Issue 4, 2018

Cheglakova L. M. Career Practices and retention of young employees: A case of the Russian bank.

The paper aims to explore the role of career satisfaction and HR practices in managing turnover intentions of young employees in the banking sector. The paper summarizes the results of turnover and retention surveys with placing special emphasis on predictors of turnover intentions. It includes the results of a quantitative on-line questionnaire distributed among 100 respondents of 20–30 years of age from the Sales department of a large Russian bank. Theoretical framework of the research is based on a general theory of organizational equilibrium, which emphasized the importance of balancing employee and organization contributions and inducements, a resource theory of personnel retention and a multiple-factor turnover model. The results of regression analysis show a correlation between salary, career satisfaction, and the intention to leave or to stay. Promotion practices influence the intention to stay. Skill development practices influence the intention to stay by affecting such determinant as career satisfaction. In the banking sector, a risk group is the segment of specialists with 2–4 years of work experience. Such factors as gender, age, position, some characteristics of work experience, and project work-oriented career practices do not have a significant impact on intention to leave or to stay. Specific features of regional labor markets are not taken into account. The study has the following practical implications: it seeks to clarify young employees’ expectations about youth career support programs and staff training by taking into account person-context interface and met expectation. The findings provide extra opportunities for HRM experts in the development of effective career management programs in the financial sector. Keywords: voluntary employee turnover, turnover predictors, career satisfaction, career practices, financial sector.

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