Exploring Employee Retention Practices in Public and Private Banking Institutions

Abstract

The banking system is one of the oldest aspects of the financial system, as is widely acknowledged. It is a challenge to bank management in motivating their personnel to provide quality services and satisfy the expectations of their customers.  As a result, talent retention has become a critical issue for banks seeking to maintain a competitive edge. The main objective of the present study is to know the employees’ retention strategies of public and private sector banks.  For this, the investigator collected the data from the employees of both banks of Telangana state adopting simple random sampling technique using questionnaire tool.  Appropriate statistical techniques were applied and the obtained results were interpreted in table.  A significant difference was found in adequate compensation (p=.002), personal growth (p=.023), job security (p=.000), learning environment (p=.000) and facilities to work (p=.000).  Further, no significant difference was found with respect to human resource policies (p=.324), brand name (p=.074), autonomy to do work (p=.510) and organization amenities (p=.127) and working conditions (p=.258). On the basis of the results, it is suggested that talent management practices in banks place a higher priority on retaining the employees.