Training and Skill Development for Employee Retention and Performance Enhancement in Banks

Abstract

Private and public sector banks are rigorously competing with one another to face the challenge and also equipping their employees to successfully transform themselves, a process started in the nineties in the banking sector. The economies have been profoundly affected across the globe because of the forceful effect of globalization and deregulation. Training and Skill development therefore is of utmost importance, as in the banking sector it strengthens the organization on one hand by helping it in realizing objectives, vision and dreams, and on the other hand helps the employees in performing better. This synergistic approach helps in meeting out the most critical factor in an organization "Employee Engagement" which is considered to be the key measure for organizational performance in the twenty first century. Training and Skill development thus plays a key role in addressing the issues of talent retention and performance enhancement by making the employees visualize the gap between what they are currently and what status they could attain by bridging this gap through training programs. An organization can thus achieve high levels of business success by having a Workforce which is highly engaged and possesses knowledge, necessary skills and expertise.

Keywords: training, development, research, management

JEL Classification: C12