Its just an overview of the retention strategies of a particular institution.

1. Human Resource Management
(HRM-502)
Assignment On
“Exploring Human Resource Retention Strategies:
A case study on BRAC Bank Limited.”
Supervised By
Abu Md. Abdullah
Assistant Professor
Faculty of Business Administration
Eastern University
Prepared By
Kishuwara Binta Kabir
ID: 191600007
Date of Submission: 3rd
May, 2019

2. “Exploring Human Resource Retention Strategies:
A case study on BRAC Bank Limited.”

3. Table of Content
1 Introduction 1-2
1.1 Introduction: 1
1.2 Objectives: 2
1.2.1 Broad objectives: 2
1.2.2 Specific Objectives: 2
1.3 Methodology: 2
1.3.1 Methods: 2
1.3.2 Sample Size: 2
1.3.3 Primary Sources: 2
1.3.4 Secondary Sources: 2
1.4 Scope & Limitation: 2
1.4.1 Scopes of the study: 2
1.4.2 Limitations of the study: 2
2 Company Overview 3-5
2.1 Company Overview 3
2.1.1 Company Profile 3
2.1.2 Vision 3
2.1.3 Mission 3
2.1.4 Head Office Location 3
2.1.5 Logo 3
2.2 Analysis 4
2.2.1 How do you define Employee Retention? 4
2.2.2 What qualities you look for in an employee for retention? 4
2.2.3 What strategies or methods you follow to retain your employees? 4
2.2.4 Which strategies work best to retain employees? Why? 4
2.2.5 What is the outcome of these applied retention strategies? 4
2.2.6 What are the costs of employee retention? 4
2.2.7 Why your company go for employee retention despite of having new
candidates available in the market? 4
2.2.8 Suppose, you have identified an employee who is efficient but wants to
leave, how will you retain that employee? 4
2.2.9 What is the turnover rate of your firm? Do you think it is satisfactory?
Why or why not? How will you reduce it? 5
2.2.10 Why an efficient employee will stay with you in the long run? 5

4. 3 Findings & Recommendations 6
3.1 Findings: 6
3.2 Recommendation: 6
3.3 Conclusion: 6
3.4 Reference: 6

5. 1 Introduction

6. 1. Introduction:
“Great vision without great people is irrelevant”. Human resource is every organization's
soul and soulless body is just a skeleton. Human resource is the real strength of any
organization and its business and the primary objective must be to keep them happy.
Relationship between employee and employer is interdependent across industries. The
employee works for the firm to earn profit and the employer pays compensate them with
salary in return. So, the relationship is mutually advantageous for both sides. Such
connection flourishes if the employee stays with the business for a long time, and the
employer is responsible towards the workforce in all aspects.
The key challenge, employers are now is employee turnover. Problem is not the rate of
employee leaving the firm is high, but retaining the well performing staff within the firm
for longer period of time.
Now-a-days as Bangladesh applicant population market, has more available applicants
than job offers, so employers don’t really go for employee retention. Because they believe
if one goes there are plenty of applicants that can be hired even at lower compensation
package. Even though repeated recruitment procedures cause excess cost, still they are
willing to bear the cost. Banking industry is not out of that believe.
On the other hand, applicants are so desperate to get the job that they are also willing to
work in an organization where they are undervalued. Even, employees often don’t really
negotiate with the organization about bad working environment or bad compensation
package as the job market is average. 57% of the applicants are employed only.
Existing employees are always willing to get career growth within the organization. But,
often organizations besides banks & IT departments don’t really offer for training and skills
development within the organization. So, employees go for outside trainings and enrich
their skills. Even after so much of effort if they don’t see any growth in their job, they
switch jobs within or outside the industry. It often creates an imbalance situation for the
unemployed population, as firm prefers to have employees with experience rather than a
fresher as an employee to save the cost of orienting and training the new employees.
The study gives us a current scenario of the job market which will help us to define what
sort of retention strategies each industry follows and what retention actually mean to them,
how employer prefer to retain their employees. The study will also help us to identify the
qualities an employer looks in an employee for retention and adapt those qualities in
personal and professional manner.

7. 1.1 Objectives:
1.1.1 Broad objectives:
 Exploring Human Resource Retention Strategies of BRAC Bank Limited.
1.1.2 Specific Objectives:
 Exploring the retention practices of BRAC Bank Limited.
 Identifying which retention practice worked best.
 Defining why a firm go for employee retention.
 Defining what an employer looks for in an employee for retention.
 Getting an overview of current job market.
1.2 Methodology:
1.2.1 Methods:
 Interview
 Questionnaire
1.2.2 Sample Size:
 1 Branch Manager;
 4 Officers;
 2 Other banking officers.
1.2.3 Primary Sources:
 Face to face conversation with bank officers.
 Getting answers from bank officers & branch manager.
1.2.4 Secondary Sources:
 Bank’s official website
 Internet
 Conversation with bank officers over the phone.
 Group discussion among the team mate.
1.3 Scope & Limitation:
1.3.1 Scopes of the study:
 Chance to learn about current job market.
 Chance to learn about current retention practice of banking industries.
1.3.2 Limitations of the study:
 Lack of willingness to cooperate of bank officers.
 Lack of knowledge about HR practices.
 Lack of chances to study the whole market.

8. 2 Company Overview

9. 2.1 Company Overview:
2.1.1 Company Profile:
BRAC Bank Limited started its operations in 2001 with the goal of offering banking
solutions to small and medium-sized enterprises. Inspired by its parent organization
BRAC, the world's largest NGO, BRAC Bank Ltd. launched small- and medium-sized
ticket loans to SMEs, specifically to put the grass-roots businesses within the framework
of the formal banking service.
2.1.2 Vision:
Building a profitable and socially responsible financial institution focused on market
and business with growth potential, thereby assisting BRAC and its stakeholders to build
a just, enlightened, healthy democratic and poverty free Bangladesh.
2.1.3 Mission:
 Sustainable growth in Small & Medium Enterprise sector;
 Continuous low-cost deposit Growth with controlled growth in retail assets;
 Corporate Assets to be funded through self-liability mobilization;
 Growth in Assets through syndications and investment in faster growing sectors;
 Continuous endeavor to increase non-funded income;
 Keep our debt charges at 2% to maintain a steady profitable growth
 Achieve efficient synergies between the bank’s branches, SME unit offices and
BRAC field offices for delivery of remittance and the bank’s other products and
services;
 Manage various lines of business in a full controlled environment with no
compromise compliance and on service quality;
 Keep a diverse, far flung team fully motivated and driven towards materializing
the bank’s vision into reality
2.1.4 Head Office Location:
BRAC Bank Limited,
Anik Tower,
220/B, Tejgaon Gulshan Link Road
Tejgaon, Dhaka 1208
2.1.5 Logo:

10. 2.2 Analysis:
2.2.1 How do you define Employee Retention?
The retention of staff is the organizational goal to keep the talented employees within
the organization and reduce employee turnover by encouraging a positive working
atmosphere that promotes participation, appreciates staffs, provides competitive salaries &
benefits and a good work-life balance.
2.2.2 What qualities you look for in an employee for retention?
BRAC Bank Ltd. mainly look on to employee’s growth, diversity, potentiality,
communication skill, for retention.
2.2.3 What strategies or methods you follow to retain your employees?
There is no specific strategy followed by the BRAC Bank Ltd. They prefer to hire
the right person for the job in return of competitive salary & compensation package.
Besides, their managers are leaders, not bosses who encourage their employees’
engagements in work more and more.
2.2.4 Which strategies work best to retain employees? Why?
Basically, the employees of BRAC Bank Ltd. mainly prefer to get proper appreciation
for their jobs, competitive salaries, and engagements in more creative works or diverse
works. So, the managers of the BRAC Bank Ltd. tries to appreciate the employees, give
them proper work friendly environment, train the employees with potentiality, and
compensate them with proper competitive returns.
2.2.5 What is the outcome of these applied retention strategies?
As an outcome of all the retention strategies that have been applied so far, employees
are pretty happy to work in bank, feels like a home, and wants to work with the bank in
long run, more over that don’t get stressed much while there is any distressed situation.
2.2.6 What are the costs of employee retention?
Basically, in order to retain the employees, BRAC Bank Ltd. goes through the cost
of training the employees, the costs that occurs due to absent of the employee with
potentiality, the entertainment costs etc.
2.2.7 Why your company go for employee retention despite of having new
candidates available in the market?
BRAC Bank Ltd. don’t go for the employee retention who has been working with
the bank more than 10 years because, if an employee is working for the bank more than
5-7 years, it means he/ she is not making any growth, besides BRAC Bank Ltd. always
encourage freshers to work with.
2.2.8 Suppose, you have identified an employee who is efficient but wants to leave,
how will you retain that employee?
BRAC Bank Ltd. don’t really go for retaining the employees working more than 5-
7 years, in order to retain an employee with efficiency, BRAC Bank Ltd basically tries to
find out what is the reason of his/ her leaving and offer a negotiation over compensations
he/ she is going to get after the leave.

11. 2.2.9 What is the turnover rate of your firm? Do you think it is satisfactory? Why
or why not? How will you reduce it?
Considering employees of every aspects, the current employee turnover rate is 15%.
At a field level its not satisfactory because, employees are not pretty willing to work in
field level which usually make them leave the jobs. Higher compensation package &
training may help to reduce the rate.
2.2.10 Why an efficient employee will stay with you in the long run?
BRAC Bank Ltd. always encourage employees’ career growth, diversity, training,
competitive compensation package and a proper work friendly environment, which attracts
the efficient employees also potential employees to stay with the bank and select bank as a
long-term employability.

12. 3 Findings & Recommendations

13. 3.1 Findings:
 Comparatively high compensation plans.
 Friendly work environment.
 Lack of willingness to retain employees.
 Bearing the cost of recruitment again & again.
3.2 Recommendation:
 Try to hold on to efficient employees.
 Holding efficient employees will reduce the cost of recruitment.
3.3 Conclusion:
It's the nightmare of every manager: one of the best employees resigns out of the blue. In
addition to manager’s daily responsibilities managers have a number of challenges right
away. A manager not only have to find a substitute for a talented team member but manager
also must consider how this departure affects the rest of the employees. Because every time
people walk out of the door, people notice. Some people even begin to wonder if they
should also be looking for a new job. That is why the retention of the employees and the
satisfaction of employees should be high on every organization's priority list and creating
efficient retention strategies to cut sales should be one of the most important managers '
jobs.
3.4 Reference:
Nazrul Islam
Branch Manager,
Kalabagan Branch,
BRAC Bank Limited,
Bay Park Heights(2nd
floor),
Road no. 9, Dhanmondi R/A,
Dhaka-1205.