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BFSI industry faces severe retention and attrition challenges

Retention of employees and at the same time reduce attrition are key challenges for HR officers, according to Sarya Makkar, HR head, Finway Capital, an NBFC. She speaks to Banking Frontiers mentioning attrition in the BFSI sector, especially at the field officer level, is considerably high. The challenges are not unique, and most organizations grapple with them from time to time, she adds. She describes the challenges are severe as competition is high in the BFSI industry. “If employees do not get satisfaction, they shift to other industries. Compensation is also a major challenge for us in view of fluctuating government rules and regulations,” she adds. She also states that the company had faced challenges due to frequent changes in management: “Changes in organization strategies and structure affect HR policies as the internal process grows with the management and some employees face hard time to deal with the management changes,” says she.

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