A Study on Retention Practices in Banking Industry

Abstract

The banking sector is an industry and a section of the economy devoted to the holding of financial assets for others and investing those financial assets as a leveraged way to create more wealth. Banking has been and will always be a people business. The management of people in the organization along with handling the financial and economic risks at the wider level is the most potent challenges in front of the banking industry in any given time frame. Efficient and skilled manpower in the sector can only manage the financial risks that the banks need to take on regular basis. The Human Resource department is responsible for finding such talented manpower and placing them in right jobs in the banks. Employee retention refers to the ability of an organization to retain its invaluable people. Employee retention means efforts of business organizations to maintain a working environment which supports
current staff in remaining with the company. In today’s era employee retention is considered to be the most challenging task for banking sector thus the current research focuses on achieving main objectives like to find out the retention strategies for employees from some of the private and public banks in the Saurashtra, to check banks flexibility and motivational efforts to groom one’s career, to check salary and fringe benefits structure which highly affect attrition rate.