Increasing productivity, new product development, creativity and cutting time to market require a stable and productive work force. The stability and productivity of the work force can be dramatically increased by ensuring that every employee is challenged and excited about their job. Employee turnover and the associated loss of tacit and explicit knowledge disrupt team effectiveness and also slow product development.An effective way of reducing turnover is a well thought out job rotation programme. Job Rotation Programmes (JRP) can not only reduce turnover but they also increase learning, and provide depth and strength of knowledge in the organization. Rotation programmes are more common in the development of top executives but there are also many reasons to use them for technical and new hire positions.
Since late 1980’s Job Rotation has been developed and mainstreamed as an active labor market tool in Denmark. Job Rotation originated in Denmark as a collaborative development amongst trade unions, employers and training institutes.
Many successful companies encourage rapid job rotation. Some have informal programmes while some have it as an essential part in their company’s employee development strategy.
Job rotation is where an individual is moved through a schedule of assignments designed to give that individual a breadth of exposure to the entire operation. The term job rotation can also mean the scheduled exchange of persons in offices, especially in public offices.
The word ‘Bank’ is used in the sense of a commercial bank. It is of Germanic origin though some person trace it origin to French word ‘Banqui’ and the Italian word ‘Banca’. It referred to a bench for keeping lending and exchanging of money lenders and money chargers. There was no such word as banking before 1640. All though the practice of safe keeping and saving flourished in the temple of Babylon as earlier as 2000 B.C. Chanakya in his Arthashastra written in about 300 B.C. mentioned about the existence of Merchant of Bankers who received deposits advanced loans and hundise.
The 1st bank in India was the ‘Bank of Hindustan’ started in 1770 by Alexander and co., an English agency house in Kolkata which failed in 1782 with the closer of the agency house. But the 1st bank in the modern sense was established in the Bengal presidency as the Bank of Bengal in 1806.
Merchant bankers issued ‘Hundis’ to remit funds in India such Merchant bankers were known as Seth’s. The next stage in the growth of banking was the Goldsmith he started charging something for taking care of the money and bullion.
The next stage in the growth of banking is the money lenders, the goldsmith found that on an average the withdrawal of coins were much less than the deposits with him. So he started advancing the coins on loan by charging interest as a safeguard he kept some money in the reserve thus the goldsmith –money lenders became a banker who started performing the 2 functions of modern banking that of accepting deposit and advancing loan.
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