ESSAY Employee Retention Strategy

Employee Retention Strategy of Eastern Bank Limited (Part-3)

4.3 FACTORS ATTRIBUTING THE EMPLOYEE TURNOVER IN EBL

4.3.1 Nature of Relationship with the Supervisor  

A good relationship between the supervisors and the employees is very necessary for a sound, conducive and favorable work environment.  If there is a conflict with the supervisor and the peers of the respective department as well as other departments, the work environment will be hampered and the dissatisfaction would be arouse among the employees.

Figure:  Nature of Relationship with the Supervisors

According to the most resigned employees the relationship between the supervisor and the employees were excellent in EBL. Almost 57% of the resigned employees told that they had an excellent relationship with their supervisors.

4.3.2 Fairness of Supervisor

Fairness in treatment of the supervisors with the employees in EBL is fair according to the most of

the resigned employees. It is easy to understand from the following graph.

Figure:  Fairness of Supervisor

From the above graph it is seen that about 57% of the resigned employees had a good relationship with their supervisors or with their immediate line managers. Beside this, about 24% of resigned employees had somewhat fair relationship with their supervisors.

4.3.3 Supportiveness and Attitude of Supervisor  

Everyone needs support to perform every single job. Without the proper support from the immediate line manager or the supervisor performing a job accurately would be difficult. Beside this the positive attitude of the supervisor toward the employees motivates an employee to be committed to perform his/her job. About 77% of resigned employees agreed that the Supportiveness and Attitude of Supervisor toward them in their respective department in EBL was satisfactory.

4.3.4 Co-operation, Friendliness and Respectfulness of Colleagues (own Department)

Without the Co-operation, Friendliness and Respectfulness of Colleagues of an employees’ respective department, it would be difficult to perform a job. Because to perform each and every job proper guidance from the immediate supervisor and support from the peers is necessary.

Co-operation, Friendliness and Respectfulness of Colleagues toward resigned employee in their respective department in EBL were very satisfactory. Almost 87% of the resigned employees were satisfied with the co-operation, friendliness and respectfulness of colleagues in their department.

4.3.5 Co-operation, Friendliness and Respectfulness of Colleagues (Other DepartmentS)

Co-operation, Friendliness and Respectfulness of Colleagues for an employee is also necessary from other departments. Because sometimes some jobs are interrelated with the other departments. Without the necessary help from the other department it may be very difficult to perform a job comfortably.

Co-operation, Friendliness and Respectfulness of Colleagues toward resigned employee from other departments in EBL were satisfactory. Almost 77% of the resigned employees were satisfied with the co-operation, friendliness and respectfulness of colleagues in other departments.

4.3.6 Conditions of Work Environment

The necessity of sound, conducive and favorable work environment is very important for any organization to perform the job in a timely and accurate manner. From the survey among the resigned employees it has been found that almost 87% of resigned employees agreed that they had a sound, conducive and favorable work environment for the job to perform. So, the work environment in EBL is quite satisfactory

4.3.7 Clarity of Role Perception to perform the job

A clear role perception regarding the assigned job is mandatory to perform it successfully. Without the clear role perception about the assigned job would be difficult to perform accurately and it will create both the role conflict and role ambiguity among the employees. Role ambiguity occurs when an employee does not have enough idea about the job to perform if the job is inadequately defined. Beside this when others have different perception regarding a person’s job, role conflict arises. So, to avoid both the role conflict and role ambiguity every employee should be communicated well which is

quite satisfactory in EBL. About 84% of resigned employees were agreed that they had been communicated well by their supervisors to perform the job on time and accurately.  

4.3.8 Authority to perform the job

Without proper authority it is almost impossible to perform job. So, enough authority should be provided by the employer to the subordinate regarding the respective job.

 Figure :  Authority to Perform the Job

In EBL, 56% of resigned employees said that they got somewhat enough authority to perform the assigned jobs. Only 33% employees are quite satisfied about the authority provide to them. Yet, EBL should ensure an environment for all the employees where they will be able to perform the job by applying their own decision making ability and without any disruptions of others. EBL should also ensure the proper direction from the top level management to eliminate the role conflict.

4.3.9 Freedom to perform the job

Freedom as like as proper authority is also needed to do a job in a satisfactory manner. If an employee cannot exert his/her decision making ability or own judgment regarding a specific job, the job will be a incomplete one and dissatisfaction among the employees will be also arouse.

 Figure:  Freedom to Perform the Job

From the above graph, the condition of freedom to perform a job in EBL can be easily understood. It can be seen that 50% of the resigned employees expressed their opinion regarding job freedom that they had found somewhat enough authority to perform their assigned job. A very few of resigned employees expressed their dissatisfaction regarding job freedom in EBL.

4.3.10 Fairness in distributing job responsibilities

Fairness in case of distributing job responsibilities among the employees is a crucial factor for both the employer and the employees. Job responsibilities should be distributed among the employees based on the experience of the employees, professional training achieved in related fields and the level of education of the employee to practice the fairness and equality and to eliminate the dissatisfaction of the employees.

Figure:  Fairness in Distributing Rob Responsibilities

Regarding fairness of distributing job responsibilities in EBL, about 44% employees expressed their satisfaction which is not a big percentage from the bank’s perspective. Because about 14% of the resigned employees was totally dissatisfied about the issue and 10% of the resigned employees did not mention their opinion regarding fairness of distributing the job which is an indication of dissatisfaction of employees. So, EBL need to be more concerned about the fairness in distributing the job.

4.3.11 recognition of Contributions of employees

Job recognition for the job well done is a strong motivational factor for every employee. It stimulates the internal need of an employee that leads him/her to dive and achieve the goals for him/her as well as for the organization. Beside this constructive criticism about the poor performance of an employee influences him/her to be optimistic and goal oriented. If the immediate supervisor continuously monitor and measure the performance of an employee and provides timely feedback, the employee would be guided properly to the productivity of the organization.

The above graph clearly states that a considerable percentage (about 67%) of employees was properly recognized by their immediate supervisors for their contributions in EBL though satisfaction of the remaining percentage of employees regarding job recognition was not up to the mark. Beside these 10% of the resigned employees did not mention their opinion regarding job recognition which is an indication of dissatisfaction of employees.

4.3.12 Level of employee morale in EBL

Employee morale and honesty is quite necessary in every aspects of the job which is highly satisfactory in EBL according to 67% (approximately) of the resigned employees. About 27% of the resigned employees found somewhat employee morale in EBL.

4.3.13 Adequacy of Training for Employee Development

Training for employee learning and development is very necessary. Without proper training an employee cannot perform the respective job fairly. For this purpose every organization arranges both the in-house training and foreign training for their newly recruited employees.

EBL’s Training program:

EBL provides minimum six (6) months probation period for a newly hired employee for learning and development. Based on the performance of the probation period an employee may be recruited as an permanent employee or he/she may be placed for another probation period. Beside this EBL provides two kinds of training for their employees:

• In-house training
• Foreign training

The management of EBL believes that they arrange necessary training programs for employee development for higher productivity of the employee.

4.3.14 Flexibility in working hours

Flexibility in working hours should prevail to eliminate the monotony of doing the job. Work in a stretch creates job stress for the employees and ultimately reduces the productivity of the employee.

According to the most of the resigned employee the working hour was flexible for them. Beside this 30% of resigned employees found somewhat rigidity in working hours while working in EBL.

4.3.15 Level of job security

According to the management of EBL Job security in EBL is quiet high and fully secured for an employee if he/she does not commit any offensive work that violates the code of conduct or treated as misconduct as per the policy of EBL. It is also dependent on the performance and honesty of an employee and the compliance with the process and procedures of EBL.

Almost 57% employees found the job in EBL as fully secured and about 34% considered the job in EBL as secured which is a clear indication that the level of job security in EBL is quiet high if any employee does not violates the code of conduct of the bank or commit any other offensive work.

4.3.16 Career advancement opportunity

Career advancement opportunity in EBL is totally dependent on the performance of the employee. If an employee can perform the job up to the mark that meet up the expectations of the employer, he/she has an excellent career advancement opportunity with the EBL.

 Figure:  Career Advancement Opportunity

From the graph it is seen that about 34% of the resigned employees found excellent career advancement opportunity in EBL whereas about 27% employees found fair opportunities for career advancement opportunity in EBL. So, EBL should specify a clear career path for the employees.

4.3.17 Employee Loan

EBL currently provides two types of loan facilities for its internal employees. These are

4.3.17.1 House building Loan Scheme for EBL employees

The scheme shall be called the “Eastern Bank Limited staff House Building Loan Scheme”. To be eligible to get the HBLS an employee must be apermanent member of staff and has a minimum 60 months’ service to retire. Beside this he/she has 5 (five) years of continuous service in EBL or 5 (five) years of continuous banking service including 2 years in EBL.  His/her overall performance is considered satisfactory (not below rating 3).In case both the husband and wife are employees of the bank, only one of them shall be entitled to avail loan under this scheme. Rate of Interest for this loan scheme is 3% (three percent) subject to change and the repayment arrangement for the loan shall be made within maximum 20 (twenty) years.

4.3.17.2 Car Loan Scheme