netrashetty
Netra Shetty
COF, or Capital One Financial Corp. (NYSE: COF) is a U.S. based bank holding company specializing in credit cards, home loans, auto loans, banking, and savings products. A member of the Fortune 500, the company helped pioneer the mass marketing of credit cards in the early 1990s, and it is now the fourth largest customer of the United States Postal Service and has the 8th largest deposit portfolio in the United States.[3][4] It has its corporate offices in Tysons Corner, unincorporated Fairfax County, Virginia, near McLean.[5]
While the corporate culture of the company is recognized to be fairly admirable, the company faced several HR issues in the past years. Sambrook (2000, p.159) has stated that the HRM plays a key role in leveraging the knowledge of the organization specifically the enhancement of the abilities and skill of the employees. In particular, the function of the HRM in employing people with the right skills and competence influences the morale of the employees. Conducting a proper analysis of each employee’s abilities enables the human resource department to assign them to responsibilities or positions where they can perform their best. In turn, this contributes to employee motivation. Moreover, the HRM involves the provision of feedbacks through employee appraisal, which also motivates the employees overall performance. This enables the company to assess their employees individually based on various aspects such as daily work output, quality of work, work attitudes and overall performance. It also helps the company identify their employees’ strengths and weaknesses. Included in this aspect is the provision of various forms of recognition for hard working and deserving employees.
Understand why employees leave:
Employees do not leave an organization without any significant reason. There are certain circumstances that lead to their leaving the organization. The most common reasons can be:
Job is not what the employee expected to be: Sometimes the job responsibilities don’t come out to be same as expected by the candidates. Unexpected job responsibilities lead to job dissatisfaction.
Job and person mismatch: A candidate may be fit to do a certain type of job which matches his personality. If he is given a job
Which mismatches his personality, then he won’t be able to perform it well and will try to find out reasons to leave the job.
No growth opportunities: No or less learning and growth opportunities in the current job will make candidate’s job and career stagnant.
Lack of appreciation: If the work is not appreciated by the supervisor, the employee feels de-motivated and loses interest in job.
Lack of trust and support in coworkers, seniors and management: Trust is the most important factor that is required for an individual to stay in the job. Non-supportive coworkers, seniors and management can make office environment unfriendly and difficult to work in.
Stress from overwork and work life imbalance: Job stress can lead to work life imbalance which ultimately many times lead to employee leaving the organization.
Compensation: Better compensation packages being offered by other companies may attract employees towards themselves.
New job offer: An attractive job offer which an employee thinks is good for him with respect to job responsibility, compensation, growth and learning etc. can lead an employee to leave the organization.
Compensation
They provide PF( provident fund ), ESIC (Employee State Insurance Corporation ), Gratuity, Bonus .They provide motivational incentive on the basis of production .
NO work pressure
We found that the employees of this company were satisfied .They follow flexible timings which means that the employees are given a target which they have to finish within the time. Actions taken what if employees take leave more than schedule.
For Middle level employee
First a letter is sent to the employee , if the employee do not report within 3-4 days . If not replied within prescribed days then within 10-15days again a letter sent with a notice to warn the employee.
Final termination letter is issued in the name of the employee after 15 days if not reported.
For lower level employee relaxation is more than that for middle level employees which is total 45 days.
For low level employees
The casual leave provided by the company in 1 year is 8 days & for middle & higher level employees is 12 days. Earned leave provided for the employees vary from 15 – 30 days in a year but this money will be refunded only when an employee leaves the organization.
No structured feedback –
They have decentralized environment where free flow of communication is being followed .Employees can discuss their family matters as well as work related problems with their co-employees as well as higher level employees in order to seek guidance as well as financial help.
Good growth opportunity
Low level employees
Salary is fixed by State Government which is 3452 Rs in UP while company pays 4900 to 5000 Rs to each lab our which is fixed. So they have no growth opportunity.
Middle level employees
They have more opportunities as compared to low level employees. Marketing guys can get increment in their salary by selling more products. If middle level employees perform well on the job then they can be promoted easily without any time foundation for e.g. . Area Sales Officer can get promoted to Sales officer within a year or so on the basis of his performance for the company.
Transparency in work culture
Daily call report is maintained & viewed & target is analyzed on weekly basis & actions are taken accordingly.
Quality work
They manufacture 1600 Ayurvedic Medicines .Their core business is in Ayurvedic Medicines.They got Nagarjuna Award in 2005 in Jaipur & in 2009 in Delhi for best Quality by President of India. They are not only confined in selling products to their native country but also export their quality products.
Environment
To give the family atmosphere they celebrate the Birthdays & Anniversaries of their employees & give farewell to those who have worked for more than 5 years. This shows that they are socially active as well.
While the corporate culture of the company is recognized to be fairly admirable, the company faced several HR issues in the past years. Sambrook (2000, p.159) has stated that the HRM plays a key role in leveraging the knowledge of the organization specifically the enhancement of the abilities and skill of the employees. In particular, the function of the HRM in employing people with the right skills and competence influences the morale of the employees. Conducting a proper analysis of each employee’s abilities enables the human resource department to assign them to responsibilities or positions where they can perform their best. In turn, this contributes to employee motivation. Moreover, the HRM involves the provision of feedbacks through employee appraisal, which also motivates the employees overall performance. This enables the company to assess their employees individually based on various aspects such as daily work output, quality of work, work attitudes and overall performance. It also helps the company identify their employees’ strengths and weaknesses. Included in this aspect is the provision of various forms of recognition for hard working and deserving employees.
Understand why employees leave:
Employees do not leave an organization without any significant reason. There are certain circumstances that lead to their leaving the organization. The most common reasons can be:
Job is not what the employee expected to be: Sometimes the job responsibilities don’t come out to be same as expected by the candidates. Unexpected job responsibilities lead to job dissatisfaction.
Job and person mismatch: A candidate may be fit to do a certain type of job which matches his personality. If he is given a job
Which mismatches his personality, then he won’t be able to perform it well and will try to find out reasons to leave the job.
No growth opportunities: No or less learning and growth opportunities in the current job will make candidate’s job and career stagnant.
Lack of appreciation: If the work is not appreciated by the supervisor, the employee feels de-motivated and loses interest in job.
Lack of trust and support in coworkers, seniors and management: Trust is the most important factor that is required for an individual to stay in the job. Non-supportive coworkers, seniors and management can make office environment unfriendly and difficult to work in.
Stress from overwork and work life imbalance: Job stress can lead to work life imbalance which ultimately many times lead to employee leaving the organization.
Compensation: Better compensation packages being offered by other companies may attract employees towards themselves.
New job offer: An attractive job offer which an employee thinks is good for him with respect to job responsibility, compensation, growth and learning etc. can lead an employee to leave the organization.
Compensation
They provide PF( provident fund ), ESIC (Employee State Insurance Corporation ), Gratuity, Bonus .They provide motivational incentive on the basis of production .
NO work pressure
We found that the employees of this company were satisfied .They follow flexible timings which means that the employees are given a target which they have to finish within the time. Actions taken what if employees take leave more than schedule.
For Middle level employee
First a letter is sent to the employee , if the employee do not report within 3-4 days . If not replied within prescribed days then within 10-15days again a letter sent with a notice to warn the employee.
Final termination letter is issued in the name of the employee after 15 days if not reported.
For lower level employee relaxation is more than that for middle level employees which is total 45 days.
For low level employees
The casual leave provided by the company in 1 year is 8 days & for middle & higher level employees is 12 days. Earned leave provided for the employees vary from 15 – 30 days in a year but this money will be refunded only when an employee leaves the organization.
No structured feedback –
They have decentralized environment where free flow of communication is being followed .Employees can discuss their family matters as well as work related problems with their co-employees as well as higher level employees in order to seek guidance as well as financial help.
Good growth opportunity
Low level employees
Salary is fixed by State Government which is 3452 Rs in UP while company pays 4900 to 5000 Rs to each lab our which is fixed. So they have no growth opportunity.
Middle level employees
They have more opportunities as compared to low level employees. Marketing guys can get increment in their salary by selling more products. If middle level employees perform well on the job then they can be promoted easily without any time foundation for e.g. . Area Sales Officer can get promoted to Sales officer within a year or so on the basis of his performance for the company.
Transparency in work culture
Daily call report is maintained & viewed & target is analyzed on weekly basis & actions are taken accordingly.
Quality work
They manufacture 1600 Ayurvedic Medicines .Their core business is in Ayurvedic Medicines.They got Nagarjuna Award in 2005 in Jaipur & in 2009 in Delhi for best Quality by President of India. They are not only confined in selling products to their native country but also export their quality products.
Environment
To give the family atmosphere they celebrate the Birthdays & Anniversaries of their employees & give farewell to those who have worked for more than 5 years. This shows that they are socially active as well.