them by putting retention strategies in place. The study shows that different investment banks employ different strategies to procure and retain their staff. Indeed there is no standard way to ensure retention amongst the investments banks. Most of the investment banks seem to be employing commission based incentives and flexy working hours to ensure employees are motivated and remain loyal to them. The study has made a number of recommendations which these investment banks should implement in order to retain their staff. There is need to adopt appropriate recruitment policies which ensures that the best candidate are the ones hired for the right jobs.