Degree

Master of Business Administration Executive

Faculty / School

School of Business Studies (SBS)

Year of Award

2024

Advisor/Supervisor

Ms. Mahreen Nazar, Assistant Professor, Department of Accounting & Law.

Project Type

MBA Executive Research Project

Access Type

Restricted Access

Keywords

HR Practice & Policies, Attrition, Turnover, Attrition in Banking, Public Sector Bank Attrition

Executive Summary

This report examines the high employee turnover rate at the Bank of Punjab and its impact on the bank's operational efficiency, financial performance, and its impact on the current employees. Employee turnover is a crucial issue, remarkably in the banking sector, whereby the loss of skilled employees can affect service continuity and increase recruitment and training costs. The purpose of this study is to evaluate the current HR policies and practices at the Bank of Punjab, identify the key factors contributing to employee turnover, and provide recommendations to enhance employee retention. The study employed a descriptive research design, using survey questionnaires to collect quantitative data from current and former employees of the bank. The survey focused on factors such as job satisfaction, career development opportunities, mentoring programs, rewards systems, and supervisor relationships. The data was analyzed through correlation analysis to identify a relationship between these factors and employee turnover intentions. Key findings from the survey indicate that the most important factors influencing employee turnover at the Bank of Punjab are uncompetitive compensation packages, limited career development opportunities, job and skills mismatch, poor working conditions, and lack of recognition for work done. These findings suggest that while the bank has established career development programs and mentoring initiatives, there is room for improvement in these areas to enhance employee satisfaction and loyalty. Additionally, the rewards system, including salary and bonuses, needs to be reviewed and adjusted to be perceived as fair and competitive within the market even though the general banking landscape in Pakistan is notorious for lower compensation and more focus on other benefits. The study concludes with several recommendations to reduce employee turnover at the Bank of Punjab. Some of which are enhancing career development programs by offering regular career planning sessions, improving the quality and accessibility of mentoring programs, optimizing the rewards system to ensure fairness and competitiveness, and fostering positive supervisor relationships through effective leadership training. By implementing these strategies, the Bank of Punjab can reduce turnover rates, retain skilled employees, and maintain its competitive edge in the banking industry.

Pages

vi, 26

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