Managers’ Perspective on Employee Job Satisfaction in Employee Retention: A Qualitative Descriptive Study on the Retention Strategies of Philippine Financial Service Firms in 2022

Abstract

This study explores how employee job satisfaction among financial advisors is fostered by financial advisor managers for the former’s retention in five Philippine financial service firms. Guided by Herzberg et al.’s (1959) two-factor theory, this study created a conceptual framework to present the perceived motivation and hygiene factors, retention strategies, and retention of financial advisors in 2022 from the perspective of financial advisor managers. This study used a qualitative descriptive research design through online in-depth interviews and deductive thematic analysis to find the emergent themes in the retention strategies of five Philippine financial service firms in NCR. Based on the findings, there are five perceived motivation factors and five perceived hygiene factors influencing the job satisfaction of financial advisors. Consequently, financial advisor managers utilized the five motivation retention strategies rewards and recognition, opportunities for personal growth, opportunities for advancement, responsibility, and engaging and meaningful work, and the five hygiene retention strategies incentives, open and authentic communication, being an experienced leader, supportive work environment, and work-life balance to increase their financial advisors’ job satisfaction and retention. Among these strategies, open and authentic communication and incentives were perceived to be the most effective strategies as they were able to retain more of their financial advisors in 2022 compared to 2021. Overall, the findings affirmed that financial advisor managers are able to successfully retain their financial advisors through retention strategies that are based on their perceived motivation and hygiene factors that influence their financial advisors’ job satisfaction.