State Bank of India, country's largest lender, has asked global consultant McKinsey & Co to examine its HR policies to prevent growing attrition.
SBI has almost 2.10 lakh employees on its payrolls. The employees are poorly paid as compared to their peers in other public sector banks.
Besides asking McKinsey to look into reasons for employees quitting the organization, SBI has alsoasked the consultant to examine HR issues related to senior executivea above scale 5 (assistant general managers and above).
US-based Barett Values centre, is assisting McKinsey in this process.
The bank has directed all its 14 circles to search details on people leaving the organization and the possible reasons for that. The management is collating data of last 5 years and will pass on this information to McKinsey.
The bank is regarded as a training ground for bankers-to-be, who soon switch to private and foreign banks that offer them higher packages. According to a senior bank executive, SBI officers responsible for treasury, risk management and credit are amongst the most talented in the industry.
The attrition rate tends to be higher in the metros and urban centres.
When asked about the work being done by Barrett Values, a senior SBI executive said that the company carried out a survey aimed at personality development.
SBI launched a massive human resource development programme two months back for aiding behavioural transformation of its employees and creating a more active role for them vis-à-vis consumer services.