Impact Employee value proposition on recruitment in Sri Lankan Banking industry





The employee value proposition refers to elements or values which organizations offer and the employee might value or which might encourage them to join or retain in the organization (Amstrong, 2009). Ultimate aim is to become the employers of choice which communicate to employees Grate Place to work (Amstrong, 2009).


Successful firms are able to meet the people’s expectations for a good job and great place to work. They became the employer of choice as the needs of people are met (Purcell et al, 2003). That helps them to attract the best talent to their organization.

Factors that contribute to be a great place to work are  
  • Interesting and rewarding work
  • Opportunities for learning and development
  • Remuneration
  • Job security
  • Work life balance (Amstrong, 2009)

State and privet sector banks in general has a higher employee value proposition in Sri Lanka compared with other sectors.


There are 43 banks in Sri Lanka and 9 of them are considered as large banks in Sri Lanka which have asset base over Rs.250 million( CBSL). These 9 banks provides better remuneration packages other benefits compared to others.

Source: (Average salary servey, 2019)
Source: (Average salary servey, 2019) 

Employees of Sri Lankan banking sector expect following aspects in an employer of choice
  • Remuneration package 
  • Job security
  • Working condition 
  • Possibility of growth
  • Work itself
  • Recognition (Weerasinghe , et al., 2017)

Research in Sri Lanka shows when comparing above factors current employees of government banks and privet banks government banks has a better employee proposition  
(Weerasinghe , et al., 2017)


Employee retention rates n government banks are over 90% eg: NSB employee retention rate 96.7% which is a 100% government owned bank (National Savings Bank, 2017). That emphasize the fact that government banks in Sri Lanka has a better employee proposition.

 

References

Amstrong, M., 2009. Armstrong's Hand Book of Humen Resource Managemnt Practice. 12 ed. London and Philadelphia: Conag Page Limited.
Average salary survey, 2019. averagesalary. [Online]
Available at: https://www.averagesalarysurvey.com/sri-lanka
[Accessed 20 04 2019].
National Savings Bnak, 2017. Annual report 2017, Colombo: National Savings Bank.
Weerasinghe , I., Senavirahne , C. & Dedunu, H., 2017. Factors Affecting to Job Satisfaction of Banking Employees In Sri Lanka. Business and Management Horizons, 5(1), pp. 62-73.

   


Comments

  1. harshaJune 11, 2019 at 8:31 AM

    As you have clearly shown sri lankan government own banks have extremely high employee value proposition. I think this is because of that they provide interesting remuneration package with high job security and recognition.

    ReplyDelete
    Replies
    1. Chaminda SamarakoonJune 14, 2019 at 11:33 PM

      Job security, recruitment benefits and recognition is the main factors contributing to improving employ value proposition in government banks

      Delete

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