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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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
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. http://www.iaeme.com/IJM/index.asp 76 editor@iaeme.com
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. http://www.iaeme.com/IJM/index.asp 77 editor@iaeme.com
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 http://www.iaeme.com/IJM/index.asp 78 editor@iaeme.com
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 http://www.iaeme.com/IJM/index.asp 79 editor@iaeme.com
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 http://www.iaeme.com/IJM/index.asp 80 editor@iaeme.com
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. REFERENCES [1] Eisenberger R, Fasolo P, & Davis-LaMastro V. (1990). “Perceived organizational support and employee diligence, commitment, and innovation”, Journal of Applied Psychology, Vol. 75, pp. 51-59. [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”, January 2011, PUB. January 2011, Vol. 4, Issue 1, pp. 8. [5] Jon C. (2012), “Prior Occupational Experience, Anticipatory Socialization, and Employee Retention”, Journal of Management Inquiry, January 1, 2012,vol. 21. [6] Wells, M., &Thelen, L. (2002), “What does yourworkspace say about you? The influence of personality, status and workspace on personalization”, Environment and Behaviour, vol. 3, pp. 300-321. [7] Williams, C., & Livingstone, L. (1994), “Another look at the relationship between performance and voluntary turnover”, Academy of Management Journal, vol. 37(2), pp. 269(30). [8] Jeen Dorance Batty S.(2014),”A Study on Attrition-Turnover Intentions in Retail Industry”, International Journal of Business and Administration Research Review. Vol.I, Issue No.3, Jan-March 2014,pp. 55-61. [9] Kanwal and Muhammad (2013), “Retention Management In Banking System An Evidence From Multan, Punjab Pakistan”, Interdisciplinary Journal Of Contemporary Research In Business, Vol. 5, Issue No.1, May 2013. [10] Mathur, Atul and Agarwal P.K.(2013),” A Study on Impact of Employee Retention in Private Sector Sugar Mill”, International Journal of Emerging Research in Management &Technology, ISSN: 2278-9359,Jan 2013,pp. 43-45 [11] Balakrishnan, C., Masthan, D., & Chandra, V. (2013). Employee retention through employee engagement -A study at an Indian international airport. International Journal of Business and Management Invention ISSN (Online), 2319-8028. http://www.iaeme.com/IJM/index.asp 81 editor@iaeme.com