The document discusses steps taken by BA Continuum Pvt. Ltd. to reduce employee turnover rates. It describes initiatives to improve employee engagement through daily team meetings and activities. It also details effective communication channels like an internal network and surveys. Additionally, it covers work-life balance programs like a hybrid work week and various types of leave. Training and development opportunities as well as reward and recognition programs are also provided to promote employee satisfaction and retention. As a result of these holistic efforts, BA Continuum has achieved an employee turnover rate of 11%, below the industry average of 23%.
The document discusses steps taken by BA Continuum Pvt. Ltd. to reduce employee turnover rates. It describes initiatives to improve employee engagement through daily team meetings and activities. It also details effective communication channels like an internal network and surveys. Additionally, it covers work-life balance programs like a hybrid work week and various types of leave. Training and development opportunities as well as reward and recognition programs are also provided to promote employee satisfaction and retention. As a result of these holistic efforts, BA Continuum has achieved an employee turnover rate of 11%, below the industry average of 23%.
The document discusses steps taken by BA Continuum Pvt. Ltd. to reduce employee turnover rates. It describes initiatives to improve employee engagement through daily team meetings and activities. It also details effective communication channels like an internal network and surveys. Additionally, it covers work-life balance programs like a hybrid work week and various types of leave. Training and development opportunities as well as reward and recognition programs are also provided to promote employee satisfaction and retention. As a result of these holistic efforts, BA Continuum has achieved an employee turnover rate of 11%, below the industry average of 23%.
ANUSHKA SINGH 2K22/DMBA/23 DHANISHTH BALI 2K22/DMBA/37 DIKSHA TANDON 2K22/DMBA/40 HIMANSHI JAIN 2K22/DMBA/48 We have interviewed Mrs. Prachi Sharma who has been working as an Assistant Manager (HR) in BA Continuum Pvt. Ltd. which is a non-banking subsidiary for Bank of America.
Reducing voluntary turnover rates is a critical concern for
organizations. High turnover rates can be costly and disruptive, resulting in lost productivity, reduced morale, and increased recruitment and training expenses. To address this issue, many companies are taking proactive steps to address the underlying causes of turnover. Here, we will discuss some of the key steps that BA Continuum has taken to achieve this goal.
IMPROVED EMPLOYEE ENGAGEMENT
Employee engagement leads to employee satisfaction & motivation resulting in increased productivity of the workforce. It takes place in the form of fun activities to reduce the stress and ensure well being of employee's mental health. Team huddles are done on daily basis so that employees have sense of belongingness towards their team, work and the organization. Meetings with the upper management are done to facilitate direct contact between operatives and upper management to address to the employee issues more effectively leading to smooth working on daily basis in the organization. Also, team budgets are decided and given on a 3 months basis to promote team building activities such as team lunches and outings. It results in team bonding through shared conversations, ideas, and laughter.
The company believes that appreciated employees are
happy employees and gives utmost importance to employee satisfaction, motivation and retention. EFFECTIVE COMMUNICATION CHANNELS It has developed an open and transparent culture at Bank of America where employees feel comfortable expressing their concerns and opinions. Regular feedbacks and performance reviews have helped the bank identify areas for improvement and a gateway for discussions. The Bank has its own Intranet network, name of FLAG SCAPE for mass communication and organizational updates between all the countries and regions to the authorized users. The network has various essential links to connect with different departments such as finance for reimbursements, Tech for technical issues and raising tickets, and HR for clearing their queries and getting documentation. Also employee satisfaction surveys are circulated and filled by employees anonymously once a year which presents a transparent picture of the working conditions as well as employee satisfaction. Skype is also widely used in the organization by all the employees regardless of the department, process or location for effective communication.
WORK LIFE BALANCE
Most processes do not have the concept of overtime, and everyone at every level works 5 days a week. The bank has also recently introduced a new hybrid working structure in which an employee is only expected to work 3 days in the office and 2 days from home in a week. Employees now have greater autonomy and control over their personal and professional lives leading to higher satisfaction and reduced stress enhancing organization's ability to keep them on board. Also adequate leaves are enlisted for an employee (24 privileged and 12 sick leaves). Also, provisions for other type of leaves like family emergency leave, maternity leave, marriage leave etc have also been made. TRAINING AND DEVELOPMENT Bank of America believes in improving employee skills and knowledge which in turn increases their value in the company through training and development practices on a daily basis. There are various compliance trainings and domain related trainings available for the employees to choose from and improve their knowledge and skills. All these trainings are with the partnership of CORNERSTONE and proper certifications are provided after completion of any training which can be used internally in the bank when applying for roles or promotions in different domains. The bank also provides reimbursement for higher education (upto INR 3,60,000) to employees after completion of the course.
REWARD AND RECOGNITION
The bank maintains a positive work environment and improved employee morale in the organization through various reward and recognition programs like bonuses, incentives etc. resulting in motivated and retained employees. Every month a process scorecard is generated for each process and the top performers are provided with bronze, silver or gold certificates consisting some points which can be redeemed for shopping at the banks' own marketplace. Promotions are done twice an year to appreciate and reward the deserving employees and create a sense of healthy competition in the work force. Also, increments are also given on time and this year for the first time dual increments were given one mid and one year end which has not yet happened in any other organization in the industry. All these strategies and factors have somewhat contributed in maintaining the low employee turnover rate for BA Continuum India.
BA Continuum has adopted a holistic approach to reduce
employee turnover rate by conducting regular employee surveys, providing a positive work environment, offering flexible working arrangements, and promoting professional development. By taking these steps, the bank has created a more engaged and satisfied workforce, leading to higher productivity, increased profitability, and reduced turnover rates. The current employee turnover rate for BA Continuum is around 11% which is way below the industry average of 23%
To lower this rate even further, the HR can organize a
system of more frequent communication and immediate (in case of urgencies) with the employees to address to their preferences and issues and provide them with answers. Currently the employees have to reach out to the HR through online portals and talk through chat or schedule a meet as per HR’s conveniences. If this system could be improved and replaced with meets with HR at regular fixed intervals it could give rise to more transparency and issues faced by employees.