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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
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ISSN Print: 0976-6502 and ISSN Online: 0976-6510
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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
An Empirical Research on Employee Retention Strategies of Selected Nationalised Banks in
Jalgaon City
http://www.iaeme.com/IJM/index.asp 76 editor@iaeme.com
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.
Yogita V. Patil and Dr. Arundhati S. Ninawe
http://www.iaeme.com/IJM/index.asp 77 editor@iaeme.com
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.
An Empirical Research on Employee Retention Strategies of Selected Nationalised Banks in
Jalgaon City
http://www.iaeme.com/IJM/index.asp 78 editor@iaeme.com
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
Satisfied Satisfied Neutral Dissatisfied Highly
Dissatisfied Total
Received
recognition
for doing
work
Highly Satisfied 1 3 3 0 0 7
Satisfied 5 26 12 2 2 47
Neutral 7 9 5 5 1 27
Dissatisfied 0 14 1 3 0 18
Highly Dissatisfied
0 0 1 0 0 1
Total 13 52 22 10 3 100
Yogita V. Patil and Dr. Arundhati S. Ninawe
http://www.iaeme.com/IJM/index.asp 79 editor@iaeme.com
TABLE 7.2 Analysis of Pearson Correlation
Particulars
Received
recognition or
praise for doing
good work
The
Performance
Appraisal
System
Received
recognition or
praise for doing
good work
Pearson
Correlation
1 0.043
Sig. (2-Tailed)
0.673
N 100 100
The
Performance
Appraisal
System
Pearson
Correlation
0.043 1
Sig. (2-Tailed) 0.673
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
Particulars
Age
Below 25
years
26-35
years 36-45 years Above 45
years Total
Received
recognition
for doing
work
Highly Satisfied 1 4 1 0 6
Satisfied 7 18 14 10 49
Neutral 9 7 5 4 25
Dissatisfied 2 4 4 3 13
Highly
Dissatisfied 2 2 1 2 7
Total 21 35 25 19 100