Handling foreign currencies, selling traveller's cheques and dealing with commercial/business accounts is also common practice. Tellers are also required to learn about the various financial products and services the bank offers so they can briefly explain them to customers and refer interested customers to the appropriate specialized sales personnel. Being a teller requires a great deal of attention to detail. Before cashing a cheque, a teller must verify that every thing is in good order such as the name of the payee, the date, bank name on the cheque etc .
Description and analysis of the problem.
The problem that we are going to address in the report is to explain why the turnover rate of bank tellers at the Royal Bank is relatively high. Gauging precisely the cost of turnover is difficult. There are direct and indirect costs associated with employee turnover. Direct costs include the time involved in recruitment, selection, and training of new personnel as well as the costs associated with advertising expenses and manpower. The time a manager spends in the selection process could otherwise be devoted to other management responsibilities of his or her everyday function. Indirect costs include the increased workloads as coworkers pick up the slack until new employees are hired and trained as well as the decreased productivity associated with low employee morale . .
To help get a better understanding of why there is a high turnover of bank tellers, we conducted interviews, distributed surveys to 18 Royal Bank tellers. We also made observations over a few days at three different branches. Based on these observations, we found that each branch has on average 5 tellers at all times. Peak times are in the morning when the bank opens, noon and the evening when people finish work. After they have finished with the customers, there is usually a long period where there are no customers in the branch where the teller's are sitting idle doing nothing.
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