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An empirical research on employee retention strategies of selected nationalised banks in Jalgaon city

An empirical research on employee retention strategies of selected nationalised banks in Jalgaon city
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Human resources are the livelihood of all types of an organization. Despite the fact that a wide range of the associations are presently a days, observed to be innovation driven, yet HR are required to run the innovation.

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  1. International Journal of Management (IJM)
    Volume 9, Issue 2, March–April 2018, pp. 75–81, Article ID: IJM_09_02_008
    Available online at
    http://www.iaeme.com/ijm/issues.asp?JType=IJM&VType=9&IType=2
    Journal Impact Factor (2016): 8.1920 (Calculated by GISI) www.jifactor.com
    ISSN Print: 0976-6502 and ISSN Online: 0976-6510
    © IAEME Publication

    AN EMPIRICAL RESEARCH ON EMPLOYEE
    RETENTION STRATEGIES OF SELECTED
    NATIONALISED BANKS IN JALGAON CITY
    Yogita V. Patil,
    Research Scholar, North Maharashtra University, Jalgaon, India
    Dr. Arundhati S. Ninawe,
    Research Guide & Head of Department of Commerce, Smt. L.R.T. College of Commerce,
    Akola. India.

    ABSTRACT
    Human resources are the livelihood of all types of an organization. Despite the
    fact that a wide range of the associations are presently a days, observed to be
    innovation driven, yet HR are required to run the innovation. With all round
    advancement in every single region of the economy, there is firm rivalry in the market.
    With this advancement and rivalry, there are parts and heaps of roads and openings
    accessible in the hands of the HR. The greatest test that associations are confronting
    today isn’t just dealing with these assets yet additionally holding them. Securing and
    holding gifted workers assumes an imperative part in any association, since
    representatives’ learning and aptitudes are key to organizations’ capacity to be
    financially focused. Furthermore, persistently fulfilling the representatives is another
    test that the businesses are confronting today. Keeping into account the significance
    and affectability of the issue of maintenance to any association, the present
    investigation tries to survey the different accessible writing and research take a shot
    at worker maintenance and the elements influencing representative maintenance and
    occupation fulfilment among the representatives.
    Keywords: employee, human resource, organization, retaining, satisfaction.
    Cite this Article: Yogita V. Patil and Dr. Arundhati S. Ninawe An Empirical Research on
    Employee Retention Strategies of Selected Nationalised Banks in Jalgaon City,
    International Journal of Management, 9 (2), 2018, pp. 75–81.
    http://www.iaeme.com/IJM/issues.asp?JType=IJM&VType=9&IType=2

    1. INTRODUCTION
    Strategies on the most proficient method to limit worker wearing down, stood up to with
    issues of representative whittling down, administration has a few approach choices viz.
    changing (or enhancing existing) arrangements towards enlistment, determination,
    acceptance, preparing, work outline and wage instalment. Approach decision, be that as it
    may, must be suitable for the exact analysis of the issue. Representative wearing down
    inferable from poor choice strategies, for instance, is probably not going to enhance where the

    http://www.iaeme.com/IJM/index.asp 75 editor@iaeme.com

  2. An Empirical Research on Employee Retention Strategies of Selected Nationalised Banks in
    Jalgaon City
    arrangement alteration to centre only on the acceptance procedure. Similarly, representative
    steady loss owing to wage rates, which create income that are not focused with different firms
    in the neighbourhood work showcase is probably not going to diminish where the strategy
    modification simply to upgrade the association’s arrangement of at work preparing openings.
    Given that there is increment in and roundabout expenses of work steady loss, hence,
    administration is much of the time urged to distinguish the reasons why individuals leave
    association’s with the goal that suitable move is made by the administration. Broad research
    has demonstrated that the accompanying classifications of human capital administration
    factors give a centre arrangement of measures that senior administration can use to expand the
    viability of their interest in individuals and enhance general corporate execution of business
    Compelling worker maintenance is a deliberate exertion by managers to make and cultivate a
    domain that urges ebb and flow representatives to stay utilized by having strategies and
    practices set up that address their differing needs. A solid maintenance methodology turns
    into an effective enrolment apparatus. Maintenance of key representatives is basic to the long
    haul wellbeing and accomplishment of any association. Retaining your best workers
    guarantees consumer loyalty, expanded item deals, fulfilled partners and revealing staff,
    compelling progression arranging and profoundly imbedded authoritative information and
    learning. Worker maintenance matters as authoritative issues, for example, preparing time and
    venture; lost information; unreliable representatives and an expensive applicant look are
    included. Henceforth, neglecting to hold a key worker is an exorbitant suggestion for an
    association. Different assessments recommend that losing a center chief in many associations’
    expenses up to five times of his pay.
    Clever businesses dependably understand the significance of holding the best ability.
    Holding ability has never been so critical in the Indian situation; be that as it may, things have
    changed lately. In noticeable Indian metros at any rate, there is no lack of chances for the best
    in the business, or notwithstanding for the second or the third best. Maintenance of key
    representatives and treating steady loss inconveniences has never been so critical to
    organizations.
    Retention of key representatives is basic to the long haul wellbeing and accomplishment
    of any association. The execution of representatives is regularly connected straightforwardly
    to quality work, consumer loyalty, and expanded item deals and even to the picture of an
    organization. While the same is frequently in a roundabout way connected to, fulfilled
    partners and revealing staff, powerful progression arranging and profoundly inserted
    hierarchical information and learning.
    Worker maintenance matters, as, authoritative issues, for example, preparing time and
    speculation, expensive competitor look and so forth, are included. Thus, neglecting to hold a
    key representative is an expensive suggestion for any association. Different appraisals
    propose that losing a centre chief in many associations, means lost up to five times his
    compensation. Worker maintenance systems enable associations to give compelling
    representative correspondence to enhance duty and upgrade workforce bolster for key
    corporate activities. The exploration paper is entitled on An Experimental Exploration on
    Representative Maintenance Techniques of Chose Nationalized Banks in Jalgaon City. This
    paper outfit’s steady connection amongst workers and administration. And furthermore the
    examination comprehends the level of inspiration at Nationalized Bank. The paper is totally
    meant that what the different components are affecting the worker for holding them.

    2. THE THREE R’S OF EMPLOYEE RETENTION
    To retain an employee for long term is not an easy job. The three R’s of employee retention
    play an important role in employee retention and they are respect, recognition and rewards.

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  3. Yogita V. Patil and Dr. Arundhati S. Ninawe

    Respect is one thing where employee expect that his/her ideas are appreciated. Whatever
    he/she wanted to say is listen then they give a thought whether to accept or reject the concern.
    Recognition is nothing but the appreciation, employee expect either in the form money or
    monetary form. Work recognition of employee boost the morale of employee and keep them
    engage in their work. Reward, can be in the gratefulness of organization towards the
    employee which can be achieved through different ways like promotion, engaging person in
    interested area, increase in salary. Etc. To keep your workers highly satisfied you have to
    work on these three R’s and these leads to high performance.

    3. LITERATURE REVIEW
    YiuLichia and Saner Raymond(2014), Through the survey of attrition in Indian companies
    and the policies chosen to encounter the problem of high turnover is reported as Hr function
    in present study. The researcher found that payment of higher compensation packages can
    minimise the rate of attrition. They have suggested to strengthen the internal bonding, job
    satisfaction and organizational commitment to ensure talent retention through competence
    development and career planning.
    JeenDorance Batty S. (2014), study was based on to find out the factors which could be
    the possible reasons for employee turnover. The researcher analysed the employee turnover
    causes and its effect on organizational outcomes which was collected from first and middle
    line managers in selected retail outlets in Bangalore through structured questionnaires. From
    the analysis it was found that employee turnover has been influenced by some factors such as
    quality of work life, career growth, working hours, personal and family reasons, relation with
    co-worker, welfare measures, working condition and salary.
    Kanwal and Muhammad (2013), the study was based on employee retention in banks of
    Pakistan. The focus of research is on the following factors of employee retention as bonus and
    rewards, job satisfaction, training and development, team work and career exposure. The
    researcher has found that training and development had a significant impact on employee
    retention in banks of Pakistan. The author has suggested that both employee and manager
    must work in team and should have good cooperation with each other while performing in
    team work.
    Mathur, Atul and Agarwal P.K. (2013), studied to understand the influence of retention
    strategies on employee turnover in sugar industries of India. The focus of study was based on
    the various variables such as welfare benefits, personal satisfaction and organization culture
    which may the cause for nonadoptive employee turnover. Compensation and working
    environment are the main reasons for employee turnover and the study revealed that employee
    retention has high impact on employee turnover. The research study suggest that the effective
    implementation of HR practices like compensation policy, performance appraisal, training
    and development program, feedback and assigning competitive work can improve the
    condition of employee retention in organizations.
    Balkrishnan and Masthan, D. (2013), aimed to study the relationship between employee
    engagement and employee retention and the various drivers of employee engagement. The
    study revealed that employee engagement leads to commitment and psychological attachment
    which reflects in the high employee retention and low attrition rate. It was found that the level
    of employee engagement can be enriched by identifying its influential factors. Identifying best
    talent to retain and designing & deploying the beast practices organizations can retain their
    highly skilled and specialized human resource without much financial burden. Statistical
    evidence used in present study confirms that the employee retention can be improved by
    addressing non- financial drivers of employee engagement such as communication,
    recognition, manager/supervisor relationship, work engagement, team work and role clarity.

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  4. An Empirical Research on Employee Retention Strategies of Selected Nationalised Banks in
    Jalgaon City

    4. OBJECTIVES OF THE STUDY
    1. To study the supportive relationship between employees and management.
    2. To analyse the level of motivation in the organization.
    3. To analyse the stress level of employees in the organization.
    4. To understand the various factors influencing the employee for retaining them.
    5. To suggest and recommend some measures to improve employee retention strategies.

    5. SCOPE OF THE STUDY
    This will be useful for the administration to know their workers’ attitude towards their
    activity. The proposal and recommendation of the investigation can likewise be connected to
    comparative extend. It will be useful for the administration to recognize the requirements of
    representatives so as to hold them in the association. This venture can be utilized for the
    understudies who doing the task in the related region and to the association to have best
    maintenance methodologies.

    6. RESEARCH METHODALOGY
    Research Methodology is an approach to efficiently take care of the exploration issue.
    Research is a craft of logical examination. The propelled student’s word references of ebb and
    flow English lay are down the importance of research as, “a watchful examination (or)
    request, particularly through the scan for new certainties in any branch of information”. For
    this venture in the exploration at first the specialist utilized clear research to report the factor
    in that capacity happen. Later on the utilized exploratory research to discover the
    circumstances and end results. The essential information is those which are gathered a crisp
    and out of the blue and along these lines happen to be in unique character. For this venture,
    Primary information were gathered with the assistance of a poll and casual meeting was
    likewise led to get the immediate reactions of the representatives in regards to basic elements.
    Auxiliary information are those information accessible as of now in the books of records.
    Optional information was gathered from organization records and yearly reports. The
    measurable instruments utilized for dissecting the information gathered Percentage strategy,
    Mean and standard deviation, Correlation, Chi-square, Weighted normal.

    7. ANALYSIS & DISCUSSION
    TABLE 7.1 Satisfaction Levels Towards of two Variables
    Received recognition for doing work * the performance appraisal system cross tabulation
    Particulars Performance Appraisal System
    Highly Highly
    Satisfied Neutral Dissatisfied Total
    Satisfied Dissatisfied
    Highly Satisfied 1 3 3 0 0 7
    Received Satisfied 5 26 12 2 2 47
    recognition
    Neutral 7 9 5 5 1 27
    for doing
    work Dissatisfied 0 14 1 3 0 18
    Highly Dissatisfied 0 0 1 0 0 1
    Total 13 52 22 10 3 100

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  5. Yogita V. Patil and Dr. Arundhati S. Ninawe

    TABLE 7.2 Analysis of Pearson Correlation
    Received The
    recognition or Performance
    Particulars
    praise for doing Appraisal
    good work System
    Received Pearson
    1 0.043
    recognition or Correlation
    praise for doing Sig. (2-Tailed) 0.673
    good work N 100 100
    The Pearson
    0.043 1
    Performance Correlation
    Appraisal Sig. (2-Tailed) 0.673
    System N 100 100
    It is to analysis of correlation between received recognition or praise for doing good work
    and the performance appraisal system. From the Table VII.2, it is clear that the employee
    retention of the organization is highly correlated with a correlation coefficient of 0.673 and
    there is positively correlated. From the correlation analysis, it is inferred that the organization
    is actively using the employee retention strategy.

    7.2. Chi-Square Analysis
    Hypotheses were formulated keeping the content and coverage of the framed objectives. The
    Formulated hypotheses are tested by employing appropriate statistical tools.
    H0: There is no significant difference between Age and Feel Comfortable with the
    workload of employees.
    H1: There is significant difference between Age and Feel Comfortable with the workload
    of employees.

    TABLE 7.3 Analysis of Pearson Correlation
    Cross Tabulation between feel comfortable with workload and Age
    Age
    Particulars Below 25 26-35 Above 45
    36-45 years Total
    years years years
    Highly Satisfied 1 4 1 0 6
    Received Satisfied 7 18 14 10 49
    recognition Neutral 9 7 5 4 25
    for doing Dissatisfied 2 4 4 3 13
    work Highly
    2 2 1 2 7
    Dissatisfied
    Total 21 35 25 19 100

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  6. An Empirical Research on Employee Retention Strategies of Selected Nationalised Banks in
    Jalgaon City
    TABLE 7.4: Tabulation of Pearson Chi-Square Tests
    Asymp. Sig. (2
    Particulars Value Df.
    sided)
    Pearson Chi-Square 9.353* 12 0.673
    Likelihood Ratio 9.855 12 0.629
    Linear-by-Linear
    0.015 1 0.902
    Association
    N of Valid cases 100
    The level of significance is 0.673, since the calculated value is greater than the tabulated
    value, the Null Hypothesis (H0) is rejected and the Alternative Hypothesis (H1) is accepted.
    Hence, it has been inferred that there is an association between Age and Feel Comfortable
    with the workload of employees.

    TABLE 7.5 Rank Orders of Different Variables by Respondents
    Motivation Factor
    Flexible
    Nature of Team
    Rank Remuneration working Job Security
    Work Relationship
    Hour
    X w x1 wx1 x2 wx2 x3 wx3 x4 wx4 x5 wx5
    1 5 42 210 17 85 49 245 41 205 30 150
    2 4 11 44 2 8 21 84 8 32 13 52
    3 3 5 15 1 3 5 15 12 336 48 144
    4 2 2 4 53 106 4 26 34 68 4 8
    5 1 40 40 27 27 11 11 5 5 5 5
    Total 100 313 100 229 90 381 100 646 100 359
    cw 3.13 2.29 3.83 3.46 3.59
    Rank 4 5 1 3 2
    From the above weighted average calculation, it has been inferred that most of the
    respondents are preferred Flexible working hours in the organization, then the second
    preferences is a high level of job security. The respondents are given a third rank for team
    relationship, and then the fourth rank is the nature of the work. And the last rank is held by
    remuneration. Where the employees are respondents’ low level satisfaction by remuneration

    8. LIMITATION OF THE STUDY
    The examination is constrained to Jalgaon Private Banks by the findings of the study can’t be
    summed up to other association. The study was completed in Jalgaon in this manner its
    discoveries can’t be summed up to different regions because of land variety. A portion of the
    respondents are wavering to give entire hearted sentiment. Respondent’s assessment may
    change occasionally and the reaction is regarded to variety contingent on the circumstance
    and the demeanour of the respondents at the time of the survey.

    9. SUGGESTIONS AND RECOMMENDATIONS
    In light of the investigation the accompanying proposals are made the representatives are not
    happy with acknowledgment and execution evaluation gave by the association. Thus, they
    should give some significance towards it. The association must give legitimate compensation
    to the workers to hold them for a drawn out stretch of time. The representatives are feeling
    over weight towards the workload. In this way, the association should centre around their

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  7. Yogita V. Patil and Dr. Arundhati S. Ninawe

    smooth workload to diminish the weight on the representatives. The connection amongst
    representatives and administration needs to move forward.

    10. CONCLUSION
    Given the developing requirements for associations to hold its best representatives
    notwithstanding rivalry, the discoveries of the examination propose that specific factors are
    essential in impacting the workers’ choice to either leave or stay in an association. Such
    factors incorporate preparing and Development, acknowledgment/remunerate for good
    execution, a focused compensation bundle and employer stability. In any case, the
    significance of different factors ought not to be Under-assessed while figuring a maintenance
    strategy. It is just a far reaching mix of characteristic and outward motivational factors that
    can upgrade maintenance and diminish the high rate of worker turnover in our different
    organisation.

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    [2] Fox, Robert, J. (2012), “A Study of Employee Retention Issues in the Hospitality
    Industry”, American Psychological Association, 6th edition, pp. 1-58.
    [3] Hyman, J. and Summers, J. (2004), “Lacking balance? Work-life employment practices in
    the modern economy”, Personnel Review, Vol. 33, pp.418-429.
    [4] Irshad, Muhammad (2011), “Human Resource Practices and Employee Retention”,
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    [5] Jon C. (2012), “Prior Occupational Experience, Anticipatory Socialization, and Employee
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    [7] Williams, C., & Livingstone, L. (1994), “Another look at the relationship between
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    [8] Jeen Dorance Batty S.(2014),”A Study on Attrition-Turnover Intentions in Retail
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    [9] Kanwal and Muhammad (2013), “Retention Management In Banking System An
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    [10] Mathur, Atul and Agarwal P.K.(2013),” A Study on Impact of Employee Retention in
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    [11] Balakrishnan, C., Masthan, D., & Chandra, V. (2013). Employee retention through
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    http://www.iaeme.com/IJM/index.asp 81 editor@iaeme.com

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