International Journal of Applied Research
Vol. 1, Issue 3, Part C (2015)
A comparative study of Compensation & Benefits packages satisfaction of Indian public versus private banks employees
Every job has an employment contract between employer and employee. The employment contract acts as the basis of the relationship of employer and employee. The various entitlements of the employee are clearly defined in the contract. As per the employment contracts, the employer pays its employees in the form of monetary and non- monetary benefits in return to the services rendered by the employee. Compensation may be said as a vital reason to work, people work to earn and have better living standards. Hiring the right talent requires an understanding of the labour market and providing competitive packages to attract the right talent. The current study targets the public and private banks employees. An attempt has been made to compare the compensation and benefits packages of public and private bank employees and understand the relative importance of the various factors of compensation and benefits package. The Indian banking sector is the preferred choice as, on one end has public sector banks which have bipartite settlements for salary negotiations and on the other hand are the new generation private banks and foreign banks which independently offer lucrative packages to hire the talent. The study is based on primary data collected from selected Indian Public and Private Banks. This study reveals that both public and private sector bank employees have different offerings for their employees and employees working for different ownership have relatively different reasons to be in their current jobs.
How to cite this article:
Nidhi. A comparative study of Compensation & Benefits packages satisfaction of Indian public versus private banks employees. Int J Appl Res 2015;1(3):117-128.