A STUDY ON ATTRITION RATE IN STANDARD CHARTERED BANK
SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENT OFMASTER OF BUSINESS ADMINISTRATION, DISTANCE EDUCATION
GURU JAMBHESHWAR UNIVERSITY, HISAR
ACKNOWLEDGEMENT
I would like to take this opportunity to thank Ms. whose kind patronage the
project would have never started in the first place.
I am indebted to the staff of Standard Chartered Bank for their kind words and
help given to me during the course of my summer training.
INDEX
Preface 1
Executive Summary of the Project 2
Profile of the Company
Introduction 3 History 8 Product profile 11 Sales figures / Market share 25 Organizational chart 27
Research Methodology
Objectives of the study 28 Scope of the study 29 Types of the data 35 Data collection 37 Limitation of the study 38
Finding and Analysis 39
Conclusions 66
Annexure
Bibliography 67 Questionnaire 68
PREFACE
I sincerely believe that one always learns from experience. This project is a step
towards gaining knowledge about the real world and putting theory into practice. I
shall greatly look forward and greatly knowledge all suggestions on this small step
I have taken. This project deals with study of increasing attrition rate in
STANDARD CHARTERED Bank.
1
EXECUTIVE SUMMARY
I have done my summer internship in STANDARD CHARTERED BANK. In my
training I have to analyze the reasons for high attrition rate of employees in
STANDARD CHARTERED BANK (NOIDA).
The following project starts with an idea regarding the banking sector and also the
profile of STANDARD CHARTERED.
2
INTRODUCTION
INDIAN BANKING SECTOR
The Reserve Bank of India (RBI) is acts as a centralized governing body. Though public sector
banks currently dominate the banking industry, numerous private and foreign banks exist. India's
government-owned banks dominate the market. Their performance has been mixed, with a few
being consistently profitable. Several public sector banks are being restructured, and in some the
government either already has or will reduce its ownership.
PRIVATE AND FOREIGN BANKS
The RBI has granted operating approval to a few privately owned domestic banks; of these many
commenced banking business. Foreign banks operate more than 150 branches in India. The entry
of foreign banks is based on reciprocity, economic and political bilateral relations. An inter-
departmental committee approves applications for entry and expansion.
CAPITAL ADEQUACY NORM
Foreign banks were required to achieve an 8 percent capital adequacy norm by March 1993,
while Indian banks with overseas branches had until March 1995 to meet that target. All other
banks had to do so by March 1996. The banking sector is to be used as a model for opening up of
India's insurance sector to private domestic and foreign participants, while keeping the national
insurance companies in operation.
BANKING
India has an extensive banking network, in both urban and rural areas. All large Indian banks are
nationalized, and all Indian financial institutions are in the public sector.
3
RBI BANKING
The Reserve Bank of India is the centralized governing body. It is the sole authority for issuing
bank notes and the supervisory body for banking operations in India. It supervises and
administers exchange control and banking regulations, and administers the government's
monetary policy. It is also responsible for granting licenses for new bank branches. 25 foreign
banks operate in India with full banking Licenses. Several licenses for private banks have been
approved. Despite fairly broad banking coverage nationwide, the financial system remains
inaccessible to the poorest people in India.
INDIAN BANKING SYSTEM
The banking system has three tiers. These are the scheduled commercial banks; the regional rural
banks, which operate in rural areas, not covered by the scheduled banks; and the cooperative and
special purpose rural banks.
SCHEDULED AND NON SCHEDULED BANKS
There are approximately 80 scheduled commercial banks, Indian and foreign; almost 200
regional rural banks; more than 350 central cooperative banks, 20 land development banks; and a
number of primary agricultural credit societies. In terms of business, the public sector banks,
namely the State Bank of India and the nationalized banks, dominate the banking sector.
4
REGULATIONS ON FOREIGN BANKS
Foreign banks in India are subject to the same regulations as scheduled banks. They are
permitted to accept deposits and provide credit in accordance with the banking laws and RBI
regulations. Currently about 25 foreign banks are licensed to operate in India. Foreign bank
branches in India finance trade through their global networks.
GOVERNMENT AND RBI REGULATIONS
All commercial banks face stiff restrictions on the use of both their assets and liabilities. Forty
percent of loans must be directed to "priority sectors" and the high liquidity ratio and cash
reserve requirements severely limit the availability of deposits for lending. The RBI requires that
domestic Indian banks make 40 percent of their loans at concessional rates to priority sectors'
selected by the government. These sectors consist largely of agriculture, exporters, and small
businesses. Since July 1993, foreign banks have been required to make 32 percent of their loans
to this priority sector. Within the target of 32 percent, two sub-targets for loans to the small-
scale sector (minimum of 10 percent) and exports (minimum of 12 percent) have been fixed.
Foreign banks, however, are not required to open branches in rural areas, or to make loans to the
agricultural sector. Commercial banks lent dols 8 billion in the Indian financial year (IFY, April-
March) 1997/98, up sharply from dols 4.4 billion in the previous year.
STILL………….
5
There are several other worries about the banking sector, mainly confusion over ownership and
control. Sometime soon India will be forced to apply the norms of developed countries and many
banks (including some of the biggest) will show very poor return ratios and dozens of banks will
be bankrupt. When that happens the two popular reasons to defend bad banks will disappear.
These are: one, to save face in the remote hope of that fortunes will `revive' and two, some banks
are too big to be allowed to fail, fearing social upheaval.
6
PROFILE OF STANDARD CHARTERED
Standard Chartered is the world's leading emerging markets bank. It employs 29,000 people in
over 500 offices in more than 50 countries in the Asia Pacific Region, South Asia, the Middle
East, Africa, United Kingdom and the Americas.
The Bank serves both Consumer and Wholesale banking customers. The Consumer Bank
provides saving a\c.’s, credit cards, personal loans, mortgages, deposit taking activity and wealth
management services to individuals and medium sized businesses. The Wholesale Bank provides
services to multinational, regional and domestic corporate and institutional clients in trade
finance, cash management, custody, lending, foreign exchange, interest rate management and
debt capital markets.
With 150 years in the emerging markets the Bank has unmatched knowledge and understanding
of its customers in its markets.
Standard Chartered recognizes its responsibilities to its staff and to the communities in which it
operates.
7
HISTORY OF STANDARD CHARTERED
Standard Chartered is the world's leading emerging markets bank headquartered in London. Its
businesses however, have always been overwhelmingly international. This is summary of the
main events in the history of Standard Chartered and some of the organizations with which it
merged.
THE EARLY YEARS
Standard Chartered is named after two banks, which merged in 1969. They were originally
known as the Standard Bank of British South Africa and the Chartered Bank of India, Australia
and China. Of the two banks, the Chartered Bank is the older having been founded in 1853
following the grant of a Royal Charter from Queen Victoria. The moving force behind the
Chartered Bank was a Scot, James Wilson, who made his fortune in London making hats. James
Wilson went on to start the Economist, still one of the world's pre-eminent publications. Nine
years later, in 1862, the Standard Bank was founded by a group of businessmen led by another
Scot, John Paterson, who had immigrated to the Cape Province in South Africa and had become
a successful merchant. Both banks were keen to capitalize on the huge expansion of trade
between Europe, Asia and Africa and to reap the handsome profits to be made from financing
that trade. The Chartered Bank opened its first branches in 1858 in Chennai and Mumbai. A
branch opened in Shanghai that summer beginning Standard Chartered unbroken presence in
China. The following year the Chartered Bank opened a branch in Hong Kong and an agency
was opened in Singapore. In 1861 the Singapore agency was upgraded to a branch, which helped
provide finance for the rapidly developing rubber and tin industries in Malaysia.
8
In 1862 the Chartered Bank was authorized to issue bank notes in Hong Kong. Subsequently it
was also authorized to issue bank notes in Singapore, a privilege it continued to exercise up until
the end of the 19th Century. Over the following decades both the Standard Bank and the
Chartered Bank printed bank notes in a variety of countries including China, South Africa,
Zimbabwe, Malaysia and even during the siege of Marketing in South Africa. Today Standard
Chartered is still one of the three banks, which prints Hong Kong's bank notes.
THE POST WAR YEARS In 1948 the Chartered Bank opened in Bangladesh and during 1957 it acquired the Eastern Bank.
The Eastern Bank gave the Chartered Bank a network of branches including Aden, Bahrain,
Beirut, Cyprus, Lebanon, Qatar and the United Arab Emirates. The Chartered Bank also entered
into a joint venture to form the Irano-British Bank, which opened for business in 1959. The bank
grew rapidly and had 24 branches when it was nationalized in 1981. By the mid 1950s the
Standard Bank had around 600 offices in Southern, Central and Eastern Africa. Its network grew
substantially in 1965 when it merged with the former Bank of British West Africa, which had
some 60 branches in Nigeria, 40 branches in Ghana and eleven branches in Sierra Leone in
addition to operations in Cameroon and Gambia. Despite these acquisitions and expansion into
new countries such as Mexico, South Korea and Oman (1968), both the Standard and Chartered
Bank networks were comparatively small.
STANDARD CHARTERED FROM 1990’S TILL………………….. Even within this period of apparent retrenchment Standard Chartered expanded its network, re-
opening in Vietnam in 1990, Cambodia and Iran in 1992, Tanzania in 1993 and Myanmar in
1995. With the opening of branches in Macau and Taiwan in 1983 and 1985 plus a representative
office in Laos (1996), in 1999, Standard Chartered acquired the global trade finance business of
Union Bank of Switzerland.
9
Standard Chartered also opened a new subsidiary, Standard Chartered Nigeria Limited in Lagos,
acquired 75 per cent of the equity of Nakornthon Bank, Thailand; and agreed terms to acquire 89
per cent of the share capital of Metropolitan Bank of the Lebanon.
Today Standard Chartered is the world's leading emerging markets bank employing 30,000
people in over 500 offices in more than 50 countries primarily in countries in the Asia Pacific
Region, South Asia, the Middle East, Africa and the Americas.
The new millennium has brought with it two of the largest acquisitions in the history of the bank
with the purchase of Grind lays Bank from the ANZ Group and the acquisition of the Chase
Consumer banking operations in Hong Kong in 2000.
These acquisitions demonstrate Standard Chartered firm committed to the emerging markets,
where we have a strong and established presence and where we see our future growth.
10
PRODUCT PROFILE OF
STANDARD CHARTERED
Through the network of over 500 offices in more than 50 countries, Standard Chartered offers
personal financial solutions relevant to you as an individual. Standard chartered treasure building
a relationship with the customer, developing an understanding of customers changing financial
needs at different stages of your life. Their long heritage of nearly 150 years has enabled them to
change with time, offering quality products by means that are convenient to customer.
Standard chartered offer includes:
Personal Finance
Credit Cards
Priority Banking
Investment Advisory Services
Personal Investments
Insurance
Deposits and Retail Services
Retail FX Products
1. PERSONAL FINANCE
Mortgages
In many of the markets where standard chartered operate, especially in key markets of Hong
Kong, Singapore, Malaysia, they are reported to be the market leader for mortgages. Their
experienced and dedicated teams will guide the individual in every single step to enable him a
smooth and hassle-free experience, offering him rates and repayment packages most suitable.
Start by trying our "instant approval" service.
11
Unique Features:
Low interest rates, option of flat or reducing interest rates
Low EMI (equated monthly installments)
No hidden costs like processing charge. Everything is done up front.
Quick approval and realization.
Tax benefits.
No unfair collateral demands.
A simple mortgage process.
Personal Loans
Standard Chartered Bank helps the customer to be in control of his/her own finances. Personal
Loans, without any guarantees or collaterals, are available to customer to meet specific credit
needs. Choose Installment Loan or Revolving Loan, whatever suits best. Whether planning a
vacation, re-decorating home, paying for child's college education, or simply wish to have a
standby line of credit for unforeseen expenses, Standard Chartered Bank's Personal Loans can
help fulfill the dreams.
Personal loan is specially designed to get the money need in time, without having to answer
unnecessary questions, and without any collateral or mortgages.
12
Unique Features:
Choose the repayment plan most convenient, ranging from a compact 12-month period to
a comfortable 36-month span.
Free to use the money for renovating house or meeting some unexpected expenses etc.
No collateral or security.
Quick and easy processing.
2. CREDIT CARDS
Standard Chartered Visa and MasterCard credit cards
Standard Chartered credit cards provide financial flexibility, worldwide acceptance, and round-
the-clock convenience.
Benefits:
Welcomed at the largest number of merchant outlets across the world.
Revolving credit facility, allowing repaying card outstanding over time, at a
convenience.
Cash withdrawal in local currency at Visa and MasterCard linked ATMs across
the world.
Platinum, Gold or Classic cards to suit lifestyle and needs.
13
Smart credit cards with special privileges and security.
Attractive rewards programs.
Affinity and co branded credit cards that give additional benefits from our
partners.
World-class service assistance and 24-hour customer help line.
3. PRIORITY BANKING
Experience new standards in banking. And lead a life of privilege and preferred financial
solutions tailored perfectly for you - with Priority Banking from Standard Chartered.
Designed specially for those who appreciate only the finest things in life, Priority Banking offers
the very highest levels of personalized banking to match unique status.
By embracing a holistic approach to financial well being and commitment to personal Wealth
Management with a full range of innovative products and services, a customer will find banking
with a reassuring and secure experience.
Bank is committed to helping a plan, build and protect wealth by offering individual attention as
well as international banking and investment opportunities to meet current and future needs.
Standard Chartered Bank Priority Banking is created specifically for a chosen few individuals,
who will settle for nothing but the best and demand the highest standards of service in all your
banking relationships.
14
Unique Features:
Personalized Priority card will give instant recognition of priority status at all branches of Standard Chartered Bank, worldwide.
A dedicated Customer Relationship Manager trained to understand specific financial needs and help to manage assets at home and abroad. It is as personalized as can be.
Preferential pricing on our various products.
Entitled to exclusive benefits.
A complimentary pre-approved Gold Standard Credit Card .
Commission free VISA traveler's cheques.
Special foreign exchange rates.
Special invitations to exclusive events.
Many account facilities, which are absolutely free of charge.
4. INVESTMENT ADVISORY SERVICES
The Standard Chartered Investment Advisory Services is comprehensive process that assists in
planning for future. With this service, they can help to review financial goals, conduct a financial
health check, evaluate risk profile and customize an asset allocation plan to realize financial
aspirations.
5. PERSONAL INVESTMENTS
Standard Chartered is the leading independent distributor of unit trusts and mutual funds in Asia.
Because they don't actually manage their own investment funds, they are absolutely objective in
fund evaluation process. Bringing unmatched skill, expertise and know how to seek the best
15
Performing investments around the world, it can be assured of different investment options and a
wealth of informative and relevant updates.
With trained Investment Services Consultants from countries around the globe, they can help to
make the right investment decisions. Using a unique risk evaluation to gauge the level of risk
customer can be comfortable with, coupled with a proprietary fund evaluation process to identify
funds, assess risks and shortlist top-performing funds; customer can be ensured of a personalized
investment portfolio catered to needs.
Standard Chartered Bank Investment services puts a whole new world of possibilities within the
reach of people who would like to achieve their financial goals but have many other demands on
their time.
Unique Features:
A one-stop shop offering a wide range of investment options to grow your wealth.
Available across 8 cities.
Trained investment services counselors.
Sophisticated research franchise.
Impartial and unbiased analysis on options best suited.
Tailor made investment plans suited to risk taking ability.
16
6. INSURANCE
Standard Chartered recognizes the things important to customer and his family. They are
dedicated to protecting the customer, his family, and his hard earned assets and even his future
earnings giving him the assurance he needs.
Their strategic alliance with Prudential and CGU Insurance puts us in a very strong position to
provide for Life and General Insurance needs. With a comprehensive range of products, Standard
Chartered is set to protect the World.
7. DEPOSITS AND RETAIL SEVICES
Deposits
Standard Chartered offers a wide array of deposit products in both local and foreign currencies to
help to earn competitive interest rates. Their international network offers an extra convenience
while abroad. In some countries, they offer premium interest savings plans like Higher Education
Fund to turn the dreams into reality.
Retail Services
Standard Chartered offers a comprehensive range of retail services in many countries. These include:
Automated banking services.
Demand drafts.
Foreign exchange services.
Local and foreign currency cheque.
Safe deposit boxes.
Telegraphic transfers.
Traveler’s cheque.
17
8. RETAIL FX PRODUCTS
Standard Chartered is now offering valuable customers an easy and flexible way to invest in
foreign currencies. They provide high flexibility to enable sophisticated investors to capitalize on
opportunities in the currency markets.
Some of the Retail FX products include:
FX Margin Trading.
Currency Trading.
Premium Currency Deposit.
Principle Protected Currency Deposit.
18
ADDITIONAL SERVICES
1. INTERNET BANKING
You’re banking needs now taken care of at the click of a mouse. With Secure Internet Banking
ID and Password, a customer can login and take care of his/her banking and credit card needs at
his/her convenience and time. No more queues, no more waiting.
2. PHONE BANKING
As part of commitment to meeting all needs, Standard chartered offer Phone Banking - a service
that enables you to access a wealth of financial information, 24 hours a day, 7 days a week.
Through Phone Banking:
Check your account balance.
Get details about specific transactions.
Inquire about the status of a particular cheque.
Order demand drafts.
Transfer funds amongst your linked accounts.
Get information on deposit rates, lending rates, exchange rates and bank charges.
Access information on any of our products and services.
Call Room Service to open your account.
Make complaints and suggestions.
19
3. MOBILE AND E-MAIL ALERTS
Standard Chartered always try and make life simple.’ Mobile and E-mail Alerts' service is
designed just for that.
4. SMARTFILL DEBIT CARD
Smart fill Debit Card, launched in association with Bharat Petroleum, will help to save on fuel
purchases and even gets you free fuel.
Unique Features:
Earn reward points every time you use the card to make purchases ANYWHERE, which
you can then redeem for fuel at select Bharat Petroleum outlets.
When the card is use to make purchases at select Bharat Petroleum outlets, the customer
don't have to pay the 2.5% surcharge levied on most credit or debit cards.
Smart fill Debit Card is globally valid. It gives access to 12 million merchant
establishments worldwide and over 55,000 in India.
A customer can access over 3500 ATMs in India for FREE* and over 750,000 ATMs
worldwide through the Visa ATM network.
The card gets an exclusive discount of 5% at select In & Out stores at Bharat Petroleum
outlets, besides benefits at leading retail outlets and restaurant.
5. ATM
Standard chartered ATMs give the freedom to conduct most of the banking transactions 24 hours
a day, 365 days a year. The ATM card is and absolutely free. There are no transaction charges.
What's more, use ATM card at any of the 70 ATM centers across the country.
20
6. CREDIT CARD HELP-LINE
As part of commitment to meeting all needs, Standard chartered offer the facility of calling them
over the phone to access a wealth of information on credit cards, 24 hours a day, 7 days a week.
7. ELECTRONIC CLEARING SYSTEM
Standard Chartered introduces ECS (Electronic Clearing System), an innovative facility for busy
people. With this facility, Card bill amount automatically gets debited from your savings bank
account, so that customer doesn’t have to worry about the last minute payment rush. Since this
entire process happens through the Reserve Bank of
India's electronic clearing mechanism, customer can enjoy the advantages of ECS.
8. FAX BANKING
It’s the most efficient way to stay on top of the business finance. Every day, Standard chartered
fax a report of all transactions made the previous day. Customer will still receive his/her
regular monthly statements.
21
MAINTANING ACCOUNTS WITH STANDARD CHARTERED
DEPOSITS
Demand deposits Time deposits
Saving account Current account Fixed deposits
Individual Twin-one account Parivaar account
Saving account
DEMAND DEPOSITS
1. SAVING ACCOUNT
Standard Chartered introduces aXcessPlus - a revolutionary savings account that provides with
unparalleled axcess to money. An account primarily opened for and operated by individuals,
wherein the numbers of transactions are few and which give the customer liquidity, with the
facility to earn some interest on the residual balances.
22
With the aXcessPlus account the customer can now aXcess cash at over 1800 ATMs in India to
free and at over 650,000 ATMs worldwide through the Visa network. Besides, he can use his
account to shop for goods and services at over 25,000 outlets in India and at 10 million outlets
worldwide, without ever having to carry cash!
The aXcessPlus account provides with a globally valid debit card that provides these and a host
of other exciting benefits.
Unique Features:
There are several unique features about the Standard Chartered Bank's aXcessPlus account, each
designed to provide the most convenient banking experience can ever get!
Free aXcess to cash at over 1800 ATMs in 35 cities in India
Globally valid debit card
The debit can be used to make purchases at over 25,000 merchant outlets in India and at
over 10 million outlets worldwide.
Phone banking, Internet banking, Multi-city banking, 365 days branches, extended
banking hours, lockers facility and doorstep banking.
Unique free insurance benefits - lost card insurance, purchase protection and personal
accident cover.
Exciting usage benefits such as Travel Cash Back - discounts on airfare, Rasoi - ongoing
privileges in restaurants, Fab Deals - special privileges for shopping at select merchant
outlets, discounts at all BPCL IN & Out stores and special rates on BPL electronic items
plus a host of other discounts vouchers.
23
2-IN-1 ACCOUNT
The best of both worlds:
A unique account that offers you double advantage, letting you earn the High interest rate of
a fixed deposit while you enjoy the flexibility of a savings & current account.
PARIVAAR ACCOUNT
One-stop solution for your entire family's banking needs:
A unique Wealth Management Solution that offers the family flexibility and tools for wealth
accumulation and preservation.
2. CURRENT ACCOUNT
An account opened and operated primarily by corporate for commercial use, wherein the
numbers of transactions are much higher than a normal savings account. No interest is paid on
these accounts.
Unique Features:
High Liquidity
Unlimited transactions
Zero Interest
Any branch banking
TERMS DEPOSITS
A term deposit is a deposit held for a contracted period of time and a contracted rate of interest.
The Rate of interest for term deposits is higher than that applicable for a normal savings account
and Penal rates of interest is applicable if the deposit is withdrawn before the contracted period.
24
SALES FIGURES
Net Revenue (US $ Millions) H1 H2 Full Year2004(IFRS) $2,725 $2,657 $5,3822004 $2,722 $2,645 $5,3672003 $2,340 $2,400 $4,7402002 $2,285 $2,254 $4,5392001 $2,164 $2,241 $4,4052000 $1,968 $2,093 $4,0611999 $1,908 $1,940 $3,8481998 $1,988 $1,937 $3,925
25
STANDARD CHARTERED DEPARTMENTS
DIFFERENT DEPARTMENTS
Middle market
Global Banking
Mutual Funds
Payments
Cash Management
ITSM
Customer service
Trade Service
Home Loan
Personnel Loan
HR
Corporate Sales
Locker
Credit cards
26
R e g io n a l S a le s M a n a g e r
( M a r k e t in g )
A r e a S a le s M a n a g e r
A s s is t a n t M a n a g e r
T e a m L e a d e r
S a le s O f f ic e r
J u n io r O f f ic e r T r a in e e
N a t io n a l S a le s M a n a g e r
S a le s E x e c u t iv e
27
OBJECTIVE OF THE SURVEY
The following survey was mainly done with an objective to analyze employee’s
psychology in respect to STANDARD CHARTERED BANK and opportunities they
have in outer market.
SUB-OBJECTIVE OF THE SURVEY
Reasons to find why STANDARD CHARTERED employee’s turnover is so
high.
To recommend possible suggestions in order to have a control on attrition.
28
SCOPE OF THE PROJECT
The following study was done to find high attrition rate in STANDARD
CHARTERED BANK (NOIDA).
The study helps us to know the state of mind of employees in STANDARD
CHARTERED BANK that why they think for leaving the job and what can be done to
reduce the increasing attrition rate.
29
ATTRITION
Attrition refers to a method of achieving a reduction in personnel by not refilling positions that
are vacated through resignation, reassignment, transfer, retirement or means other than layoffs.
Attrition is transactional referring to its dependency on both environmental & personal variables.
PRIMARY REASONS FOR EMPLOYEE TURNOVER
Benefits
Lack of proper peer support
Lower support
Lower salary package
Less promotional opportunities
Work environment
Less job opportunities
Compensations & advancement associated with job
Increased strain placed on employees
Do not feel valued
Organization culture
Emotional exhaustion
Increased sense of depersonalization
SEVEN FUNDAMENTAL REASONS FOR EMPLOYEE DISENGAGEMENT
30
There are seven hidden reasons:-
THE JOB WAS NOT WHAT THE EMPLOYEE EXPECTED
This is the No. 1 reason for turnover in first six months & happens because employees have
unrealistic expectations when they are hired, have misconceptions about the worker are
sometimes mislead during the interview process. Employee share the blame for not checking out
the job or workplace before signing on, but employers are also guilty, they are in too big hurry to
hire or eager to sign on a new recruit failing to describe the everyday job reality or give pre hire
tours of the workplace. As a result new hires feel betrayed or realize that they don’t fit the job.
THE MISMATCH BETWEEN JOB & PERSON
The main culprit is the pressure to hire in a hurry. Those who hire often Assume that because a
job is at a lower level, anyone can do it, forgetting excellence can be found in all jobs & that is
worth taking time to assess Who has right stuff to succeed, in every job in an organization.
Another contributing issue is that managers assign & promote workers into wrong jobs,
erroneously thinking that anyone can be trained to do anything or overlooking the fact that job
satisfaction may be more important to an employee than getting promotion.
TOO LITTLE COACHING OR FEEDBACK
By a training magazine it was found that manager feedback and coaching skills were
consistently rated as mediocre. This is major reason gen-xers leave in there first year of the
job. Way too manager’s skill practices once a year coaching at the annual performance
appraisal.
TOO FEW ADVANCEMENT AND GROWTH OPPORTUNITY
This is the number one frustration of younger top performers. When employees rated today’s
manager on leadership competencies the ability to develop direct report ranks near the 31
bottom. 85% of employees say career growth is the key reward only 45% percent say there
organization provide it.
FEELING DEVALUED AND UNRECOGNIZED .
This reason for leaving encompasses a world of sins. These include not being paid fairly not
receiving a simple thank you for job well done, being treated with disrespect, being ignored,
being put down, instead of valued for being different not getting the right tools and resources
to do the job and having to work in an unacceptable environment.
STRESS FROM OVERWORK AND WORK LIFE IMBALANCE .
A family and work survey reported that 705 of all workers don’t think that there is healthy
balance between their work life and professional lives.
A research study found that 61% of workers are willing to sacrifice pay in exchange for more
personal and family time.
LOSS OF TRUST AND CONFIDENCE IN SENIOR LEADERS .
It was found that companies with high trust levels outperforms with company with low trust
levels by 186% and less than half of the workers trust there senior leaders. Because their senior
executives are self interested short term focused ego driven, and greedy. But when employees
there senior leader are committed to their well being they tend to return that commitment by
staying and becoming more engaged and productive.
32
SOME OTHER REASONS FOR EMPLOYEE TURNOVER
There are two main reasons for employee turnover:-
1. Quality of selection system2. Quality of leadership
SELECTION SYSTEM QUALITY
No single selection system is right for all organizations. Before making changes, Organizations
must determine there current levels of sophistication and use of best Practices. There are 5
practices associated with selection systems:
BEHAVIOURAL BASED INTERVIEWS
Asking candidates to provide specific examples of past behaviors that illustrate their ability to
demonstrate required job knowledge, skills & abilities.
TRAINING & EXPERIENCE EVALUATION
Providing a checklist or other tool that measures candidates’ experience in specific skills or
situations.
ABILITY TESTS
Testing candidate’s mental, clerical, mechanical, physical or technical capabilities.
BIOGRAPHICAL DATA
Requesting information about candidates’ life experiences (e.g. families, hobbies, attitudes) that
correlate with job performance.
33
MOTIVATIONAL FIT INVENTORIES
Measuring candidates’ preferences for job, the organization, and location qualities.
LEADERSHIP QUALITY
Two factors driving retention are:-
1. Quality of relationship a person has with his supervisor or manager
2. Amount of meaningful work
There are many things that an organization can do to improve these factors.
Some solutions directly improve leadership skills, while others improve systems
& the work environment.
34
TYPES OF DATA
The Research was conducted in two stages:
QUALITATIVE
QUANTITATIVE
QUALITATIVE RESEARCH :
Here an effort was made:
To understand the product & the information which helped to frame the questionnaire.
QUANTITATIVE RESEARCH :
A questionnaire was prepared for this purpose, keeping in mind the important factors which
would enable to meet the objectives of the project. Database of employees was prepared with the
help of which those employees were approached who had left the job & from them the required
information was gathered.
The Research details were summarized as follows:
Type of research : DESCRIPTIVE RESEARCH
Sample size : 50
Sampling technique : QUOTA SAMPLING
Source of Data :
Primary Data : QUESTIONNAIRE
Secondary Data : INTERNET, NEWSPAPERS
35
PRIMARY DATA :
Primary data is that kind of data which is collected by investigator
himself for purpose of specific study. The data such collected is original in character. The
advantage of this method of collection is authentic. A set of questions were put together in the
form of questionnaire.
SECONDARY DATA :
When an investigator uses the data it has been already collected by others. The secondary data
could be collected from Newspapers, Journals, Reports & various publications. The advantages
of secondary data can be in terms of money & time spent. The researcher of the report also did
the same and collected secondary data from various internet sites like GOOGLE.COM,
YAHOO. COM. The researcher of the report also visited various libraries for collection of the
introduction part.
36
DATA COLLECTION
Data is collected from various internet sites like GOOGLE.COM, YAHOO.COM.
Data is collected with help of various employees in the organization.
Sample size taken for the survey is 50.
37
LIMITATIONS
Unreliable response from the organization at times due to lack of time.
Unavailability of concerned person at the time of survey.
Time and other factors which are beyond the human limitations, have also a bearing on
the study.
38
ANALYSIS OR FINDINGS
I have conducted a survey to know what are the reasons of increasing attrition rate in
STANDARD CHARTERED BANK. The survey process involved two phases:
The response that is generated during this exercise is converted in the form of percentages to
have a comparative outlook, as the numbers itself cannot explain the true picture. These
percentages are then represented through the simple tools like bar graphs, pie charts, etc. (see
appendix).
39
APPENDIX
PRIMARY REASON FOR LEAVING THE ORGANIZATION
Primary Reason For Leaving No. Of Employees
Benefits 5
Better job opportunity 7
Commute 0
Conflict with other employees 0
Conflict with manager 1
Family reasons 2
Job expectations 10
Not challenging 5
Pay 15
personal reasons 0
Relocation/move 0
Working condition 5
PIE CHART REPRESENTATION
P R IM A R Y R E A S O N F O R L E A V IN G
1 0 %1 4 %
0 %
0 %
2 %
4 %2 0 %1 0 %
3 0 %
0 %
0 %1 0 %
B e n e f it s
B e t t e r jo b o p p o r t u n it y
C o m m u t e
C o n f lic t w it h o t h e re m p lo y e e sC o n f lic t w it h m a n a g e r
F a m ily r e a s o n s
J o b e x p e c t a t io n s
N o t c h a lle n g in g
P a y
p e r s o n a l r e a s o n s
R e lo c a t io n / m o v e
W o r k in g c o n d it io n
INTERPRETATION
This shows that pay is the primary reason for employee turnover.
40
DURATION FROM WHICH EMPLOYEE IS THINKING OF LEAVING
GRAPHICAL REPRESENTATION
T I M E F R O M W H I C H E M P L O Y E E I S T H I N K I N G O F L E A V I N G
1 3
2 01 7
0
5
1 0
1 5
2 0
2 5
o n e m o n t ho r l e s s
o n e t o 5m o n t h s
m o r e t h a n 5m o n t h s
No
. o
f e
mp
loy
ee
s
N o . o f e m p lo y e e s
INTERPRETATION
This shows that most of employees are thinking of leaving the organization from 1 to 5 months.
SATISFACTION OF EMPLOYEES TOWARDS COMPANY
Time duration No. of employeesOne Month Or Less 13One To 5 Months 20More Than 5 Months 17
Satisfaction level No. of employeesExtremely Dissatisfied 10Very Dissatisfied 10Neither Satisfied Nor Dissatisfied 23Very Satisfied 5Extremely Satisfied 2
41
PIE CHART REPRESENTATION
S a t is f a c t io n le v e l o f e m p lo y e e s
2 0 %
2 0 %4 6 %
1 0 % 4 %
E x t r e m e l yd i s s a t i s f i e d
V e r y d i s s a t i s f i e d
N e i t h e r s a t i s f i e dn o r d i s s a t i s f i e d
V e r y s a t i s f i e d
E x t r e m e l ys a t i s f i e d
INTERPRETATION
This shows that employees are neither satisfied nor dissatisfied with the company.
42
WORKING EXPERIENCE OF EMPLOYEES
GRAPHICAL REPRESENTATION
W o r k in g C o n d i t io n o f E m p lo y e e s
4
2 5
1 5
6
05
1 01 52 02 53 0
M u c h m o r ep o s i t i v e
th a nn e g a t i v e
M o r ep o s i t i v e
th a nn e g a t i v e
M o r en e g a t i v e
th a np o s i t i v e
M u c h m o r en e g a t i v e
th a np o s i t i v e
W o r k in g C o n d i t io n s
No
. of
Em
plo
ye
es
INTERPRETATION
This shows that working condition of employees is much more positive than negative.
Working ConditionsNo. Of
EmployeesMuch more positive than negative 4
More positive than negative 25
More negative than positive 15
Much more negative than positive 6
43
FACTORS RESPONSIBLE FOR NEGATIVE EXPERIENCE OF EMPLOYEES
PIE CHART REPRESENTATION
Factors For Negative Experience No. Of Employees
My Performance Evaluation And Outcome 0
My Role, Responsibility And/Or Title 2
Job Training 2
My Boss 1
My Co-Workers 0
My Compensation 6
Change In Compensation Package 2
Company Savings Plan 0
Medical Benefits And Insurance 1
Relocation 1
Vacation Time 0
Other 0
44
INTERPRETATION
This shows that compensation is a major factor for negative experience of employees.
FLEXIBILITY OF COMPANY TOWARDS FAMILY RESPONSIBILITIES
GRAPHICAL REPRESENTATION
Factors responsible for negative experience
0%0%
7%
0%7%
0%
13%
0%
13%13%
0%40%
7%
Factors for negative experience
My performance evaluation and outcome
My Role, Responsibility and/or Title
Job Training
My boss
My co-workers
My compensation
Change in compensation package
Company savings plan
Medical benefits and insurance
Relocation
Vacation time
Other
Flexibility of company No. of employeesVery Inflexible 10Somewhat Inflexible 8Neither 10Somewhat Inflexible 20Very flexible 2
45
F le x ib i l i t y o f c o m p a n y
1 0 8 1 0
2 0
2
05
1 01 52 02 5
Ve
ryIn
flexi
ble
So
me
wh
at
Infle
xib
le
Ne
ithe
r
So
me
wh
at
Infle
xib
le
Ve
ry
flexi
ble
F le x ib i l i t y
No
. of
em
plo
ye
es
INTERPRETATION
This shows that company is somewhat inflexible towards family responsibilities.
CAREER ADVANCEMENT OPPORTUNITIES
Career advancement opportunities
No. of employees
Strongly Disagree 3Somewhat Disagree 10Neither Agree or Disagree 25Somewhat Disagree 10Strongly Agree 2
GRAHPHICAL REPRESENTATION
46
C a r e e r a d v a n c e m e n t o p p o r t u n i t ie s
3
10
2 5
10
2
0
5
10
15
2 0
2 5
3 0
S t r o n g lyD is a g r e e
S o m e w h a tD is a g r e e
N e it h e rA g r e e o rD is a g r e e
S o m e w h a tD is a g r e e
S t r o n g lyA g r e e
A d v a n c e m e n t o p p o r t u n i t i e s
N o . o f e m p lo y e e s
47
INTERPRETATION
This shows that career advancement opportunities are neither very good nor very bad.
SATISFACTION LEVEL TOWARDS POSITION AT THE COMPANY
Satisfaction level No. of employeesVery dissatisfied 8Somewhat Dissatisfied 18Not satisfied or Dissatisfied 10Somewhat satisfied 12Very satisfied 2
GRAPHICAL REPRESENTATION
S a t i s f a c t i o n l e v e l o f e m p l o y e e s
8
1 8
1 0 1 2
205
1 01 52 0
Ver
yd
issa
tisf
ied
So
mew
hat
Dis
sati
sfie
d
No
tsa
tisf
ied
or
Dis
sati
sfie
d
So
mew
hat
sati
sfie
d
Ver
ysa
tisf
ied
S a t is f a c t io n le v e l
No
. of
emp
loye
es
48
INTERPRETATION
This shows that employees are somewhat dissatisfied with their position in the
company.
ROLE PLAYED BY PAY IN TURNOVER
Percentage of pay
No. of employees
20-40% 840-60% 1260-80% 3080-100% 10
PIE CHART REPRESENTATION
P e r c e n t a g e o f r o le p la y e d b y p a y in t u r n o v e r
1 3 %
2 0 %
5 0 %
1 7 % 2 0 - 4 0 %
4 0 - 6 0 %
6 0 - 8 0 %
8 0 - 1 0 0 %
INTERPRETATION
This shows that pay plays 60-80% role in employees turnover.
49
ROLE PLAYED BY WORKING CONDITIONS IN TURNOVER
PIE CHART REPRESENTATION
INTERPRETATION
This shows that working conditions of employees plays a major role in
employee turnover. .
Working conditions No. of employeesYes 25No 15
50
RATE OF MORALE IN COMPANY
Rate of morale No. of workersLow 22
Very low 12High 10
Very high 6
GRAPHICAL REPRESENTATION
R a t e o f m o r a le in c o m p a n y
2 21 2 1 0 6
01 02 03 0
L o w V e r yl o w
H i g h V e r yh i g h
R a t e o f m o r a l e
No
. o
f em
plo
yee s N o . o f w o r k e r s
INTERPRETATION
This shows that rate of morale is low in company.
51
RETENTION PROGRAMS TAKEN BY COMPANY
Encouragement to stay
No. of workers
Yes 10No 40
PIE CHART REPRESENTATION
R e t e n t a t io n p r o g r a m s t a k e n b y c o m p a n y
2 0 %
8 0 %
Y e s
N o
INTERPRETATION
Nothing has been done to prevent employee turnover.
52
SUGGESTIONS & RECOMMENDATIONS
REDUCING TURNOVER
Turnover rate measures the percentage of employees that leave the organization in a given time
period. Turnover can include resignations, terminations, retirements, transfers, and promotions.
Agent turnover rate is also referred to as attrition, retention rate or agent churn.
Turnover should be tracked in order to:
Control costs
Raise employee morale
Cost Impacts of Turnover
Turnover increases costs in a variety of ways including:
recruiting and hiring
temporary staffing
lower productivity of new agents
overtime costs for current staff while the job is vacant
unemployment insurance premiums
Supervisors confront a major challenge with turnover and cost control. This challenge includes
balancing the cost of new hires.
53
Employee morale
Finally, turnover is a good indicator of employee morale. Although employee morale is difficult
to quantify, it has consequences productivity, and overall performance.
Areas to consider for reducing turnover rate
. Factors that can impact turnover are as follows:
1. Recruitment, screening, and orientation programs
Recruiting techniques that simply bring in 'warm bodies' will raise turnover, while
targeted recruiting will result in higher retention levels. Screening processes should
identify people that are a good match for the job requirements. Finally, company
orientations that provide a positive introduction to the company and an understanding of
company values establish a good relationship with employees.
2. Training and support of new graduates
Poor training programs raise turnover when agents don't have the tools to do their job
Well.
3. Quality of direct supervision
Good supervision ensures improve their skills, as well as support with challenging job
Tasks. If management is biased, uncommunicative, turnover will increase.
54
4. Competitiveness of pay scale
Wages should be competitive with other job opportunities will be lost to better-paying
jobs.
5. Other employment opportunities in the area
Other job opportunities with better advancement opportunities, challenges, and skill
development may cause turnover.
6. Level of job satisfaction and rewards
Sales regularly deal with a stressful job. Burnout levels are high and can be aggravated if
there are few instances of job recognition and reward for excellent performance. Agents
also can be unsatisfied with their job when they do not have the tools and work processes
to do a good job for their customers.
7. Attractive advancement opportunities within the company
Advancement motivate employees to stay with a company.
8. Unplanned change
Poorly-managed change can lead to attrition.
When should turnover be addressed?
So how do you know when turnover is severe enough to warrant special focus? In addition to
employee morale/productivity, there are some other factors to consider. The loss of highly
skilled employees is one consideration. The attrition of first-rate employees can be an
irreplaceable loss for companies. In addition, constant turnover and recruiting can create a
negative impression about the company.
55
Finally, turnover warrants extra focus if a clear pattern begins to appear. For example, if there
has been 50% turnover in the past year due to resignations, chances are that some fundamental
problems exist at the company and need to be addressed. If employees are always leaving
because of negative circumstances, this is a red flag that significant problems exist within the
organization and that management practices, training, and HR policies need to be revisited.
How can turnover be reduced?
High turnover is a major problem to identify causes of attrition.
Know why turnover is happening. It is important to know the exact reasons why agents leave in
order to:
identify 'controllable' reasons why agents leave (to focus attention on reducing the causes
of these departures)
accurately plan ahead for recruiting, hiring, and training replacements at the same pace as
you expect agents to leave
Some reasons for agent turnover are beyond the control of management. These departures will
occur regardless of how attractive management makes it for agents to stay.
'Non-controllable' turnover includes:
retirements
promotions
transfers to other departments within the company illness
56
'Controllable' turnover includes resignations due to:
job stress
low pay
lack of advancement possibilities
lack of support and reward on the job
Action steps you can take
1. Evaluate the 8 areas identified in the section "Areas to consider for reducing turnover rate" to determine where the greatest contribution to agent turnover may be taking place.
2. Conduct exit interviews to identify why they are leaving.
3. Conduct focus groups with managers, supervisors and employees to brainstorm the root cause of employee turnover.
4. Use the results of the data from steps 1 through 3 to prioritize the root causes for employee turnover. Develop action plans to address these root causes.
5. Implement these action plans and measure the results.
57
ATTRITION AREA SOLUTIONS
The job was not clearly explained A realistic job preview (RJP) to them tool has been proven to establish honest
Expectations about the job. RJP can reduce Attrition between 5-15%.
Poor prior work history that leads to A biographical dataPoor future work assessment review previous work history to
Help eliminate those candidates with poor prior work history.
Do not have right cognitive ability A mental alertness test can for job measure the job candidates ability to think &
solve problems.
Cannot manage the interpersonal A behavioural phone requirements for job interview,simulation, role play,or in-person
interview should help you evaluate the job candidate against this criteria.
New hire job preferences do not match A job related personality required job preferences assessment can measure job fit & job
preferences.
58
What are the best ways to combat turnover? Our model of turnover would suggest there are seven major areas of intervention.
They are:
Early Interventions
Skill Interventions
Leadership Interventions
Communication Interventions
Reward/recognition Interventions
Job Enrichment Interventions
Selection Interventions
I want to touch on each area briefly and offer some practical advice and describe some tried and proven strategies.
1. Early interventions
The fact that large numbers of employees turnover in the first six months of employment
suggests that this is a critical time for helping people adjust to new roles. Managing employees’
expectations should actually start before employment. As we describe in our earlier article,
realistic job previews can help ensure that employees walk into their jobs with their eyes wide
open. Orientation programs should not be a one-day event; they should span the first three
months of employment. A good orientation program helps prevent misunderstandings, and
gradually introduces the employee into the organization. By providing just-in-time information
and training, rather than a one-day "core dump" of information, your training efforts will yield
much better results.
After detailing the organizational chart, take time to clearly explain the importance of the
59
employee’s job. Most importantly, establish a support system for the new employee. A good
practice is to set up a "buddy" system for new employees. A "buddy" is a seasoned employee
who volunteers to "look out for the new employee", making introductions, providing advice, and
helping avoid early pitfalls.
3. Skill interventions
Keep employees motivated and committed by enthusiastically offering both training and
development opportunities. Smart companies know the importance of personal development in
employee retention. In fact, the top-rated companies to work for have several qualities in
common. They spend considerable time in training their people, they have low turnover rates,
and they have impressive numbers of applicants per job opening.
4. Leadership interventions
Better Bosses mean lower turnover. Establishing performance expectations, providing coaching
and positive feedback, and interacting in a fair and considerate manner are all things that good
leaders do to help new employees be successful and receive enjoyment from their jobs. To
impact turnover, make sure that supervisory promotion and training programs have interpersonal
skills as part of their focus. Measure employee perceptions of leadership behaviors and
incorporate behavioral expectations into leaders’ performance management expectations.
5. Communication interventions
A good case study of how focusing on communications can help improve employee retention is
New York City’s Tavern on the Green. In a recent article (source: Ragan Communications), the
training director for the restaurant offered numerous suggestions for opening up
communications, including:
60
Hold open forums. Set up monthly or at least quarterly forums in which
employees can talk with decision-makers on issues important to them.
Improve Credibility. Do what you say you are going to do or offer a
good reason why you can't’.
Find ways to communicate. Eliminate fear of reprisal. Share important information.
Treat employees as partners. Communicate numbers, [both] good and bad. Don’t hoard
data on successes that might make workers feel a sense of accomplishment or on
problems that might encourage them to go the extra mile.
6. Rewards/recognition interventions
Money can talk volumes, but the creative use of money is key to retention. Various kinds of
contingent bonus strategies can be used to help with retention. Deferred bonuses are paid out
incrementally with a significant back-end payoff for a combination of performance and retention.
This type of bonus system can help guarantee service for a finite number of years but doesn’t
address long term retention.
Performance bonuses can help an employee reach high levels of income providing they can
consistently demonstrate superior levels of performance. This type of bonus can be very effective
if performance metrics are readily available and additional costs are consistent with the value of
superior performance.
A third option besides the use of bonuses is to regularly make salary adjustments for your star
performers or individuals with key skill sets so that they are not tempted to go elsewhere for
bigger paychecks. Obviously, this strategy can only be used for a small percentage of key
players. If you can’t afford to pay more, or to offer contingent pay, don’t forget the value of non-
monetary or symbolic rewards like time-off, awards, and other recognition programs.
61
6. Job enrichment
Increasing the job satisfaction of high turnover jobs can reduce turnover. For individuals who
have a need for growth, the following job design strategies are associated with increased job
satisfaction:
Increase the variety of tasks performed
Provide greater ownership and decision-making on how the job is performed and hold the job holder accountable for quality of outputs
Add more significant responsibilities
Improve the accuracy and quality of feedback on performance
6. Selection
Improved selection may be the most powerful weapon against turnover..
Improving interviewing procedures reduced turnover rates on average a whopping 42%.
Selection is a preventive technique for reducing turnover.
By improving the initial fit between an individual and a
job, you can have a huge impact on turnover.
REDUCING TURNOVER:THE EFFECTS OF COMMONLY-USED METHODS
Senior Level Middle Managers Front Line Employees
Better compensation & benefits
67% Better compensation & benefits
61% More careful selection in hiring
57%
Stock options 52% More careful selection in hiring
54% Better compensation & benefits
50%
More careful selection in hiring
47% Tuition reimbursement 41% Tuition reimbursement 47%
Profit-sharing 27% Stock options 32% Improved training programs
45%
62
Retention bonus 26% Adoption of casual dress code
31% Better orientation programs
39%
63
64
Using the Wheel to Improve Employee Retention
KEi's Employee Retention Strategy is based upon two primary beliefs:
(1) It is difficult for employers to retain good employees if they don't have a process to hire the
right people in the first place.
(2) Retention processes must directly support the reasons that successful, satisfied employees
stay. KEi's concentration on the center of the Employee Retention Wheel provides
employers with Internet-based tools that give employees systematic, ongoing support to be
successful in their work and satisfied with their employment.
The Center Of Employee Retention Wheel
These eight central processes of the Employee Retention Wheel are the factors that are most
critical to an employee's job performance success.
ATTITUDE FOR EMPLOYING
A process to clearly define the way supervisors are expected to interact with
employees; a process to give employees a way to express what is most important to achieve job
success; and a process to give employers a way to demonstrate "Employing Values" through
employment policies.
FINDING CANDIDATES
A process that gives employers a comprehensive way to communicate to job seekers what it
takes to achieve short-term and long-term job success, and to attract the candidates who fit this
criteria.
65
SORTING APPLICANTS
A process that gives employers a way to confirm whether the attitudes and behaviors of job
seekers are a match for their work environment.
CHOOSING EMPLOYEES
A process that gives employers a way to define the specific interview questions that prove job
seeker abilities to successfully perform the target skills; and a process that gives employers a
way to verify the accuracy of resume/application data and interview responses.
STARTING EMPLOYEES
A process that provides a way for new employees (before performing the job) to understand
"why the employers business exists;" "what makes the business organization successful;" "why
the employee's job exists;" and "what it will take for the employee to achieve job success."
INFORMING EMPLOYEES
A process that gives employers a way to provide essential information (from five critical
information sources) that is needed by employees to make daily work decisions.
IMPROVING EMPLOYEES
A process that gives supervisors and employees a way to work together to build personalized
plans for improving each employee's priority job skills; and a process that gives the employer a
way to "deliver skills-improving training curriculum" and to "measure the learning effectiveness"
from the training experiences.
66
REWARDING EMPLOYEES
A process that gives employers a way to define and communicate exactly how individual
employee salaries are determined; and a process that gives employers a way to provide
employees with extra incentive income that is earned through the achievement of cash generating
business goals.
67
CONCLUSION
The present report indicates that the following features:-
1. Better job opportunities in outer market & pay are the main reasons for increasing attrition rate.
2. The employees do not feel valued by their employer.
3. The working environment in the company also make them to leave their job.
4. Performance Appraisals are not given at regular intervals so that the Employee feel motivated for its work.
5. The work schedule is very much inflexible & Stressful. If some possible measures are done to overcome these problems then Attrition rate can be decreased to a large extent.
68
BIBLIOGRAPHY
Search engines
www.google.com
www.yahoo.com
www.rediff.com
Websites
www.standardchartered.com
www.surveyz.com
69
QUESTIONNAIRE
(To Find the Various Reasons for Increasing Attrition Rate in Standard Chartered Bank)
NAME :-
JOB TITLE :-
ORGANISATION :-
CELL NO. :-
1. What Is Your Primary Reason For Leaving The Company?
Benefits
Better Job Opportunity
Commute
Conflict with Other Employees
Conflict with Manager
Family Reasons
Job Expectation
Not Challenging
Pay
Personal Reasons
Reallocation/Move
Working Condition
2.. How Long Have You Been Thinking About Leaving The Company?
One Month Or Less
One To 5 Months
More Than 5 Months
70
3. How Satisfied Are You With The Company You Work For?
Extremely Dissatisfied
Very Dissatisfied
Neither Satisfied nor Dissatisfied
Very Satisfied
Extremely Satisfied
4. How Was Your Working Experience?
Much More Positive than Negative
More Positive than Negative
More Negative than Positive
Much More Negative than Positive
5. If Your Experiences Are More Negative Than Positive, What Factors Are Responsible? Select All That Apply.
My Performance Evaluation and the Outcome
My Role, Responsibility and/Or Title
Job Training
My Boss
My Co-Workers
My Compensation
Change in Compensation Package
Company Savings Plan
Medical Benefits and Insurance
Relocation
Vacation Time
Other
71
6. How Flexible Is The Company With Respect To Your Family Responsibilities?
Very Inflexible
Somewhat Inflexible
Neither
Somewhat Flexible
Very Flexible
7. Do You Have A Clear Path For Career Advancement?
Strongly Disagree
Somewhat Disagree
Neither Agree or Disagree
Somewhat Agree
Strongly Agree
8. How Satisfied Are You With Your Position At This Company?
Very Satisfied
Somewhat Dissatisfied
Not Satisfied nor Dissatisfied
Somewhat Satisfied
Very Satisfied
9. What Part Of Pay Play In Your Decision To Leave The Organization?
20-40%
40-60%
60-80%
80-100%
72
10. Does Working Conditions Affect You To Leave Your Job?
Yes
No
11. How Would You Rate The Morale In Your Company?
Low
Very Low
High
Very High
12. Could This Company Have Done Anything To Encourage You To Stay?
Yes
No
73