A study on the factors affecting perceived employee retention among Generation Z employees in banking institutions in northern Malaysia

Chew, Siew Peng and Chan, Hao Zhe and Chia, Yi Xuan (2025) A study on the factors affecting perceived employee retention among Generation Z employees in banking institutions in northern Malaysia. Final Year Project, UTAR.

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Abstract

Retention among Generation Z employees remains a major challenge for all the banks and warrants increased attention from researchers. Technological advances have made it easier for Generation Z banking employees to compare their work, contributing to high turnover rates. Rewards and compensations, work environment and training and development are the factors that can significantly explain variance in employee retention. However, research conducted in Malaysian banks is limited. There is a growing number of research examining the impact of these factors on employee retention. Due to the inconclusive nature of the impacts of these factors on employee retention among Generation Z in banking institutions, this study aimed to explore the significant relationship between these factors and employee retention. A stratified sampling technique was used to select a sample of 375 participants from the population. This study employed a quantitative methodology, using a questionnaire as the primary data collection instrument. Data collected were subjected to multiple regression analysis using the Statistical Package for Social Sciences (SPSS). The study found that rewards and compensations, work environment and training and development have a significant relationship on Generation Z employee retention in banking institutions in Northern Malaysia. This study provides more insights for human resource practitioners in Malaysian banking institutions to help them design more effective Generation Z employee retention systems. Keywords: Employee retention; Rewards and Compensations: Work Environment; Training and Development: Banking institutions; Northern Malaysia; Generation Z employee Subject Area: HD28-70 Management. Industrial management

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