Determine the factors for brain drain in the banking industry of Sri Lanka

The purpose of this study is to identify the causes of brain drain in the banking sector in Sri Lanka. This study evaluates the impact of deteriorating economic conditions on human capital, lack of skills, unskilled economic development, loss of job-related skills and experience, and brain drain in the banking industry. Research methodology is quantitative in nature, using deductive reasoning to test hypotheses and analyze data. The design of the study is a case study focusing on public and private banks in Sri Lanka. The population consists of the employees of these banks, and 91 respondents comprise the sample. Data is collected through structured questionnaires and secondary sources like research books, academic journals and business reports. Data are analyzed using the statistical software SPSS and descriptive and inferential statistics are used to draw conclusions.The findings show a positive correlation between human capital, lack of skills, unskilled economic development and deteriorating economic conditions and brain drain in the banking sector. However, there is a negative relationship between loss of job-related skills and experience and brain drain. Regression analysis revealed that the model correctly predicted approximately 39.5% of the variance in brain flow. However, the adjusted R square value of 20.6% indicates a more conservative fit. Overall, the study highlights the importance of addressing the factors contributing to the brain drain in Sri Lanka's banking industry to retain skilled professionals and stimulate economic growth.