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1.

Introduction Chapter
1.1 Introduction

The nature of the Business environment and Manager Job


has been changed a lot in the last decades. Fierce
competition in the market demand a very strong Human
rescores along with the quality product and services. One of
the major concerns for organizations is to hire efficient
employees. Today's workers have different expectations
from the companies and less hesitant to leave one job for
another if they don't feel those expectations are being met.
In fact, many employees see job skip as an opportunity for
advancement.

Surprisingly, most people do not leave their jobs only for


money. While money usually plays some role in a person's
decision to leave a company, it is not normally the deciding
factor. Insufficient management support is one of the major
reasons of employees leave.

It is expensive to lose good employees. There are some


important issues which organization should consider. Like
the costs of termination, the cost of hiring and training a
replacement, the vacancy cost until the job is filled and the
loss of productivity with a new hire. These staggering figures

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should be motivation enough for owners and managers to
begin to focus on retaining their best employees.

1.2 Origin of the report


This report has been prepared as a requirement of the
Internship program of School of Business of Independent
University. HSBC Bank (The Hong Kong Shanghai Banking
Corporation) is the place where I have gathered experience
about the operations of the financial institution. The
organization has been extremely helpful in acquiring
knowledge regarding various aspects and daily banking
activities. This report is the outcome of three-month
internship program. The research has been conducted under
the supervision of Mr. Sheikh Shiblee Sadek and Ansara
Chowdhury from HSBC Bank and Mr. A. Qaiyum Chowdhury
from the University, has also approved the topic that I
assigned for my internship report.

1.3 Statement of the problem


Banking sector is one of the fast growing industries in
Bangladesh. Beside the local Bank, many foreign banks also

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operate here to provide the service. Because of the strong
competition the banks are continuously innovating new ways
to attract and satisfy their customers. So, they are the first
to interact with customers and have a huge impact on a
customer’s impression of the institution.

Employee turnover, now-a-day is a common problem every


where. A bank may face problems when its employee
turnover rate is increased. Turnover levels vary from
industry to industry, region to region. It has many reasons;
sometimes it is the attraction of a new job in a different
company that “pull” them out of their current organization,
hence on other occasions they are 'pushed' due to
dissatisfaction in their present jobs seek alternative
employment in other company. Sometimes it is a mixture of
both “pull” and “push” factors.

The level of employee turnover varies from hiererchy to


hierechy and organization to organization and accordingly,
the impact of such turnover also varies. Everything depends
on the type of labour markets in which it compete. Where it
is relatively easy to find and train new employees quickly
and at relatively little cost, it is possible to sustain high
quality levels of service provision despite having a high
turnover rate. Employee turnover is a great problem when it
bears costs. Like—

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• Employee recruitment costs
• Employee selection costs
• Cost of covering during the period in which there
is a vacancy
• Administration of the recruitment and selection
process
• Induction training for the new employee.
• Leak of business informatio/secrecy.

Therefore, in the above scenario it is found that an


internationally reputed bank likes HSBC is also not an
exception. Hence through the research I have tried to know
the reasons of employee turnover in HSBC (CGE branch).
Also I have tried to find out relevant information about
employee turnover.

1.4 Objective of the research:

The objective of the research is- “Identify the reasons of


employee turn over in HSBC”

Specific objectives

• To identify the causes of employee turnover.


• To suggest solution of employee turnover.

1.5 Methodology:

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1.5.1 Sampling Plan:

• Population – All employees of HSBC bank in Bangladesh.

• Sample Unit--- employees of HSBC bank in CGE


(Nasirabad) Branch, Chittagong.
• Sampling type: Non Probabilistic Sampling.

• Sample technique: Judgmental Sampling.

• Sample size: 30

For selecting employees judgmental sampling has been


used and selected 30 employees from 56 for the sample
unit. All the respondents are the employees of HSBC bank
CGE Branch, Chittagong. To ensure representation
responses have been collected from different layers of
management.

1.5.2 Methods of Data Collection


The report is composed of both primary and secondary
sources of data.
Primary Data:
Primary data may be collected by the following two tools.

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1. Questionnaire Method.
2. Direct Interview Method.

Data have been collected through questionnaire from the


employees of the Bank. Primary data have been also
collected by informal interview with the officers. Structured
questionnaires were used to collect information from the
bank employees.

Secondary Data:
The secondary data have been collected from the
“Employees Job Enlist Record” of HSBC Bank, and from some
journals. Also some important information is collected form
Internet for the report.

1.5.3 Method for Analysis:


In order to analyze and interpret data some tools of
statistical analysis has been used .The statistical tools to be
followed are –
1. Mean.

2. Percentage.
3. Cross tabulation
1.5.4 Survey period
The survey is being conducted from March 10th to April 15th
2008.
1.6 Scope:

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The scope of the report is limited to all the personnel of
HSBC CGE Branch. The report will explore the reasons of
employee turnover in HSBC.
1.7 Limitations:
Objective of the practical orientation program is to have
practical exposure for the students. Our tenure was for only
three months which was some how not sufficient for
analyzing such a matter. Moreover, it was too difficult for me
to give time for preparing this report after working whole day
in the bank.

Some limitations and inconvenience had appeared as


barriers in accomplishing the report. These are as follows:

• The study is confined only to HSBC Bank CGE


(Nasirabad) Branch.
• The information that collected through questionnaire
survey and direct interview could be imprecise because
of the biasness of the employees.
• As the topic is very much sensitive so, unwillingness
and fear among most of the junior staffs on disclose
any opinion towards their boss.
• Some variation in views among the amateur and
experienced personnel.
• Insufficient time period.

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• Because of the limitation of information, some
assumptions were made. So, there may be some
mistakes in the report.

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2. Organization overview

HSBC is a truly unique financial institution that delivers


superior growth and financial performance and be the most
recognizable brand in the financial services in Bangladesh &
worldwide. Through an international network & rapidly
growing capability HSBC has achieved a strong competitive
position over other banks in Bangladesh. It creates new
opportunities for its clients by offering customize services
and maintains harmonious banker-clients relationship. It
contributes towards formation of national capital, growth of
savings and investments in trade, commerce and industrial
sectors.

At HSBC people realize how busy the customers are in


today's fast-paced world. To make the life simpler, they have
created different channels to bring banking closer to the
customer. Customers no longer have to visit our branches to
complete their daily banking transactions. Now they can
access a host of services 24-hours a day from wherever they
are.

2.1 PROFILE

The World’s local bank.


Headquarter in London, is one of the largest banking
and financial services organization in the world.

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2.2 Vision
Is to become the world’s leading financial services
company. “Leading” means preferred, admired dynamic and
being recognized for giving the customer a fair deal.
2.3 Mission
Is to grow earnings over the long run which will place it
favorably in comparison to its peer group.

Also on investing in its delivery platforms, its technology, its


people and its brand to support the future value of HSBC.

Brand
HSBC, a symbol of one of the world’s leading brand for
customer, experience and corporate responsibility.
Massage
“THE WORLD’S LOCAL BANK”

Parent Company
“The Hong Kong and shanghai Banking Corporation
Limited is wholly owned subsidiary of HSBC Holdings Plc, the
holding company of the HSBC Group.
HSBC Group maintains one of the world’s largest private
data communication network and is reconfiguring its
businesses for the e-age. Its rapidly growing e-commerce
capability includes the use of the internet, PC banking over a
private network, interactive TV, fixed and mobile telephones.

HSBC Group
The HSBC group is named after its founding member,

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“The Hong Kong and shanghai Banking Corporation Limited”
which was established in 1865 to finance the growing trade
between china and Europe.

HSBC Network
HSBC’s international network comprises over 10000
offices in 83 countries and territories in Europe, the Asia-
pacific region, the Americas, the Middle East and Africa.

Quality
Emphasis on long term, ethical client relationships.
High productivity through teamwork.
A confident and ambitious sense of excellence.
International in outlook, and character.
Creativity and customer focused marketing.

HSBC in Bangladesh
HSBC incorporated in Bangladesh in December 1996.
Started its journey in Bangladesh from anchor tower in
December 1996.
Now HSBC has 9 offices and 8 branches in
• 1. Dhaka
• 2. Chittagong
• 3. Sylhet

The Line of Business in (HSBC)


 Investment Practices
o Payment and Cash Management

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o Custody And Clearing
o Trade Services

 Personal Financial Services


o Personal Credit Operation
o Customer Services
o Branch Operation
o Personal Loans

 Commercial Banking
o Leasing, Finance and Factoring
o Payment and Cash Management
o Trade Services

 Human Resources (Salary, Benefit, Appointment etc)

 Insurance Services
 Network Service Center

HSBC ASSET PRODUCTS

• Home Loan
• Home Equity Loan
• Car Loan
• Personal Installment Loan
 Travel loan
 Student loan
 Life style loan
 Wedding loan
 Furniture loan
 Motorbike loan

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 CNG conversation loan

• Partial Secured Loan

• Other Loan Product


 Personal Secured Loan
 Personal Secured Credit

HSBC LIABILITY PRODUCTS

 Current Account
 Savings Account
 Savings Plus
 Power vantage
 Amanah Account
 Time Deposit Account
 Monthly Interest Bearing Time Deposit
Account
HSBC Savings Plan

 Children’s Savings Plan


 Education Savings Plan
 Holyday Savings Plan
 Peace of Mind Savings Plan
 Retirement Savings Plan
 Smart Savers Plan

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 Family Protection Plan

PRODUCTS FOR NON RESIDENT BANGLADESHIS

• Foreign currency current account:


A non-interest bearing transactional account to be
opened with funds remitted from abroad. US Dollars,
Pound Sterling and Euro.

• Foreign currency time deposit account:


An interest bearing time deposit account. Tenors ranging
from 1 to 12 months.

• Private non-resident taka account:


This account can be opened with taka or funds
remitted from abroad. This is a local currency account and
can be opened as an interest paying savings account or
non-interest bearing current account.

• Wage Earner Development Bond (WEDB) and US Dollar


Bond (USDB):
Government bonds issued by the Bangladesh Bank,
especially for the NRBs.

• Personal secured credit:


A taka credit facility secured by foreign currency time
deposit, WEDBs or USDBs.

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• Personal secured loan:
A fixed loan secured by foreign currency time deposit,
WEDBs or USDBs.

3. Literature Review

Conceptual Learning:

Turnover, in a human resources context refers to the


characteristic of a given company or industry, relative to
rate at which an employer gains and loses staff. If an

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employer is said to have a high turnover, it most often
means that employees of that company have a shorter
tenure than those of other companies in that same industry.
Similarly, if the average tenure of employees in a particular
sector is lower than that in other sectors, that sector can be
said to have a relatively high turnover.

Like recruitment, turnover can be classed as 'internal' or


external. Internal turnover involves employees leaving their
current position, and taking a new position with the same
organization. Both positive and negative effects of internal
turnover exist, and thus this form of turnover may be as
important to monitor as its external counterpart. Internal
turnover might be moderated and controlled by typical HR
mechanisms, such as an internal recruitment policy or
formal succession planning. Unskilled positions often have
high turnover, and employees can generally be replaced
without the organization or business incurring any loss of
performance. The ease of replacing these employees
provides little incentive to employers to offer generous
employment contracts. However, high turnover rates of
skilled professionals can pose as a risk to the business, due
to lose of intellectual property such as skills, training, and
knowledge. Notably, given the natural specializations of
skilled professionals, these employees are likely to be re-
employed within the same industry by a competitor.
Therefore, turnover of these individuals incurs both

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replacement costs to the organization, as well as resulting in
a competitive disadvantage to the business. (TAYLOR, 2002)

High turnover often means that employees are unhappy with


the work or compensation, but it can also indicate unsafe or
unhealthy conditions, or that too few employees give
satisfactory performance (due to unrealistic expectations or
poor candidate screening). Low turnover indicates that
employees are satisfied, healthy and safe, and their
performance is satisfactory to the employer. Many
psychological and management theories exist regarding the
types of job content which is intrinsically satisfying to
employees and which, in turn, should minimize external
voluntary turnover. Dismissals should also depend
negatively on the cost of monitoring since firms with high
monitoring costs would be expected to monitor their workers
less intensely. Employees resign for many different reasons.
Sometimes it is the attraction of a new job or the prospect of
a period outside the workforce which 'pulls' them; on other
occasions they are 'pushed' due to dissatisfaction in their
present jobs to seek alternative employment. Sometimes it
is a mixture of both pulls and push factors. For a fourth
group reasons for leaving are entirely explained by domestic
circumstances outside the control of any employer, as is the
case when someone relocates with their spouse or partner. It
is important to appreciate that the reasons people give for
their resignations are frequently untrue or only partially true.

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The use of exit interviews is widespread yet they are
notoriously unreliable, particularly when conducted by
someone who may later be asked to write a reference for the
departing employee. They are reluctant to voice criticism of
their managers, colleagues or the organization generally,
preferring to give some less contentious reason for their
departure. (Robbins, 2005)

The major methods of costing employee turnover are


described above. Obtaining accurate information on reasons
for leaving is harder. Where exit interviews are used it is
best to conduct them a short time after the employees hand
in their notice. The interviewer should not be a manager who
has had responsibility for the individual and who will not be
involved in future reference writing. Confidentiality should be
assured and the purpose of the interview explained.
Alternative approaches involve the use of confidential
attitude surveys which include questions about intention to
leave and questionnaires sent to former employees on a
confidential basis around six months after their departure.
(TAYLOR, 2002)

Empirical learning:

Turnover is a fact of life. Bankers may think they have it


awful, but virtually every industry faces turnover challenges.
The national fast food chains run an at unbelievable 85% –
120% annual turnover. While the turnover rate is consider

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“high” today, it should be accepted that some normalized
rate in the 10% – 15% range would be expected for even a
high performer. The good news about turnover is that the
economy is doing well and employees have options. Great
companies do achieve lower turnover. While turnover is a
fact of life, some companies have simply put this issue to
bed. Low turnover alone does not drive better performance –
While great companies typically have low turnover, it’s
important to note that low turnover does not necessarily
make you a great company. It is found that there is no
mathematical correlation between a bank’s turnover rate
and its ROA or efficiency ratio. Performance has too many
variables for turnover alone to be a primary driver.

Turnover is not an HR issue, it’s a business design issue – If


bankers expect the HR department to solve the turnover
issue, they will be sorely disappointed. Instead, bankers
should get to the real strategic issues about why someone
would work at their bank instead of anywhere else. Humans
naturally want to work for winning teams, a bank with a clear
strategy that been drilled down into the culture has a lot
better shot at reducing turnover. The costs of turnover are
real and painful. Bankers intuitively accept that turnover is
costly, but few banks ever make real attempts to measure
this cost. Experts say that it costs 20% of an employee's
annual salary to replace the lowest production worker and
five times the annual salary to replace executives. One of

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the universal truths in business is that no one likes to work
for a wicked person. While the Human Resources
department cannot be expected to solve the employee
turnover issue, it certainly can be the coordinator and
catalyst for going after the problem. However to face this
problem the first thing HR can do is to make the turnover
issue visible and the costs real. Making visual report will
keep management focused quarter to quarter on the issue.
Another practice the HR can do is to conduct exit interviews
with employees to learn and to know the reason behind their
leave. (TAYLOR, 2002)

There is no set level of employee turnover above which


effects on the employing organization becomes damaging.
Everything depends on the type of labor markets in which
the company competes. It is possible to sustain high quality
of service provision despite having a high turnover rate. By
contrast, where skills are relatively scarce, where
recruitment is costly or where it takes several weeks to fill a
vacancy, turnover is likely to be problematic from a
management point of view. This is especially true of
situations in which organizations are losing staff to direct
competitors or where customers have developed
relationships with individual employees as is the case in
many professional services organizations. Again, it has been
noticed that some employee turnover positively benefits
organizations. This happens when a poor performer is

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replaced by a more effective employee, and can happen
when a senior retirement allows the promotion or acquisition
of a young, energetic employee

Turnover is one of those issues that floats around every year


at the bank but never seems to get a groundswell of action
to address it. It’s because most bankers have wrongfully
assumed there’s some mystic practice that HR can follow to
address the issue. Going forward, bank managers should
jump in feet first and get involved in the business issue of
keeping employees, and HR can start this process by making
the facts about turnover more visible with senior
management. (RANKIN, 2006)

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4. Findings and Analysis:

Analyzing the data collected through the questionnaire


survey with the bank personnel some findings has been
explored.

 Employees intention about switching the


existing job-

Frequency Percentage

Yes 3 10%

Not sure 18 60%

No 9 30%

N=30 100%

From the chart it is evident that, while one third of the


employees showed strong commitment towards the
organization. A significant proportion of the employee
exhibited no organizational commitment. In addition 60% of
the employees were uncertain about staying in the existing
job, which revealed their lack of loyalty towards their
existing job. This group of employees might be actively
responsible for the further turnover. Therefore the low level
of loyalty of the employees is the core cause for employee
turnover in HSBC (CGE Branch).

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 Relationship between nature of job and the
related
satisfaction level—

Satisfaction Stress Challengi Interesti Borin


level ful ng ng g

natur
e of
job
Highly 33.33 33.33% 33.33% ------
Satisfied %

Satisfied 67% 33% ------ ------

Neither ----- ------ ------ 100%


Satisfied nor
Dissatisfied

Dissatisfied 67% ------ ------ 33%

Highly 85% ------ ------ 15%


Dissatisfied

The chart above, exhibits employees relative satisfaction


level with the nature of their existing job. Surprisingly,
irrespective to the level of satisfaction majority of the

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employees perceive their job as stressful. This high job
stress is one of the major causes for employee turnover. In
addition there is a prevalence of a group to whom the job is
just boring. This group may propel the level of turnover in
long run.

 Hectic work schedule----

Type Of Work Frequency Percentage


Target Oriented 9 30%
Routine work 6 20%
Both 15 50%

From the table it is found that, maximum employee’s job is a


combination of both target oriented and routine work.
Besides performing the routine work, attaining the target put
enormous pressure on them, so soon this tight schedule
become burden some, which is likely to be responsible for
employee turnover.

 Involuntary turnover---

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Year No Of Average
Employees turnover
2006 5 6
2007 7

From the analysis it is found that over the year involuntary


turnover is increasing due to inability to attaining the target.
Average turnover is 6, which is very high relative to the level
of workforce.

5. Recommendation

Organizations must have a planned approach in order to


provide successful solutions to employees' concerns. It
needs to become part of company culture, if the organization
demonstrates to employees that they are willing to make an
investment in them ensuring positive results to follow.

If an employee resigns, then good amount of time is lost in


hiring a new employee and then training him/her and this
goes to the loss of the company directly which many a times
goes unnoticed. Even after this new hiring cannot guarantee
the same efficiency from the new employee. Management
requires time to judge his capabilities and work nature. The

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loss is even graver if the efficient employees of the
organization switch to their major competitors.

For all these and many other reasons organization need to


retain employees. For retaining employees, Management
need to understand the requirements of the employees and
at the same time should make them clear about the
expectations of the company from them. The company
management should make their employees accountable for
their respective jobs and make them feel that they are very
important for the smooth processing of that process

HSBC can take the following steps to reduce their turnover


rate and make a long time commitment with the employees.

Career Development Program


Every individual is worried about his/her career. HSBC can
provide them conditional assistance for certain courses
which are also beneficial from business point of view. For
getting admitted to such program, Management can propose
them to sign a bond with the company, like they cannot
leave the company for 2 years or something after the
successful completion of the course.

Performance based Bonus

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To get more work out of the employee, HSBC can make a
provision of Bonus. By this employee will be able to relate
himself with the company’s profit and hence will work hard.
This bonus should be productivity based.

Making the employees easily accessible to managers

HSBC should make the employee easily accessible to the


management. Top Management expectations should clearly
communicate to the employees, so they can perform their
job better.

Employee empowerment
HSBC Management can increase sense of belongingness of
each employee so that they can also feel themselves as
important as their officers in higher hierarchy. If employees
can develop this sense of belongingness then, they will
reconsider leaving the company.

Loyalty Bonus
HSBC can introduce a Loyalty Bonus Program in which
Management can reward employees after a successful
completion of a specified period of time. This can be in the
form of Money or Position.

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Involve in the decision making

Involve in the decision making can bring a significant


employee satisfaction. Employees can feel they are a part of
the whole process. Also this involvement can create a sense
of responsibility to be more attentive in the planning
process.

Gifts at some Occasions

Management can give some gifts at the time of one or two


festivals to the employees making them feel good and
understand that the management is concerned about them.

Surveys

HSBC should conduct regular surveys for feedbacks from


employee about their satisfaction as well as other issues and
suggestions. This will make them feel of their importance
and the caring nature of the company. Some of the
suggestions might be of real good use for the company.

For a company, the workforce is like an intellectual property,


both in terms of skills and money. A trained and content
workforce can lead a company to new
heights while an opposite one can hamper it badly. So
Management needs to take the necessary steps to minimize

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the employee turnover and create a bond with the
employees.

5. Conclusion

In the present scenario, world is turning into a global village.


In this situation, the biggest challenge for a company is to
retain its workforce intact especially the efficient employees.
Employee retention is more than a buzz word, it is a very
real and powerful part of doing business in today's
marketplace. It is becoming more and more difficult to find
and retain top talent. The company must recognize and
embraces the need of its employees. Satisfied employees
can lead to provide better service to the customers and earn
greater reputation and profitability for the company.

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Appendix—

Questionnaire:

I am a student of Independent University Bangladesh


and currently enrolled for my Internship program in
HSBC Bank. I am conducting this survey to prepare
my Internship Report on “Identify the reasons of
employee turnover in HSBC”. The purpose of the
survey is to know the reasons of employee turnover
in HSBC (CGE Branch).
Your participation in this survey is really appreciated
and will help me to conduct the survey successfully.
It is assured that the information you will provide will
be strictly kept confidential and used for educational
purpose only.

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Thank you for your time and cooperation.

Sincerely

Sultana Pervin Keya

Please choose your best option among the


choices-

1. Gender of the respondent?

a. Male b. Female

2. Mention your job designation?

…………………………..

3.Which level of management best describes your


position in the hierarchy?

a.Top
b.Mid
c. First line (low).

4.How long have you been working for HSBC?

a.1-2 years
b.2-3 years

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c. 3-4 years
d.4-5years
e.5years above

5.Did you work for any other companies before


joining at HSBC? (If Yes then answer the next
question)

a. Yes b. No

How long did you worked for that company?

a.less than 1 years


b.1-2 years
c. 2-3 years
d.3-4 years
e.more than 4 years

6.What was/were the dissatisfying factor/s with the


company you used to work?

a.Incompatible salary
b.Job position
c. Limited opportunity for personal growth
d.Other (specify) ______________.

7.Would you switch this job if you get any better


offer in any companies?

a. Yes b. Not sure c. No

8. What sort of job you are currently doing in


HSBC?

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a.Target oriented
b.Routine work
c. Both

9. How do you perceive the job you are in?

a.Stressful
b.Challenging
c. Interesting
d.Boring

10. Are you satisfied with the nature of the job?

5 4 3 2
1
| | | |
|

Highly Satisfied Neither satisfied


Dissatisfied Highly
satisfied nor dissatisfied
dissatisfied

11. How do you rate satisfaction level with your


existing salary?

5 4 3 2
1

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| | | |
|

Highly Satisfied Neither satisfied


Dissatisfied Highly
satisfied nor dissatisfied
dissatisfied

12. How secure do you think your job?

5 4 3 2
1
| | | |
|

Highly Secured Neither secured


Unsecured Highly
secured nor unsecured
unsecured

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 Employees intention about switching the
existing job-

Frequency Percentage

Yes 3 10%

Not sure 18 60%

No 9 30%

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Emplyees intention

60%

50%

40%

30% Percentage

20%

10%

0%
Yes Not sure No

 Relationship between nature of job and the


related satisfaction
level—

Satisfactio Stressf Challengin Interestin Boring


n level ul g g

nature
of job
Highly 33.33% 33.33% 33.33% ------
Satisfied

Satisfied 67% 33% ------ ------

Neither ----- ------ ------ 100%


Satisfied
nor
Dissatisfied

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Dissatisfied 67% ------ ------ 33%

Highly 85% ------ ------ 15%


Dissatisfied

Nature of job and satisfaction level

Highly Satisfied

Satisfied

Neither Satisfied nor


Dissatisfied
Dissatisfied

Highly Dissatisfied

 Hectic work schedule----

Type Of Work Frequency Percentage


Target Oriented 9 30%
Routine work 6 20%
Both 15 50%

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Hectic work schedule

30%
Target Oriented
50% Routine work
Both

20%

 Involuntary turnover---

Year No Of Average
Employees turnover
2006 5 6
2007 7

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Involuntary turnover

8
7
6
5
4
3
2
1
0
2006 2007

No Of Employees

Reference:

• www.hsbc.com

• www.gmi.org/research/websites.htm

• www.cipd.co.uk/surveys

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• TAYLOR, S. (2006) ‘Are you keeping your
employees happy?’ The HR Director. . London:
Chartered Institute of Personnel Development.

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