The present study aimed to design and explain a model for the retention of knowledge workers in the information technology domain of the banking system's IT holding company. Knowledge workers in the IT field are the primary custodians of cybersecurity, payment system development, and digitalization of banking services, and their departure inflicts irreparable damage on the performance and security of the banking system. Nevertheless, the competitive IT labor market, lack of job security, inefficient compensation systems, and inattention to non-financial needs have turned the turnover rate of this group into a chronic challenge. This study employed a qualitative approach using thematic analysis. The statistical population included senior managers, middle managers, HR consultants, and knowledge workers with over 10 years of experience in the studied holding company. Purposeful sampling with a snowball approach was conducted, and theoretical saturation was achieved after 58 in-depth interviews. Data were analyzed using MAXQDA software based on Braun and Clarke's six-stage framework. The findings led to the extraction of 324 open codes, 48 sub-themes, and 9 main themes. The final model revealed that knowledge worker retention is a multi-causal and multi-level phenomenon influenced by five levels of factors: individual (job autonomy, job security, meaningful work, and skill development), group (mutual trust, participation in decision-making, and teamwork), organizational (compensation and benefits, supportive organizational culture, fair evaluation system, meritocracy, and procedural justice), technological (infrastructure and advanced tools), and extra-organizational (labor market competition and the country's economic conditions). Additionally, barriers (favoritism and discrimination, and neglect of non-financial motivations), strategies (empowerment and training, effective communication, and recognition), and outcomes (reduced turnover, productivity, innovation, and competitive advantage) were identified. Accordingly, practical recommendations were provided in the areas of compensation system reform, fair performance evaluation, trust-based organizational culture, and dynamic career paths.