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Reducing Employee Turnover at The Royal Bank

Employee turnover is the main problem of modern business. Employment losses may reach 80-90% per year. These issues are particularly relevant in bank industry, where great importance is given to special skills and qualifications of workers. With the employee turnover of more than 60%, it means an employee stays in a company for no more than six months, working with maximum efficiency only for 1-2 months.

Employee turnover is due to a number of reasons. Conventionally, these reasons can be divided into objective (external) and subjective (internal). When speaking about the objective reasons, first of all, it should be noted that the last decade is characterized by a change in attitude to work all over the world. The independence of workers is increasing, their commitment to the organization is reducing, and more emphasis is placed on achieving their own goals.

Unfortunately, the problem of employee turnover has also affected the banking sector. The turnover has a number of features associated with the specifics of banking activities and the state of the banking system.

The Royal Bank of Canada is the largest financial institution in Canada and the 12th largest bank in the world that offers services for personal and commercial banking, wealth management services, insurance, corporate and investment banking, as well as transaction processing in the global scale. The Royal Bank of Canada employs more than 77,000 employees, which are serving more than 17 million customers around the world.

The Royal Bank of Canada operates in North America, primarily in Canada and the United States. The bank operates 1,300 branches and more that 4,200 banking machines.

The Royal Bank of Canada has an employee turnover problem among bank tellers. It is difficult to estimate the cost of turnover. There are direct and indirect costs connected with employee turnover. Direct costs include the time involved in recruitment, selection, and training of new staff as well as the costs connected with manpower and advertising expenses. Indirect costs include the increased workloads as workers get more work until new employees are found for the position and trained.

It was found that every ranch of the bank has on average 5 bank tellers at all times. The busiest time for the bank is the morning, noon, and the evening when people finish their work. After bank tellers done with the clients they simply sit doing nothing. This was one of the main reasons of employee turnover in the Royal Bank of Canada. In order to reduce the employee turnover in the bank, it is recommended to review the system of remuneration, compensation, and social package to bank tellers.

Employee turnover is the main problem of modern business. Employment losses may reach 80-90% per year. These issues are particularly relevant in bank industry, where great importance is given to special skills and qualifications of workers.

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Assignment ID
100001552
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CREATED ON
August 27, 2016
COMPLETED ON
August 28, 2016
Price
$47
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Essay Example Comments
Janeee
June 19, 2015
Janeee
Yet another fantastic job done on a rather difficult paper. I will most definitely use this writer in the future. Thanks again for the great paper.
ned94
June 19, 2015
ned94
Very well written!
R00fer
June 19, 2015
R00fer
Excellent! Just what I asked for.