Employees Retention in Selected Banks of Capital Region of Delhi, India

Abstract

The study explores the relationship between bankers profile and the reasons behind staying in the organization. Employee retention is the key challenge faced by the banking sector in India. Employee retention is the ability of an organization to retain its key employees. Banking sector of India in today's fast-growing economic scenario confront challenges in managing and retaining its key employees. Technocrats are leaving one company for another in search of greener pastures. The banking sector has been chosen to conduct the research because the competition to retain the key employees is intense. The present study aims at examining the reasons for employee staying in the organization. This research looked at the extent of the influence of various factors on employee retention in public and private sector banks in the capital region of Delhi. The study explores the relationship between the respondent profile and the attributes of staying in the banking sector which leads to employee retention. The study is based on the responses of the employees of leading banks. A self-developed questionnaire, measured on a Likert Scale was used to collect data from respondents. There are various factors which influence employee retention in the banking sector. The current study focuses on thirteen factors which significantly influenced employee retention in banking sector: Financial benefits, Job Security, Autonomy, Job satisfaction, Promotion and Prestige, Interesting work Recognition, Working Condition, Challenge, Workload, Interpersonal relations, No option, and Accomplishment. Based on the analysis of responses of 120 bank employees carried out, it was found that there are certain reasons which compel the employees to stay in the organization and Financial benefit takes the dominant place in employee retention. Chi-square test, coefficient of contingency and ANOVA two factors without replication were used for analysis. The result shows that Financial benefit is the most important attribute in employee retention and there is an urgent need to restructure the retention policies of the banking sector in India.