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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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

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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.

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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.

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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.

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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

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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