RETENTION OF EMPLOYEES IN BANKING SECTOR – AN EMPIRICAL STUDY

Received: 13.02.2021; Revised: 09.03.2021, Accepted: 30.04.2021, Published Online: 31.05.2021

Dr. Giri Yogeshwari L.

(Associate Professor), Sanjay Ghodawat University Kolhapur, India),

Email: Giri.yog@gmail.com

Virat V. Giri

Principal, Sanjay Ghodawat Polytechnic Kolhapur

email id- Virat.giri@gmail.com

Abstract

Retention of the employees is considered to be a rapidly emerging concept in the modern era as its one of the major challenges for management of workforce. A lot of variables compel employees in the banking sector to decide if they wish to retain in their present organization or not. These could be the salary, job security and other benefits including growth, special rewards, job trainings, recognition, etc. It is important for the employers to know and understand all the factors which make the employees leave an organisation. Only then they would be able to have efficient retention of the employees. The HR department should formulate a well effective plan for retention so that reasons for leaving the organisation may be addressed. Thus, it’s important to update these strategies and methods regularly. Rewarding the employees is also a good way to motivate the employees. Within an organisation, apart from their salary, it’s important to also make provisions for incentives and benefits to individuals and also to reward their good performance.