Study of Recruitment strategy with Reference to Employee Retention in Indian Banking and Insurance Sector

Abstract

In India, there is an acute shortage of banking and insurance talent in the newlinemarketplace as there is no formal banking and insurance education. Therefore, newlineit becomes essential to retain the existing talent. Before an organization thinks newlineabout retaining employees it is essential to have in place a strategy that attracts newlinethe right people. Thus, effective recruitment is the first step to retain staff. newlineThis study aims to present findings of study of recruitment strategy adopted by newlinethe banks and insurance companies in India and retention of employees in the newlinesame organizations. Specifically, the objective of this study is to find the newlinerelationship between elements of recruitment strategy and categories of newlineemployees retained. Based on previous literature and in-depth interviews with newlineHR and recruitment heads of banks and insurance companies, a survey was newlinedesigned and distributed to banks and insurance professionals across India. newlineThe results of this study are supportive of the existence of significant newlinerelationships between the set of independent variables and employee retention. newlineIt is evident from this study that recruitment strategy variables individually newlineshow significant correlation with post-hire outcomes of retention like newlinecommitment, burnout, and turnover intent. newlineThe companies should pay attention not only to evaluating formal newlinequalifications, job relevant technical ability, etc., but also share right newlineinformation at right time, give positive recruitment experience, fair interview newlinestructure, and execute realistic applicant attractors. newline