Impact of Motivating Factors on Retention Tendancy Among Private Sector Bank Employees

Abstract

Human Resource Management practices can affect such efforts of the employees by influencing their skills and motivating them. A knowledgeable and skilled employee is the backbone for the private sector banks that improves creativity and innovation. Therefore, HR professionals in private sector banks work hard to develop innovative retention strategies for engaging, motivating and retaining their employees.  This mind set of bankers has prompted the researcher to look for a relationship between firm’s Human Resource Management Practices and their impact on dependent variables like Job Satisfaction, Work life balance, Overall well-being etc. There is a positive relationship between payment packages provided to private sector bank employees and their level of job satisfaction.  Work culture has the influence on creating positive attitude among private sector bank employees within banks. Cordial relationship between management and employees provide a healthy working atmosphere among private sector bank employees. The private sector banking climate requires the employees to adapt to  performance targets.  Banks execute transactions directly with consumers, offering them services like saving and transactional accounts, mortgages, personal loans, debit cards, credit cards etc. Modern banks are very effective for the utilization of country’s resources and economic development.  Banking sector has identified management of human resources as the key to future success.  This study focusing on  to identify to what extend the traditional motivating factors such as compensation and benefits, work environment and work life balance affect the employee retention  among private sector bank employees.