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    2K22DMBA48 himanshi
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    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%.

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    HRM ASSIGNMENT 1

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    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%.

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    © All Rights Reserved
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    34 views5 pages

    HRM Assignment 1

    Uploaded by

    2K22DMBA48 himanshi
    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%.

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    of 5

    MBA 201

    HUMAN RESOURCE MANAGEMENT


    ASSIGNMENT 1

    ABHISHEK KUMAR 2K22/DMBA/08


    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.

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