Name: Krishna Veer Singh Yadav (2008 -2010)

Title: Attrition Rate in Standard Chartered Bank

 Abstract:

National projections suggest that, during the decade of 2000-2010 about 1/2 of all employees in many
major industries and settings nationally will need to be replaced. This is due to the maturity level of
the "baby boomer" generation. While these national level data are alarming, most decision makers
would rather know their own organization's attrition rate AND the actual cost of that attrition to the
organization and its stake holders. Clearly, locally specific staff and cost data are better for motivating
local action.

All of this means that, for every organization, the strategic starting point to increased new employee
support is to be able to clearly show two factors:
1. The extent of your organization's need to recruit and employ new staff during the next five to ten
years.
2. The actual total and per employee costs of employee attrition in your own organization.

Organizations need to use two ways to establish the first set of data on employment needs:

 End-of career attrition, largely a result of retirement

 Early career attrition

Objectives:

The following survey was mainly done with an objective to analyze employee’s psychology in respect
to STANDARD CHARTERED BANK and opportunities they have in outer market.

SUB-OBJECTIVE OF THE SURVEY:

Reasons to find why STANDARD CHARTERED employee’s turnover is so high.

To recommend possible suggestions in order to have a control on attrition.

 
Recommendations & Suggestions:

Turnover rate measures the percentage of employees that leave the organization in a given time
period. Turnover can include resignations, terminations, retirements, transfers, and promotions. Agent
turnover rate is also referred to as attrition, retention rate or agent churn.

Turnover should be tracked in order to:

 Control costs
 Raise employee morale

Cost Impacts of Turnover

Turnover increases costs in a variety of ways including:

 recruiting and hiring

 temporary staffing
 lower productivity of new agents
 overtime costs for current staff while the job is vacant
 unemployment insurance premiums

Supervisors confront a major challenge with turnover and cost control. This challenge includes
balancing the cost of new hires.

Limitations:

ü  Unreliable response from the organization at times due to lack of time.

ü  Unavailability of concerned person at the time of survey.

ü  Time and other factors which are beyond the human limitations, have also a bearing on

the study.

Conclusion:

The present report indicates that the following features:-

1. Better job opportunities in outer market & pay are the main reasons for increasing attrition
rate.
2. The employees do not feel valued by their employer.
3. The working environment in the company also make them to  leave       their job.
4. Performance Appraisals are not given  at regular intervals so that the

Employee feel motivated for its work.

5. The work schedule is very much inflexible & Stressful.

6. If some possible measures are done to overcome these problems then

Attrition rate can be decreased to a large extent.

The above article was extracted from dissertations in Marketing, Finance, Human Resources,
Strategy, Information Systems by the students from Skyline College. Skyline College is amongst the
top MBA and BBA institutes in Delhi, Gurgaon (NCR).
 
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