Understanding Employee Engagement Initiatives Taken by Different Companies under BFSI Sector in Areas of Pune & Mumbai

Abstract

An engaged employee is the one, who puts his hands, mind & soul to his work, the one who is aware of the business scenario of the organization & works better with his team mates in order to benefit the institution & the individual as well. In present times, when competition for top talent is fierce, and the cost of training new hires is steep, the HR team is concerned enough to build up a fully engaged workforce. Researchers have broadly described the concept of employee engagement & the need for it & even the implications. This study takes an initiative to understand the various kinds of employee engagement activities that are done in renowned companies especially catering to BFSI sector. The detailing of such activities are primarily focused on & how they actually benefit the organizational culture & mark a sign of growth & success. The work also mentions the different management levels for which these are being conducted. The research is basically an exploratory approach, which has been done through surveys & direct personal interviews by the help of a structured questionnaire. A Systematic Literature review type has been employed in this study. The outcomes of the research work were particular initiatives by specific banks & financial companies, categorized under fun & recreational activities, employee welfare, social service, team building, mentoring & other activities. The study will help organizations to initiate or plan activities/strategies for engaging their workforce as it contains detailing of such activities & moreover it has been collected from authentic sources. While studying different research papers, it was found that most of them elaborates the idea of employee engagement & it’s implications on an organization, others focus on a particular initiative, for example, CSR activities & how it contributes to employee engagement. Hence, the motivation to conduct the study was a need to understand employee engagement initiatives particularly in banking & financial sector & the details of how they are being conducted, also including their effects on employee productivity. The research work is geographically concentrated in western region of India, particularly in areas of Pune & Mumbai, yet it creates further scope of research in various other sectors & regions to understand the relation between, geography, people & what kind of employment engagement activities are done catering to their needs.