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Research paper on retention of high performer employees at present organization in the Banking industry

Research Paper on retention of high performer

employees at present organization in the banking

industry

Course Title: Human Resource Management

Course Code: EMB602

Submitted To:Professor Dr. M. Mahmodul Hasan

School of BusinessNorth South University

Submitted By:


Md. Shahinuzzaman ID#1330851090

Research paper on retention of high performer employees at present organization in the Banking industry Letter of Transmittal

16 December, 2014

To

Professor Dr. M. Mahmodul Hasan

School of Business

North South University

Dhaka

Subject: Submission of Research paper on retention of high

performer employees at present organization in the Banking

industry.

Dear Sir,

I am very pleased to enclose a copy of the Research paper on

“retention of high performer employees at present organization

in the Banking industry” along with Term paper Questionnaires

and answers of M&S, Selfridges, Primark and Sainsbury. I would

be reverent to submit this report to you. Your compassion is

our esteem if you do recognize this report and accredited at.

Sincerely yours,

Md. Shahinuzzaman

Research paper on retention of high performer employees at present organization in the Banking industryID#1330851090



Acknowledgement

First, we express our sincere gratitude to our honorable

faculty Professor Dr. M. Mahmodul Hasan for his valuable

contribution to the preparation of this report. He has been

gracious enough to spare time out from his busy schedule for

giving us all the necessary assistance throughout the entire

period of the semester and the report writing time. Without

his help this report might not have been a comprehensive one.

Secondly, we extend our gratitude to North South University

for giving us this opportunity by designing the course, which

also helped us in doing a case analysis and we came to know

about so many new things.

We are also thankful to the authors whose books we have

consulted for preparing report. We would even like to thank

our colleagues, friends and employees of different

organizations who directly or indirectly helped me a lot in

finishing this project. Without their active guidance, help,

cooperation & encouragement, we would not have made progress

in the project.



Introduction

Movement of

employees from

one company to

another is

happening in

every industry.

Many

organizations

have had their

good employees

moving to its

partner companies

or in competitor

organizations.

These moves are

not restricted to

any type of

organization but

happen in both

small and large

organizations at

all levels, from

the topmost

manager to the

lowest ranked

employee. These

moves may be a

result of

personal issues

with the employee

or issues with

the company.

Job satisfaction

and employee

migration are

connected because

the way people

feel about their

jobs is one of

the main reasons

they might decide

to quit. It's

also generally

true that people

who like their

jobs tend to

perform well, and

if an employee is

performing well,

a manager is less

likely to have

any reason to

fire the person,

which means

involuntary

turnover is also

reduced. There

are plenty of

Research paper on retention of high performer employees at present organization in the Banking industrysituations where

job satisfaction

and migration

don't really have

any relation, but

there is

generally enough

connection to

make satisfaction

a significant

concern when

managers are

trying to reduce

migration rates.

In Business

sector, employee

migration already

considered as a

challenging

issue. The impact

of migration has

received

considerable

attention by

Senior

Management, Human

Resources

Professionals and

Industrial

Psychologists.

Human Resource

Management plays

an effective role

in employee

migration. The

most important

aspect of Human

Resources are

aptitude, values,

attitudes and

beliefs. But only

a few companies

in Bangladesh

have started

putting Human

Resource

Management system

in place that

support this

philosophy.

Employee

satisfaction is a

prerequisite for

staff retention.

Improved employee

satisfaction

reduces the cost

of employee

migration, builds

brand loyalty

with staff and

the company as an

employer can

Research paper on retention of high performer employees at present organization in the Banking industryattract talented

people to the

organization. It

is very important

for management to

have knowledge

about the ways

the employees are

motivated.

Sometimes it may

be by monetary or

by recognition at

work. The

objective of the

studies is to

find out the

causes of job

dissatisfaction

and its impact on

employee

migration.

Hence, I propose

to investigate on

retention of high

performer

employees at

present

organization in

the banking

industry.

The purpose of

this research is

therefore, to

find out the

actual reasons

behind employee

migration, its

negative effects

and possible

recommendations

that could be

helpful to reduce

employee

migration.


Literature Review

The rate of

turnover varies

from company to

company. The

highest level of

turnover normally

found in private

sectors than

public sectors.

The levels of

turnover also

vary from region

to region. The

highest rates are

found where

unemployment rate

is lower and

where it is easy

for people to get

alternative

employment.

Sometimes

employee turnover

benefits

organizations

positively. This

might happen when

a poor performer

is replaced by a

more skilled

employee and when

a retired

employee replaced

by a younger one.

Employee turnover

may be also

costly as it

requires

different cost to

take account such

as administrative

costs of

recruitment, cost

of covering

during the period

in which there is

a vacancy,

training cost for

the new employee

etc.

Turnover occurs

for many

different

reasons.

Sometimes new job

attracts

employees and

pull them to

leave the old

one. In contrary

Research paper on retention of high performer employees at present organization in the Banking industryemployee also

pushed to leave

job due to the

dissatisfaction

in their present

workplace or by

domestic

circumstances

when someone

reallocates with

their spouse or

partner. A poor

relationship with

the management

can be an

important reason

for the employees

to leave their

jobs. It is

relatively rare

for people to

leave jobs in

which they are

happy even

offered by higher

salary elsewhere.

A lack of proper

training and

development is

also major cause

for voluntary

turnover.

Employees have a

preference for

security of their

jobs.

Turnover could be

minimized through

considering

different

preventive

measures by the

management. These

may include

providing

training to the

line managers for

an effective

supervision

before appointing

or upgrading

them, providing

security of jobs

with good working

environment etc.

There may be an

offer for re-

training the

existing managers

who

Research paper on retention of high performer employees at present organization in the Banking industryhas a poor record

at keeping their

staff happily.

Supervising

managers could be

accountable for

employee turnover

in their teams.

Maximization of

opportunities for

individual

employees such as

accommodate

individual

preferences on

working hours,

regular

appraisals,

providing as much

job security as

possible can help

to reduce

turnover.

Employee turnover

can be extremely

devastating for

any company. It

makes the

employers

difficult to

maintain a steady

and successful

operation.

Management should

have their rating

on employee

migration and

measurement how

this affects

their

organizations

performance. Many

academic scholars

pointed out

turnover as the

link between job

dissatisfaction

and decreased

organizational

commitment. The

stronger the

feeling of

discontent in

one’s job, the

more likely one

is to begin a

search for an

alternative job.

This perspective

on turnover

highlights the

role of emotions

Research paper on retention of high performer employees at present organization in the Banking industryand attitudes as

antecedents of

behavior. When an

employee leaves

an organization,

it can have a

variety of

effects that not

only impact on

the organization,

but also the

individual

employee and the

society.

Turnover is an

index of

organizational

effectiveness and

some

understanding of

itself.

Additionally,

however

information on

turnover can help

the planning,

prediction and

control of

resources.

The phenomenon of

employee

migration is of

interest to

organizations and

theorists because

it is

significant,

possibly costly

and fairly clear

cut.

Research Area

As job

circumstances,

the highest level

of employee

migration

normally found in

private sectors

than public

sectors, the

levels of

migration also

vary from region

to region,

industry to

industry; thus we

collected almost

data from reputed

Research paper on retention of high performer employees at present organization in the Banking industrycorporate houses

located in Dhaka.

Research

Hypothesis

Hypothesis:

1: Job

dissatisfaction

affects employee

migration.

2: Employee

migration affects

productivity of a

company.


Research

Methodology

This research

were conducted by

taking interview

of different

level of

employees of

different

organizations to

find out the

causes of

employee

migration in

terms of

salaries, working

hour, working

environment, job

nature,

relationship

among employees,

security of job,

welfare etc.

During the time

of interview, the

main concern was

why an employee

plans to leave

his job. Also to

find out how

employers plan to

keep their

talented

employees in hand

by providing them

extra benefits

and what may be

the other

possible

solutions to

control employee

migration. Before

interviewing,

twenty five no of

questionnaires

were prepared for

employees consist

of employee’s

personal

information

related to their

age, sex and good

practice at their

organizations.

After collection

of data, the

information was

analyzed and

tables to

represent the

results

Research paper on retention of high performer employees at present organization in the Banking industrygraphically.

Finally all the

outcomes were

marked out and

concluded the

recommendations.


Tabulation Sheet

Data

Presentation & Analysis

QuestionNo.

Answer Options

a b c d1 10 5 7 32 7 9 6 33 12 4 8 14 19 2 2 25 5 15 1 46 3 10 7 57 12 5 3 28 20 2 0 09 15 5 1 410 9 10 4 211 3 2 18 212 10 5 3 113 20 2 1 014 18 2 1 015 3 4 16 216 1 21 1 017 2 19 1 318 8 7 5 519 3 17 2 020 0 1 2 2021 1 21 1 222 2 3 5 1523 3 17 2 324 2 1 1 2125 15 5 3 2


Gender Ratio 70% Male and 30% female

Age Group Between 20 to 55 years

DepartmentAdmin, HR, Sales ,Marketing, Operations, Finance, Legal, Credit

40%

20%

28%

12%

Do you think your job is enjoyable?

YesHardly everNoNo comments


48%

20%

12% 8%

Is your work place quite safe and healthy?

YesNot sufficientHave but not maintainVery bad

12% 8%

72%

8%

Does your company have the policy against physical assualt or mental harassment ?

HaveHave but not practiceDon't have Never think


4%

74%

4% 10%

Does your company have normal working policy i.e. 8 hours/day?

YesYes but alwaya more than 8 hoursDon't haveAlways longtime

60%20%

12% 8%

Are you happy with your current salary & other benefits?

HappyPartially happyUnhappyNo comments


Don't Enjoy Feel unsafe & unhealthy

Feel mental harrassment

working hours is

more than 8 hours /day

Unhappy with salary

0%

10%

20%

30%

40%

50%

60%

70%

80%

28.00%

8.00%

72.00% 74.00%

12.00%


Findings

We have surveyed

more than fifty

employees of

reputed corporate

houses by giving

them twenty five

questions and

talked to human

resource

management staff

as well as found

five major

reasons behind

employee

migration as

showed above

figure. However,

organizations are

taking steps to

overcome these

problems in order

to compete with

global

organizations.

Other than that,

there are so many

common problems

that also need to

rectify to retain

employees in

their current

organizations

i.e. blockage of

promotion, unfair

supervisor,

unethical

pressure, job

stress, job

location,

transportation

facilities,

reward,

recognition, and

many more. There

are few important

issues which we

found through our

interview to the

junior level

employees. They

stated that

judgment towards

employee should

be rational.


Conclusion

Employee

Migration is a

burning issue for

any organization.

For the steady

productivity of

an organization

it is essential

to maintain its

skilled

workforce. But

most of the times

it is very

difficult to

control the

migration rate

within

organizations.

There are so many

factors that

affect migration.

According to the

theoretical

discussion and

the case studies

many solutions

has been

discussed to

reduce migration.

First of all,

obviously working

hour as well as

good and calm

supervision helps

to reduce

migration. But it

is not only and

always the

solution. A

person does not

stay for many

others reasons

such as,

rearranging

employees, wages

and salary, good

industrial

relation, better

working

environment,

preferable job

location etc.

Productivity is

very important

issue for an

industry or

organization.

There are several

factors on which

productivity of

Research paper on retention of high performer employees at present organization in the Banking industryan organization

mostly depends

upon. Employee’s

Migration is one

of the main

factors which is

considered to be

one of the

challenging

issues also in

business

nowadays.

Productivity of

an organization

depends on the

skills or

expertise of its

workforce. A

skilled worker

may be an asset

for any

organization. If

a skilled person

leaves an

organization the

effects will be

very high where

as in case of a

semi-skilled or

un-skilled person

the effect will

be less. As a

result, a vacant

place of a skill

labor may be

filled by another

new worker but

production falls

due to their

skill difference.

On the other

hand, five or six

semi-skilled or

un-skilled labor

may be migrating

but those empty

places can be

filled up by one

or two skilled

labors. It is

therefore,

crucial to

maintain a

constant

workforce

particularly for

the skilled ones

in an

organization to

reduce Migration

for the

betterment of the

organization. So

Research paper on retention of high performer employees at present organization in the Banking industryall related

factors for

migration can be

integrated to

show a new way to

control Migration

for the

Managerial

concern.

Limitations

We had to face

many limitations

during

formulating this

Research Paper

and the main one

was Countrywide

Political unrest

that created

difficulties to

move to the

respondent with

questionnaires.

The second one

was time

limitation as

this survey had

to be done and

analyzed within a

short period.

Some respondent

were not

sufficiently

introduced with

this

questionnaires

and in that cases

we had to make

them understand

about the

questions and

avoiding biasness

as well.

Overcoming all

challenges

finally we able

to collect

answers from 50

potential

respondents to

analyze the

survey report.


Recommendation

There is a close

relation between

job satisfaction

and employee

migration. In

view of this, we

had to consider

so many factors

for migration

such as; salary

and wages

structures,

compensations,

fringe benefits,

location

advantage, job

security, social

& economic

factors to

Research paper on retention of high performer employees at present organization in the Banking industrymigration etc. I

have surveyed few

renowned

Financial

Institutions in

Dhaka and have

detected that

poor salary and

back dated career

progression theme

are responsible

for employee

migration in most

of the Financial

institution.

Secondly, mental

harassment is

also responsible

for migration as

huge percentages

of workforce

intend to change

their job due to

such harassment.

So a certain

percentages of

employee can not

enjoy their jobs

and search new

jobs to satisfy

them and to make

the works

enjoyable. A

potential Human

Resource

Department can

play an important

role in this

concern and this

department easily

can identify can

overcome the

problem. Human

Resource (HR)

Department can

train up,

motivate and

educate the

concern

departmental

heads how to deal

and behave with

the employees. At

the same time HR

Department can

motivate the

employee and to

make them

understand how

quick migration

negatively affect

ones carrier. It

will definitely

Research paper on retention of high performer employees at present organization in the Banking industrypositively affect

the employee and

as such employees

spontaneously

will motivate to

serve long period

in an

organization.

Even HR

Department can

change the

traditional

mentality of the

owner providing

the knowledge of

latest Management

System and

implementing the

sophisticated

business culture

and policies in

the organization.


References

Causes of high or low turnover, How to prevent turnover?Retrieved on November 16, 2013 fromhttp://en.wikipedia.org/wiki/Turnover_%28employment%29

Employee Satisfaction. Retrieved on November 20, 2013 from http://humanresources.about.com/od/employeesurvey1/g/employee_satisfy.htm

How to Reduce a High Turnover Rate? Retrieved on November 20,2013 fromhttp://smallbusiness.chron.com/reduce-high-turnover-rate-60283.html\

How to Reduce Employee Turnover? Retrieved on November 20,2013 from http://guides.wsj.com/management/recruiting-hiring-and-firing/how-to-reduce-employee-turnover

Overview of Employee Turnover Research. Retrieved on November18, 2013 fromhttp://www.sigmaassessmentsystems.com/articles/empturnover.asp

What Are the Causes of High Labor Turnover Rate? Retrieved onNovember 16, 2013 from http://smallbusiness.chron.com/causes-high-labor-turnover-rate-16568.html

http://smallbusiness.chron.com/causes-high-labor-turnover-rate-16568.html

http://smallbusiness.chron.com/causes-high-labor-turnover-rate-16568.html

http://www.sigmaassessmentsystems.com/articles/empturnover.asp

http://guides.wsj.com/management/recruiting-hiring-and-firing/how-to-reduce-employee-turnover

http://guides.wsj.com/management/recruiting-hiring-and-firing/how-to-reduce-employee-turnover

http://smallbusiness.chron.com/reduce-high-turnover-rate-60283.html%5C

http://smallbusiness.chron.com/reduce-high-turnover-rate-60283.html%5C

http://humanresources.about.com/od/employeesurvey1/g/employee_satisfy.htm

http://humanresources.about.com/od/employeesurvey1/g/employee_satisfy.htm

http://en.wikipedia.org/wiki/Turnover_(employment)

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