Employees Procurement & Exit Management In Indusind Bank: [Essay Example], 1614 words GradesFixer
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Employees Procurement & Exit Management In Indusind Bank

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Introduction

In India banking is as old as man on earth. The existence of banking system in India can be traced in Vedic period. Indian banking sector has undergone major changes and reforms in the modern context of society. We all know technology play a lead role in the banking sector. Innovations like Cash-on-mobile, Quick Redeem, Denomination Selection, Check on Cheque, My Account My Number, Video Branch etc Generating first of kind services/innovations which further improve a customer’s banking experience are key drivers towards this. The bank prides itself of having been able to understand its customer’s needs and provide such solutions.It is reckoned as a hub and barometer of the financial system in a country.. India is an emerging economic power with a very large pool of human and natural resources, and a growing large pool of skilled professionals. Indian Banking Sector is most developed, organized and diversified sector. This sector is an important tool for facilitating the development of Indian Economy. (Mehta 2016).

ATTRACT, RETAIN and MOTIVATE are the major challenges facing by human resource manager for their employees in an Organization .It is said if right person is appointed at right place the half work has been done. But Understanding why your employees leave is almost as important as understanding why they stay. Some would say it is even more important. An employee’s real reasons for leaving can be revealed in exit interviews. In the most straightforward terms, an exit interview is simply a means of determining the reasons why a departing employee has decided to leave an organization.In this paper I have tried to cover all the important points that are undertaken in the recruitment, selection and exit management process of IndusInd Bank Ltd.

Recruitment and selection process of indusind bank

The recruitment process of IndusInd Bank Ltd is a long process which starts from interviewing the candidate, and then if the candidate is selected and fulfills all the criteria, then he/she is generated offer letter for the job. When the candidate accepts the offer letter, then further process and procedure is followed during which the Employee Code Number of the candidate is generated and then it ends when the candidate is enrolled in the payroll of the bank.The recruitment process of IndusInd Bank Ltd is further explained in detail:-

The following process is followed serially under recruitment process:-

  1. Interview
  2. Offer letter
  3. Appointment Letter
  4. New E – Joining Process

(a). ECN Generation

(b). PayrollThe steps under new e-joining process are as under:-

  • First of all candidate’s 5 digit reference number is generated by clicking Initiate IBL Candidate and filling the details. It is used for further reference in the process ahead.
  • Then after reference number generation, on the same page below, the following 4 documents are uploaded:-(a). Latest resume – Self Attested (b). Interview Assessment Sheet (signed by interviewer and HR§ Manager) (c). Family Declaration – (signed by candidate)§ (d). Interview Declaration Sheet – (signed by candidate on all the 3 pages)
  • In the second step the remaining documents of the candidate are uploaded by going on RHR option except medical certificate.
  • In the 3rd step RHR approval of the documents are required.
  • In the 4th step 3 documents are uploaded in RHR offer released:-(a). Offer letter is uploaded(b). Employee reference check form is uploaded(c). Approval mail is uploaded
  • In the 5th step the offer letter released by RHR is accepted and it is clear that the candidate joining process will be completed.
  • In RHR Medical Initiate, the medical certificate of the candidate is initiated.
  • In RHR upload Medical Certificate, the medical certificate of the candidate is uploaded.
  • In RHR appointment letter mapping, the previously generated appointment letter number is filled. Then by clicking the option view appointment letter, the appointment letter of the candidate is viewed and hard copy of the appointment letter is generated. Then the hardcopy of the appointment letter is given to the candidate and the soft copy is uploaded.
  • In RHR resignation copy the candidate’s previous company’s resignation acceptance is uploaded.
  • Then the reference number of the candidate is sent to the head office for approval of Employee Code Number.
  • After receiving ECN approval, then the RM confirmation date of joining is filled and as soon as it is done, the ECN will be generated automatically.
  • ECN generation does not mean that he is added to the payroll of the bank. For adding him to the payroll, a candidate himself fills his profile form online in which his details are filled.
  • Then in RHR approval of profile form, the approval of the profile form is taken.
  • In RHR upload joining document, joining kit of 25 pages is printed and the hardcopy is generated. The joining kit is then uploaded.
  • RHR approval of joining kit is then taken.
  • The onboarding team in Mumbai HR gives approval and the candidate is added to the payroll and his salary will be released on time.

EXIT PROCESSA employee if he/she had done with exit formalities that means if they had submitted the required documents for exit.Then they can get there FULL AND FINAL salary after 15 days when these exit documents received by the HR team (Mumbai, Head office)And after receiving full and final employee will get his/her RELIEVING LETTER after 45 days of full and final. Here the exit of employee completes.

ABSCONDING EMPLOYEES-Employees who leave the organization without intimating they are called absconding employees. These employees are not provided with relieving letter. And some cases these employees are listed in black list. Based on this analysis of the reasons for leaving it should be recognized that, in many cases, the organization has at least some influence over the employee’s decision to voluntarily give up a job. In fact, when all reasons for leaving are categorized in terms of the employer’s impact on the decision to stay or go and the employee’s own level of control over the decision, more than 50% of the reasons for leaving are within the control of both the employer and the employee. From this analysis, it is clear that organizations should seriously consider what strategies and policies are in place to reduce turnover and retain valuable employees.

Findings and suggestions

  • The highest number of new hire is in the age group 26-30 yrs. The lowest number of new hires is in the age group of above 41 Years.
  • During the survey it was found that the new hire by region is highest in the north region. The lowest hiring rate is in the East region and more males are hired as compared to females.
  • The highest number of recruitments is done from campus that is educational institutes etc. The second highest recruitments is done from walk in interviews. The next is from consultants and the lowest from references of employees.
  • It was found that 68% candidates coming for joining process are satisfied with the way the work is undertaken by the HR Department And 30% of the employees feel that the working environment in the bank is very good, 40% feel it is good, and for 25% it is satisfactory.
  • There will be delay in clearing exit data because of incomplete documents of the employees.
  • Sometimes employees did not cooperate.
  • Employees are unaware of exit formalities.
  • Because of documentation, some essential forms get misplaced.
  • Employees did not get revert from settlement desk.

Suggestions

  1. Manpower requirements in each department of the bank should be identified well in advance.
  2. Time management is very essential and it should not be ignored at any level of the process.
  3. The recruitment process should not be lengthy and time consuming.
  4. There should be proper coordination and communication between all the members of the HR team.
  5. Proper care should be taken that the candidate or employee joining the bank is satisfied in all the respects.
  6. This system of exit should be done online.
  7. Employees can initiate the separation request online and based on the configured workflow authority assigned; resignation and terminations can be approved or rejected.
  8. Online exit forms and exit interviews can be initiated and automated mails send to the employees,.

Conclusion

From the above study, it can be concluded that the recruitment process at IndusInd Bank Ltd. is a long, lengthy and time consuming process as there are lots of formalities to be done before the whole process of joining is completed. It sometimes results into dissatisfaction among candidates or employees as they have to wait a lot for their turn for joining process. The process should be made as such as the employees are satisfied and the work is not delayed. It is important as the recruitment process has a great impact on the working of the bank as new ideas enter in the bank.The process of recruitment is effective. The formalities in the joining process further could be shortened in such a way that it is effective as well as it results in the satisfaction of employees.Bank need to improve their strategy of Attract, Retain and Motivate As human resource is an important asset for survival of a nation.

References:

  1. Mehta.esha. (2016). Literature Review on HR Practice in Banking Sector. International Research Journal of Engineering, IT & Scientific Research (IRJEIS), 2 (7), 90-97.
  2. Anita. (2014).A comparative study of Public and Private Sector Banks of India in regards to Customer Satisfaction. International Journal of Reviews, Surveys and Research (IJRSR), 3(2), 11.
  3. Davda v. Nishit & solanki. Ashvin. (2014). A Review Article on New Private Sector Banks in India: Challenges and Opportunities. Indian Journal of Research, 3(12), 2-4.
  4. Sinha.deepti.(2013).Study of Job Satisfaction of the Employees of Private Sector Banks .International Journal of Education and Psychological Research (IJEPR),2(2),33-40.

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GradesFixer. (2019). Employees Procurement & Exit Management In Indusind Bank. Retrived from https://gradesfixer.com/free-essay-examples/employees-procurement-exit-management-in-indusind-bank/
GradesFixer. "Employees Procurement & Exit Management In Indusind Bank." GradesFixer, 26 Nov. 2019, https://gradesfixer.com/free-essay-examples/employees-procurement-exit-management-in-indusind-bank/
GradesFixer, 2019. Employees Procurement & Exit Management In Indusind Bank. [online] Available at: <https://gradesfixer.com/free-essay-examples/employees-procurement-exit-management-in-indusind-bank/> [Accessed 12 July 2020].
GradesFixer. Employees Procurement & Exit Management In Indusind Bank [Internet]. GradesFixer; 2019 [cited 2019 November 26]. Available from: https://gradesfixer.com/free-essay-examples/employees-procurement-exit-management-in-indusind-bank/
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