A Study on Motivation of Employees in Private Sector Banks in India

Abstract

Every organization and business wants to be successful and have desire to get constant progress. The current era is highly competitive and organizations regardless of size, technology and market focus are facing employee retention challenges. To overcome these restraints a strong and positive relationship and bonding should be created and maintained between employees and their organizations. Human resource or employees of any organization are the most central part so they need to be influenced and persuaded towards tasks fulfillment. Like many other key industries of the Indian economy, the banking industry has undergone major changes with the implementation of liberalization policy by Government of India some twenty years ago. The private banks, with their emphasis on the use of technology and professional management, have gained a noticeable position in the banking industry. The popularity of these banks can be gauged from the fact that in a short span of time, these banks have gained considerable customer confidence and consequently have shown impressive growth rates. In nutshell, the new generation private sector banks have leveraged on their better strengths and competencies viz. management, operational efficiency and flexibility and higher employee productivity skills in comparison to the public sector banks. Competition in the industry has become intense with an advanced technological base and highly skilled manpower of private sector banks as compared to public sector banks. Today, the biggest challenge for bank‘s management is to motivate employees for the sake of proficient offers and better services according to customer expectations. Hence, the present study focusing on Motivation of Employees in Private Sector Banks in India and study based on both Primary and Secondary sources of data collections.