ABSTRACT
CONTENTS
1. Introduction
Need of the study
Scope of the study
2. Research methodology
Objective of the study
Research methodology (Sample size, Instrument used, Methods of
data collection)
Scope of the study
limitations7. Data Analysis8. Suggestion and Conclusions9.
Bibliography
10. References
11. Appendices12. Checklist of the items in the project
Introduction
Employee turnover is one of the largest though widely unknown
costs an
organization faces. While companies routinely keep track of
various costs such as supplies and payroll, few take into
consideration how much employee turnover will cost them: Ernst
& Young estimates it costs approximately $120,000 to replace 10
professionals. According to research done by Sibson & Company,
to recoup the cost of losing just one employee a fast food
restaurant must sell 7,613 combo meals at $2.50 each. Employee
turnover costs companies 30 to 50% of the annual salary of
entry-level employees, 150% of middle-level employees, and up to
400% for upper level, specialized employees. Now that so much is
being done by organizations to retain its employees.
Why is retention so important? Is it just to reduce the turn
over costs ? Well, the answer is a definite no. Its not only the
cost incurred by a company
that emphasizes the need of retaining employees but also the
need to retain
talented employees from getting poached.
Retention involves five major things:
Compensation
Environment
Growth
Relationship
Support Compensation:Compensation constitutes the largest part
of the employee retention process. The employees always have high
expectations regarding their compensation packages.Compensation
packages vary from industry to industry. So an attractive
compensation package plays a critical role in retaining the
employees.
Compensation includes salary and wages, bonuses, benefits,
prerequisites, stock
options, bonuses, vacations, etc. While setting up the packages,
the following
components should be kept in mind:
Salary and monthly wage: It is the biggest component of the
compensation package. It is also the most common factor of
comparison among employees. It includes
Basic wage
House rent allowance
Dearness allowance
City compensatory allowanceSalary and wages represent the level
of skill and experience an individual has. Time to time increase in
the salaries and wages of employees should be done. And this
increase should be based on the employees performance and his
contribution to the organization. Bonus: Bonuses are usually given
to the employees at the end of the year or on a festival. Economic
benefits: It includes paid holidays, leave travel concession, etc.
Long-term incentives: Long term incentives include stock options or
stock grants. These incentives help retain employees in the
organization's start up stage. Health insurance: Health insurance
is a great benefit to the employees. It
saves employees money as well as gives them a peace of mind that
they have
somebody to take care of them in bad times. It also shows the
employee that the
organization cares about the employee and its family. After
retirement: It includes payments that an Employee gets after he
retires like EPF (Employee Provident Fund) etc. Miscellaneous
compensation: It may include employee assistance
programs (like psychological counselling, legal assistance etc),
discounts on
company products, use of a company cars, etc.
Employers And Their Key Drivers To Attract And Retain Talent
Employers Key Drives To Attract And Retain Talent Procter and
Gamble India
Early responsibilities in career
Flexible and transparent organizational culture
Global opportunities through a variety of exposure and diverse
experiences
Performance Recognition American Express (India)
Strong global brand
Value-based environment
Pioneer in many people practices NTPC
Learning and growth opportunities
Competitive rewards
Opportunity to grow, learn and implement
Strong social security and employee welfare performance-
oriented culture. Johnson & Johnson
Strong values of trust, caring fairness, and respect within the
organization
Freedom to operate at work
Early responsibility in career
Training and learning opportunities
Visible, transparent and accessible leaders
Competitive rewards
Innovative HR programs and practices Glaxo Smith Kline Consumer
Healthcare Performance-driven Rewards
Its belief in Growing our own timber
Comprehensive development and learning programs
Flat organization, where performance could lead to very quick
progression
Challenging work context
Competitive rewards
Exhaustive induction and orientation program Tata Steel
Organization philosophy and culture
Job stability
Freedom to work and innovate
Colgate Palmolive India
Company brand
Open , transparent, and caring organization
Management according to the managing with respect to guiding
principles
Training ad development programs
Structured career planning process
Global career opportunities Wipro
Companys brand as an employer
Early opportunities for growth
High degree of autonomy
Value compatibility
Innovative people program Indian Oil Corporation
Company brand image
Work ethics
Learning and growth opportunities
Challenging work assignments
Growing organization TCS
The group brand equity
Strong corporate governance and citizenship
Commitment to learning and development
Best in people practices
Challenging assignments
Opportunity to work with fortune 500 clients
Organization EnvironmentIt is not about managing retention. It
is about managing people. If an organization manages people well,
employee retention will take care of itself. Organizations should
focus on managing the work environment to make better use of the
available human assets. People want to work for an organization
which provides
Appreciation for the work done
Ample opportunities to grow
A friendly and cooperative environment
A feeling that the organization is second home to the
employee
Organization environment includes
Culture
Values
Company reputation
Quality of people in the organization
Employee development and career growth
Risk taking
Leading technologies
TrustTypes of environment the employee needs in an
organization
Learning environment: It includes continuous learning and
improvement of the individual, certifications and provision for
higher studies, etc.
Support environment: Organization can provide support in the
form of work-life balance. Work life balance includes:
Flexible hours
Telecommuting
Dependent care
Alternate work schedules
Vacations
Wellness Work environment: It includes efficient managers,
supportive co-workers, challenging work, involvement in
decision-making, clarity of work and responsibilities, and
recognition. Lack or absence of such environment pushes employees
to look for new opportunities. The environment should be such that
the employee feels connected to the organization in every
respect.Growth and Career Growth and development are the integral
part of every individuals career. If an employee can not foresee
his path of career development in his current organization, there
are chances that hell leave the organization as soon as he gets an
opportunity. The important factors in employee growth that an
employee looks
for himself are: Work profile: The work profile on which the
employee is working
should be in sync with his capabilities. The profile should not
be too low or too high.
Personal growth and dreams: Employees responsibilities in the
organization should help him achieve his personal goals also.
Organizations can not keep aside the individual goals of employees
and foster organizations goals. Employees priority is to work for
themselves and later on comes the organization. If hes not
satisfied with his growth, hell not be able to contribute in
organization growth. Training and development: Employees should be
trained and given chance to improve and enhance their skills. Many
employers fear that if the employees are well rained, theyll leave
the organization for better jobs. Organization should not limit the
resources on which organizations success depends. These trainings
can be given toimprove many skills like:
Communications skills
Technical skills
In-house processes and procedures improvement related skills or
customer satisfaction related skills
Special project related skills
Need for such trainings can be recognized from individual
performance reviews, individual meetings, employee satisfaction
surveys and by being in constant touch with the
employees.Importance of Relationship in Employee Retention
Program
Sometimes the relationship with the management and the peers
becomes the
reason for an employee to leave the organization. The management
is sometimes not able to provide an employee a supportive work
culture and environment in terms of personal or professional
relationships. There are times when an employee starts feeling
bitterness towards the management or peers. This bitterness could
be due to many reasons. This decreases employees interest and he
becomes demotivated. It leads to less satisfaction and eventually
attrition. A supportive work culture helps grow employee
professionally and boosts employee satisfaction. To enhance good
professional relationships at work, the management should keep the
following points in mind.
Respect for the individual: Respect for the individual is the
must in the organization.
Relationship with the immediate manager: A manger plays the role
of a mentor and a coach. He designs and plans work for each
employee. It is his duty to involve the employee in the processes
of the organization. So an organization should hire managers who
can make and maintain good relations with their subordinates.
Relationship with colleagues: Promote team work, not only among
teams but in different departments as well. This will induce
competition as well as improve the Relationship among
colleagues.
Recruit whole heartedly: An employee should be recruited if
there is a proper place and duties for him to perform. Otherwise
hell feel useless and will be dissatisfied.
Employees should know what the organization expects from them
and what their expectation from the organization is. Deliver what
is promised. Promote an
employee based culture: The employee should know that the
organization is there to support him at the time of need. Show them
that the organization cares and hell show the same for the
organization. An employee based culture may include decision making
authority, availability of resources, open door policy, etc.
Individual development: Taking proper care of employees includes
acknowledgement to the employees dreams and personal goals. Create
opportunities for their career growth by providing mentorship
programs, certifications, educational courses, etc. Induce loyalty:
Organizations should be loyal as well as they should promote
loyalty in the employees too. Try to make the current employees
stay instead of recruiting new ones.
Support Lack of support from management can sometimes serve as a
reason for employee retention. Supervisor should support his
subordinates in a way so that each one of them is a success.
Management should try to focus on its employees and support them
not only in their difficult times at work but also through the
times of personal crisis. Management can support employees by
providing them recognition and appreciation. Employers can also
provide valuable feedback to employees and make them feel valued to
the organization.
The feedback from supervisor helps the employee to feel more
responsible,
confident and empowered. Top management can also support its
employees in their personal crisis by providing personal loans
during emergencies, childcare services, employee assistance
Programs, conseling services, etc
Employers can also support their employees by creating an
environment of trust
and inculcating the organizational values into employees. Thus
employers can
support their employees in a number of ways as follows:
By providing feedback
By giving recognition and rewards
By counseling them
By providing emotional support
RESEARCH METHODOLOGY
Research Design:The research design indicates the type of
research methodology under taken to
collect the information for the study.
The researcher used both descriptive and analytical type of
research design for his research study. The main objective of using
descriptive research is to describe the state of affairs as it
exits at present. It mainly involves surveys and fact finding
enquiries of different kinds. The researcher used descriptive
research to discover the characteristics of customers. Descriptive
research also includes demography characteristic of consumer who
use the product.
The researcher also used analytical research design to analyze
the existing facts
from the data collected from the customer.
Area of study:The area of study is confined to employees of
Private School In Sagar City.Research instrument:The Structured
questionnaire is used as the research instrument for the
study.Questionnaire Design:The questionnaire framed for the
research study is a structured questionnaire in
which all the questions are predetermined before conducting the
survey. The form of question is of both closed and open type.
The scales used to evaluate questions are:
Dichotomous scale (Yes or No)
Likert 5 point scale (Highly satisfied, satisfied, Neither
Satisfied nor dissatisfied, Dissatisfied, Highly dissatisfied)
Category scale (Multiple items)
Ranking type (R1, R2, R3)The questionnaire for the research was
framed in a clear manner such that it
enables the respondents to understand and answer the question
easily. The
questionnaire was designed in such a way that the questions are
short and simple and is arranged in a logical manner.
Pilot study:It is appropriate to conduct pilot survey to check
the reliability of the questionnaire. So pilot study was conducted
on 5 respondents which is a 10% of the sample.Sampling design:A
Sample design is a definite plan for obtaining a sample from a
given population. It is the procedure used by the researcher in
selecting items for the sample.Sample size:Sample size=125 samples,
variance and confidence methods are used for
determining sample size.Sampling Technique:The researcher
adopted simple random sampling for the study.DATA COLLECTION
METHOD
Primary data:Primary data is the new or fresh data collected
from the respondents through
structured scheduled questionnaire.Secondary data:The secondary
data are collected through the structured questionnaire,
literature
review and also from the past records maintained by the
company.STATISTICAL TOOLS AND TECHNIQUES
PERCENTAGE ANALYSIS:Percentage = (No. Of respondents / total no.
Of respondents)*100WEIGHTED AVERAGE METHOD:Formula:
Mean score = total score/no of respondents.
Where total score = no of respondents*weighted averageCHI SQUARE
TEST:1. Null Hypothesis (Ho): There is no difference in
attributes
2. Alternate Hypothesis(H1): There is a difference in
attributes
3. Level of significance = 0.05
4. Degrees of freedom = (r-1)(c-1)
5. Expected frequency:
E = R.T C.T
6. Calculation of : = (O-E)2
7. The tabulated value of at given level of significance with
(r-1)(c-1)LIMITATIONS OF THE STUDY
1. The findings of the study are subjected to bias and prejudice
of the respondents.
2. Area of the study is confined to the employees in Sagar
only.
3. Time factor can be considered as a main limitation.
4. The findings of the study are solely based on the information
provided by the
respondents.
5. The accuracy of findings is limited by the accuracy of
statistical tools used for analysis.
6. Findings of the research may change due to area, demography,
age condition of economy etc.Analysis and Interpretation of
data
1. PERCENTAGE ANAYLSIS
2. AWARENESS OF HR POLICIES
Chi-Square Test
To find whether there exists a significant relationship between
Work Culture of the Company and interpersonal relationship between
employees.H0: There is a no significant relationship between Work
Culture of the Company and interpersonal relationship between
employees.H1: There is a significant relationship between Work
Culture of the Company
and interpersonal relationship between employees.
Calculated value is more than table value therefore accept
H0Result:
There is a significant relationship between overall satisfaction
and aspects of job.KENDALLS COEFFICIENT OF CONCORDANCE
Null hypothesis (H0): There is a no significant difference in
the rank assigned by respondents towards the attributes that gives
them satisfaction in the company.Alternate hypothesis (H1): There
is a significant difference in the rank assigned by respondents
towards the attributes that gives them satisfaction in the
company.Ranking Based on Satisfaction
K=20:Salary, Superior Role, Team Coordination, Work
responsibilities, Rules and Policies, Physical work environment
Training
Calculated value : S= 5815.714
Table value : 1158
Calculated value is more than table value therefore reject
H0Result:
There is a significant difference in the rank assigned by
respondents towards the
attributes that gives them satisfaction in the company.ONE RUN
TEST:Null hypothesis (H0): The samples are not taken randomly.
Alternate hypothesis (H1): The samples are taken randomly.
EMPLOYEES SATISFACTION REGARDING MONETARY BENEFITS PROVIDED BY
THE SCHOOL.
Retention Management:Abstract: Background: retention management
is a highly topical subject and an
important dilemma many organizations might face in the future,
if not facing it
already. We believe that the leader plays a key role in employee
retention and
retention management. The concept of retention management can
both have a
narrow, and a broader significance. Both parts of its
significance are generally
included in this thesis. The background of the thesis present a
few articles that
discuss issues that makes it important for the organization, and
the leaders, to work hard with retention management. The research
is based on the leaders in the Finnish case company Tradeka.
Following key questions are intended to be
answered: What are the consequences between leaders actions and
employees
retention? Which is the leaders role when it comes to retaining
employees? Purpose statement: The purpose of the thesis is to
investigate and analyze how company leaders today can retain their
key employees. How can the provision of key human resources develop
a long-term relationship that makes top employees stay in the
company? The study aims to establish the procedure leaders apply to
retain employees. The purpose is to compare the qualitative study,
made at the case company, with findings from the thesis theoretical
framework. Research method: The study is a qualitative, as well as
a theoretical study where empirical findings and theories has been
compared. The intention of investigating and using the Finnish
company Tradeka Limited as a case company, is to make the
information from the theories more valid, and also the interest in
how retention management works in practice. Eleven qualitative
interviews were conducted at Tradeka?financial department, both
with supervisors and employees to get a broader view at the
phenomenon retention management. Result: Leaders and their skill in
creating a culture of retention, has becoming a key in why people
stay and what usually drives them away from a company. The leader
has become the main factor in what motivates peoples decision to
stay or leave. For organizations to keep its key employees their
number one priority should be to look at their management, because
people leave managers and not companies. Characteristics in a
leader that are of importance, as the leader plays a key role in
retention management is: trust builder, esteem builder,
communicator, talent developer and coach, and talent finder. The
leaders relation to the employees plays a central role in retaining
employees.
Employee Retention Strategies
The basic practices which should be kept in mind in the employee
retention
strategies are:
1. Hire the right people in the first place.
2. Empower the employees: Give the employees the authority to
get things done.
3. Make employees realize that they are the most valuable asset
of the
organization.
4. Have faith in them, trust and respect them
5. Provide them information and knowledge.
6. Keep providing them feedback on their performance.
7. Recognize and appreciate their achievements.
8. Keep their morale high.
9. Create an environment where the employees want to work and
have fun. These practices can be categorized in 3 levels: Low,
medium and high level.
Low Level Employee Retention Strategies: Appreciating and
recognizing a well done job
Personalized well done and thank-you cards from supervisors
Congratulations e-cards or cards sent to spouses/families
Voicemails or messages from top management
Periodic days off for good performance
Rewards ( gift, certificates, monetary and non monetary
rewards)
Recognizing professional as well as personal significant
events
Wedding gifts
Anniversary gifts
New born baby gifts
Scholarships for employees children
Get well cards/flowers
Birthday cards, celebrations and gifts
Providing benefits
Home insurance plans
Legal insurance
Travel insurance
Disability programs
Providing perks: It includes coupons, discounts, rebates,
etc
Discounts in cinema halls, museums, restaurants, etc.
Retail store discounts
Computer peripherals purchase discounts
Providing workplace conveniences
On-site ATM
On-site facilities for which cost is paid by employees
laundry facility for bachelors
Shipping services
Assistance with tax calculations and submission of forms
Financial planning assistance
Casual dress policies
Facilities for expectant mothers
Parking
Parenting guide
Lactation rooms
Flexi timings
Fun at work
Celebrate birthdays, anniversaries, retirements, promotions,
etc
Holiday parties and holiday gift certificates
Occasional parties like diwali, holi, dushera, etc
Organize get together for watching football, hockey, cricket
matches
Organize picnics and trips for movies etc
Sports outings like cricket match etc
Indoor games
Occasional stress relievers
Casual dress day
Green is the color day
Handwriting analysis
Tatoo, mehandi, hair braiding stalls on weekends
Mini cricket in office
Ice cream Fridays
Holi-Day breakfast
Employee support in tough time or personal crisis
Personal loans for emergencies
Childcare and eldercare services
Employee Assistance Programs ( Counseling sessions etc)
Emergency childcare services
Medium Level Strategies for Employee Retention
Appreciating and recognizing a well done job
Special bonus for successfully completing firm-sponsored
certifications
Benefit programs for family support
Child adoption benefits
Flexible benefits
Dependents care assistance
Medical care reimbursement
Providing conveniences at workplace
Gymnasiums
Athletic membership program
Providing training and development and personal growth
opportunities
Sabbatical programs
Professional skills development
Individualized career guidance
High Level Strategies
Promoting Work/Life Effectiveness
Develop flexible schedules
Part-time schedules
Extended leaves of absence
Develop Support Services
On-site day care facility etc.
Understand employee needs: This can be done through proper
management style and culture
Listen to the employee and show interest in ideas
Appreciate new ideas and reward risk-taking
Show support for individual initiative
Encourage creativity
Encouraging professional training and development and/or
personal growth opportunities: It can be done through:
Mentoring programs
Performance feedback programs
Provide necessary tools to the employees to achieve their
professional and personal goals
Getting the most out of employee interests and talents
Higher study opportunities for employees
Vocational counselling Offer personalized career guidance to
employees
Provide an environment of trust: Communication is the most
important and effective way to develop trust.
Suggestion committees can be created
Open door communication policy can be followed Regular feedbacks
on organizations goals and activities should be taken from the
employees by:
Management communications
Intranet and internet can be used as they provide 24X7 access to
the information Newsletters, notice boards, etc.
Hire the right people from the beginning: employee retention is
not a process that begins at the end. The process of retention
begins right from the start of the recruitment process.The new
joinees should fit with the organizations culture. The
personality,
leadership characteristics of the candidate should be in sync
with the culture of the hiring organization.
Referral bonus should be given to the employees for successful
hires. They are the best source of networking. Proper training
should be given to the managers on interview and management
techniques. An internship program can be followed to recruit the
fresh graduates.Retention Success Mantra
Transparent Work CultureIn todays fast paced business
environments where employees are constantly
striving to achieve business goals under time restrictions; open
minded and
transparent work culture plays a vital role in employee
retention. Companies invest very many hours and monies in training
and educating employees. These
companies are severely affected when employees check out,
especially in the
middle of some big company project or venture. Although
employees most often prefer to stay with the same company and use
their time and experience for personal growth and development, they
leave mainly because of work related stress and dissatisfactions
.More and more companies have now realized the importance of a
healthy work culture and have a gamut of people management good
practices for employees to have that ideal fresh work-life. Closed
doors work culture can serve as a deterrent to communication and
trust within employees which are potential causes for work- Related
apathy and frenzy.A transparent work environment can serve as one
of the primary triggers to
facilitate accountability, trust, communication, responsibility,
pride and so on. It is believed that in a transparent work culture
employees rigorously communicate with their peers and exchange
ideas and thoughts before they are finally matured in to full-blown
concepts. It induces responsibility among employees and
accountability towards other peers, which gradually builds up trust
and pride. More importantly, transparency in work environment
discourages work-politics which often hinders company goals as
employees start to advance their personal objectives at the expense
of development of
Quality Of Work
The success of any organization depends on how it attracts,
recruits, motivates, and retains its workforce. Organizations need
to be more flexible so that they develop their talented workforce
and gain their commitment. Thus, organizations are required to
retain employees by addressing their work life issues. The elements
that are relevant to an individuals quality of work life include
the task, the physical work environment, social environment within
the organization, administrative system and relationship between
life on and off the job. The basic objectives of a QWL program are
improved working conditions for the Employee and increase
organizational effectiveness. Providing quality work life involves
taking care of the following aspects: Occupational health care: The
safe work environment provides the basis for the person to enjoy
working. The work should not pose a health hazard for the person.
The employer and employee, aware of their risks and rights, could
achieve a lot in Their mutually beneficial dialogue.Suitable
working time: Organizations are offering flexible work options to
their employees wherein employees enjoy flexi-timings for
dedicating their efforts at work. Appropriate salary: The
appropriate as well as attractive salary has always been an
important factor in retaining employees. Providing employees salary
at par with the other counterparts of above that what competitors
are paying motivates them to stick With the company for long. QWL
consists of opportunities for active involvement in group working
arrangements or problem solving that are of mutual benefit to
employees or employers, based on labor management
cooperation.People also conceive of QWL as a set of methods, such
as autonomous work groups, job enrichment, and high-involvement
aimed at boosting the satisfaction and productivity of workers. It
requires employee commitment to the organization and an environment
in which this commitment can flourish. Providing quality at work
not only reduces attrition but also helps in reduced absenteeism
and improved job satisfaction. Not only does QWL contribute to a
company's ability to recruit quality people, but also it enhances a
company's competitiveness. Common beliefs support the contention
that QWL will positively nurture a more flexible, loyal, and
motivated workforce, which are essential in determining the
company's competitiveness. Supporting Employees
Organizations these days want to protect their biggest and most
valuable asset and they want to do this in a way that best suits
their organizational culture. Retaining employees is a difficult
task. Providing support to the employees acts as a mantra for
retraining them. Employers can also support their employees by
creating an environment of trust and inculcating the organizational
values into employees.The management can support employees directly
or indirectly. Directly, they
provide support in terms of personal crises, managing stress and
personal
development. Management can support employees, indirectly, in a
number of ways as follows:Manage employee turnover: Employee
turnover affects the whole organization in terms of productivity.
Managing the turnover, hence, becomes an important task. A
proactive approach can be adopted to reduce attrition. Strategies
should be framed in advance and implemented when the times arrives.
Turnover costs should also be taken into consideration while
framing these strategies.Become employer of choice: What makes a
company an employer of choice? Is the benefit it offers or the
compensation packages it gives away to its employees? Or is it
measured in terms of how they value their employees or in terms of
customer satisfaction? Becoming an employer of choice involves
following a road map which tells where to go as a brand.Engage the
new recruits: The newly hired employees are said to be least
engaged in the organization. Keeping them engaged is an important
task. The fresh talent should be utilized to maximum before they
start feeling bored in the organization.Optimize employee
engagement: An organizations productivity is measured not in terms
of employee satisfaction but by employee engagement. Employees are
said to be engaged when they show a positive attitude toward the
organization and express a commitment to remain with the
organization. Employee satisfaction also comes with high engagement
levels. So, organizations should aim to maximize the engagement
among employees.
Coaching and mentoring: Employees whose work performance suffers
due to poor interpersonal relationships or because of lack of
interpersonal skills should be provided proper coaching by their
superiors. Planed coaching sessions help an individual to work
through issues, maximize his potential and return to peak
performance.Feedback
Feedback acts as a channel of communication between the employee
and his
manager. The amount of information employees receive about how
well or how
poorly they have performed is what we call feedback. It is a
dialog between a
manager and an employee which acts as a way of sharing
information about the
performance. It suggests where the employee performance is
effective and where performance has to improve. Managers can
provide either positive feedback or negative feedback to employees.
This feedback helps the employee assess his performance and
identify the improvement areas. Positive feedback communicates
managerial satisfaction. Positive recognition for good performance
boosts up morale of employees and results in performance
improvement to a higher productivity level. It is believed that
positive feedback is the only type of feedback that generates
performance above the minimum acceptable level. Negative feedback
obviously communicates managers dissatisfaction. However, negative
feedback sometimes make employee to put more efforts to improve his
performance. But such times are very rare. Moreover this
improvement is short term. Some managers do not provide any kind of
feedback to their employees. Due to no feedback, employees may
assume that they are performing productively or they may feel that
the manager is satisfied with their performance. Studies reveal the
performance tends be same or even decreases if no feedback is
provided. Thus, feedback is necessary because: It builds trust and
enhances communication between manager and employee.
It gives managers and employees a way to identify and discuss
skills and strengths.
Positive feedback leads to employee retention and Retention. It
helps in identifying performance areas that need improvement and
specific ways to improve them. It acts as an opportunity to enhance
performance by identifying resources for skill development. It is
an opportunity for managers and employees to assess and identify
career and advancement opportunities. It helps employees to
understand the effectiveness of their performance and contributes
to their overall knowledge about the work Managers have tendency to
ignore good performances of their employees. Providing no feedback
may demotivate employees and may lead to employee absenteeism.
Input from managers side is necessary as it help employees to
improve their performance and increase productivity. Communication
Between Employee and Employer
Communication is a process in which a message is conveyed to the
receiver by the sender. The message may be or may not be in a
common format or language that both the sender and receiver
understand. So there is a need to encode and decode the message in
the process. Encoding and decoding also helps in the security of
the message. The process of communication is incomplete without the
feedback. Communication is the solution to almost everything in
this world. Same applies to employee retention also.
Straight-from-the-shoulder communication is what the employees
need from their employers. Employees look for organizations where
communication and process are transparent. Nothing is hidden and
shared with the employees.
There are 3 categories of employees:A: Who will leave their
current employer in 3 years of their employment
B: Who have a probability of leaving their current employer in
next 3 years
C: Who will stay with their current employer in the next 3
yearsCategory A: These are the employees who lack communication
with their
employers.Category C: These are the employees who have proper,
well structured
communication with their employers. Communication is also the
way to win the
employees trust in the organization. Employees trust the
employers who are
friendly and open to them. This trust leads to employee loyalty
and finally retention.Employers also feel that the immediate
supervisors are the most authenticated and trusted source of
information for them. So the organizations should hire managers who
are active communicators. Communication mediums.Open door policy:
Organizations should support open door policies so that the
employees feel comfortable and are able to express their doubts
and feeling to their employers. Frequent meetings and Social
gatherings Emails, Newsletters, Intranet and many more. So there
should be effective communication across the organization and this
communication should be two-way. Communication alone can lead to
unimaginable heights of employee retention.Importance Of Employee
Retention
The process of employee retention will benefit an organization
in the following
ways:1. The Cost of Turnover: The cost of employee turnover adds
hundreds of
thousands of money to a company's expenses. While it is
difficult to fully calculate the cost of turnover (including hiring
costs, training costs and productivity loss), industry experts
often quote 25% of the average employee salary as a conservative
estimate.Loss of Company Knowledge: When an employee leaves, he
takes with him valuable knowledge about the company, customers,
current projects and past history (sometimes to competitors). Often
much time and money has been spent on the employee in expectation
of a future return. When the employee leaves, the investment is not
realized.Interruption of Customer Service: Customers and clients do
business with a
company in part because of the people. Relationships are
developed that encourage continued sponsorship of the business.
When an employee leaves, the relationships that employee built for
the company are severed, which could lead to potential customer
loss.Turnover leads to more turnovers: When an employee terminates,
the effect is felt throughout the organization. Co-workers are
often required to pick up the slack. The unspoken negativity often
intensifies for the remaining staff.
Goodwill of the company: The goodwill of a company is maintained
when the
attrition rates are low. Higher retention rates motivate
potential employees to join the organization.Regaining efficiency:
If an employee resigns, then good amount of time is lost in hiring
a new employee and then training him/her and this goes to the loss
of the company directly which many a times goes unnoticed. And even
after this you cannot assure us of the same efficiency from the new
employee
What Makes Employee 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 dont 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 wont 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 candidates 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 co workers,
seniors and management: Trust is the most important factor that is
required for an individual to stay in the job. Non-supportive co
workers, 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.Managing Employee Retention:The task of
managing employees can be understood as a three stage process:
1. Identify cost of employee turnover.
2.Understand why employee leave.
3.Implement retention strategies
The organizations should start with identifying the employee
turnover rates within a particular time period and benchmark it
with the competitor organizations. This will help in assessing the
whether the employee retention rates are healthy in the company.
Secondly, the cost of employee turnover can be calculated.
According to a survey, on an average, attrition costs companies 18
months salary for each manager or professional who leaves, and 6
months pay for each hourly employee who leaves. This amounts to
major organizational and financial stress, considering that one out
of every three employees plans to leave his or her job in the next
two years.Understand why employees leave :
Why employees leave often puzzles top management. Exit
interviews are an ideal way of recording and analyzing the factors
that have led employees to leave the organization. They allow an
organization to understand the reasons for leaving and underlying
issues. However employees never provide appropriate response to the
asked questions. So an impartial person should be appointed with
whom the employees feel comfortable in expressing their
opinions.Implement retention strategy :
Once the causes of attrition are found, a strategy is to be
implemented so as to
reduce employee turnover. The most effective strategy is to
adopt a holistic
approach to dealing with attrition. An effective retention
strategy will seek to ensure:
Attraction and recruitment strategies enable selection of the
right candidate for
each role/organization New employees initial experiences of the
organization are positive Appropriate development opportunities are
available to employees, and that they are kept aware of their
likely career path with the organization
The organizations reward strategy reflects the employee
drivers
How To Increase Employee Retention Companies have now realized
the importance of retaining their quality workforce. Retaining
quality performers contributes to productivity of the organization
and increases morale among employees/ Four basic factors that play
an important role in increasing employee retention include salary
and remuneration, providing recognition, benefits and opportunities
for individual growth. But are they really positively contributing
to the retention rates of a company? Basic salary, these days,
hardly reduces turnover. Today, employees look beyond the money
factor.
Retention BonusHigher attrition rates within a particular
industry have forced companies to use
some innovative strategies to retain employees. Retention Bonus
is one of the
important tools that are being used to retain employees.
Retention bonus is an
incentive paid to an employee to retain them through a critical
business cycle.
Retention bonuses are becoming more common in the corporate
world because
companies are going through more transitions like mergers and
acquisitions. They need to give key people an attractive incentive
to stay on through these transitions to ensure productivity.
Retention bonuses have proven to be a useful tool in persuading
employees to stay. A retention bonus plan is not a panacea.
According to a survey, non management employees generally receive
about 10 percent of their annual salaries in bonuses, while
management and top-level supervisors earn an additional 50 percent
of their annual salaries. While bonuses based on salary percentages
are the generally used, some companies choose to pay a flat figure.
In some companies, bonuses range from 25 percent to 50 percent of
annual salary, depending on position, tenure and other factors.
Employees are chosen for retention bonuses based on their
contributions to management and the generation of revenue.
Retention bonuses are generally vary from position to position and
are paid in one lump sum at the time of termination. However, some
companies pay in instalments as on when the business cycle
completes. A retention period can run somewhere between six months
to three years. It can also run for a particular project. A
project
has its own life span. As long as the project gets completed,
the employees who
have worked hard on it are entitled to receive the retention
bonus. For example, the implementation of a system may take 18
months, so a retention bonus will be offered after 20 months.
Although retention bonuses are becoming more common everywhere,
some industries are more likely than others to offer them.
Retail/wholesale companies are the most appropriate to implement
stay-pay
bonuses, followed by financial service providers and
manufacturing firms.
Companies of all sizes use retention bonus plans to keep
knowledge employees
retained in the company. To retain its key senior employees post
merger with EDS Corporation, Mphasis is providing cash component
based retention bonus plan for its employees. This is mainly to
retain good employees and provide them a cash incentive to keep
them motivated.Hire Right Talent
employee retention starts with recruitment. Early departures
arise from the wrong recruitment process. Here are a few ways to
ensure how to hire the right talent for a particular job. Hire
appropriate candidates. Hire candidates who are actually suitable
for the job. For this the employer should understand the job
requirements clearly. Dont hire under qualified or clearly
overqualified candidates.
Provide realistic job preview at the time of hiring: Mostly
employees leave an organization because they are given the real
picture of their job responsibilities at the time of joining.
Attrition rate can be reduced if a right person is hired for a
right job. Realistic preview of the job responsibilities can be
given to the employment seekers by various methods like
discussions, trial periods, internships etc.Clearly discuss what is
expected from the employee: Before joining the
organization, tell the candidate what is expected from him.
Setting wrong
expectations or hiding expectations will result in early leaving
of employees.Discuss what the expectations of the employees are:
Ask employees what they expect from the organization. Be realistic.
If their requirements can be fulfilled only then promise them. Or
tell them beforehand that their requirements cannot be
fulfilled.Dont show them an unrealistic picture Culture fit: Try to
judge individuals capability to adapt to the organizations culture.
A drastic change in the culture may give a culture shock to the
candidate.Referrals: According to the research, referred candidates
stay longer with the
organization. There is a fear of hampering the image and
reputation of the person who referred the candidate.Manager Role in
Retention
When asked about why employees leave, low salary comes out to be
a common
excuse. However, research has shown that people join companies,
but leave
because of what their managers do or dont do. It is seen that
managers who
respect and value employees competency, pay attention to their
aspirations,
assure challenging work, value the quality of work life and
provided chances for
learning have loyal and engaged employees. Therefore, managers
and team leaders play an active and vital role in employee
retention.
Managers and team leaders can reduce the attrition levels
considerably by creating a motivating team culture and improving
the relationships with team members. This can be done in a
following way:Creating a Motivating Environment: Team leaders who
create motivating
environments are likely to keep their team members together for
a longer period of time. Retention does not necessarily have to
come through fun events such as parties, celebrations, team outings
etc. They can also come through serious events. e.g. arranging a
talk by the VP of Quality on career opportunities in the field of
quality. Employees who look forward to these events and are likely
to remain more engaged.Standing up for the Team: Team leaders are
closest to their team members. While they need to ensure smooth
functioning of their teams by implementing
management decisions, they also need to educate their managers
about the
realities on the ground. When agents see the team leader
standing up for them,
they will have one more reason to stay in the team.Providing
coaching: Everyone wants to be successful in his or her current
job.
However, not everyone knows how. Therefore, one of the key
responsibilities will be providing coaching that is intended to
improve the performance of employees. Managers often tend to escape
this role by just coaching their employees. However, coaching is
followed by monitoring performance and providing feedback on the
same.Delegation: Many team leaders and managers feel that they are
the only people
who can do a particular task or job. Therefore, they do not
delegate their jobs as
much as they should. Delegation is a great way to develop
competencies.
Extra Responsibility: Giving extra responsibility to employees
is another way to get them engaged with the company. However, just
giving the extra responsibility does not help. The manager must
spend good time teaching the employees of how to manage
responsibilities given to them so that they dont feel over
burdened.Focus on future career: Employees are always concerned
about their future career. A manager should focus on showing
employees his career ladder. If an employee sees that his current
job offers a path towards their future career aspirations, then
they are likely to stay longer in the company. Therefore, managers
should play the role of career counsellors as well.How to Improve
Employee Retention?People want to enjoy their work so make work fun
and enjoyable.
Understand that employees need to balance life and work so offer
flexible starting times and core hours. Provide 360 feedback
surveys and other questionnaires to foster open communication.
Consider allowing anonymous surveys occasionally so employees will
be more honest and candid with their opinions. Provide
opportunities within the company for career progression and
cross-training. Offer attractive, competitive benefits
.Organizations should target job applications for employees who
have characteristics that fit well with the organizational culture.
Upon conducting an interview, seek out traits, such as loyalty.
Also, ask the potential employee what motivates them on the job.
Having more information about the potential employees expectations
can help retain them, should they get hired into the
company.Rewards and Recognition
Employees want to be recognized for a job well done. Rewards and
recognition
respond to this need by validating performance and motivating
employees toward continuous improvement. Rewarding and recognizing
people for performance not only affects the person being
recognized, but others in the organization as well. Through a
rewards program, the entire organization can experience the
commitment to excellence. When the reward system is credible,
rewards are meaningful; however, if the reward system is broken,
the opposite effect will occur. Employees may feel that their
performance is unrecognized and not valued, or that others in the
organization are rewarded for the wrong behaviours. Unrecognized
and no valued performance can contribute to turnover. Recognition
for a job well done fills the employees' need to receive positive,
honest feedback for their efforts.Need for Rewards and
Recognition
Recognition should be part of the organization's culture because
it contributes to
both employee satisfaction and retention. Organizations can
avoid employee
turnover by rewarding top performers. Rewards are one of the
keys to avoiding
turnover, especially if they are immediate, appropriate, and
personal. A Harvard
University study concluded that organizations can avoid the
disruption caused by employee turnover by avoiding hiring mistakes
and selecting and retaining top performers.One of the keys to
avoiding turnover is to make rewards count. Rewards are to be
immediate, appropriate, and personal. Organizations may want to
evaluate whether getting a bonus at the end of the year is more or
less rewarding than getting smaller, more frequent payouts.
Additionally, a personal note may mean more than a generic company
award. Employees should be asked for input on their most desirable
form of recognition. Use what employees say when it comes time to
reward for performance.Designing a Rewards and and Recognition
Solution
In designing a rewards and recognition program, the following
guidelines should be considered.
Rewards should be visible to all members of the
organization.
Rewards should be based on well-defined, credible standards that
have been developed using observable achievements.
Rewards should have meaning and value for the recipient.
Rewards can be based on an event (achieving a designated goal)
or based on a time frame (performing well over a specific time
period).
Rewards that are spontaneous (sometimes called on-the-spot
awards) are also highly motivating and should also use a set
criteria and standard to maintain credibility and meaning.
Rewards should be achievable and not out of reach by
employees.
Nonmonetary rewards, if used, should be valued by the
individual. For example, an avid camper might be given a 10-day
pass to a campsite, or, if an individual enjoys physical activity,
that employee might be given a spa membership. The nonmonetary
rewards are best received when they are thoughtfully prepared and
of highest quality. Professionalism in presenting the reward is
also interpreted as worthwhile recognition.Rewards should be
appropriate to the level of accomplishment received. A cash
award of $50 would be inappropriate for someone who just
recommended a process that saved the organization a million
dollars. Determining the amount of money given is a delicate matter
of organizational debate in which organizational history, financial
parameters, and desired results are all factors. Recognition for a
job well done can be just as valued and appreciated as monetary
awards. Formal recognition program can be used with success. First
Data Resources, a data processing services company that employees
more than 6,000 individuals in Omaha, Nebraska, uses a formal
recognition program (Adams, Mahaffey, and Rick,2002). Rewards are
given on a monthly, quarterly, and yearly basis, and range from
Nebraska football tickets, gift certificates, pens, plaques, mugs,
and other items.
One of the most popular awards at First Data is called the "Fat
Cat Award" that
consists of: $500 gift check Professional portrait of the
employee
Appreciation letter from the CEO and senior management
E-mails, phone calls, and notes from peersIn addition to
nonmonetary rewards, employees can be rewarded using money in
numerous ways. Cash is a welcome motivator and reward for
improving
performance, whether at formal meetings or on the spot. Variable
bonuses linked to performance are another popular reward strategy.
Profit sharing and pay-for-skills are monetary bonus plans that
both motivate individuals and improve goal achievement. Small acts
of recognition are valuable for employee daily Retention. Sometimes
a personal note may mean more than a generic company award. In one
survey, employees cited the following as meaningful rewards (Moss,
2000): Employee of the month awards Years of service awards
Bonus pay (above and beyond overtime) for weekend work
Invitations for technicians to technical shows and other
industry events
Meaningful and Retention RewardsWhat gives meaning to rewards
and recognition? What makes them effective? First, rewards and
recognition should be based on a clear set of standards, with
performance verifiable or observable. The standards for the
reward should also be achievable. If the reward is based on an
unachievable result, such as a production goal that is beyond
employees' power, then those employees will not be motivated.
Meaningful rewards and recognition that are achievable have the
greatest impact.DATA ANALYSIS AND INTERPRETATION
TABLE-1
OPINION ABOUT THE JOB ENVIRONMENT AND WORKING
CONDITIONVariablesNo of respondentsNo of respondents in %
Excellent3060%
Good1530%
Average510%
Poor00%
CHART-1
INTERPRETATIONThe above graph reveals that 60% of the employees
feel that job environment and working conditions are excellent (
i.e they are absolutely satisfied).30% of the employees feel that
job environment and working conditions are good (i.e they are
satisfied).10% of the employees feel that job environment and
working conditions are average(i.e they are partially satisfied).
0%( i.e none of the employees feel job environment and working
conditions are poor).
TABLE-2 PERCEPTION ABOUT THE GROWTH AND SECURITY
OPPORTUNITIES
VariablesNo of respondentsNo of respondents in %
Excellent2550%
Good1020%
Average1530%
Poor 00%
CHART-2
INTERPRETATION The above graph reveals that50% of the employees
feel that the growth and security opportunities are Excellent that
is they are absolutely satisfied.20% of the employees feel that the
growth and security opportunities are Good that is they are
satisfied.30% of the employees feel that the growth and security
opportunities are Average that is they are partially satisfied.0%
i.e none of the employees feel that the growth and security
opportunities are Poor. TABLE -3
OPINION ABOUT THE CAREER-PLANNING PROGRAM IN THE
ORGANIZATION
VariablesNo of respondentsNo of respondents in %
Excellent2040%
Good2040%
Average1020%
Poor 00%
CHART-3
INTERPRETATION The above graph reveals that40% of the employees
feel that the growth and security opportunities are Excellent that
is they are absolutely satisfied.40% of the employees feel that the
growth and security opportunities are Good that is they are
satisfied.20% of the employees feel that the growth and security
opportunities are Average that is they are partially satisfied.0%
i.e none of the employees feel that the growth and security
opportunities are Poor. TABLE-4 PERCEPTION ABOUT THE PAY STRUCTURE
IN THE ORGANIZATION
VariablesNo of respondentsNo of respondents in %
Excellent2550%
Good1020%
Average1530%
Poor 00%
CHART-4
INTERPRETATION The above graph reveals that50% of the employees
feel that the growth and security opportunities are Excellent that
is they are absolutely satisfied.20% of the employees feel that the
growth and security opportunities are Good that is they are
satisfied.30% of the employees feel that the growth and security
opportunities are Average that is they are partially satisfied. 0%
i.e none of the employees feel that the growth and security
opportunities are Poor. TABLE-5
OPINION ABOUT THE PROMOTION SYSTEM IN THE
ORGANIZATIONVariablesNo of respondentsNo of respondents in %
Excellent1020%
Good2550%
Average1020%
Poor 510%
CHART-5
INTERPRETATION
The above graph reveals that20% of the employees feel that the
growth and security opportunities are Excellent that is they are
absolutely satisfied.50% of the employees feel that the growth and
security opportunities are Good that is they are satisfied.20% of
the employees feel that the growth and security opportunities are
Average that is they are partially satisfied. 10% i.e none of the
employees feel that the growth and security opportunities are Poor.
TABLE-6
ABLE TO LEARN AND ACQUIRE NEW SKILLS IN THE ORGANZATION
VariablesNo of respondentsNo of respondents in %
Excellent2550%
Good1530%
Average1020%
Poor 00%
CHART-6
INTERPRETATION
The above graph reveals that50% of the employees feel that the
growth and security opportunities are Excellent that is they are
absolutely satisfied.30% of the employees feel that the growth and
security opportunities are Good that is they are satisfied.20% of
the employees feel that the growth and security opportunities are
Average that is they are partially satisfied. 0% i.e none of the
employees feel that the growth and security opportunities are Poor.
TABLE-7
STEPS TAKEN FOR JOB ENRICHMENT FOR EMPLOYEESVariablesNo of
respondentsNo of respondents in %
Deliberate upgrading of responsibility1020%
Widening the scope of activities1428%
Setting the challenges in work2040%
Giving exposure to variety of jobs 612%
CHART-7
INTERPRETATION
The above graph reveals that 20% of the employees feel that Job
Enrichment will lead to deliberate upgrading of responsibility. 28%
of the employees feel that Job enrichment will widen the scope of
activities.40% of the employees feel that Job Enrichment will set
challenges in work.12% of the employees feel that Job Enrichment
will give exposure to variety of jobs.
TABLE -8
PURPOSE OF JOB DESIGN AND GOAL SETTING IN THE ORGANIZATION
VariablesNo of respondentsNo of respondents in %
It facilitates work flow714%
Effective co-ordination and integration1836%
Positive impact on employee satisfaction510%
All the above 2040%
CHART-8
INTERPRETATION
The above graph reveals that14% of the employees feel that Job
Design and Goal setting will facilitate work flow. 36% of the
employees feel that Job Design and Goal setting will lead to
effective co-ordination and integration.10% of the employees feel
that Job Design and Goal setting will lead to positive impact on
employee satisfaction.40% ofthe employees feel that all the above
three factors are important for Job Design and Goal
setting.TABLE-9PERCEPTION ABOUT INTEGRATION OF JOB, CAREER, FAMILY
LIFE AND LEISURE TIMEVariablesNo of respondentsNo of respondents in
%
Excellent2040%
Good2550%
Average510%
Poor 00%
CHART-9
INTERPRETATION The above graph reveals that 40% of the employees
feel that the integration of job, career, family life and leisure
time are excellent that is they are absolutely satisfied.50% of the
employees feel that the integration of job, career, family life and
leisure time are good that is they are satisfied.10% of the
employees feel that the integration of job, career, family life and
leisure time are average that is they are partially satisfied.0%
i.e none of the employees feel that the integration of job, career,
family life and leisure time are poor. TABLE -10
OPINION ABOUT THE LEAVES PROVIDED BY THE ORGANIZATION
VariablesNo of respondentsNo of respondents in %
Excellent1020%
Good3570%
Average510%
Poor 00%
CHART-10
INTERPRETATION The above graph reveals that20% of the employees
feel that the leaves provided by the organization are excellent
that is they are absolutely satisfied.70% of the employees feel
that the leaves provided by the organization are good that is they
are satisfied.10% of the employees feel that the leaves provided by
the organization are average that is they are partially
satisfied.0% i.e none of the employees feel that the leaves
provided by the organization are poor. FINDINGS
It is found out that, 40% of respondents are aware of HR
Policies and 60 % of respondents are not aware of HR Policies.
It is found out that, 76% of respondents are getting right
amount of accurate
information at right time and 24% of respondents are not getting
right amount of accurate information at right time.
It is found out that, 82% of respondents are able to meet
superiors expectation and 18% respondents are not able to meet
superiors expectation.
It is found out that,57% of respondents feels that there pay is
on par with compare to employees handling similar responsibilities,
and 39% of respondents feels that there pay is less with compare to
employees handling similar responsibilities.
It is found out that, 70% of respondents are satisfied with
hygiene and cleanliness of company infrastructure and 30% of
respondents are not satisfied with hygiene and cleanliness of
company infrastructure.
It is found out that, 40% of respondents are satisfied with
Availability of system, storage facilities of company and 60% of
respondents are not satisfied with Availability of system, storage
facilities of company.
It is found out that, 78% of respondents skills are recognized
by superiors and 22% of respondents skills are not recognized by
superiors.
It is found out that, 74% of respondents feel that superiors are
taking efforts to motivate them and 26% of respondents feel that
superiors are not taking efforts to motivate them.
It is found out that, 83% of respondents feel that workload is
manageable and 10% of respondents feel that workload is very hard
to manage.
It is found out that,55% of respondents feels that the field
worker are able to get updates on internal activities, and 45% of
respondents feels that the field worker are not able to get updates
on internal activities.
It is found out that, 89% of respondents feel that the superiors
are easily
accessible and 11% of respondents feel that the superiors are
not easily accessible.
It is found out that, 51% of respondents feel that their
complaints are resolved quickly and 49% of respondents feel that
their complaints are not resolved quickly.
From weighted Average analysis it is found that most of the
respondents are
satisfied with the working hours of the organization
From weighted Average analysis it is found that roles &
responsibilities are clearly defined by the Reporting heads.
From weighted Average analysis it is found that employees feel
that their
superior's commitment towards job is good.
From weighted Average analysis it is found that respondents feel
that training and orientation programs are neither good nor
bad.
From weighted Average analysis it is found that most of the
respondents are
satisfied with job.
From chi-square it is found that there is a significant
relationship between Work Culture of the Company and interpersonal
relationship between employees.
SUGGESTIONS
Employee should be provided with proper training.
Employee should be appreciated for good work.
Employee should be motivated to welcome the change.
If any changes are brought in to software or any module is added
then proper
training should be given.Conclusion
Retention is an important concept that has been receiving
considerable attention
from academicians, researchers and practicing HR managers. In
its essence,
Retention comprises important elements such as the need or
content, search and
choice of strategies, goal-directed behaviour, social comparison
of rewards
reinforcement, and performance-satisfaction. The increasing
attention paid towards Retention is justified because of several
reasons. Motivated employees come out with new ways of doing jobs.
They are quality oriented. They are more productive.Any technology
needs motivated employees to adopt it successfully. Several
approaches to Retention are available. Early theories are too
simplistic in their
approach towards Retention. For example, advocates of scientific
Management
believe that money is the motivating factor. The Human Relations
Movement posits that social contacts will motivate workers. Mere
knowledge about the theories of Retention will not help manage
their subordinates. They need to have certain techniques that help
them change the behavior of employees.One such technique is reward.
Reward, particularly money, is a motivator according to need-based
and process theories of Retention. For the behavioral scientists,
however, money is not important as a motivator. Whatever may be the
arguments, it can be stated that money can influence some people in
certain circumstance. Being an outgrowth of Herzbergs, two factor
theory of Retention, job enrichment is considered to be a powerful
motivator. An enriched job has added responsibilities. The makes
the job interesting and rewarding. Job enlargement refers to adding
a few more task elements horizontally. Task variety helps motivate
job holders. Job rotation involves
shifting an incumbent from one job to
another.Recommendations
1. Develop an attractive employee value proposition.
An employee value proposition means that your company has
something attractive to offer that is perceived as valuable to an
employee. as an employer, you must understand what makes your
organization attractive to potential recruits and current
employees. Branding yourself as an employer of choice is not just a
slick set of marketing tactics. The best advocates for an employers
brand are its current employees. What messages do they send to
others about their employer? Are they honestly saying and believing
that, This is a great place to work.2. Create a total reward
structure that includes more than compensation.
Every company should have all the normal compensation mechanisms
common to their type of employment. yet, total rewards packages go
far beyond money. While money might temporarily retain employees,
it does not always equate with engagement. People want a chance to
make a difference and realize themselves. That self-realization is
multi-dimensional and different for each employee. The total reward
structure should include, in addition to compensation, support for
employees to attain their personal objectives aligned with the
goals of their organization.3. Give feedback on employee
performance on a regular basis.
Most managers and employees are not enamored with the
performance appraisal
process in their organization. yet, an effective performance
management process
serves many purposes. Ongoing performance feedback allows
employees to better know where they stand, gives them a formal
means to provide input, indicates that their managers pay attention
to them and that their performance matters. This feedback
contributes to employee engagement and retention.BIBLIOGRAPHY
BOOKS
Human Resource Management C.B.Memoria
Research methodology C.R.Kothari
Journals, Newspaper and InternetFor more Notes, Presentations,
Project Reports visit
a2zmba.blogspot.com
hrmba.blogspot.com
mbafin.blogspot.comQUESTIONNAIRENAME:
DEPARTMENT:
1. What is your opinion about the job environment and working
conditions?
a. Excellent b. Good c. Average d. Poor
2. What is your perception about the growth and security
opportunities?
a. Excellent b. Good c. Average d. Poor
3. What is your perception about the career-planning program in
the organization?
a. Excellent b. Good c. Average d. Poor
4. What is your perception about the pay structure in the
organization?
a. Excellent b. Good c. Average d. Poor
5. What is your opinion about the promotion system?
a. Excellent b. Good c. Average d. Poor
6. What is your opinion about that you are able to learn and new
skills in this
Organization?
a. Excellent b. Good c. Average d. Poor
7. What are the steps taken for the job enrichment for
employees?
a. Deliberate upgrading of responsibility
b. Widening the scope of activities
c. Setting the challenges in work
d. Giving exposure to variety of jobs
8. What is the purpose of job design and goal setting in the
organization?
a. It facilitates work flow
b. Effective co-ordination and integration
c. Positive impact on employee satisfaction
d. All the above
9. What is your perception about the sensible integration of
job, career, family life
and leisure time?
a. Excellent b. Good c. Average d. PoorJob environment and
Working conditions
Excellent
60%
Good
30%
Average
10%
Poor
0%
Excellent
Good
Average
Poor