Impact of Learning and Development on Talent Retention in the Digital Era (A Study with Reference to Private Sector Banks)

In the contemporary digital era, it is imperative for banks to prioritize skill enhancement and optimize human capital utilisation to effectively address customer concerns and deliver top- notch financial services through information technology. The stability of a country’s financial landscape, crucial for economic development, heavily relies on the banking sector. The growing demand for reskilling and upskilling in this knowledge-based service industry underscores the need to retain talent over the long term. This article underscores the importance of a robust learning and development strategy in the digitalized world and its direct impact on talent retention within private sector banks in Chennai. Employing a descriptive research design, the study utilised well-structured questionnaires to collect primary data from middle and operational-level banking staff across five Private sector banks in the city. The results, derived from linear multiple regression analysis, affirm that an effective learning and development program significantly influences talented employees, ultimately contributing to their retention in private sector banks. The study aims to raise awareness regarding the critical role of learning and development as a success factor in talent retention, particularly within the dynamic banking sector. Practically, the study recommends that, given the knowledge-intensive nature of the industry, banks should create conducive learning environments and enhance workforce skills to not only meet the challenges posed by the dynamic business environment but also to secure a competitive advantage.