Talent Retention strategies in Banking Sector in India: A Quantitative Study

The banking sector in India has been growing rapidly in recent years, resulting in increased competition for talented employees. As a result, talent retention has become a critical issue for banks seeking to maintain a competitive edge. Research on this will help add on to the existing literature on talent management and retention in the banking sector in India by providing empirical evidence on the most effective talent retention strategies currently in use. This research veers towards examining talent retention strategies in the banking sector in India through a quantitative approach. The following literature review also aims to identify the factors that influence employee retention in the banking sector in India. The findings of this study are expected to provide insights into the most effective talent retention strategies for the banking sector in India and to assist in developing strategies that can help retain talented employees in this industry.


Introduction
The banking sector in India has been witnessing significant development in contemporary times, with new companies entering the market and expansion of the operations of the ones that are currently existing.However, this growth has also brought with it intense competition for talent, which has made talent retention a critical issue for banks operating in India.The loss of talented employees can have a significant impact on a bank's operations, including its ability to compete, innovate and grow.
The study is particularly important in light of the changing demographics and workforce dynamics in India.With a growing young workforce, banks need to ensure that they are able to attract and retain top talent, particularly millennials who are known to prioritize work-life balance, career development opportunities, and a positive workplace culture.The study is also important from a societal perspective, as the banking sector in India plays a critical role in driving economic growth and development.By retaining top talent, banks can ensure that they are able to meet the evolving needs of customers and contribute to how the Indian economy grows.
The aim of the following literature review is to examine the talent retention strategies used by banks in India and to evaluate their effectiveness in retaining employees as outlined in various studies.The review focuses on various factors such as employee turnover, employee engagement, benefits and compensations, development of individual careers, balance within www.psychologyandeducation.net work and life, leadership and management, performance management, employee satisfaction, organizational culture, training and development, and succession planning.These findings are expected to help amass the existing body of knowledge on talent retention in the banking sector in India and provide insights for banks to improve their talent retention strategies.Additionally, the study will also have practical implications for HR professionals and policymakers in the banking sector, who can use the findings to design and implement effective talent retention strategies that can help attract and retain the best talent in the industry.
Overall, this research on talent retention strategies in the banking sector in India is timely and relevant, and its findings are expected to have important implications for banks, HR professionals, policymakers, and the wider society.(2015) states that the purpose of this research study is to investigate the talent management issue in the banking sector, which is public as well as private.The research looks on the focus and initiatives on managing employees in a few commercial and public banking organisations.Key findings indicate that talent administration activities in banks in the private sector are more developed than in banks in the public sector in terms of incentives, pay, and selection methods.Banks in the government sector reward with job security with ongoing employment and post-employment pensions.The purpose of the research study by Bist and Srivastava (2013) is to investigate the talent management issue in the industry of banking.With the banking industry growing increasingly innovative and focused on customers, identifying and managing brilliant individuals has become the most difficult issue.The study investigates the focus and initiative on talent management in a sample of commercial and public sector banks.

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The purpose of this study paper by Athawale (2013) is to leverage the recruiting and hiring situation in the banking industry.Taking advantage of India's thriving banking business, which is competitive and customer-oriented, identifying and managing skilled competent individuals becomes a huge problem.The talent management need research demonstrates the urgency and effort on talent management in chosen commercial and public sector banks.In terms of salary, incentives, appreciation, and selection procedures, the core thesis results of this research indicate that initiatives to manage talent are better developed in private financial institutions as opposed to those in the public sector.Chahal and Kumari (2013) state that the purpose of this article is to analyse the influence of talent management on company outcomes in a public-sector bank using corporate responsibility as a proxy metric.According to the findings, cabinet features had a little influence on business success, however the auditing panel and ownership arrangement had a considerable impact.The research has three corporate governance bodies and periodic updates from a four-year period of financial records.Ramu (2014) found that Indian banks are not disconnected from the international financial system, nor have they emerged unscathed from this calamitous incident.According to him, one possibility is to utilise talent management practises to re-evaluate the bank's HR strategy and shift course, maybe through a benchmarking exercise.Even if a bank's practises www.psychologyandeducation.net and supporting technological systems are solid and up to date, talent management will fail unless senior executives commit deeply.Vimala (2011) observed that Indian banks have neither been cut off from the world financial system, nor have they escaped this terrible episode untouched.One option is to use talent management practises to reassess the bank's HR strategy and change direction, maybe through a comparison exercise.Even if a bank's follows and accompanying technical systems are sound and cutting-edge, talent administration will fail unless upper management make a significant commitment.The success of this initiative is predicated on all bank management, from the starting ranks to the other side, agreeing to forego long-term relationships with individuals, inside as well as outside of the organization's bounds.
The study by Shukla (2014) aims to concentrate on the topic of keeping employees in banks in the private and public sectors.On the foundation of their staff turnover practises, public sector banks were compared to their private sector counterparts.Both primary and secondary data were utilised to determine the necessity for staff retention in banks, as well as an indepth investigation of the various employee retention strategies in place.According to the study, public sector banks are unfavourably confronted by the issue of retention of talent and do not have any defined staff retention policy, whereas private sector banks place a high value on talent retention and have various HR practises and procedures in place to keep the best skills in their organisation.Jyoti and Rani (2014) This article investigates managers' retention of talent practises in the Indian banking sector and underlines the implications for retaining talent.Data was gathered from branch managers and key personnel at India's public and private banks.The findings indicate that bank executives have a gifted attitude and take part in talent retention practises, but their input is not solicited for operational choices.
Madukeke and Emerole (2016)'s research used thirty-five staff members as participants.The study discovered an important beneficial connection between creative culture and employee engagement in commercial banks.To summarise, a high talent retaining organisation requires idea creation, capacity, and risk taking.It was suggested that banks modify their creative methods in order to handle the pressure put on them by rivals.
Latukha and Selivanovskikh (2016) examine talent management practises in information technology (IT) organisations in Russia, India, and China, highlighting contrasts and similarities.Using the setting of a developing market, the authors discuss the issues impacting personnel management, especially in IT firms.The study evaluates pertinent studies on the major talent management concerns in Russia, India, and China, and provides one of the first intercountry comparative evaluations of talent management practises in developing market IT organisations.Although different institutional and cultural factors influence talent management practises, the authors argue that there are similarities and differences that can be explained by emerging market and industry-specific contexts.
Muduli (2008) The study's goal is to investigate TM practises in Indian corporations.TM practises studied include recruitment and staffing, competence management, leadership development and evaluation, performance management, remuneration, benefits www.psychologyandeducation.net of administration, and planning for succession.The efficacy of talent management practises is assessed using a talent management outcomes scale with factors such as tardiness, turnover, absences, and efficiency.Data for the research were gathered from executives and nonexecutives working in India's industrial and service sectors.The impact of TM practises on the dependent variable, i.e.TM result, was investigated using correlation and regression analysis.As a result, certain practises appear to be highly vital, while others appear to be less important.Recruiting and hiring, competence administration, leadership growth and evaluation, and task management were shown to have the least correlation with absenteeism, but remuneration and planning for succession appeared to have a stronger correlation.
Madhuri and Kavita (2012) expound on the kinds of debates there exist when it comes to different operational practices in terms of understanding and progressing.The study uses results from a survey of 25 HR professionals and 30 employees each from AXIS Bank and ICICI Bank.Bhattacharya (2017) They concluded that Indian organisations that are effective in retaining talent have mainly adopted a collegiate environment.They also note that some essential talent administration structures can be discovered based on a review of talent management practises in Indian organisations, which might foster a culture of collegiality.Emulating the talent management practises of Indian organisations, they state that when talent management practises are reinforced with the aforementioned constructions of collegiality, greater outcomes, notably in terms of higher talent retention, may be obtained.

Rana et al., (2013)'s research investigates talent retention practises of Bharat Heavy
Electricals Limited (BHEL), a Navratna PSE of the Indian government.It discovers that efficient talent management practises assist Indian public sector organisations in retaining their finest employees.The practical consequences imply that organisations ought to make investments in the method of managing and cultivating talent in order to increase their own labour force's reserve of abilities.
Dhanabhakyam and Kokilambal (2014)'s article attempts to highlight talent management practises used in four main industries: banking, medical care, industrial production, and information technology.Also included are practises that are more frequent in various businesses.This study attempts to map present talent management practises and their advantages to individuals and organisations.

Objective of the Study
To measure the talent retention strategies in banking sector in India

Methodology
The present study is based on a survey conducted with a structured questionnaire.In the analysis, there were 221 participants who took part.To identify the results, statistical techniques such as mean and t-test were employed.The research employed a convenience sampling method, where participants were selected based on their availability and accessibility.
PSYCHOLOGY AND EDUCATION (2018)  statement "Engaging employees in decision-making processes and valuing their input can lead to increased job satisfaction" shows the mean value of 4.36.The mean value of 4.34 is scored by the statement "A positive work culture that values diversity, equity, and inclusion can help retain employees" and for the statement "Recognizing and appreciating employees' contributions can boost their morale and motivation" mean score is 4.25.The statement "Encouraging employees to refer qualified candidates for open positions can lead to a more diverse and skilled workforce" shows the mean value of 4.14.The last two statements are in the lowest range, "Offering comprehensive employee benefits may help retain talent in the banking sector" mean value of 3.98, the statement "Providing regular feedback on employees' performance may help them improve and feel valued" has the mean value of 3.84.The Tvalue of every statement in the context of studying talent retention strategies in banking sector in India is significant because t-value statements are found to be positive and the significance value is also less than 0.05.

Conclusion
In conclusion, the banking sector in India is facing intense competition for talent, and talent retention has become a significant challenge for banks.This literature review aimed to note the talent retention strategies used by banks in India and their effectiveness.Their results suggest that Indian banks use a range of talent retention strategies, including compensation and benefits, career development opportunities, work-life balance, and recognition and rewards.The study found that compensation and benefits were the most effective talent retention strategy, followed by career development opportunities and work-life balance.
Overall, this research provides valuable insights into the talent retention strategies used by banks in India and their effectiveness.It suggests that banks need to adopt a multi-pronged approach to talent retention, including a mix of compensation and benefits, career development opportunities, and work-life balance initiatives, to attract and retain top talent.Banks must also focus on creating a positive work environment that fosters employee engagement and a sense of belonging.By doing so, banks can achieve their business goals and maintain a competitive advantage in the market.

Table1 Talent Retention strategies in Banking Sector in India Serial No.
Table1 displays the Mean values for the statement for the study done on the "talent retention strategies in banking sector in India", looking at the mean scores, the highest mean score is gained by the statement "talent retention strategies in the banking sector is offering competitive compensation packages to employees", the mean score of 4.47, next statement is "Rewarding employees based on their performance can lead to better job satisfaction and retention" has the mean score of 4.45.The career development opportunities are also found to be responsible for talent retention strategies in banking sector in India as shown in the statement "Banks must provide employees with ample opportunities for career development to retain employees" having a mean value of 4.43.Another concern of talent retention strategies is, "To retain talent, banks must offer a healthy work-life balance by providing flexible work arrangements and time off policies" in which the mean score is 4.39, and the www.psychologyandeducation.net