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PROJECT REPORT ON RETENTION STRATEGIES

OF PRIVATE BANKS (ICICI, HDFC & SCB)

Submitted in partial fulfillment of the requirements

for the award of the degree of

Bachelor of Business Administration (BBA)

To

Guru Gobind Singh Indraprastha University, Delhi

Guide: Submitted by:

Ms Sneha Sharma Amit Kumar

08424401710

Institute of Innovation Technology & Management,

New Delhi 110058Batch (2010-2013)


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Certificate

I, Mr./Ms._______________________________, Roll No.________________ certify that the Project Report/Dissertation (BBA-310)

entitled ________________________________ is done by me and it is

an authentic work carried out by me at ___________________________

(Name of the organisation or of the Institute). The matter embodied in this

project work has not been submitted earlier for the award of any degree or

diploma to the best of my knowledge and belief.

Signature of the Student

Date:

Certified that the Project Report/Dissertation (BBA-310) entitled

__________________

done by Mr./Ms._______________________________, Roll No.

________________, is

completed under my guidance.

Signature of the Guide

Date:

Name of the Guide:

Designation:

Address:

Institute of Information

Technology &

Management, New Delhi-

110058

Countersigned

Director/Project Coordinator


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ACKNOWLEDGEMENT

I have taken efforts in this project. however; it would not have been possible without the

kind support and help of many individuals and organization. I would like to extend my

sincere thanks to all of them.

I am highly indebted to INSTITUTE OF INNOVATION IN TECHNOLOGY AND

MANAGEMENT for their guidance and constant supervision as well as for providing

necessary information regarding the project and also for there support in completing the

project.

I would like to express my special gratitude and thanks to Ms. ALKA SAHNI - BRANCH

MANAGER OF ICICI BANK JANAKPURI, Mr.Sandeep SrivastavaDeputy Manager at

HDFC Bank and Nidhi RawalHR Relationship Manager at Standard Chartered BANK.

I would like to express my gratitude towards my project guide Ms Sneha Sharma for her

kind cooperation and encouragement that helped me in completion of this project.


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EXECUTIVE SUMMARY

Retention management was ranked first by HR professionals as the most challenging,

among the various workforce management processes that they are charged with. A

majority of the respondents (65%) consider this to be an area of shared accountability with

other functional heads.

It appeared that for every level in the organization, there were different sets of reasons for

retention most often requiring strategies for retention. Our study findings establish very

clearly that one-size-fits-all strategies are not likely to work and organizations need to

address retention at different levels through different interventions. These findings support

the literature, which suggests that individuals seek different rewards from the job and the

organization, as they gather experience and grow in their jobs and careers. The challenge

for most organizations was to identify the causal factors leading to retention at various

levels and evolve targeted retention strategies as quickly and efficiently as possible.

The research suggests that the core reason people join organizations is different from those

that compel them to leave.

It is interesting to note that there is a disconnect between the reasons for retention and the

push factors identified by the respondents in our research. As an example, compensation

does not figure in the reasons for retention for the junior and middle level managers, yet

features prominently in the list of push factors for both levels (with the reverse being true

for the senior level managers). It would seem that the reasons for retention are based on

the respondents actual learning from exit interviews with those who have left the ir

companies. This is in line with what is reported by global literature on retention.


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On the other hand, the push factors seem to be reported based on what is generally

believed by executives, to be the reasons people leave companies, not surprisingly,

compensation features prominently..

A look at the retention strategies from an overall perspective indicate that HR professionals

believe that it is through providing people opportunity to grow and develop that you can

retain talent. It is also noticed that employee engagement is a leading retention strategy

employed in India. Our data provides ample evidence that work culture, supervisors

management style and profile of people in the company are, clearly, key factors that should

be paid attention to. It is clear that compensation alone is not going to achieve the goal of

retention.


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CONTENTS

S No Topic Page No

1 Certificate (s) -

2 Acknowledgements -

3 Executive Summary -

4 List of Tables -

5 List of Figures -

6 List of Symbols -

7 List of Abbreviations -

8 Chapter-1: Introduction

1.1Literature review

1.2Company Profile

1.3Retention strategies used in ICICI,HDFCand SCB

1.4Objectives of ICICI,HDFC and SCB

9 Chapter-2: Methodology

10 Chapter-3: Data Analysis & Interpretation

11 Chapter-4: Summary and Conclusions

12 References/Bibliography

13 Appendices


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CHAPTER 1


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INTRODUCTION

Employee Retention

This entails understanding just a little history. The term employee retention first began to

appear with regularity on the business scene in the 1970s and early 80s. Until then, during

the early and mid-1900s, the essence of the relationship between employer and employee

had been (by and large) a statement of the status quo: You come work for me, do a good

job, and, so long as economic conditions allow, I will continue to employ you. It was not

unusual for people who entered the job market as late as the 1950s and 60s to remain with

one employer for a very long timesometimes for the duration of their working life. If

they changed jobs, it was usually a major career and life decision, and someone who made

many and frequent job changes was seen as somewhat out of the ordinary. As a natural

result of this status quo employer-employee relationship, an employee leaving his or her

job voluntarily was seen as an aberration, something that shouldnt really have happened.

After all, the essence of status quo is just that little or nothing should change in the

relationshipand leaving was a pretty big change!

What is Employee Retention?

Effective employee retention is a systematic effort by employers to create and foster an

environment that encourages current employees.

Employee retention matters as organizational issues such as training time and investment;

lost knowledge; insecure employees and a costly candidate search are

involved. Hence fa i l ing to re ta in a key employee i s a cos t ly proposi t ion


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for an organization. Various estimates suggest that losing a middle

manager in most organizations costs up to five times of his salary. Intelligent

employers always realize the importance of retaining the best talent. Retaining talent has

never been so important in the Indian scenario; however, things have changed in recent

years. In prominent Indian metros at least, there is no dearth of opportunities for th e b e s t

i n t h e b u s i n e s s , o r e v e n f o r t h e s e c o n d o r t h e t h i r d b e s t . R e t e n t i o n o f

k e y employees and treating attrition troubles has never been so important to companies

In an intensely competitive environment, where HR managers are poaching

fromeacho t h e r , o r g a n i s a t i o n s c a n e i t h e r h o l d o n t o t h e i r e m p l o y

e e s t i g h t o r l o s e t h e m t o competition. For gone are the days, when employees

would stick to an employer for years for want of a better choice. Now, opportunities

abound. It is a fact that, retention of key employees is critical to the long-term health and

successor any organization. The performance of employees is often linked

di rec t ly to qual i ty work, cus tomer sa t i s fac t ion, and increased product

s a l e s a n d e v e n t o t h e i m a g e o f a c o m p a n y .

E m p l o y e e r e t e n t i o n m a t t e r s , a s , o r g a n i s a t i o n a l i s s u e s s u c h a s

t r a i n i n g t i m e a n d i n v e s t m en t , c o s tl y c a n d id a t e s e a r ch e t c ., a r e

involved. Hence, fai l ing to retain a key employee is a cost ly proposi t ion

for any organization. Various estimates suggest that losing a middle manager in

most organizations, translates to a loss of up to five times his salary. This might be worse

for BPO companies where fresh talent is intensively trained and inducted and then further

groomed to the successive stages. In this scenario, the loss of a middle manager can often

prove dear.


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The Importance of Retaining Employees

The challenge of keeping employees:

1. Its changing face has stumped managers and business owners alike.

2. How do you manage this challenge?

3. How do youbuild a workplace that employees want to remain with and

outsiders want to be hired into? Successful managers and business owners

ask themselves these and other questions becausesimply putemployee

retention.

Matters

High turnover often leaves customers and employees in the lurch; departing employees

take a great deal of knowledge with them. This lack of continuity makes it hard to meet

yourorganizations goals and serve customers well.

Replacing employees costs money. The cost ofreplacing an employee is estimated at up

to twice the individuals annual salary (or higher forsome positions, such as middle

management), and this doesnt even include the cost of lost knowledge.

Recruiting employees consumes a great deal of time and effort, much of it futile. Youre

not the only one out there vying for qualified employees, and job searchers make decisions

based on more than the sum of salary and benefits.

Bringing employees up to speed takes even more time. And when youre short-staffed, you

often need to put in extra time to get the work done.


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The Three Rs of Employee Retention

To keep employees and keep satisfaction high, you need to implement each of the three Rs

of employee retention: respect, recognition, and reward.

Respect

Is esteem, special regard, or particular consideration given to people? As the pyramid

shows, respect is the foundation of keeping your employees. Recognition and rewards will

have little effect if you dont respect employee.

Recognition

Is defined as special notice or attention and the act of perceiving clearly. Many

problems with retention and morale occur because management is not paying attention to

peoples needs and reactions.

Rewards

Are the extra perks you offer beyond the basics of respect and recognition that make it

worth peoples while to work hard, to care, to go beyond the call of duty. While rewards

represent the smallest portion of the retention equation, they are still an important one

a. Increased productivity

b. Reduced absenteeism

c. A more pleasant work environment (for both employees and you)

d. Improved profits


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Furthermore, an employer who implements the three Rs will create a hard-to leave

workplace, one known as having more to offer employees than other employers. You

become a hard-to-leave workplaceone with a waiting list of applicants for any position

that becomes availablepurposefully, one day at time.


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EMPLOYEE RETENTION WHEEL


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The first step to improving your employee retention is to understand why employees

staywi th th e i r cu r r en t emplo yer . Many "exper t s " dwel l on the r easons

employees leave, which is not as important or revealing as the reasons they

stay. Companies have tried many different programs and perks to hold onto good

employees. However, studies show that these efforts are not enough to retain

good employees when the support that is needed to achieve job success is not

adequate.

KeysEmployee Retention Wheel

Is truly what gives emplo yees a consistent reason for saying "no thank you"

when tempted with a "sweeter offer?" After years of study and experience, Key

has determined, and presented in the Retention Wheel, what factors do have the

greatest impact on keeping employees.KEi has used this information to give

employers the tools to meet the core needs that keep employees successful at

their jobs, thus reducing the high costs associated with unwanted employee

turnover.


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COMPANY PROFILE

ICICI BANK

ICICI Bank is India's second-largest bank with total assets of Rs. 4,062.34 billion (US$ 91

billion) at March 31, 2011 and profit after tax Rs. 51.51 billion (US$ 1,155 million) for the

year ended March 31, 2011. The Bank has a network of 2,774 branches and about 10,021

ATMs in India, and has a presence in 19 countries, including India.

ICICI Bank offers a wide range of banking products and financial services to corporate and

retail customers through a variety of delivery channels and through its specialised

subsidiaries in the areas of investment banking, life and non-life insurance,

The Bank currently has subsidiaries in the United Kingdom, Russia and Canada, branches

in United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai

International Finance Centre and representative offices in United Arab Emirates, China,

South Africa, Bangladesh, Thailand, Malaysia and Indonesia

ICICI Bank's equity shares are listed in India on Bombay Stock Exchange and the National

Stock Exchange of India Limited and its American Depositary Receipts (ADRs) are listed

on the New York Stock Exchange (NYSE)


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ICICI Bank Limited (the Bank) is a banking company. The Bank, together with its

subsidiaries, joint ventures and associates, is a diversified financial services group

providing a range of banking and financial services, including commercial banking, retail

banking, project and corporate finance, investment banking, broking and treasury products

and services. It operates under four segments: retail banking, wholesale banking, treasury

and other banking

Vision

To be the leading provider of financial services in India and a major global bank.

Mission

i. We will leverage our people, technology, speed and financial capital to

ii. be the banker of first choice for our customers by delivering high quality, world-

class products and services.

iii. Expand the frontiers of our business globally

play a proactive role in the full realisation of India's potential

iv. Maintain a healthy financial profile and diversify our earnings across businessman

and geographies.

v. Maintain high standards of governance and ethics

vi. Contribute positively to the various countries and markets in which we operate

vii. Create value for our stakeholder


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HDFC BANK

HDFC Life is Indias leading private life insurance company offering a range of individual

and group insurance solutions. It is a joint venture between Housing Development Finance

Corporation Limited (HDFC), Indias leading housing finance institution and Standard

Life PLC, the leading provider of financial services in the United Kingdom.

In 2010-11, the companys total premium income stood at R9004 crore

In 2010, HDFC Life partnered with the Yuva Unstoppable in Ahmedabad, Gujarat to bring

English, general knowledge and leadership development to government school children,

touching the lives of about 1000 disadvantaged children. HDFC Life was awarded the

Yuva unstoppable Icon Award by former president APJ Abdul Kalam in September 2010

HDFC Life employs a mix of both innovative and cost effective sources of recruitment to

reach the right applicants. We have a graduate trainee programme to select, train, and

groom fresh graduates from across the country, who are looking for a rewarding career in

insurance industry and thereby ensure a ready pool of insurance trained sales professionals

for the company.

Our employee referral policy apart from providing a source for quality recruitment ensures

that candidate is a good fit to the companys culture. Our management trainee programme

ensures quality managers for future. We also have a rehire policy to bring back former


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employees. We also encourage lateral movement in the interest of overall career

enrichment of individuals. We have had more than 49% vacancies filled from within in the

year 2010-11.

Our flexi working hours, benevolent employee leave policy, Friday/weekend dressing,

paternity leave are some of the newer additions.

Owing to fast pace of recruitment in insurance industry, dependence on external sources

(especially consultants) is higher which accounts for highest recruitment cost. The industry

average for external sourcing is 60-65% and the rest 40-35% is through internal sourcing

Vision

To be customer driven best managed enterprise that enjoys market leadership in providing

housing related finance.

Mission

To provide a package of attractive financial services for housing purposes through a

competent and motivated team of employees using the state of the art technology to

maintain financial stability and growth of the organization whilst contributing to the

national goal of providing decent housing to all.


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Standard Chartered BANK

IT is a British multinationalbanking and financial services company headquartered

in London, United Kingdom. It operates a network of over 1,700 branches and outlets

(including subsidiaries, associates and joint ventures) across more than 70 countries and

employs around 87,000 people. It is a universal bankwith operations in consumer,

corporate and institutional banking, and treasury services. Despite its UK base, around

90% of its profits come from Africa, Asia and the Middle East.

Standard Chartered has a primary listing on the London Stock Exchange and is a

constituent of the FTSE 100 Index. It had a market capitalisation of approximately

33 billion as of 23 December 2011, the 13th-largest of any company with a primary

listing on the London Stock Exchange.It has secondary listings on the Hong Kong Stock

Exchange and the National Stock Exchange of India. Its largest shareholder is

the Government of Singapore-owned Temasek Holdings.

The Standard Bank was a British bank founded in the Cape Province of South Africa in

1862 by Scot, John Paterson. Having established a considerable number of branches,

Standard was prominent in financing the development of the diamond fields of Kimberley

from 1867 and later extended its network further north to the new town of Johannesburg

when gold was discovered there in 1885. Half the output of the second largest gold field in

the world passed through The Standard Bank on its way to London. Standard expanded
http://en.wikipedia.org/wiki/Multinational_corporationhttp://en.wikipedia.org/wiki/Financial_servicehttp://en.wikipedia.org/wiki/Londonhttp://en.wikipedia.org/wiki/United_Kingdomhttp://en.wikipedia.org/wiki/Universal_bankhttp://en.wikipedia.org/wiki/Africahttp://en.wikipedia.org/wiki/Asiahttp://en.wikipedia.org/wiki/Middle_Easthttp://en.wikipedia.org/wiki/London_Stock_Exchangehttp://en.wikipedia.org/wiki/FTSE_100_Indexhttp://en.wikipedia.org/wiki/Market_capitalisationhttp://en.wikipedia.org/wiki/Hong_Kong_Stock_Exchangehttp://en.wikipedia.org/wiki/Hong_Kong_Stock_Exchangehttp://en.wikipedia.org/wiki/National_Stock_Exchange_of_Indiahttp://en.wikipedia.org/wiki/Government_of_Singaporehttp://en.wikipedia.org/wiki/Temasek_Holdingshttp://en.wikipedia.org/wiki/Cape_Provincehttp://en.wikipedia.org/wiki/Cape_Provincehttp://en.wikipedia.org/wiki/Temasek_Holdingshttp://en.wikipedia.org/wiki/Government_of_Singaporehttp://en.wikipedia.org/wiki/National_Stock_Exchange_of_Indiahttp://en.wikipedia.org/wiki/Hong_Kong_Stock_Exchangehttp://en.wikipedia.org/wiki/Hong_Kong_Stock_Exchangehttp://en.wikipedia.org/wiki/Market_capitalisationhttp://en.wikipedia.org/wiki/FTSE_100_Indexhttp://en.wikipedia.org/wiki/London_Stock_Exchangehttp://en.wikipedia.org/wiki/Middle_Easthttp://en.wikipedia.org/wiki/Asiahttp://en.wikipedia.org/wiki/Africahttp://en.wikipedia.org/wiki/Universal_bankhttp://en.wikipedia.org/wiki/United_Kingdomhttp://en.wikipedia.org/wiki/Londonhttp://en.wikipedia.org/wiki/Financial_servicehttp://en.wikipedia.org/wiki/Multinational_corporation


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widely in Africa over the years, but from 1883 to 1962 was formally known as the

Standard Bank of South Africa. In 1962 the bank changed its name to Standard Bank

Limited, and the South African operations were formed into a separate subsidiary which

took the parent bank's previous name, Standard Bank of South Africa Ltd.

Standard Chartered announced an agreement on 27 April 2010 to buy the African custody

business from Barclays PLC in order to provide the bank with custodial capability in its

African markets. On 13 May 2010, Standard Chartered PLC launched the first-ever Indian

Depository Receipt IDR offer

On 17 June 2010, Standard Chartered Bank and the Agricultural Bank of China

strengthened their strategic partnership .Hong Kong has been identified as a potential pilot

region for the two banks' co-operation journey. The two banks' declared aim is to co-

operate to provide their corporate and individual customers with world class financial

markets products. A joint co-operation committee will be formed by both banks to drive

the strategic direction of the partnership. The committee was to be co-chaired by Peter

Sands, CEO of Standard Chartered, and Zhang Yun, President of ABC.In December 2010,

Standard Chartered was recognised as the Global Bank of the Year in The Banker's Bank

of the Year 2010 awards.

Income rises 10 per cent to US$17.64 billion, profits 11 per cent to US$6.78 billion.

Strong balance sheet growth: customer loans up 9 per cent to $269 billion and customer

deposits up 11 per cent to $352 billion..

Diverse income 24 markets delivered over US$100 million of income, 14 over US$100

million of profit.
http://en.wikipedia.org/wiki/Standard_Bankhttp://en.wikipedia.org/wiki/Agricultural_Bank_of_Chinahttp://en.wikipedia.org/wiki/Agricultural_Bank_of_Chinahttp://en.wikipedia.org/wiki/Standard_Bank


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Business momentum continued Consumer Banking profits up 26 per cent and Wholesale

Banking exceeding US$5 billion for the first time.

Expense growth in line with revenue growth whilst continuing to invest in the business.

Ongoing support for customers, lending up 91 per cent since 2006.

Annual dividend per share increased 10 per cent to 76 cents per share.

Visionandmission

An organisations aspirations and strategies for the future

The vision describes the main purpose of an organisation; its reason to exist. As a long

term view of where the organisation is aiming, a vision should be both aspirational and

achievable.

This part of our model illustrates the influences on an organisation, the environment in

which it operates and the factors which support and steer the fulfilment of their vision.

A mission summarises where the organisation is going over a given period as it moves

towards achieving its vision. The mission must be practical and realistic, and have the

support of all employees and other relevant stakeholders.

Strategies are achievable and accountable plans to reach the objectives of the mission. The

strategies should also be in keeping the organisations values and culture the way things

are done around here.


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External factors

Economic environment

This is the state of the economy in any country where the organisation operates,

including; where it is based; countries into which it sells; countries from which it

sources products and services.

Issues such as inflation, interest rates, employment, and economic growth or

decline all affect the success of an organisation. The organisation needs to be

steered through the ups and downs of the economic cycle.

Technological advancements

Technological developments can give organisations a competitive advantage.

Recent changes in internet and ebusiness technology have made a dramatic impact

on many businesses. Developments in technology also enable more efficient

processes, faster research and development and improved sharing and use of data.

These are all illustrations of why successful organisations should keep abreast of

emerging technologies.

Social environment

Organisations are increasingly recognising that they have a requirement to

demonstrate to their stakeholders that not only have they effectively managed

finances


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RETENTION STRATEGIES USED IN ICICI , HDFC AND

STANDARD CHARTERED BANK

SCB BANK

SCB using Employee Retention Strategies

According to the bank focuses on the performance of the internal people who can quicken

their self-development and fit with their leadership roles in the changed environment

because leadership development is needed for sustainability, growth of the business and a

satisfied employee. Because of the rapid growth of multinational companies, building their

internal talent pipelines is essential. In-house training and development is the most

important of successful organization (Gareth Waiters cited by E.learning age, 2009).

Therefore, leadership development is a good method of the bank by focusing on their

employees that benefit both direct and indirect to organization which provide opportunities

for existing employees and retaining valuable employees. There are some other benefits

from the leadership development program to the appropriate performers:

Encourage employee morale: It is the most apparent benefit with the most difficult

measurement. Poor managers can make their team distressed, and the troubled team would

not do their jobs well. Effective managers are important to lead their team and prevent the

impact on the work environment.

Less employee turnover: Leadership development program is also a retention program that

attracts talent employees motivated by showing them the respect and career path and

developing them the higher needed skills. Employee turnover impacts directly to the costs

of recruitment and training new employees. Its better to give the talent employees rewards

to keep them.
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More productivity: Talent managers are able to lead their team with the minimize barrier.

Any error might be reduced while the productivity tends to increase because of the

effective elements of the program that help managers to be the talent and accomplish the

organizations goal.

Better vision: When managers are well-bonded with their team, they can see any problem

affecting them better. The problems tend to solve easier and keeps the group vision away

from the blind side of the problems. If the managers walk with their team, the tangible goal

set tends to be built for the team achievement.

Best supporter: effective managers are best supporters that make their team comfortable

enough to share new ideas, and letting them to create and discuss any ideas in positive.

Being good helpers of their team creating new ideas can help organization moving forward

dynamically

To get the managers with their best skills which is the way of leadership development,

Standard Chartered introduces a structured interview process which would help them to

create profiles to improve their self-awareness, coaching and self-help tools. The structured

interview process has shown a high reliability and validity. Some strong points of this

interview are employees are asked the same questions and rated in the same scale of

evaluation. With the same standard of interview process, its easier for managers to

evaluate their teams performance without any arguments of their team about the bias

answers and unfair process.

Standard Chartered is like the other multinational enterprises that facing the situation of

skill people shortage in the emerging markets. Instead of hiring external candidates which

cost expensively and risk losing the internal talents who work hard for the organization but

nobody sees them as valuable assets. Talent Management is an effective strategy that is

introduced as core strategic objectives to serve the critical positions of the organization.


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HR practices in performance management are used to advice managers how they support

their talents and plan for the future needs of talents, and develop themselves becoming the

talent as well. The global standards and tools are launched to solve the distance trouble

between managers and their local talents; it is the Country Conversations, the appraisal

process that use the booklet as the source of action so that there are no problems what kind

of managers personalities is. The bias would be reduced obviously. This approach strategy

shows that HRs role is not the main leader but advisor for the managers to manage their

talents. And with the Human Capacity Scorecard that is developed becoming the extensive

database keeping employees and businesses performance. It is an essential measurement

to classify employees performance with other factors effecting toward theirperformance.

This scorecard can be used in various purposes such as acquisition, development and

retention. Standard Chartered Bank decides to focus on the people strengths instead of the

old HR model for serving the urgently case of the lack of talent in the emerging markets.

However, in the long run, the HR competency model would be more effective and

standard. Moreover, it is necessary for the sustainably business success. Another

interesting tool that is used in this case is a structured interview process which helps

managers themselves in their leadership development and also their team performance

improvement. Standard Chartered emphasizes the internal pipeline of people which would

benefit to employees who try to be the talents and the organization which get the talent

with loyalty. Performance management is not about the appraising and rating performance

but it involves training and development, rewarding and planning for the future

organizational capacity. In the business market, there is no the best strategy for all of the

organizations all the time. The business environment could always change. The best way is

to choose the strategies that would be optimal for the organization at that time like

Standard Chartered that choose the strategies for today situation to solve the talent


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shortage, and the goals to be the talent factory and become increasing leadership capacity

by 2011.


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HDFC BANK

HDFC Bank using Customer Retention Strategies

With bad economy, HDFC Bank has come out with well tailored customer retention

strategies. Though not known to be as aggressive as ICICI Bank, HDFC Bank has now

started to focus more on existing customers. This is done more in order to prevent existing

customers from switching accounts. Last morning I got a call from a lady who told me that

she has been assigned to my account based on the balance I maintain. So for my account

1) All charges has been waived off

2) Services like locker, de-mat etc would now be charged at 50%. Would let me know in

case it can be waived off completely

3) The charges on my debit card have been taken off.

4) Gave her number to contact regarding any service

This happened not only for my high balance account but all 4 accounts which my wife,

brother and father maintain. I was particularly moved by the way they waived off all

charges and converted my account to a classic account. While they have little relationship

with HDFC but they were much ready to discuss the home loan stuff and wanted to help on

that front too.

I see this more as a welcome move at the time when finance markets has to get down to the

basics i.e. look after their existing customers. I am sure others would now follow suit and

ultimate beneficiary would be the customer.
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Everyone must recall how last year people shifter tomes of money from private banks to

public ones like SBI. Though too late, these banks have started to reposnse.


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ICICI BANK

ICICI BANK USING CUSTOMER RETENTION STRATERGY

The aim of this research is to analyze the impact of several customer satisfaction-relevant

constructs that influence customers decision to stay or leave their bank. These constructs

were rated by customers as having strong effects on loyalty on their banks. An effort will

also be made to ascertain the views of those who are using the service of ICICI Bank, and

afterward give some recommendation how to increase the customer satisfaction and market

share through better customer service.

The banking industry is highly competitive, with banks not only competing among each

other; but also with non-banks and other financial institutions. Most bank product

developments are easy to duplicate and when bank provide nearly identical services, they

can only distinguish themselves on the basis of price and quality.

The competition gave the customer bargaining power and switching power to choose the

product and service. To retain the customer and satisfy the customer is the major issue for

the organization to become cost leadership and to become product/ service differentiation.

To maintain the service quality in the cost conscious market is the challenge to the

organization. The organization use various driver of the customer satisfaction to retain the

customers, such as service quality, customer value and customer loyalty.

In the retail banking industry the service quality is the main criteria to enhance the

business.

Heskett at al., (1997) said that the high quality of service believed to be influenced by

customer value and customer satisfaction, again the customer satisfaction directly

influence the customer loyalty.


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Day (1990) said that in order to become cost leadership and product/service differentiation

it is required to create superior customer value. The customer were satisfied when they feel

they were getting more out of what they paid in, therefore it is important for the banking

industry to meet the expectation of the

customers. Higher the perceived benefit, higher the customer value and result in high

satisfaction and loyalty.

Customer Value:

A firm which gives value to its customers receives the customer satisfaction as an out

come. Day (1990) advocated that in todays competitive environment, creating superior

customer value is most important for companys performance. The concentration of the

firm on the customer values leads to increase the profit as well as market value. Porter

(1980) said that a company can adopt two market strategies (1) cost leadership and, (2)

product differentiation. But Day (1990) argued that both the strategies have same objective

to create superior customer value. Without the superior customer value the achieving of

market leadership is in vain. Again Khalifa (2004) said that the concept of customer value

is used not only in different fields such as finance, economics, management, information

system, justice, ethics, etc., but including relationship marketing, customer behavior,

pricing and strategy. The consumer value signifies how the customers recognize product or

services, not what the firm wants to deliver to its customers. Customer value is linked to

use of a product or services. Woodruff (1997) said that the customer value is related to the

trade off between what the customer pays in exchange for acquiring and using a product or

services from seller and what the customer viewed what he/she received.


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OBJECTIVES

HDFC

Customers

To provide a caring customer service anticipating solutions required by our

customers and innovatively satisfying them beyond expectations.

Shareholders

To optimize return on shareholders' funds.

Organization

To commit ourselves to the highest standards in corporate and business ethics

whilst maintaining financial stability and growth.

Employees

To motivate, develop, recognize and reward our employees.

Community

To be strongly committed to contribute to the national goal of providing shelter for

all.


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Industry

Setting industry benchmarks of international standard in delivering customer value

through out comprehensive product range, customer service and all our activities

Ethics

Maintaining the highest ethical standards worth of a leading corporate citizen

ICICI BANK

Broad objectives of the ICICI are:

(a) to assist in the creation, expansion and modernisation of private concerns;

(b) to encourage the participation of internal and external capital in the private concerns;

(c) to encourage private ownership of industrial investment.

What are the functions of the ICICI?

(i) It provides long-term and medium-term loans in rupees and foreign currencies.

(ii) It participates L* the equity capital of the industrial concerns.

(iii) It underwrites new issues of shares and debentures.

(iv) It guarantees loans raised by private concerns from other sources.

(v) It provides technical,managerial and administrative assistance to industrial concerns


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Capital Initially:

The Corporation started with the authorised capital of Rs. 25 crore. At the end of June

1986, the authorised capital was Rs. 100 crore and the paid-up capital was 49.5 crore.

Various sources of financial resources of the Corporation are Indian banks, insurance

companies and foreign institutions, including the world Bank, and the public. The

government and the IDBI have also provided loans to the Corporation.

Financial Assistance:

The performance of the ICICI in the field of financial assistance provided to the industrial

concerns has been quite satisfactory. Over the years, the assistance sanctioned by the

Corporation has grown from Rs.14.8 crore in 1961-62 to Rs. 43.0 crore in 1970-71 and Rs.

36229 crore in 2001-02. Similarly the amount disbursed has increased from Rs.8.6 crore in

1961-62 to Rs.29.8 crore in 1970-71 and to Rs. 25831 in 2001-02. Cumulatively, at the end

of March 1996, the ICICI has sanctioned and disbursed financial assistance aggregating

Rs. 66169 crore and Rs. 36591 crore respectively.

What are the features of ICICI?

The important features of the functioning of the ICICI arc as given below:

(i) The financial assistance as provided by the ICICI includes rupee loans, foreign currency

loans, guarantees, underwriting of shares and debentures, and direct subscription to shares

and debentures.


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(ii) Originally, the ICICI was established to provide financial assistance to industrial

concerns in the private sector. But, recently, its scope has been widened by including

industrial concerns in the public, joint and cooperative sectors.

(iii) ICICI has been providing special attention to financing riskier and non-traditional

industries, such as chemicals, petrochemicals, heavy engineering and metal products.

These four categories of industries have accounted for more than half of the total

assistance.

(iv) Of late, the ICICI has also been providing assistance to the small scale industries and

the projects in backward areas.

(v) Along with other financial institutions, the ICICI has actively participated in

conducting surveys to examine industrial potential in various states.

(vi) In 1977, the ICICI promoted the Housing Development Finance Corporation Ltd. to

grant term loans for the construction and purchase of residential houses.

(vii) Since 1983, the ICICI has been providing leasing assistance for computerisation,

modernisation and replacement schemes; for energy conservate; for export orientation; for

pollution controller balancing and expansion: etc.

(viii) The ICICI has not contributed much to reduce regional disparities. About three-fifth

of the total assistance given by the ICICI has been received by the advanced states of

Maharashtra, Gujrat and Tamil Nadu.

(ix) With effect from April 1, 1996, Shipping Credit and Investment company of India ltd,

(SCICI) was merged with ICICI.

(x) The ICICI Ltd. was merged with ICICI Bank Ltd. effective from May 3, 2002.


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Standard Chartered Bank

Development of BSC begins with determining orupdating the companys over-all strategy

or vision and mission (reflecting the values of the company). Understandably, it is

advisable to clarify the organizations future direction right from the start. In this phase, it

is important to consult with top management, rather than line managers, to obtain a clear

picture of where the company wants to be in, say, three (3) to five (5) years. With the

corporate strategy in place, one now has the guide in the derivation of three to five goals

relative to the four or more, depending on industry or corporate that applies it

perspectives that are of customers, internal business, innovation or growth and learning,

and the financial -- and the development of specific measures to support each goal.

Subsequently, the BSC approach proceeds by associating with each objective series of

measures and targets, and by identifying initiatives that relate to this objective. Finally,

the BSC approach cascades objectives and measures down to business units, teams and

even individuals.

In short, the BSC approach requires articulation of vision and strategy, establishment of

objectives that support the vision and strategy, and development of the relevant

measurements that can tract progress toward the objectives. (While dispensable in relation

to our purpose, let us still mention that the next steps are creating systems for relevant data

collection and analysis, and matching of reward systems to objectives .


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CHAPTER 2


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RESEARCH METHODOLOGY

The research design indicates the type of research methodology under taken to collect the information for

the study .The researcher used both descriptive and analytical type of research design for his research study.

The main objective of using descriptive research is to describe the state of affairs as it exists9 at present. It

mainly involves surveys and fact finding enquiries of different kinds. The researcher used descriptive

research to discover the characteristics of employees.The researcher also used analytical research design to

analyze the existing facts from the data collected from the employees.

OBJECTIVES

RESEARCH OBJECTIVE

To study attrition among employees in the company.

To study the retention strategies used by the company.

To study the challenges which come in the path of retaining an employee in the

company.

To study the causes and consequences of attrition

RESEARCH METHODOLOGY

Primarily through Corporate offices, websites, articles, through questionnaires, company

records, research organizations, research libraries, individual one to one interviews from

company officials. Interviews of company officials, customers with the help of structured

questionnaire are the most suitable method to collect information in the study. Websites,

company brochures, newspapers, company magazines, and websites have been major


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sources of information. Standardized questionnaires will be prepared after studying the

secondary data carefully.

For Part I of the project:

o Got a clear idea about concepts of retention strategy.

o Understood the general working of employee.

o Learnt about each process by discussions with the respective executives in

charge in the bank.

For PART II of the project:

o Understood the retention strategy through various documents and articles.

o Analyzed the exit interview forms in depth to understand the reasons for

resignations

LIMITATIONS OF THE STUDY

However I shall try my best in collecting the relevant information for my research

report,yet there are always some problems faced by the researcher. The prime

difficulties which I face in collection of information are discussed below:-

Data collected is based on questionnaire.

The result would be varying according to the individuals as well as time.

Some respondents hesitated to give the actual situation; they feared that

management would take any action against them

The findings and conclusions are based on knowledge and experience of the

respondents sometime may subject to bias.


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The time period for carrying out the research was short as a result of which many

facts have been left unexplored.

Lack of time and other resources as it was not possible to conduct survey at large

level.

Only 50 employees have been chosen which is a small number, to represent

whole of the population

While collection of the data many consumers were unwilling to fill the

questionnaire. Respondents were having a feeling of wastage of time for them

Area of study

The area of study is in ICICI, HDFC & SCB

Research instrument:

The Structured questionnaire is used as the research instrument for the study.


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CHAPTER 3


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DATA ANALYSIS

1. How long have you been thinking about leaving the company.

This study is based out the primary research and I would like to gather primary data from

the questionnaire itself as per this question suggested employee thinking to switchover the

job and since how long they are thinking like the same. 30% of the people in ICICI

suggested that they are trying to switch over their Job in 5 months.38% of the people in

SCB suggested that they trying some other company more than last 5 months and 32% of

the people in HDFC looking out for Job out side in last one month. This is the one of the

major concerning area for the banking sector .

One month orless HDFC

32%

One to 5months ICICI

30%

More than 5months SCB

38%


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2. How satisfied are you with your respected banks currently working for.

This question giving an insight of the satisfaction level of the employees as per this study

30 % of the employees of SCB is satisfied, 32 % in HDFC and 38 % in ICICI with the

work. This area is called the gray area for every banks because almost half of the people

are not happy with the bank although some 40 % of the people are satisfied or very

satisfied to working with the company.

HDFC32%

SCB30%

ICICI38%


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3. How is your working experience till now.

This question is meant for the till now how employee of ICICI , HDFC and SCB is

experienced towards there satisfaction level , as per our study suggested that 50 % of the

people working in ICICI are thinking positive than the other employees working in HDFC

( 30 %) and SCB(20%) .Recommendation for the HR team of these two banks is to find

out the gap analysis and try to cover up this pitfall in the employee behavior.

ICICI

50%

HDFC

30%

SCB 20%


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4. If your experience is more negative, than what factors do you hold responsible for that.

Select all that apply.

This question is primarily made for the for what reason employees of this company are

perceiving that they have lesser positive and more negative experience with their banks. As

per our graph suggested that 23% of the employees have lesser compensation than there

perceiving value which is why they are not experiencing good while working with this

company. 12% of the employees suggested that there bank workers are not good so they

have negative powerhouse in there thinking. 17% of the people suggested that their Boss

is not cooperative and so they are not happy to working with there respected bank. These

are the area where HR can work out and try to reduce this anxiety as much as possible.

Because ultimately the employees are not happy with this company.

My preformanceevaluation and

outcome14%

My role,responsibility

7%

Job training8%

My boss17%

My co-workers12%

Mycompensation

23%

Relocation4%

Medical benefits2%

Vacation5%

Any Other8%


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5. Rank the following reasons in the order of priority if you have to consider them for

leaving the job

Reason which is cause for leaving the job of any employees would be various but I try to

figure out some of the basic causes which is why people would like to leave this

organization, as per our study 13% of the employee accepted that the working condition is

not good while 10% of them wanted to leave this organization because of the lower salary

pay , 15% of the employees want to leave this organization for the family reasons although

9% of the employees want to leave this company because of the better opportunity that will

have in the other banks.

It is very good point that banks like HDFC, ICICI and SCB can think off to reduce the

causes factor which is possibly force employee to quit the organization.

Benefits7%

Better jobopportunities

9%Commutation

9%

Conflict withother employees

10%Family reasons15%

Pay10%

Workingconditions

13%

Work notchallenging

8%

Personalreasons

9%

Reallocation10%


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6. How flexible is the company with respect to your family responsibilities

In terms of the flexibility that provided by the company to there employees could be the

one of the reason which force employees to quit the organization. As per our study

suggested that almost 48% of the employees of this these banks perceived that there

company is quite flexible in terms of family responsibility although 27% of the employees

are not happy with the kind of the flexibility provided by there banks.

Very flexible25%

Somewhatflexible

23%Neither

25%

Somewhatinflexible

12%

Very inflexible15%


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7. Do you have a clear path for career advancement?

As per this question 40% of the employees of HDFC has a clear path in career planning

than ICICI (30%) and SCB (30 %) . Which is one of good area where these Banks are very

reliable in terms of incentive given to the employees and there career development.

HDFC YES40%

ICICI30%

SCB30%


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8. Does working conditions affect you to leave a job?

This Study is suggested that the working condition is how affected to leave an employee.as per our data suggested that 40 % of the employees in both ICICI and SCB are agree that

working condition is forcing him/her to leave the organization although 20% of the

employees of HDFC are not believing on this that working condition is forcing him to

quiet the job.

SCB YES40%

ICICI YES40%

HDFC NO20%


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9. How would you rate the morale in your company?

Moral Value of the employee is one of the key highlighter that suggest employer that how

it there company practicing in terms of career planning and the development, as per our

study suggested that 60% of the people who is working in HDFC has High moral value

although in both SCB and ICICI who has only 20 % high morale rate and the motivational

level while working with this company.

HDFC HIGH60%

ICICI HIGH20%

SCB HIGH20%


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10. Is there cooperation and understanding among the team members?

Cooperation and understanding among the team member is giving us insight that how well

your team doing and if team is doing well they are motivated so it is easy task for any

organization to achieve their organizational goal. 50% of the employees in HDFC

suggested that they have cooperation and understanding among the team member while the

employees in both SCB and ICICI only 25 % are agree .

HDFC Agree50%

ICICI Agree25%

SCB Agree25%


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11. Could your bank has done anything to encourage you to stay

As per our study suggested that the employees are not very happy while working with

there banks although it is responsibility for the organization to provide some of the

motivational things to employee so they can work with them as longer period. As per our

study suggested that 60% of the employees in HDFC are saying they has defined

encourage or motivational factor like incentive scheme, welfare scheme and promotion

scheme while employees in both SCB and ICICI only 20 % are encouraged or motivate.

HDFC Yes60%

ICICI YES20%

SCB YES20%


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12. Do you have a documented Recruitment policy?

This section of the question is asked for the HR department to give their input I took 50

HR interview for this issue and got to know 50% of HR in HDFC suggested they have well

defined HR policy and it is documented in the well manner while 25 % of HR in both SCB

and ICICI suggested they have well defined HR policy and it is documented in the well

manner.

HDFC YES50%

ICICI YES25%

SCB YES25%


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13.Rank the following in order of priority in the your Banks .

Fresher

Work

Experienced

challenging work assignment 7 3

career growth plans 1 2

recognition to individuals 1 2

compensation and benefits 0 2

corporate culture and value

system 1 1

The retention rate is the major concern for every company now a days because the finding

good talent is the most crucial factor is for the organization as per our 10 Hr personalsurvey result suggested that fresher leave this company because of the challenging work

assignment while 2 Hr person suggested that Work experience leave this company because

some time they find there selves in the stagnation of their career although for the fresher Hr

does not think that compensation is that force Fresher to quiet the company.


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14. Have you benchmarked your HR practices?

As per our study suggested that Hr practice of this company has benchmarked there

practice which means they are trying to find out the gap any special recommendation that

may be help to reduce the level of employees living the job. 60% of the HR professional in

HDFC are agree that they have did the benchmarking. While in both SCB and ICICI only

20% of the HR professional in HDFC are agree that they have did the benchmarking.

HDFC Yes60%

ICICI YES20%

SCB YES20%


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15. What are the retention strategies in your organisation from past 5 years?

As per our study HR suggested there has been experiencing the increasing trend of the

retention as per our data suggested that 60% of the HR in HDFC suggested that this trend

is growing in their respective company because of the various competitor are now utilizing

experienced resources for them. While in both SCB and ICICI only 20 % of the HR

suggested that this trend is growing in their respective company

HDFCSignificantincreasing

60%

ICICISignificantincreasing

20%

SCB Significantincreasing

20%


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CHAPTER 4


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FINDINGS

The Human Resource Dept. at of HDFC,ICICI and SCB is a perfect example of integration

of HR and systems. I would ultimately conclude that the HR department has to be a link

between the employees and the management. It also has the responsibility to bridge the gap

between the various departments in the organization. HR needs to change its role from a

facilitator to a strategic business partner.

My involvement with the HR processes:

I was involved with almost all the HR processes and so I gained knowledge regarding all

the processes.

Firstly I was involved with the joining formalities of a new recruit i.e. helping in

the check in formalities.

Secondly I was involved for completing the reference checks of around 20 new

recruits who had joined recently.

After this, I co-ordinated for the two training programs which were conducted

during my training period.

I was involved in doing an audit of the leaves taken by the employees through the

leave management system.

I was then taught to make the entries regarding tax exempted investments made by

the employees into the SAP system for calculation of tax of all the employees.

I was also made to understand the making of a Training Calendar for the year by

amassing all the information regarding the training needs identified.

39% of the employees joined for Growth and development opportunities as a career

expectation.


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5% of the employees have said that all their expectations fulfilled completely and

10% of the employees have said that none of their expectations fulfilled.

Aided Factors for employee fulfillment of their expectations are

Effective Training

Recognition of individual performance

Freedom to speak

Good Canteen

Congenial work Environment

Fairness of Treatment

Good Job& Adequate compensation.

Aided Factors for employee non-fulfillment of their expectations are

Inadequate compensation

Designation

Unattractive Increment

Job Mismatch and stress on job

Lack of Growth and learning opportunity

Long Term of Agreement

28% of the employees have said unattractive remuneration and 25% have said lack

of growth opportunities are the main factors that made them to resign.

40% of the employees have said that Inadequate compensation was the immediate

flashpoint that triggered them to resign.

31% of the employees have said that Fair and Competitive compensation could

have made them rethink their decision to quit.

In the Views regarding Human Dimension & Job Context

27% of the employees have said that organization image & reputation as the

most excellent factor.


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28% of the employees have said that Transparency of decisions &

communication as the most satisfactory factor.

22% of the employees have said that Concern for employees and Fairness

of treatment as the Needs improvement factor.

The poor factors given by the employees are

o Complaint Resolution and Concern for employees.

o Fit between the organisation and employee.

o Recognition of individual performance

o Opportunity to offer feedbacks and suggestions

50% of the employees have said that Better designation and Job are the factors in

which the new assignment is likely to be better than their assignment in other

banks.

45% of the employees have said that Fair and competitive compensation provided

by the other organisation was the most appealing reasons for taking up the new

offer.

Suggestions given by the employees are

Reduce the term of agreement

Provide attractive increments.

Enhance Training activities and improve communication channels.

Medical Coverage for employees and Family Members and defined growth

and development programme.


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CONCLUSION

Retention is an important concept that has been receiving considerable fromacademicians, researchers and practicing HR managers. In its essence,Retention comprises important elements such as the need or content, searchand choice of strategies, goal-directed behaviour, social comparison ofrewards reinforcement, and performance-satisfaction. The increasingattention paid towards Retention is justified because of several reasons.Motivated employees come out with new ways of doing jobs. They arequality oriented. They are more productive.

Any technology needs motivated employees to adopt it successfully. Severalapproaches to Retention are available. Early theories are too simplistic intheir approach towards Retention. For example, advocates of scientific

Management believe that money is the motivating factor. The Human

Relations Movement posits that social contacts will motivate workers. Mere

knowledge about the theories of Retention will not help manage their

subordinates. They need to have certain techniques that help them change

the behavior of employees. One such technique is reward. Reward,

particularly money, is a motivator according to need-based and process

theories of Retention. For the behavioral scientists, however, money is not

important as a motivator. Whatever may be the arguments, it can be stated

that money can influence some people in certain circumstance. Being an

outgrowth ofHerzbergs, two factor theory of Retention, job enrichment is

considered to be a powerful motivator. An enriched job has added

responsibilities. The makes the job interesting and rewarding. Jobenlargement refers to adding a few more task elements horizontally. Task

variety helps motivate job holders. Job rotation involves shifting an

incumbent from one job to another


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REFRENCES/BIBLOGRAPHY

HDFC

1. www.hdfc.com

2. Brochures of hdfc bank

3. Wikipedia

4. Magazines

5. A2zmba.blogspot.com

ICICI

1. Hrmba.blogspot.com

2. www.icici/bank.com

3. Wikipedia

4. Magazines

5. Brochures of icici bank

SCB

1.Mbafin.blogspot.com

2. Magazine

3. www.scb/bank.com

4. Newspapers

5. Wikipedia


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ANNEXURE

QUESTIONNAIRE

1. How long have you been thinking of you been thinking about leaving the

company?

(a) One month or less (b) One to 5 months

(c) More than 5 months

2. How satisfied are you with the company you are currently working for.

(a) Extremely satisfied (b) Very satisfied

(c) Neither satisfied nor dissatisfied (d) Very satisfied

(e) Extremely satisfied

3. How is your working experience till now.

(a) Much more positive than negative

(b) More positive than negative

(c) More negative than positive

(d) Much more negative than positive


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4. If your experience is more negative, than what factors do you hold responsible for

that. Select all that apply.

(a) My performance evaluation and the outcome.

(b) My role, responsibility (c) Job training

(d) My boss (e) My co-workers

(f) My compensation (g) Relocation

(h) Medical benefits and insurance (i) Vacation

(j) Any other

5. Rank the following reasons in the order of priority if you have to consider them for

leaving the job

(a) Benefits (b) Better job opportunities

(c) Commutation (d) Conflict with other employees

(e) Family reasons (f) Pay

(g) Working conditions (h) Work not challenging

(i) Personal reasons (j) Reallocation

6. How flexible is the company with respect to your family responsibilities

(a) Very flexible (b) Somewhat flexible

(c) Neither (d) Somewhat inflexible

(e) Very inflexible


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7. Do you have a clear path for career advancement?

(a) Yes (b) No

8. Does working conditions affect you to leave a job?

(a) Yes (b) No

9. How would you rate the morale in your company.

(a) Low (b) Very low

(c) High (d) Very high

10. Is there cooperation and understanding among the team members?

(a) Agree (b) Neutral (c) Disagree

11. Could this company has done anything to encourage you to stay

(a) Yes (b) No

12. Do you have a documented Recruitment policy?

(a) Yes (b) No

13. Rank the following in order of priority as the attraction practices for

(i) Fresher (ii) Work Experienced

(a) Challenging work assignment (b) Career growth plans

(c) Recognition to individuals (d) Compensation and benefits

(e) Corporate culture and value system


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14. Have you benchmarked your HR practices?

(a) Yes (b) No

15. Whats the retention trend in your organisation from past 5 years?

(a) Significant increase (b) Moderate increase

(c) Neutral (d) Moderate decrease

(e) Significant decrease

Documents

Employee Retention FINALproject22222222