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“The Comparative Study Of Factors Influencing Employee

Retention In Few Selected Private Banks At Gurdaspur

In partial fulfillment of the

Requirements for the Award of Degree of
Master of Business Administration

Submitted by: Submitted To:

Navdeep Kaur




I, "NAVDEEP KAUR”, hereby declare that the work presented by me is genuine work
done originally by me and has not been published or submitted elsewhere for the
requirement of a degree program me. Any literature, data or works done by others and
cited within this dissertation has been given due acknowledgement and listed in the
reference section.

(Student's name & Signature)

(Registration No.)



My immense faith in and gratitude to the helping hands continue to grow

unabated. The way they have borne with me is a reason strong enough to
extend my heartfelt thanks with immense regards to them.

I am gratified to Mr. Tarun Vashisht (Sr. Lecturer (HR & OB) LSB, LPU)
for bearing confidence in my abilities and giving me an opportunity to
pursue this project. This project would not have been possible without his
cooperation. I have tried in to put in the best of my efforts to make the
project quite comprehensive, illustrative and informative.



(a)Introduction to subject

What is employee retention?

Myths related to employee retention
Strategies related to employee retention
Factors that affect employee retention
Importance of employee retention

(b) Objectives,
(c) Methodology

Chapter -2: Introduction to the banks

Chapter -3: Review of Literature
Chapter -4: Data Interpretation
Chapter -5: Findings, Conclusion, recommendations
Chapter -6: Miscellaneous (references)


Corporate Training in an organization is an integral and inseparable part of technical

education syllabi; it provides an opportunity and practical exposure to the students who
are the future professional captains or leaders of the industry. There is a definite gap
between theoretical knowledge/information imparted in classes and practical
happenings/ground realities in any industrial organization. This gap is bridged by
practical training, which also strengthens the process of communication between the
future professionals and corporate world .Someone has rightly said that practical
experience is far better and closer to the real world than more theoretical exposure. The
practical experience helps the students to view the real business world closely, which in
turn widely influences their perceptions and arguments their understanding of the real
The topic of my project is “comparative study of factors influencing employee retention
in few selected private banks at GURDASPUR”. As for collecting information regarding
factors influencing employee retention; I have planned to concern the four banks such as
ICICI, AXIS, KOTAK MAHINDRA and HDFC banks. And the objectives of my study are
as follows:

1. To develop a hierarchy of factors influencing employee retention in banks

2. To compare the importance of different factors governing employee retention in

private banks

3. To study the different factors governing employee retention in light of demographic


In this project, I have considered five factors compensation, development and career
options, work life balance ,recognition ,involvement in decision making .I have prepared
a questionnaire for collecting the information regarding which factor influenced

employee retention in these selected banks. Employees are very much cooperative as they
fill the questionnaire any provide me information which is required by me in order to
complete my project.

I have taken sample size of 100 employees from these selected banks. I have taken
sample size of 25 employees from each bank after collecting the data what I have found
is that out of four selected banks highest rank (R1) is given to work life balance and
lowest rank (R5) is given to recognition in order of importance in retaining the
employees. And on the other hand,(R1) is given to compensation and (R5) is given to
involvement in decision making in order of makes the employees dissatisfied to stay with
the bank due to lack of given factor.

And these four banks are well known brand in itself. They have got a good position in
market .But still there are some factors due to which employees are not satisfied with the
banks. Finally, I have got the data and information and find the result up to the mark.


Employee Retention involves taking measures to encourage employees to remain in the

organization for the maximum period of time. Corporate is facing a lot of problems in
employee retention these days. Hiring knowledgeable people for the job is essential for
an employer. But retention is even more important than hiring. There is no dearth of
opportunities for a talented person. There are many organizations which are looking for
such employees. If a person is not satisfied by the job he’s doing, he may switch over to
some other more suitable job. In today’s environment it becomes very important for
organizations to retain their employees The top organizations are on the top because they
value their employees and they know how to keep them glued to the organization.

.Employee retention is a process in which the employees are encouraged to remain with
the organization for the maximum period of time or until the completion of the project.
Employee retention is beneficial for the organization as well as the employee. Employees
today are different. They are not the ones who don’t have good opportunities in hand. As
soon as they feel dissatisfied with the current employer or the job, they switch over to the
next job. It is the responsibility of the employer to retain their best employees. If they
don’t, they would be left with no good employees. A good employer should know how to
attract and retain its employees. The process of retention is not as easy at it seems. There
are so many tactics and strategies used in retention of employees by the organizations.
The basic purpose of these strategies should be to increase employee satisfaction, boost
employee morale hence achieve retention. But some times these strategies are not used
properly or even worse, wrong strategies are used. Because of which these strategies fail
to achieve the desired results.

There are many myths related to the employee retention process. These myths exist
because the strategies being used are either wrong or are being used from a long time:.

1).Employees leave an organization for more pay: Money may be the motivating factor
for some but for many people it is not the most important factor. Money matters more to
the low-income-employees for whom it’s a survival issue. Money can make an employee
stay in an organization but not for long. The factors more important than money are job
satisfaction, job responsibilities, and individual’s skill development. The employers
should understand this and work out some other ways to make employees feel satisfied.
When employees leave, management tries to retain them by offering more money. But
instead they should try to figure out the main reason behind it. Issues that are mainly the
cause of dissatisfaction are organization’s policies and procedures, working conditions,
relationship with the supervisor and salary, etc. For such employees, achievement,
growth, respect, recognition, is the main concern
2). Incentives can increase productivity: Incentives can surely increase productivity but
not for long term. Cash incentives, volume work targets and speed awards are old
management beliefs. They can generate work speedily and in volumes but can’t boost
employee commitment. Rather speed can hamper the quality of work produced. What
really glues employees to their work and organization is quality work, meaningful
responsibilities, recognition, respect, growth opportunities and friendly supervisors

3). Loyalty is a thing of the past: Employees can be loyal but what they need is an
employer for whom they can be loyal. There is no reason for the employee to hop jobs if
he’s satisfied with the employer.

4.) Taking measures to increase employee satisfaction will be expensive for the
organizations: The things actually required improving employee satisfaction like
respect, career growth and development, appreciation, etc. can’t be bought. They are

free of cost. An employer or management that reacts well to the employee’s ideas
and suggestions is enough for the employees to be retained.

Employee Retention Strategies

The basic practices which should be kept in mind in the employee retention strategies are:

1) Hire the right people in the first place.

2) Empower the employees: Give the employees the authority to get things done

3) Make employees realize that they are the most valuable asset of the organization.

4) Have faith in them, trust them and respect them.

5) Provide them information and knowledge.

6) Keep providing them feedback on their performance.

7) Recognize and appreciate their achievements

8).Keep their morale high.

9) Create an environment where the employees want to work and have fun.

These practices can be categorized in 3 levels: Low, medium and high level.

Importance of Employee Retention:

The process of employee retention will benefit an organization in the following


1. The Cost of Turnover: The cost of employee turnover adds hundreds of

thousands of money to a company's expenses. While it is difficult to fully
calculate the cost of turnover (including hiring costs, training costs and
productivity loss), industry experts often quote 25% of the average employee
salary as a conservative estimate.

2. Interruption of Customer Service: Customers and clients do business with a

company in part because of the people. Relationships are developed that
encourage continued sponsorship of the business. When an employee leaves, the
relationships that employee built for the company are severed, which could lead
to potential customer loss.
3. Turnover leads to more turnovers: When an employee terminates, the effect is
felt throughout the organization. Co-workers are often required to pick up the
slack. The unspoken negativity often intensifies for the remaining staff.

4. Goodwill of the company: The goodwill of a company is maintained when the

attrition rates are low. Higher retention rates motivate potential employees to join
the organization.

5. Regaining efficiency: If an employee resigns, then good amount of time is lost in

hiring a new employee and then training him/her and this goes to the loss of the
company directly which many a times goes unnoticed. And even after this you
cannot assure us of the same efficiency from the new employee.

Factors That Affect Employee Retention

Most managers understand the importance of employee retention and its impact on the
overall health and vitality of an organization. The importance of retaining top
organizational talent will only increase over the coming years as the massive cohort of
baby boomers begin to reach retirement age making it easy for younger employees to find
work.In a previous article we identified some useful tips to help improve employee
retention in your organization. Given the importance of employee retention, we have
compiled another list of important factors that can affect employee retention in your

1. Offer a competitive compensation package –

Any team member wants to feel that he or she is being paid appropriately and fairly for
the work he or she does. Be sure to research what other companies and organizations are
offering in terms of salary and benefits. It is also important to research what the regional
and national compensation averages are for that particular position. You can be sure that
if your compensation package is not competitive, team members will find this out and
look for employers who are willing to offer more competitive compensation packages.

2. Balance work and personal life –

Family is incredibly important to team members. When work begins to put a significant
strain on one's family no amount of money will keep an employee around. Stress the
importance of balancing work and one's personal life. Small gestures such as allowing a

team member to take an extended lunch once a week to watch his son's baseball game
will likely be repaid with loyalty and extended employment with an organization.

3. Development and career options –

Offer opportunities for team members to acquire new skills and knowledge useful to the
organization. If an employee appears to be bored or burned out in a current position offer
to train this individual in another facet of the organization where he or she would be a
good fit.


Employee recognition is not just a nice thing to do for people. Employee recognition is a
communication tool that reinforces and rewards the most important outcomes people
create for your business. When you recognize people effectively, you reinforce, with your
chosen means of recognition, the actions and behaviors you most want to see people
repeat. An effective employee recognition system is simple, immediate, and powerfully
reinforcing.When you consider employee recognition processes, you need to develop
recognition that is equally powerful for both the organization and the employee. You
must address five important issues if you want the recognition you offer to be viewed as
motivating and rewarding by your employees and important for the success of your

5. Involvement in decision making

Employee involvement is creating an environment in which people have an impact on

decisions and actions that affect their jobs. Employee involvement is not the goal nor is it

a tool, as practiced in many organizations. Rather, employee involvement is a

management and leadership philosophy about how people are most enabled to contribute
to continuous improvement and the ongoing success of their work organization.


1. To develop a hierarchy of factors influencing employee retention in banks

2. To compare the importance of different factors governing employee retention in

private banks
3. To study the different factors governing employee retention in light of demographic

Research Methodology


There is no significant difference in the importance of factors influencing employee


There is no significant difference in importance of factors influencing employee retention

among targeted banks.

There is no significant difference in importance of factors influencing employee retention

vise versa age of employees

There is no significant difference in importance of factors influencing employee retention

gender of employees

There is no significant difference in importance of factors influencing employee retention

work experience of employees

Research Design: Methodology is the proper use of different methods to collect the
required data, which is to help us in the analysis and to arrive at the ultimate conclusion.
The research design constitutes the blue print for collection s, compilations and analysis
of data. Salter defined research design as” The arrangement of condition for collection
and analysis of data in a manner that aims to combine relevance to the search purpose
with economy in procedure.” Hence, this part explains the sampling procedure, sample
size, data collection, method analysis and limitations of the study.

Sample Design: A sample of bank employees from different hierarchical level chosen
from private sector banks following Quota (non-random) sampling technique..

Sample size: sample size is of 100 employees (25 from each bank) will be taken in
suitable rate from hierarchical level.

Sample area means area in which research is conducted. For my project urban is
undertaken. For studying urban market areas covered is Gurdaspur.

Data collection:

For the research, a study was conducted and for the same, data was collected from both
Primary as well as Secondary sources.

Primary data :


Secondary Data:

Secondary Data are those, which have already been collected by someone else and which
have already been passed through the statistical process. This data is collected from the
following sources.

• Reports
• Magazines
• Journals
• Newspapers
• Internet websites

Data analysis:
The data collected thereby will be analyzed by using different statistical tools like Chi-
square, factor analysis & Mann- whiteness; the data will be analyzed through a statistical
package using SPSS. The data will be plotted analyzed on population parameter,
compared with norms, and the result will be interpreted.

Hypothesis if any will be validated by hypothesis testing and conclusion will be drawn.
Discussion will be made on the basis similar kinds of studies done on similar area and the
differences will highlighted



The Housing Development Finance Corporation Limited (HDFC) was amongst the first
to receive an 'in principle' approval from the Reserve Bank of India (RBI) to set up a
bank in the private sector, as part of the RBI's liberalization of the Indian Banking
Industry in 1994. The bank was incorporated in August 1994 in the name of 'HDFC Bank
Limited', with its registered office in Mumbai, India. HDFC Bank commenced operations
as a Scheduled Commercial Bank in January 1995.


HDFC is India's premier housing finance company and enjoys an impeccable track record
in India as well as in international markets. Since its inception in 1977, the Corporation
has maintained a consistent and healthy growth in its operations to remain the market
leader in mortgages. Its outstanding loan portfolio covers well over a million dwelling
units. HDFC has developed significant expertise in retail mortgage loans to different
market segments and also has a large corporate client base for its housing related credit
facilities. With its experience in the financial markets, a strong market reputation, large
shareholder base and unique consumer franchise, HDFC was ideally positioned to
promote a bank in the Indian environment.

Business Focus

HDFC Bank's mission is to be a World-Class Indian Bank. The objective is to build

sound customer franchises across distinct businesses so as to be the preferred provider of
banking services for target retail and wholesale customer segments, and to achieve
healthy growth in profitability, consistent with the bank's risk appetite. The bank is
committed to maintain the highest level of ethical standards, professional integrity,
corporate governance and regulatory compliance. HDFC Bank's business philosophy is
based on four core values - Operational Excellence, Customer Focus, Product Leadership
and People.

Capital Structure

The authorized capital of HDFC Bank is Rs.450 crore (Rs.4.5 billion). The paid-up
capital is Rs.311.9 crore (Rs.3.1 billion). The HDFC Group holds 22.1% of the bank's
equity and about 19.4% of the equity is held by the ADS Depository (in respect of the
bank's American Depository Shares (ADS) Issue). Roughly 31.3% of the equity is held
by Foreign Institutional Investors (FIIs) and the bank has about 190,000 shareholders.
The shares are listed on the The Stock Exchange, Mumbai and the National Stock

Exchange. The bank's American Depository Shares are listed on the New York Stock
Exchange (NYSE) under the symbol "HDB".

Times Bank Amalgamation

In a milestone transaction in the Indian banking industry, Times Bank Limited (another
new private sector bank promoted by Bennett, Coleman & Co./Times Group) was merged
with HDFC Bank Ltd., effective February 26, 2000. As per the scheme of amalgamation
approved by the shareholders of both banks and the Reserve Bank of India, shareholders
of Times Bank received 1 share of HDFC Bank for every 5.75 shares of Times Bank. The
acquisition added significant value to HDFC Bank in terms of increased branch network,
expanded geographic reach, enhanced customer base, skilled manpower and the
opportunity to cross-sell and leverage alternative delivery channels.

Distribution Network

HDFC Bank is headquartered in Mumbai. The Bank at present has an enviable network
of over 748 branches spread over 316 cities across India. All branches are linked on an
online real-time basis. Customers in over 120 locations are also serviced through
Telephone Banking. The Bank's expansion plans take into account the need to have a
presence in all major industrial and commercial centers where its corporate customers are
located as well as the need to build a strong retail customer base for both deposits and
loan products. Being a clearing/settlement bank to various leading stock exchanges, the
Bank has branches in the centres where the NSE/BSE has a strong and active member
base. The Bank also has a network of about over 1,740 networked ATMs across these
cities. Moreover, HDFC Bank's ATM network can be accessed by all domestic and
international Visa/MasterCard, Visa Electron/Maestro, Plus/Cirrus and American Express
Credit/Charge cardholders.


Mr. Jadish Capoor took over as the bank's Chairman in July 2001. Prior to this, Mr.
Capoor was a Deputy Governor of the Reserve Bank of India. The Managing Director,
Mr. Aditya Puri, has been a professional banker for over 25 years and before joining
HDFC Bank in 1994 was heading Citibank's operations in Malaysia.

The Bank's Board of Directors is composed of eminent individuals with a wealth of

experience in public policy, administration, industry and commercial banking. Senior
executives representing HDFC are also on the Board.

Senior banking professionals with substantial experience in India and abroad head
various businesses and functions and report to the Managing Director. Given the
professional expertise of the management team and the overall focus on recruiting and
retaining the best talent in the industry, the bank believes that its people are a significant
competitive strength.


HDFC Bank operates in a highly automated environment in terms of information

technology and communication systems. All the bank's branches have online
connectivity, which enables the bank to offer speedy funds transfer facilities to its
customers. Multi-branch access is also provided to retail customers through the branch
network and Automated Teller Machines (ATMs).

The Bank has made substantial efforts and investments in acquiring the best technology
available internationally, to build the infrastructure for a world class bank. In terms of

software, the Corporate Banking business is supported by Flex cube, while the Retail
Banking business by Fin ware, both from i-flex Solutions Ltd. The systems are open,
scaleable and web-enabled.

The Bank has prioritized its engagement in technology and the internet as one of its key
goals and has already made significant progress in web-enabling its core businesses. In
each of its businesses, the Bank has succeeded in leveraging its market position, expertise
and technology to create a competitive advantage and build market share.


HDFC Bank offers a wide range of commercial and transactional banking services and
treasury products to wholesale and retail customers. The bank has three key business

Wholesale Banking Services

The Bank's target market ranges from large, blue-chip manufacturing companies in the
Indian corporate to small & mid-sized corporates and agri-based businesses. For these
customers, the Bank provides a wide range of commercial and transactional banking
services, including working capital finance, trade services, transactional services, cash
management, etc. The bank is also a leading provider of structured solutions, which
combine cash management services with vendor and distributor finance for facilitating
superior supply chain management for its corporate customers. Based on its superior
product delivery / service levels and strong customer orientation, the Bank has made
significant inroads into the banking consortia of a number of leading Indian corporates
including multinationals, companies from the domestic business houses and prime public
sector companies. It is recognized as a leading provider of cash management and
transactional banking solutions to corporate customers, mutual funds, stock exchange
members and banks.

Retail Banking Services


The objective of the Retail Bank is to provide its target market customers a full range of
financial products and banking services, giving the customer a one-stop window for all
his/her banking requirements. The products are backed by world-class service and
delivered to the customers through the growing branch network, as well as through
alternative delivery channels like ATMs, Phone Banking, Net Banking and Mobile
The HDFC Bank Preferred program for high net worth individuals, the HDFC Bank Plus
and the Investment Advisory Services programs have been designed keeping in mind
needs of customers who seek distinct financial solutions, information and advice on
various investment avenues. The Bank also has a wide array of retail loan products
including Auto Loans, Loans against marketable securities, Personal Loans and Loans for
Two-wheelers. It is also a leading provider of Depository Participant (DP) services for
retail customers, providing customers the facility to hold their investments in electronic

HDFC Bank was the first bank in India to launch an International Debit Card in
association with VISA (VISA Electron) and issues the MasterCard Maestro debit card as
well. The Bank launched its credit card business in late 2001. By September 30, 2005, the
bank had a total card base (debit and credit cards) of 5.2 million cards. The Bank is also
one of the leading players in the "merchant acquiring" business with over 50,000 Point-
of-sale (POS) terminals for debit / credit cards acceptance at merchant establishments.

Within this business, the bank has three main product areas - Foreign Exchange and
Derivatives, Local Currency Money Market & Debt Securities, and Equities. With the
liberalization of the financial markets in India, corporates need more sophisticated risk
management information, advice and product structures. These and fine pricing on
various treasury products are provided through the bank's Treasury team. To comply with
statutory reserve requirements, the bank is required to hold 25% of its deposits in
government securities. The Treasury business is responsible for managing the returns and
market risk on this investment portfolio.


Credit Rating

The Bank has its deposit programs rated by two rating agencies - Credit Analysis &
Research Limited (CARE) and Fitch Ratings India Private Limited. The Bank's Fixed
Deposit programmed has been rated 'CARE AAA (FD)' [Triple A] by CARE, which
represents instruments considered to be "of the best quality, carrying negligible
investment risk". CARE has also rated the bank's Certificate of Deposit (CD)
programmed "PR 1+" which represents "superior capacity for repayment of short term
promissory obligations". Fitch Ratings India Pvt. Ltd. (100% subsidiary of Fitch Inc.) has
assigned the "tAAA ( ind )" rating to the Bank's deposit programmed, with the outlook on
the rating as "stable". This rating indicates "highest credit quality" where "protection
factors are very high".

The Bank also has its long term unsecured, subordinated (Tier II) Bonds rated by CARE
and Fitch Ratings India Private Limited and its Tier I perpetual Bonds and Upper Tier II
Bonds rated by CARE and CRISIL Ltd. CARE has assigned the rating of "CARE AAA"
for the subordinated Tier II Bonds while Fitch Ratings India Pvt. Ltd. has assigned the
rating "AAA (ind)" with the outlook on the rating as "stable". CARE has also assigned
"CARE AAA [Triple A]" for the Banks Perpetual bond and Upper Tier II bond issues.
CRISIL has assigned the rating "AAA / Stable" for the Bank's Perpetual Debt
programmed and Upper Tier II Bond issue. In each of the cases referred to above, the
ratings awarded were the highest assigned by the rating agency for those instruments?

Corporate Governance Rating

The bank was one of the first four companies, which subjected itself to a Corporate
Governance and Value Creation (GVC) rating by the rating agency, The Credit Rating
Information Services of India Limited (CRISIL). The rating provides an independent

assessment of an entity's current performance and an expectation on its "balanced value

creation and corporate governance practices" in future. The bank has been assigned a
'CRISIL GVC Level 1' rating which indicates that the bank's capability with respect to
wealth creation for all its stakeholders while adopting sound corporate governance
practices is the highest.


The Bank believes in adopting and adhering to best recognized corporate governance
practices and continuously benchmarking itself against each such practice. The Bank
understands and respects its fiduciary role and responsibility to shareholders and strives
hard to meet their expectations. The Bank believes that best board practices, transparent
disclosures and shareholder empowerment are necessary for creating shareholder value.

The Bank has infused the philosophy of corporate governance into all its activities. The
philosophy on corporate governance is an important tool for shareholder protection and
maximization of their long term values. The cardinal principles such as independence,
accountability, responsibility, transparency, fair and timely disclosures, credibility etc.
serve as the means for implementing the philosophy of corporate governance in letter and

The bank was amongst the first four companies, which subjected itself to a Corporate
Governance and Value Creation (GVC) rating by the rating agency, The Credit Rating
Information Services of India Limited (CRISIL). The rating provides an independent
assessment of an entity's current performance and an expectation on its "balanced value
creation and corporate governance practices" in future. The bank has been assigned a
'CRISIL GVC Level 1' rating for the second consecutive year, which indicates that the
bank's capability with respect to wealth creation for all its stakeholders while adopting
sound corporate governance practices is the highest.

Composition of the Board

The Composition of the Board of Directors of the Bank is governed by the Companies
Act, 1956, the Banking Regulation Act, 1949 and the listing requirements of the Indian
Stock Exchanges where the securities issued by the Bank are listed. The Board has a
strength of 9 Directors as on March 31, 2007. All Directors other than Mr Aditya Puri are
non-executive directors. The Bank has four independent directors and five non-
independent directors. The Board consists of eminent persons with considerable
professional expertise and experience in banking, finance, agriculture, small scale
industries and other related fields.

None of the Directors on the Board is a member of more than 10 Committees and
Chairman of more than 5 Committees across all the companies in which he/she is a
Director. All the Directors have made necessary disclosures regarding Committee
positions occupied by them in other companies.

Mr. Jag dish Capoor, Mr. Aditya Puri, Mr. Keki Mistry, Mrs. Renu Karnad and Mr.
Vineet Jain are non-independent Directors on the Board.
Mr. Arvind Pande, Mr. Ashim Samanta, Mr. Gautam Divan and Mr. C. M. Vasudev are
independent directors on the Board.
Mr. Keki Mistry and Mrs. Renu Karnad represent HDFC Limited on the Board of the
Mr. Vineet Jain is nominated by the Bennett, Coleman Group on the Board of the Bank.
The Bank has not entered into any materially significant transactions during the year,
which could have a potential conflict of interest between the Bank and its promoters,
directors, management and/or their relatives, etc. other than the transactions entered into
in the normal course of business. The Senior Management have made disclosures to the
Board confirming that there are no material, financial and/or commercial transactions
between them and the Bank which could have potential conflict of interest with the Bank
at large.

Board Committees
The Board has constituted committees of Directors to take informed decisions in the best
interest of the Bank. These committees monitor the activities falling within their terms of
reference. Various committees of the Board were reconstituted during the year due to
resignation of Mr. Bobby Parikh and induction of additional directors namely; Mr. C. M.
Vasudev and Mr. Gautam Divan

The Board's Committees are as follows:

• Audit and Compliance Committee

• Compensation Committee
• Investors' Grievance (SHARE) Committee
• Risk Monitoring Committee
• Credit Approval Committee
• The Premises Committee
• Nomination Committee
• Fraud Monitoring Committee
• Customer Service Committee
• Audit and Compliance Committee

The Audit and Compliance Committee of the Bank is chaired by Mr. Arvind Pande. The
other members of the Committee are Mr. Ashim Samanta, Mr. C. M. Vasudev and Mr.
Gautam Divan. Mr. Bobby Parikh and Dr. V. R. Gadwal ceased to be members of the
Committee w. e. f. October 17, 2006 and March 14, 2007 respectively. Mr. C. M.
Vasudev and Mr. Gautam Divan were inducted as members of the Committee w.e.f.
October 17, 2006. All the members of the Committee are independent directors and Mr.
Gautam Divan is a financial expert.

The Committee met 9 (nine) times during the year.


The terms of reference of the Audit Committee are in accordance with Clause 49 of the
Listing Agreement entered into with the Stock Exchanges in India, and interalia includes
the following:

Overseeing the Bank's financial reporting process and ensuring correct, adequate and
credible disclosure of financial information;
Recommending appointment and removal of external auditors and fixing of their fees;
Reviewing with management the annual financial statements before submission to the
Board with special emphasis on accounting policies and practices, compliance with
accounting standards and other legal requirements concerning financial statements;

Reviewing the adequacy of the Audit and Compliance functions, including their policies,
procedures, techniques and other regulatory requirements; and
Any other terms of reference as may be included from time to time in clause 49 of the
listing agreement. The Board has also adopted a charter for the audit committee in
connection with certain United States regulatory standards as the Bank's securities are
also listed on New York Stock Exchange.

Compensation Committee
The Compensation Committee reviews the overall compensation structure and
policies of the Bank with a view to attract, retain and motivate employees, consider grant
of stock options to employees, reviewing compensation levels of the Bank's employees
vis-à-vis other banks and industry in general.

The Bank's compensation policy is to provide a fair and consistent basis for motivating
and rewarding employees appropriately according to their job / role size, performance,
contribution, skill and competence.

Mr. Jag dish Capoor, Mr. Ashim Samanta and Mr. Gautam Divan are the members of the

Mr. Bobby Parikh and Dr. V. R. Gadwal ceased to be members of the Committee w. e. f.
October 17, 2006 and March 14, 2007 respectively. The Committee is chaired by Mr.
Jagdish Capoor. All the members of the Committee other than Mr. Capoor are
independent directors.

The Committee met 3 (three) times during the year.

Investors' Grievance (SHARE) Committee

The Committee approves and monitors transfer, transmission, splitting and consolidation
of shares and bonds and allotment of shares to the employees pursuant to Employees
Stock Option Scheme. The Committee also monitors redressal of complaints from
shareholders relating to transfer of shares, non-receipt of Annual Report, dividends etc.

The Committee consists of Mr. Jagdish Capoor, Mr. Aditya Puri and Mr. Gautam Divan.
Mr. Gautam Divan was inducted as member of the Committee w.e.f. October 17, 2006.

The Committee is chaired by Mr. Capoor and met 13 times during the year. The powers
to approve share transfers and dematerialization requests have been delegated to
executives of the Bank to avoid delays that may arise due to non-availability of the
members of the Committee.

As on March 31, 2007, 54 instruments of transfer representing 4571 shares were pending
and since then the same have been processed. The details of the transfers are reported to
the Board of Directors from time to time.

During the year, the Bank received 206 complaints from shareholders, which have been
attended to.
Risk Monitoring Committee

The committee has been formed as per the guidelines of Reserve Bank of India on the
Asset Liability Management / Risk Management Systems. The Committee develops
Bank's credit and market risk policies and procedures, verify adherence to various risk
parameters and prudential limits for treasury operations and reviews its risk monitoring
system. The committee also ensures that the Bank's credit exposure to any one group or
industry does not exceed the internally set limits and that the risk is prudentially
The Committee consists of Mrs. Renu Karnad, Mr. Aditya Puri and Mr. C. M. Vasudev
and is chaired by Mrs. Renu Karnad. Mr. Bobby Parikh ceased to be member of the
Committee w.e.f. October 17, 2006 and Mrs. Renu Karnad was inducted as
Chairperson of the Committee on October 17, 2006.

The Committee met 6 (six) times during the year.

Credit Approval Committee

The Credit Approval Committee approves credit exposures, which are beyond the powers
delegated to executives of the Bank. This facilitates quick response to the needs of the
customers and speedy disbursement of loans.

The Committee consists of Mr. Jagdish Capoor, Mr. Aditya Puri, Mr. Keki Mistry and
Mr. Gautam Divan. The Committee is chaired by Mr. Capoor. The Committee met 2
(two) times during the year.

The Premises Committee

The Premises Committee approves purchases and leasing of premises for the use of
Bank's branches, back offices, ATMs and residence of executives in accordance with the
guidelines laid down by the Board. The committee consists of Mr. Aditya Puri, Mr.
Ashim Samanta and Mrs. Renu Karnad. Dr. V. R. Gadwal ceased to be member and
chairman of the Committee w. e. f. March 14, 2007.

The Committee is chaired by Mrs. Renu Karnad.

The Committee met 3 (three) times during the year.

Nomination Committee

The Bank has constituted a Nomination Committee for recommending the appointment
of independent / non-executive directors on the Board of the Bank. The Nomination
Committee scrutinizes the nominations for independent / non-executive directors with
reference to their qualifications and experience. For identifying 'Fit and Proper' persons,
the Committee adopts the following criteria to assess competency of the persons
nominated: Corporate Governance HDFC Bank Limited Annual
Report 2006-07

Academic qualifications, previous experience, track record; and Integrity of the


For assessing the integrity and suitability, features like criminal records, financial
position, civil actions undertaken to pursue personal debts, refusal of admission to and
expulsion from professional bodies, sanctions applied by regulators or similar bodies and
previous questionable business practice are considered.

The members of the Committee are Mr. Arvind Pande and Mr. Ashim Samanta. Dr. V. R.
Gadwal ceased to be member of the committee w.e.f. March 14, 2007. All the members
of the Committee are Independent directors.
The Committee met 3 (three) times during the year

Fraud Monitoring Committee

Pursuant to the directions of the Reserve Bank of India, the Bank has constituted a
Fraud Monitoring Committee, exclusively dedicated to the monitoring and following up
of cases of fraud involving amounts of Rs.1 crore and above. The objective of this

Committee is the effective detection of frauds and immediate reporting thereof to

regulatory and enforcement agencies and actions taken against the perpetrators of frauds.
The terms of reference of the Committee are as under:

Identify the systemic lacunae, if any, that facilitated perpetration of the fraud and put in
place measures to plug the same;
Identify the reasons for delay in detection, if any, reporting to top management of the
Bank and RBI;
Monitor progress of CBI / Police Investigation and recovery position;
Ensure that staff accountability is examined at all levels in all the cases of frauds and staff
side action, if required, is completed quickly without loss of time.
Review the efficacy of the remedial action taken to prevent recurrence of frauds, such as
strengthening of internal controls.
Put in place other measures as may be considered relevant to strengthen preventive
measures against frauds.

The members of the Committee are Mr. Jagdish Capoor, Mr. Aditya Puri, Mr. Keki
Mistry and Mr. Arvind Pande. Mr. Bobby Parikh has ceased to be member of the
Committee w. e. f. 17th October, 2006.

The Committee is chaired by Mr. Capoor and met 3 (three) times during the year.

Customer Service Committee

The Committee monitors the quality of services rendered to the customers and also
ensures implementation of directives received from RBI in this regard. The terms of
reference of the Committee are to formulate comprehensive deposit policy incorporating
the issues arising out of death of a depositor for operations of his account, the product
approval process, the annual survey of depositor satisfaction and the triennial audit of
such services.

The members of the Committee are Mr. Keki Mistry and Mr. Arvind Pande. Dr. Venkat
Rao Gadwal ceased to be member of the Committee w. e. f. March 14, 2007.

The Committee met 4 (four) times during the year.

Axis Bank

Axis Bank was the first of the new private banks to have begun operations in 1994, after
the Government of India allowed new private banks to be established. The Bank was
promoted jointly by the Administrator of the specified undertaking of the Unit Trust of
India (UTI - I), Life Insurance Corporation of India (LIC) and General Insurance
Corporation of India (GIC) and other four PSU insurance companies, i.e. National
Insurance Company Ltd., The New India Assurance Company Ltd., The Oriental
Insurance Company Ltd. and United India Insurance Company Ltd.The Bank today is
capitalized to the extent of Rs. 358.97 crores with the public holding (other than
promoters) at 57.59%.The Bank's Registered Office is at Ahmedabad and its Central
Office is located at Mumbai. Presently, the Bank has a very wide network of more than
729 branch offices and Extension Counters. The Bank has a network of over 3171 ATMs
providing 24 hrs a day banking convenience to its customers. This is one of the largest
ATM networks in the country. The Bank has strengths in both retail and corporate
banking and is committed to adopting the best industry practices internationally in order
to achieve excellence.


Axis Bank Ltd. has been promoted by the largest and the best Financial Institution of the
country, UTI. The Bank was set up with a capital of Rs. 115 crore, with UTI contributing
Rs. 100 crore, LIC - Rs. 7.5 crore and GIC and its four subsidiaries contributing Rs. 1.5
crore each Erstwhile Unit Trust of India was set up as a body corporate under the UTI
Act, 1963, with a view to encourage savings and investment. In December 2002, the UTI
Act, 1963 was repealed with the passage of Unit Trust of India (Transfer of Undertaking
and Repeal) Act, 2002 by the Parliament, paving the way for the bifurcation of UTI into 2
entities, UTI-I and UTI-II with effect from 1st February 2003. In accordance with the
Act, the Undertaking specified as UTI I has been transferred and vested in the
Administrator of the Specified Undertaking of the Unit Trust of India (SUUTI), who
manages assured return schemes along with 6.75% US-64 Bonds, 6.60% ARS Bonds
with a Unit Capital of over Rs. 14167.59 crores.

Board of Directors

Shri N.C. Singhal Director

Shri J.R. Varma Director
Dr. R.H. Patil Director
Smt. Rama Bijapurkar Director
Shri R.B.L. Vaish Director
Shri M.V. Subbiah Director
Shri Ramesh Ramanathan Director
Shri K. N. Prithviraj Director


Customer Service and Product Innovation tuned to diverse needs of individual and
corporate clientele.

Continuous technology upgradation while maintaining human values.

Progressive globalization and achieving international standards.

Efficiency and effectiveness built on ethical practices.


Customer Satisfaction through

Providing quality service effectively and efficiently

"Smile, it enhances your face value" is a service quality stressed on Periodic Customer
Service Audits

Maximisation of Stakeholder value

Success through Teamwork, Integrity and People


Dec Bank opens its 200th ATM. It becomes the 2nd largest ATM network in the
country, a position held even today.
Oct Bank becomes fully networked
July E-commerce initiatives announced
Jul Financial Advisory Services offered beginning with marketing of US 64
Apr UTI Bank calls off its proposed merger with Global Trust Bank and surges ahead
on its own.
Apr Bank launches its Internet banking module, iConnect Retail loans introduced for

the first time by the Bank

Mar Profits cross Rs 50 crore mark for the first time.
Feb Bank adopts Finacle software from Infosys for core banking
Jan Dr.P.J Nayak takes over as Chairman and Managing Director from Shri Supriya
Sep- Cash management services (CMS) launched, Co branded credit card launched
Mar- Deposits cross Rs.3000 crores
Sep- UTI Bank goes public with a Rs. 71 crore public issue; Issue over-subscribed 1.2
98 times, over 1 lakh retail investors. UTI holding reduces to 60.85%
Jun- Crosses Rs.1000 crore deposit mark
Mar- Completes first profitable year in operation
Apr- First branch of UTI Bank inaugurated at Ahmedabad by Dr. Manmohan Singh,
94 Hon'ble Finance Minister, Government of India.
Dec- UTI Bank comes into being
Dec- Registered office at Ahmedabad; Head office at Mumbai


The Industrial Credit and Investment Corporation of India Limited (ICICI) incorporated
at the initiative of the World Bank, the Government of India and representatives of Indian
industry, with the objective of creating a development financial institution for providing
medium-term and long-term project financing to Indian businesses. Mr.A.Ramaswami
Mudaliar elected as the first Chairman of ICICI Limited.
ICICI emerges as the major source of foreign currency loans to Indian industry. Besides
funding from the World Bank and other multi-lateral agencies, ICICI was also among the
first Indian companies to raise funds from international markets. Introduced a new
product - 'NRI smart save Deposits' – a unique fixed deposit scheme for nonresident
Indians.Representative offices opened in Thailand, Indonesia and Malaysia.
ICICI Bank became the largest retail player in the market to introduce a biometric
enabled smart card that allow banking transactions to be conducted on the field. A low-
cost solution, this became an effective delivery option for ICICI Bank's micro finance
institution partners.Financial counseling centre Disha launched. Disha provides free
credit counseling, financial planning and debt management services.
Bhoomi puja conducted for a regional hub in Hyderabad, Andhra Pradesh.
ICICI Bank's USD 2 billion 3-tranche international bond offering was the largest bond
offering byan Indiabank. SangliBank amalgamated with ICICI Bank.
ICICI Bank raised Rs 20,000 crore (approx $5 billion) from both domestic and

ICICI Bank's GBP 350 million international bond offering marked the inaugural deal in
the sterling market from an Indian issuer and also the largest deal in the sterling market
from Asia.Launched India's first ever jewellery card in association with jewelry major
Gitanjali Group.ICICI Bank became the first bank in India to launch a premium credit
card –
In a first of its kind, nation wide initiative to attract bright graduate students to pursue a
career in banking, ICICI Bank launched the "Probationary Officer Programme".
Launched Bank@home services for all savings and current a/c customers residing in
India ICICI Bank Eurasia LLC inaugurated its first branch at St Petersburg, Russia.
ICICI Bank enters US, launches its first branch in New York.
ICICI Bank enters Germany, opens its first branch in Frankfurt.
ICICI Bank launched immobile, a breakthrough innovation in banking where practically
all internet banking transactions can now be simply done on mobile phones.
ICICI Bank concluded India's largest ever securitisation transaction of a pool of retail
loan assets aggregating to Rs. 48.96 billion (equivalent of USD 1.21 billitranche isbacked
by four different asset categories. It is also the largest deal in Asia (ex-Japan) in 2008 till
date and the second largest deal in Asia (ex-Japan & Australia) since the beginning of
ICICI Bank offers wide variety of Deposit Products to suit your requirements.
Convenience of networked branches/ ATMs and facility of E-channels like Internet and
Mobile Banking, Select any of our deposit products and provide your details online and
our representative will contact you. Savings Account for everyone with a host of
convenient features and banking channels to transact through. So now you can bank at
your convenience, without the stress of waiting in queues. We service savings accounts
with 8 to 8 banking and ‘out of branch’ bankingWe understand that a Savings Account
needs to do more after you reach the age of seniority; we understand your concerns for
safety and security. We have an ideal Savings Bank Service for those who are 60 years
and above. The Senior Citizen Services from ICICI Bank has several advantages that are
tailored to bring more convenience and enjoyment in your lifeA combination of
unbeatable features of the Fixed Deposit from ICICI Bank. To check our current rates

and experience the convenience of an ICICI Bank Fixed Deposit detailsWhen expenses
are high, you may not have adequate funds to make big investments. An ICICI Bank
Recurring Deposit lets you invest small amounts of money every month that ends up with
a large saving on maturity. So you enjoy twin advantages- affordability and higher
earningsICICI Bank Recurring Deposits are an ideal way to invest small amounts of
money every month and end up with a large kitty on maturity.
High recurring billing and recurring payments can be a drain on your finances and hence
large investments may seem a plan away.
Let us help you in processing your recurring payment through our recurring billing
software that keeps track of your investments with us. This can be easily availed of
through a recurring account online that comes with letting us serve you through Internet
banking. You may even transfer funds through Internet banking into your recurring
account. A recurring account transfer gets done in seconds through Internet bankingWith
our recurring deposits you can avail a host of facilities with ICICI Bank. You may check
on recurring account receivable, recurring account payable, recurring account fees and all
recurring debit account transactions.
A recurring deposit account with ICICI Bank allows you a loan against the deposit. Our
new recurring deposit account also has a special feature – Non-applicability of Tax
Deduction at Source (TDS).
The minimum balance of deposit is Rs.500 per month and thereafter in multiples of
Rs.100. The tenure ranges from 6 months to a maximum period, recurring deposit of 3
months thereafter.
The recurring deposit also comes with a nomination facility..
Board of Directors

ICICI Securities Limited.

• Mr. K. V. Kamath, Chairman

• Ms. Chanda Kochhar
• Mr. Ketan Patel
• Mr. Narendra Murkumbi
• Mr. Uday Chitale
• Mr Pravir Vohra
• Ms. Madhabi Puri-Buch, Managing Director & CEO
• Mr. A. Murugappan, Executive Director
• Mr. Anup Bagchi, Executive Director

ICICI Securities Holdings, Inc.

• Mr. Gopakumar P., President

• Mr. A. Murugappan
• Mr. Subir Saha
• Mr. Anup Bagchi
• Mr Charanjit Attra
• Mr Hari Panday

ICICI Securities, Inc.

• Mr. Gopakumar P., President & CEO

• Mr. Subir Saha
• Mr. A. Murugappan
• Mr. Anup Bagchi
• Mr Charanjit Attra
• Mr Hari Panday

Awards & Recognition

ICICI Securities is awarded as the Best Investment Bank 2008 by Global Finance

The Corporate Finance group also was awarded a runner-up Best Merchant Banker by
Outlook Money in 2007.

ICICI Securities (I-Sec) topped the Prime Database League Tables 2007 for money
raised through IPOs/FPOs.

The equities team was adjudged the 'Best Indian Brokerage House-2003' by


ICICI direct, the neighborhood financial superstore won the prestigious Franchise India `
Service Retailer of the Year 2008 award.

ICICI direct wins the prestigious Outlook Money - India's Best e-Brokerage House for

ICICI direct been winning the prestigious Outlook Money - India's Best e-Brokerage House
for 2003-2004, 2004-2005, 2006-2007 and 2007-2008.

ICICI direct has also won the CNBC AWAAZ Consumer Award for the Most Preferred
Brand of Financial Advisory Services.

Best Broker - Web 18 Genius of the Web Awards 2007


Icici venture:

ICICI Venture is one of the largest and most successful private equity firms in India with
funds under management in excess of USD 2 billion. Its investment focus areas span across
private equity, buyouts, real estate and mezzanine financing. It has several "firsts" to its
credit in the Indian Private Equity industry.

Kotak Mahindra

The Kotak Mahindra group is a financial organization established in 1985 in India. It was
previously known as the Kotak Mahindra Finance Limited, a non-banking financial
organization. In February 2003, Kotak Mahindra Finance Ltd, the group's flagship
company was given the license to carry on banking business by the Reserve Bank of
India (RBI). Kotak Mahindra Finance Ltd. is the first company in the Indian banking
history to convert to a bank. The bank is headed by K.M. Gherda as Chairman and Uday
Kotak as Executive Vice Chairman & Managing Director. Shankar Acharya is the
chairman of board of Directors in the company. The Bank has its registered office at
Nariman Bhavan, Nariman Point, and Mumbai


Established in 1985, The Kotak Mahindra group has long been one of India's most
reputed financial organizations. In February 2003, Kotak Mahindra Finance Ltd, the
group's flagship company was given the license to carry on banking business by the
Reserve Bank of India (RBI). This approval creates banking history since Kotak
Mahindra Finance Ltd. is the first company in India to convert to at Kotak Mahindra
Bank, we address the entire spectrum of financial needs for individuals and corporates.
we have the products, the experience, the infrastructure and most importantly the
commitment to deliver pragmatic, end-to-end solutions that really work.
A license authorizing the bank to carry on banking business has been obtained from the
Reserve Bank of India in terms of Section 22 if the Banking Regulation Act, 1949. It
must be distinctly understood, however, that in issuing the license, the Reserve Bank of
India does not undertake any responsibility for the financial soundness of the bank or the
correctness of any of the statements made or opinion expressed in this connection

Board of Directors

Dr. Shankar Acharya Chairman

Executive Vice Chairman & Managing
Mr. Uday Kotak
Mr. Anand Mahindra
Mr. Cyril Shroff
Mr. Pradeep Kotak
Mr. Shivaji Dam
Mr. C. Jay ram Executive Director
Mr. Dipak Gupta Executive Director
Mr. Asim Ghosh
Ms. Bina Chandarana Secretary & Senior Vice President


Kotak Mahindra is one of India's leading financial organizations, offering a wide range of
financial services that encompass every sphere of life. From commercial banking, to
stock broking, to mutual funds, to life insurance, to investment banking, the group caters
to the diverse financial needs of individuals and corporates.

The group has a net worth of over Rs. 6,327 crore and has a distribution network of more
than 1300 branches, franchisees, representative offices and satellite offices across cities
and towns in India and offices in New York, London, San Francisco, Dubai, Mauritius
and Singapore. The Group services around 5.9 million customer accounts

The Kotak Mahindra Group's flagship company, Kotak Mahindra Finance Ltd which was
established in 1985, was converted into a bank- Kotak Mahindra Bank Ltd in March 2003
becoming the first Indian company to convert into a Bank. Its banking operations offer a
central platform for customer relationships across the group's various businesses. The
bank has presence in Commercial Vehicles, Retail Finance, Corporate Banking, Treasury
and Housing Finance.


Kotak Mahindra Capital Company Kotak Mahindra Capital Company Limited (KMCC)
is India's premier Investment Bank. KMCC's core business areas include Equity
Issuances, Mergers & Acquisitions, Structured Finance and Advisory Services.

Kotak Securities Kotak Securities Ltd. is one of India's largest brokerage and securities
distribution houses. Over the years, Kotak Securities has been one of the leading
investment broking houses catering to the needs of both institutional and non-institutional
investor categories with presence all over the country through franchisees and
coordinators. Kotak Securities Ltd. offers online (through and
offline services based on well-researched expertise and financial products to non-
institutional investors.

Kotak Mahindra Prime Kotak Mahindra Prime Limited (KMP) (formerly known as
Kotak Mahindra Primus Limited) has been formed with the objective of financing the
retail and wholesale trade of passenger and multi utility vehicles in India. KMP offers
customers retail finance for both new as well as used cars and wholesale finance to
dealers in the automobile trade. KMP continues to be among the leading car finance
companies in India.

Kotak Mahindra Asset Management Company Kotak Mahindra Asset Management

Company Kotak Mahindra Asset Management Company (KMAMC), a subsidiary of
Kotak Mahindra Bank, is the asset manager for Kotak Mahindra Mutual Fund (KMMF).
KMMF manages funds in excess of Rs 13,886 crore and offers schemes catering to
investors with varying risk-return profiles. It was the first fund house in the country to
launch a dedicated gilt scheme investing only in government securities.

Kotak Mahindra Old Mutual Life Insurance Limited Kotak Mahindra Old Mutual Life
Insurance Limited is a joint venture between Kotak Mahindra Bank Ltd. and Old Mutual
plc. Kotak Life Insurance helps customers to take important financial decisions at every
stage in life by offering them a wide range of innovative life insurance products, to make
them financially independent.

Kotak's International Business With a presence outside India since 1994, the international
subsidiaries of Kotak Mahindra Bank Ltd. operating through offices in London, New
York, Dubai, San Francisco, Singapore and Mauritius specialize in providing asset
management services to specialist overseas investors seeking to invest into India. The
offerings are differentiated India investment solutions that span all major asset classes
including listed equity, private equity and real estate. The subsidiaries also lead manage
and underwrite international issuances of securities. With its commendable track record,
large presence on the ground and a team of dedicated staff in India, Kotak’s international
arm is suitably positioned for managing assets in the Indian Capital markets.

Review of Literature

Annelies Meganck (2000), focused on HR managers’ and employees’ views on the

factors affecting employee retention using the perspective of the psychological contract.
Employees are difficult to retain because they attach more importance to marking out
their own career path than to organizational loyalty; a tendency which results in increased
rates of voluntary turnover (Cappelli, 2001). Not surprisingly, then, retention
management has become a popular concept within the HRM literature. It refers to the

portfolio of HR practices that organizations develop to reduce voluntary turnover rates

(e.g. Cappelli, 2001; Mitchell et al., 2001; Steel et al., 2002). Another concept that has
gained interest as a construct relevant for understanding and managing contemporary
employment relationships is the psychological contract, which refers to employees’
subjective interpretations and evaluations of their employment deal

Ranaweera (2003), focused on the combined effects of satisfaction, trust and switching
barriers on employee retention in a continuous purchasing setting. Argues that such an
approach helps uncover hitherto neglected effects on retention and, in the process, unveils
more cost effective ways of retaining employees. Drawing on this framework develops
several hypotheses regarding the main and interaction effects of customer satisfaction,
trust and switching barriers on retention. Tests these hypotheses on data from a large-
scale mail survey of fixed line telephone users in the UK, finding that both employee
satisfaction and trust have strong positive effects on employee retention. Contrary to
some assertions in the literature, however, finds that the effect of trust on retention is
weaker than that of satisfaction. Nevertheless, the interaction between trust and
satisfaction also has a significant effect on retention, indicating that building both
employee satisfaction and trust is a superior strategy to a focus on satisfaction alone.
Qualitative evidence from the survey offers further support for this finding.

Brooke (2003), focused on the global trend of an ageing workforce and government
policy directions towards reversing early retirement trends raises the issue of the costs to
employers of an older workforce. Data on older workers human resources costs are
lacking generally in Australia and other countries. This analysis of human resource costs
and benefits relies on aggregate Australia national human resources benchmarking data
that are applied to older workers. The study is based on the ratio of duration of
employment of older workers compared to younger workers and uses this ratio as a
multiplier of human resource costs. The analysis considers recruitment, training,
absenteeism and work injuries of older compared to younger workers. The analysis found

that net benefits occurred through recruitment and training benefits over the costs of
absenteeism and work injuries. Further non-quantified benefits of older workers
identified in international case studies are also explained. These quantified and non-
quantified benefits of older workers suggest that identified positive inducements to
employers exist which support human resources investments in older workers.

Johnson’s, (2005) focused on Workplace violence causes extraordinary human and

monetary losses. The violence can be triggered by factors external to the organization
such as domestic violence, abusive childhood, or mental impairment. Violence can also
be caused by factors internal to the organization such as layoffs, abusive managers, and
disciplinary actions. Over 750 human lives are lost each year owing to workplace
violence. Monetary losses from such violence amount to billions of dollars. The
Workplace Institute estimates it to be $4.2 billion with each incident costing employers
around $250,000 in lost work and legal expenses.. No longer do employers simply owe
society a duty to provide employees with safe place to work; rather, employers now need
to provide society with safe workers. The torts of negligent hiring, negligent retention,
and negligent training must be addressed by employers. Consequently, management
needs to address the growing threat of violence in the workplace by adopting a series of
organizational responses. These include appointing task force which is responsible for
investigating whether violent acts are occurring in the workplace; developing policies and
procedures; instituting training programmesfocused on preventing violent incidents; and,
finally, responding rapidly should violence occur.

Appelbaum (2006), current or past working time arrangements within various countries
around the world. Berg et al. point out significant legal developments affecting flexible
work options and suggest three factors particular combine to determine the level of
choice employees have over the hours they work. This comprehensive article includes
many relevant examples to illustrate the discussion and makes a valuable contribution to
the topic. Cousins and Tang examine working time and the effect on family life in three
different EU countries. The authors include statistics from extensive surveys carried out
in each country and compare findings and participant preferences before concluding that

the issue remains difficult to resolve. Another enlightening piece. Tyler’s much shorter
but interesting article begins by reminding UK employers of legislation change and
warning of the need to comply with procedures when dealing with applications for
flexible workings schedules. The second part focuses on the difficulty in managing
flexibility and the article describes how organizations have utilized sophisticated IT
programs to perform the task. Various software packages are referred to and discussion of
how their capabilities benefit organizations is included.

Miller, (2006), effectively measuring and improving employee satisfaction is thus a

critical function of contemporary management. Because businesses are becoming more
competitive, and because employees with the skills and abilities needed to obtain
competitive advantages are becoming more scarce, management can no longer afford to
see employees as replaceable inputs (Miles and Creed, 1995).Management must rather
view employees as valuable contributors whose opinions and perceptions are important
sources of knowledge. This requires the development of relationships that go outside the
bounds of traditional hierarchy, as well as the acknowledgement that employee retention
is dependent on a continuing exchange of agreements and contributions between
employees and firms (Rousseau and Parks, 1992). In this sense, employees are similar to
customers; their satisfaction and retention are instrumental. Saru, (2007) managers, more
than ever, need to be aware that the employment and subsequent retention of quality
employees are fundamental and often overlooked aspects of day-to-day management.
Organizational learning through improved managerial communication, experience, and
strategic planning are ways in which current problems of HRD can begin to be addressed.
Academia does not seem, at present, to supply any real solid debate or structure to this
argument, it is a problem of trial-and-error management, which will, in time, generate
more substantial models of HRD for smaller firms.

Mondore, (2006), focused on retention is important for companies and organizations.

However, studying retention within an organization is not enough. Organizations have
nested relationships within them, and are part of an external environment (Raudenbush

and Bryk, 2002). Constructs measured at “higher-levels” may influence or impact other
constructs measured at “lower levels.” Managers, organizations, and researchers alike
must understand how to measure and study a construct within a nested framework,
and how to measure that construct at multiple levels of analysis simultaneously
(Raudenbush and Bryk, 2002). The study of retention is no different. It is true that
retention has been studied at different levels of analyses, such as the individual level
(Allen and Griffeth, 2001; Frone, 2000), the organizational level (Shaw et al., 1998), the
unit level (Harter et al., 2002; Koys, 2001; Ryan et al., 1996), and the sector or industry
level (Buzzelli and Harris, 2003; Fullerton, 2003). While these studies were on one
particular level of analysis, researchers (e.g. Klein et al., 1994; Klein and Kozlowski,
2000; Raudenbush and Bryk, 2002; Yammarino and Dansereau, 2004) believe that
hierarchical analysis in retention studies need to be considered. Said differently, one
must consider retention at more than just a single level of analysis because the”
influences” of retention can occur at multiple levels. Given the dearth of research
examining retention at multiple levels, managers, organizations, and organizational
researchers would benefit from an increased understanding of a more dynamic approach
to studying retention.

Pool, B. (2007), Management development professionals implementing learning

interventions in organizations need to consider practical approaches to strengthening
organizational commitment within business. Executive development programs must play
a key role within a continuous process that builds commitment and job satisfaction.
Alignment of values between the individual and the organization is the starting point.
Then the creation of a positive and satisfying work environment will encourage high
levels of retention. Actions taken along these lines will build trust within the
organization, and organizational commitment generally will increase as employees
operate within such an environment. A virtuous circle occurs which also has the

foundations in place for organizational learning. Within a learning organization new

knowledge is created and this must lead to behavioral change. This requires adjustment to
the external environment that must be scanned on continuous basis. This study did not
examine the relationship with the external environment. However, it did establish that
committed executives make effective organizational learning happen.

Deery (2007), emphasis on retention of good employees and the role that work-life
balance (WLB) issues have in an employee’s decision to stay or leave an organization.
The paper begins with a brief overview of the seminal material in the more generic
management literature and then tailors the discussion to the hospitality and tourism
industry using literature from the hospitality and tourism journals. Practical framework
for industry to develop strategies for reduced employee turnover, with a focus on the role
that balancing work and family plays in these strategies. Focus on job attitudes such as
job satisfaction and organizational commitment, personal attributes such as positive and
negative affectivity, the role of WLB in employee turnover and, finally, the strategies
provided to alleviate high turnover rates.

Arocas, (2007) emphasized on the most important HR variables analyzed in the strategic
literature is staff retention. The strategic connotations of staff retention in the sense used
by Hiltrop (1999), need to be clarified in an empirical way, particularly when we speak
about high added value staff. Much work needs to be done in that direction. Our intention
has been to advance this effort by selecting three HPWP (precursors) and one outcome
variable (turnover intentions), trying to show the mediator roll of commitment and
satisfaction in this relationship. For this we used as our source of information a sample of
198 workers. This information offers clear advantages over the more widely used
samples from managerial directors or statistical data gathered in HR practices, as in our

case we have access to the perceptions of those people upon whom these measures are
directly carried out (Guest, 1999). Following Story’s (1992) nomenclature, we have
Subsequently adopted a study in line with a “softer” vision of HR as opposed to the
More habitual “hard line” viewpoint.

Saru, (2007) managers, more than ever, need to be aware that the employment and
subsequent retention of quality employees are fundamental and often overlooked aspects
of day-to-day management. Organizational learning through improved managerial
communication, experience, and strategic planning are ways in which current problems
of HRD can begin to be addressed. Academia does not seem, at present, to supply any
real solid debate or structure to this argument, it is a problem of trial-and-error
management, which will, in time, generate more substantial models of HRD for smaller

Keiningham (2007), Enhancing customer loyalty has become a popular topic for
managers, consultants, and academics. The arguments in support of loyalty are simple to
understand. Loyal customers are reported to have higher customer retention rates, commit
a higher share of their category spending to the firm, and are more likely to recommend
others to become customers of the firm (Reichheld and Earl Sasser, 1990; Zeithaml,
2000).To monitor their performance and guide improvement efforts with regard to
customer loyalty, managers frequently rely on customer feedback systems. This feedback
typically is obtained through customer surveys that contain measures of satisfaction,
repurchase intention, and word-of-mouth intention (Morgan and Rego, 2006). The
inherent belief among managers is that these measures serve as leading indicators of
customers’ future firm-related behaviors (e.g., retention, share-of-wallet allocation, and

Taylor (2008), focused on how to retain to retain the employees that were trained by
their trainer, their culture needs to be responsive and sensitive to the employees’ needs
and aspirations. The same business principles used to retain customers must also be used
to retain employees. In order to retain these employees, company must be competitive in

their wages and benefits, deliver on what was promised when they were hired, serve their
specific needs, establish a relationship with them and treat them as they would treat a
good customer. Low unemployment gives employees the luxury of shopping for a culture
that allows them to work in the area in which they were trained, as well as pursue a life
outside of work

Crush, (2008) emphasized on keeping the best employees will always be an issue for
employers, particularly in times of economic growth. It would seem however that
showing employees they are valued by affording workers a real voice in the decision-
making processes of a company is the best starting point in motivation and retention of
staff. Staff incentives must be carefully considered but it seems that in terms of perks, the
freedom to work at home, at least part of the time helps to create employees who are
healthy, happy and motivated. Global firms must treat all employees equally in terms of
making them feel valued and listened to, but incentives may need to be varied according
to cultural expectations. Young employees also need to feel valued and must be provided
with a clear route to success. This might help to avoid feelings of not being valued which
precipitate their frequent job changes. At the same time, structured mentoring can help to
provide the guidance young employees need without invoking the feeling of being
constantly criticized.

Buyens, (2008) retention measures should fit the specific needs and preferences of the
older worker, which was the focus of our second research question. The outcomes of this
study show that this can best be reached by improving older worker’s involvement with
their job. A higher level of job involvement was shown to be related to preferences for
career preservation or career expansion, while lower levels of job involvement were
related to career-diminishment preferences. Furthermore, the results provide indirect
support for the idea that stereotype-threat mechanisms play a role in the performance of
older workers. The extremely diverse perceptions of older workers about changes in the
level of their own performance suggest that older workers have become rather insecure
about their own capabilities. Although our research design limits our ability to draw

direct conclusions out of this finding, it does provide support for the idea that ageist
stereotypes have negatively affected the older worker.

Morgan, (2008) emphasized on reliable policy to take suggestions from top performers
as to external Recruitment. Many organizations have begun employee referral programs,
whereby if an employee makes a successful suggestion for recruitment, they will receive
windfalls such as cash prizes. This strategy has many positive effects, not least
demonstrating a trust in the judgment of your existing employee, and the creation of a
workforce that gels on a persona land professional level due to existing relationships.
Many of these points might come under the title of ‘‘Common sense solutions’’, but they
are timely reminders of the importance of recognizing and encouraging an organization’s
most crucial component: self-motivated, talented, hard-working employees. As Morgan
concludes, ‘‘it is no longer your right to get the best talent, it is increasingly a privilege’’.
An examination of this checklist will ensure that management does not relapse into a
laissez-faire attitude towards its top performers.

Fernon, D. (2008) focused on the best remuneration package. Many potential employees
– usually the ones with the best qualifications and skills to offer –do not merely want a
well-paid job; they want to be passionate about working for an organization with vision
and direction. And, just as a customer will be prepared to pay more for brand they respect
and trust, a potential employee is likely to accept a lower financial reward if it gets
him/her a job with a company which delivers respect and trust through its brands. In their
2008 ‘‘Employee Engagement Report’’, global consulting firm Blessing White say that
although North America has one of the highest proportions of engaged employees
worldwide, fewer than one in three employees (29 percent) are fully engaged and 19
percent are actually disengaged. Engaged employees stay for what they give (they like
their work); disengaged employees stay for what they get (favorable job conditions,
growth opportunities, and job security).


Q1.Rank these factors in order of importance (R1= most important, R5= least important)
in retaining you in the bank.



25 compensation

20 dev & carrer

work life
15 recogination
10 involvement

1 2 3 4 5 6 7

Q2. Rank the following factors (R1=most important, R5= least important) which makes
you dissatisfied to stay with the bank due to lack of following factors.



20 compensation
dev & carrer
15 work life
10 involvement

1 2 3 4 5 6 7

Q1.Rank these factors in order of importance(R1= most important, R5= least important)
in retaining you in the bank (Icici)

7 compensation
6 dev & carrer
5 work life
4 recogination
3 involvement
1 2 3 4 5 6 7

Q2. Rank the following factors (R1=most important, R5= least important) which makes
you dissatisfied to stay with the bank due to lack of following factors.(ICICI)



8 compensation
dev & carrer
6 work life
4 involvement

1 2 3 4 5 6 7

Q1.Rank these factors in order of importance(R1= most important, R5= least important)
in retaining you in the bank (axis)



8 compensation
dev & carrer
6 work life
4 involvement

1 2 3 4 5 6 7

Q2. Rank the following factors (R1=most important, R5= least important) which makes
you dissatisfied to stay with the bank due to lack of following factors.(axis)

6 compensation
dev & carrer
work life
3 involvement
1 2 3 4 5 6 7

Q1.Rank these factors in order of importance(R1= most important, R5= least important)
in retaining you in the bank (Kotak)

7 compensation
6 dev & carrer
5 work life
4 recogination
3 involvement
1 2 3 4 5 6 7

Q2. Rank the following factors (R1=most important, R5= least important) which makes
you dissatisfied to stay with the bank due to lack of following factors.(kotak)

7 compensation
6 dev & carrer
5 work life
4 recogination
3 involvement
1 2 3 4 5 6 7

Q1.Rank these factors in order of importance(R1= most important, R5= least important)
in retaining you in the bank (Hdfc)

7 compensation
6 dev & carrer
5 work life
4 recogination
3 involvement
1 2 3 4 5 6 7

Q2. Rank the following factors (R1=most important, R5= least important) which makes
you dissatisfied to stay with the bank due to lack of following factors.(HDFC)

7 compensation
6 dev & carrer
5 work life
4 recogination
3 involvement
1 2 3 4 5 6 7

There is no significant difference in importance of factors influencing employee

retention among targeted banks.

By applying factor analysis test


Total Variance Explained

Initial Eigen values Extraction Sums of Squared Loadings

Componen % of Cumulative % of Cumulative
t Total Variance % Total Variance %
1 1.409 28.190 28.190 1.409 28.190 28.190
2 1.220 24.400 52.590 1.220 24.400 52.590
3 1.134 22.679 75.269 1.134 22.679 75.269
4 .945 18.893 94.162
5 .292 5.838 100.000
Extraction Method: Principal Component Analysis.


Initial n
1.000 .898
work life
1.000 .903
Recognition 1.000 .904
involvement in
decision 1.000 .771
and career 1.000 .288
Extraction Method: Principal Component Analysis

Null hypothesis is rejected because there significant difference in the importance of

factors influencing employee retention among targeted banks.

Ho: There is no significant difference in the importance of factors influencing employee

retention Vise versa gender of employees.

Test Statistics(a)

Compensati development involvement

on and career recognitio work life in decision
management option n balance making
Mann-Whitney U 1023.50
1137.000 1146.500 1005.500 1085.500
Wilcoxon W 3039.50
3153.000 3162.500 1708.500 1788.500
Z -.209 -.139 -1.168 -1.036 -.586
Asymp. Sig. (2-
.834 .890 .243 .300 .558
a Grouping Variable: Gender of responden

Gender of Mean Sum of
respondent N Rank Ranks
compensation Male 63 50.05 3153.00
Female 37 51.27 1897.00
Total 100
development Male 63 50.20 3162.50
Female 37 51.01 1887.50
and career
Recognition Male 63 53.04 3341.50
Female 37 46.18 1708.50
Total 100
Work life Male 63 48.25 3039.50
Female 37 54.34 2010.50
Total 100
involvement in Male 63 51.77 3261.50
Female 37 48.34 1788.50

There is no significant difference in the importance of the factors influencing employee

retention vise versa gender of employees.

Ho: There is no significant difference in the importance of the factors influencing

employee retention vise versa organization

Total work experience

Observed Expected
N N Residual
1 11 16.7 -5.7
2 27 16.7 10.3
3 39 16.7 22.3
4 16 16.7 -.7
5 6 16.7 -10.7
52 1 16.7 -15.7
Total 100

compensation management

Observed Expected
N N Residual
rank1 19 20.0 -1.0
rank2 32 20.0 12.0
rank3 16 20.0 -4.0
rank4 14 20.0 -6.0
rank5 19 20.0 -1.0
Total 100

development and career option

Observed Expected
N N Residual
rank1 24 20.0 4.0
rank2 17 20.0 -3.0
rank3 24 20.0 4.0

rank4 16 20.0 -4.0

rank5 19 20.0 -1.0
Total 100

work life balance

Observed Expected
N N Residual
rank1 23 20.0 3.0
rank2 16 20.0 -4.0
rank3 23 20.0 3.0
rank4 20 20.0 .0
rank5 18 20.0 -2.0
Total 100


Observed Expected
N N Residual
rank1 14 20.0 -6.0
rank2 21 20.0 1.0
rank3 23 20.0 3.0
rank4 20 20.0 .0
rank5 22 20.0 2.0
Total 100


There is no significant difference in the importance of the factors influencing employee

retention vise versa organization

Ho: There is no significant difference in the importance of the factors influencing

employee retention vise versa work experience


Total work Mean Sum of

experience N Rank Ranks
compensation 1
11 10.27 113.00
5 6 6.67 40.00
Total 17
development 1
and career 11 8.18 90.00
5 6 10.50 63.00
Total 17
Recognition 1 11 10.91 120.00
5 6 5.50 33.00
Total 17
work life 1
11 6.91 76.00
5 6 12.83 77.00
Total 17
involvement in 1
decision 11 9.05 99.50

5 6 8.92 53.50

Test Statistics(b)

Compensati development involvement

on and career recognitio work life in decision
management option n balance making
Mann-Whitney U 19.000 24.000 12.000 10.000 32.500
Wilcoxon W 40.000 90.000 33.000 76.000 53.500
Z -1.435 -.932 -2.159 -2.395 -.051
Asymp. Sig. (2-
.151 .351 .031 .017 .959
Exact Sig. [2*(1- .180(a) .404(a) .037(a) .020(a) .961(a)

tailed Sig.)]

a Not corrected for ties.

b Grouping Variable: Total work experience


There is no significant difference in the importance of the factors influencing employee

retention vise versa work experience of employees

Ho: There is no significant difference in the importance of the factors influencing

employee retention vise versa age of employees

Age of Mean Sum of

respondent N Rank Ranks
compensation 25 15 8.00 120.00
35 0(a) .00 .00
Total 15
development 25 15 8.00 120.00
35 0(a) .00 .00
and career
Recognition 25 15 8.00 120.00
35 0(a) .00 .00

Total 15
work life 25 15 8.00 120.00
35 0(a) .00 .00
Total 15
involvement in 25 15 8.00 120.00
35 0(a) .00 .00
a Mann-Whitney Test cannot be performed on empty groups.

Interpretation: There is no significant difference in the importance of the factors

influencing employee retention vise versa age of employees


As per the data analysis hierarchy of factors is an order of compensation management,

work life balance, recognition, involvement in decision making, development and career

As per the data analysis the factor which is more influenced the employees from targeted
bank is compensation management and least important is development and career

As per the data analysis to retain an employee in the organization there is significant role
of compensation in employee retention

As per the data analysis recognition is one of the important factor but not as important as
compensation is to retain the employees.


Comparative study of the factors influencing employee retention in few selected Private
Banks at Gurdaspur.

Name (voluntary) Gender Male/Female

Age Experience

Hierarchical position

Dear respondents,
I Priyanka, student of Lovely Professional University doing a research project on
comparative study of factors influencing employee retention in few selected private
banks at Gurdaspur. I thankful to you for taking your valuable time to fill this
questionnaire. Please read each statement carefully and rank them .There is no wrong
answer or right, be frank and chose and answer the best describe your feelings,
experience and thoughts. There is no time limit. Your answers will be kept strictly
confidential and shall not be disclosed under any conditions without your consent. The
data gathered will be used only for this research study.

1. Rank these factors in order of importance (R1=most important, R5=least important) in

retaining you in the bank?

1. Compensation.
2. Development and career options.
3. Work life balance.
4. Recognition.
5. Involvement in decision making.

2. Rank the following factor (R1=most important, R5=least important) which makes you
dissatisfied to stay with the bank due to lack of following factors?

1. Compensation.
2. Development and career options.
3. Work life balance.
4. Recognition.
5. Involvement in decision making




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