Factors influencing talent retention: A case study of techcombank in Vietnam

Abstract

There has been limited research focusing on the impact of various contextual factors on talent retention, which could provide managers with a solid foundation for developing timely and contextually relevant human resource strategies. Based on this gap, this study aims to explore and analyze the factors influencing talent retention at Techcombank (Vietnam Technological and Commercial Joint Stock Bank) in Ho Chi Minh City. The research is based on a literature review of talent retention, job satisfaction, employee loyalty within organizations, and an examination of previous related studies. The author employs a mixed-methods approach, incorporating both qualitative and quantitative research methodologies. In the qualitative phase, the author systematizes relevant concepts and theories, synthesizes prior studies, and subsequently develops an initial research model along with a proposed measurement scale. For the quantitative phase, a survey was conducted with 213 talented employees currently working at Techcombank in Ho Chi Minh City. The findings reveal six key factors influencing talent retention at the bank: (1) Appropriate Work Environment, (2) Well-Suited Job Nature, (3) Competitive Salary and Benefits, (4) Suitable Training and Development Opportunities, (5) Loyalty, and (6) Good Relationships With Colleagues. Among these factors, “Loyalty” is identified as the most decisive factor in talent retention, whereas “Suitable Training and Development Opportunities” have the weakest impact. Based on the quantitative analysis, several managerial implications are proposed to enhance and improve the effectiveness of talent retention strategies. This study represents a continued effort to address the existing gap in the talent management literature, with particular emphasis on a specific sector within a developing country context like Vietnam.