INDEX TABLE
chapter
Subject
page no.
OBJECTIVE AND RATIONALE
2
1
INTRODUCTION
3
1.1
COMPANY PROFILE
4
1.2
AXIOM CORE STRENGTHS
7
1.3
SECTORS SERVED
8
2
EMPLOYEE ATTRITION AND EMPLOYEE RETENTION
10
2.1
COST OF ATTRITION
12
2.2
REASONS FOR ATTRITION
14
2.3
DISADVANTAGES OF ATTRITION
15
2.4
EMPLOYEE RETENTION
16
2.5
ROLE OF HR IN EMPLOYEE RETENTION
23
2.6
CHALLENGES IN EMPLOYEE RETENTION
24
3
PRODUCTS & SERVICES
26
4
RESEARCH METHODOLOGY
41
4.1
LITERATURE REVIEW
42
4.2
OBJECTIVE OF THE STUDY
45
4.3
ASSUMPTIONS
45
4.4
RESEARCH DESIGN
46
5
BUSINESS PROCESS
48
6
INFERENCES DRAWNAND ANALYSIS
53
6.1
ATTRITION RATE OF AXIOM BPO SERVICES
54
6.2
RETENTION STRATEGIES USED AT AXIOM BPO
59
7
FINDINGS
60
7.1
SUGGESTION
61
8
CONCLUSION
63
8.1
BIBLIOGRAPHY
64
9
ANNEXURE
67
9.1
EXIT INTERVIEW
68
9.2
EXIT FORM
71
EXECUTIVE SUMMARYThis project is a reflection of the findings of
the survey that was conducted to understand what BPO Companies are
doing towards the attrition and retention of their employees. The
project overview encompasses the objective, rationale and
methodology adopted for the survey. Its a snapshot of why and how
the project was carried out.The brief profile of the BPO Companies
aims not only to introduce the companies but also to impart a
better understanding of the BPO Sector as a whole. The companies
Vision, Mission, Values and Beliefs are mentioned in a nutshell.
The introduction to retention provides the theoretical base to
build the project upon, and also to better understand the
significance of the subject, highlighting the need for the
organizations today to be more proactive in retaining their
employees. The focus has been on why employees stay so that
precautionary approach adopted by different organizations can be
understood.The survey has also brought out the attempts made by the
organizations towards building up of work environment focusing on
employees, their morale, motivation, satisfaction and ability and
willingness to be highly productive. At the same time, several
reward and recognition initiatives have been developed to encourage
desired employee behaviour benefiting the organizations. The money
factor has also been considered to understand the organizations
approach towards developing their employee retention strategy
around compensation, bonus and incentives etc.
OBJECTIVEThis research was undertaken to understand the various
strategic initiatives adopted by different companies towards the
retention of their employees; with an ultimate objective of
analyzing the retention practices that are adopted by a BPO
Company.
To understand the factors central to attrition.
To calculate and analyse the attrition rate of axiom .
To suggest the activities that they might undertake in order to
decrease attrition rate & retain employees.
To take efforts and measures to improve the situation and
conditions of employment for retaining key talent.
To understand the rules and policies followed by the
organization of Exit interview.
RATIONALEHaving recognized that human assets are the only true
differentiator that an organization has, the attrition and
retention of these valuable resources have become and area of major
concern for every organization. Be it any stage of business cycle
or economic condition; top performers, strategic employees and the
whole lot of the employees cargo who are capable of taking the
organization to the ambitious heights, are always the focus of
attention for their employees.
CHAPTER-1INTRODUCTION
INDUSTRIAL PROFILE
Axiom is a BPO company at Ahmedabad, India established in 2004
and since then we have undertaken several critical BPO projects for
both Indian and International Clients to the complete satisfaction
of our clients. Our staffs are well trained in their relevant
fields who provide excellent customer services to your business
requirements by using proven methodologies and by employing
standard procedures to ensure that you enjoy increased customer
satisfaction thereby enabling you to get increased revenues and
profits. Since our main aim is to focus and interact with our
customers directly, we actively assist you in improving your
company's products and services by providing valuable feedback and
information to the appropriate sales and marketing department..
The integrity of our executive management team and the
background of our professionals enable us to work with only the
best. Our team is comprised of industry standards experts with
worldwide experience in outsourcing-off shoring services and
integrated onsite-offshore solutions. Each of our professionals
undergoes meticulous training, specializing in individual
industries to provide services that meet the global standards.
1.1 COMPANY PROFILE
Name of the company : AXIOM SERVICES
Address : B-31/62,Corporate House, Judges
Bunglaw Road, Opp Pakvan Restaurant,
Bodakdev
Ahmedabad, Gujarat
India
Type of Unit : Private Company
Year of Establishment : 2004-2005
Total Area Covered : 40 acres
Number of Employees : 300
Competitors : QRM. IBM. UFIDA. SunGard. Metric Stream.
Website: http://axiombpm.com
1.6 Vision & Values
(A) Vision
The most successful and admired life insurance company, which
means that we are the most trusted company, the easiest to deal
with, offer the best value for job, and set the standards in the
industry.
The most obvious choice for all.
(B) Values
Integrity
Innovation
Customer centric
People Care One for all and all for one
Team work
Joy and Simplicity
(CORE VALUES OF AXIOM)
Business ethics
Customer focus
Speed and innovation
Professional pride
Mutual respect
(HR PHILOSOPHY AT AXIOM)
A strong focus on our human resources operations is closely
integrated into the firm's business strategy.
At axiom we believe in providing an entrepreneurial environment,
within a strong focus on result orientation
At each level, axiom employees have a pre-defined career path
and hence an opportunity for continuous growth. They also believe
in a complete meritocracy in deciding on promotions and reward
systems
AR's ability to provide world-class financial services is a
result of its talented manpower pool.
(AXIOM CORE STRENGTHS)1.2
Breadth of Services
In line with its client-centric philosophy, the firm offers to
its clients the entire spectrum of financial services ranging from
brokerage services in equities and commodities, distribution of
mutual funds, IPOs and insurance products, real estate, investment
banking, merger and acquisitions, corporate finance and corporate
advisory.
Clients deal with a relationship manager who leverages and
brings together the product specialists from across the firm to
create an optimum solution to the client needs.
Management Team
ANAND RATHI brings together a highly professional core
management team that comprises of individuals with extensive
business as well as industry experience.
In-Depth Research
Our research expertise is at the core of the value proposition
that we offer to our clients. Research teams across the firm
continuously track various markets and products. The aim is however
common - to go far deeper than others, to deliver incisive insights
and ideas and be accountable for results.
Client Testimony
We have been ranked thrice in a row as the #1 Private Bank -
Domestic and #2 Private Bank - Overall BY OUR CLIENTS in an
international Private Banking Poll (2009, 2010 & 2011)
conducted by the Asia money publication. Asia money Polls is a
unique survey run by Asia's regional financial publication that
surveys the end-user i.e. our clients. It is the leading and
definitive industry survey in the region. We believe that this
honor would not have come our way without the goodwill, support and
patronage of our clients and the trust they placed in us and our
advisory.
Client-centric Ethos
Our belief is that there is a spark in every person that
distinguishes him as an individual, and defines his aspirations and
goals. A Wealth Management solution for every individual is
therefore unique. You deserve a customized solution for managing
your wealth that is specific to your needs and not a generic
template based offering.
Strong Research Capabilities
Our Advisory process is rooted in the strength of our research
team, giving us expertise across various asset classes. Our
Economic Research team has been ranked among the top 20 in Asia by
Institutional Investor and is one among the only 2 teams from India
to feature in this list.
(SECTORS SERVED)1.3
Industrial and Capital Goods
Business Services
Technology
Telecom
Media
Retail
Real Estate
Consumer Services
Natural Resources
Financial Institutions
Professional Services
Education
Clean Energy
Healthcare
Infrastructure
Transportation and Logistics
CHAPTER-2
EMPLOYEE ATTRITION AND RETENTION STRATEGIES
(INTRODUCTION TO TOPICEMPLOYEE ATTRITION AND EMPLOYEE
RETENTION)
In the best of worlds, employees would love their jobs, like
their co-workers, work hard for their employers, get paid well for
their work ,have ample chances for advancement and flexible
schedules so they could attend to personal or family needs when
necessary.
Specifically at Brokerage industry normally No of employees
leaves organization is always high. so For HR manger it is a big
challenge to maintain the attrition rate of their organization. HR
Manager is not only required to fulfill this Responsibility, but
also find the right kind of people who can keep pace with the
unique work patterns in industry. The toughest concern for an HR
Manager is However the Attrition Rate.
MEANING OF ATTRITION:
The wearing down of an Adversary, making him weaker by repeal
attacking them or wearing down of resources i.e. the process of
reducing the number of people who are employed by an organization
by not replacing people who leave the job.
WHAT IS EMLOYEE ATTRITION:A reduction in number of employees
through retirement, resignation or death.
The action or process of gradually reducing the strength or
effectiveness of someone or something through sustained attack or
pressure. The gradual reduction of employees leaving and not being
replaced rather than by their being laid off.
WHAT IS ATTRITION RATE: The rate of shrinkage in size or
number.
The rate of shrinkage in size or number of employees is known as
Attrition Rate. It is usually expressed in percentage. An Attrition
Rate also known as churn rate, can be a measure of two things. It
can be a measure of how many people leave over a certain period of
time or how many employees leave over a certain period of time.
Employee attrition is a serious issue, especially in todays
knowledge-driven marketplace where employees are the most important
human capital assets; attrition impacts an organizations
competitive advantage.
(CYCLE OF ATTRITION)
Attrition brings decreased Productivity.
People leave causing others to work harder.
This contributes to more Attrition, which contributes to
increased costs and lowers Revenue.
This forces additional cost reduction and austerity
measures.
This in turn makes working more difficult, causing the best
performers with the most external opportunities to leave
2.1
(COST OF ATTRITION)
Cost of advertising for new positions
the cost and time involved in interviews and background
checks,
costs associated with search firms or placement agencies,
relocation costs of new employees
Training and orientation costs
The tangible costs of employee attrition would be the cost of
training new employees, the recruitment and selection costs,
adjustment time, possible product and/or service quality problems,
costs of agency workers/temporary staff, the cost of loss
productivity, the cost of lost knowledge and the cost of the
position remaining vacant till a suitable replacement is found.
The intangible costs, which may be even more significant than
the tangibles, involve the effect of turnover on organizational
culture, employee morale, social capital or organizational memory.
All these costs would significantly take away the profitability and
the competitive advantage of the firm.
2.2
(REASONS FOR ATTRITION)
I. Deliberately Ruining the Relationship
II. Persistently Annoying the Employee.
III. Compelling Offer
IV. Expectation is Not Shaped Properly
V. Life cycle Changes Not Managed
VI. Developmental Needs Beyond the Functional Are Not Met
VII. Wrong Hire
THE BRIGHTER SIDE OF ATTRITION:
Some employee turnover positively benefits organizations. This
happens whenever a poor performer is replaced by a more effective
employee, and can happen when a senior retirement allows the
promotion or acquisition of welcome 'fresh blood'. Moderate levels
of staff turnover can also help to reduce staff costs in
organizations where business levels are unpredictable month on
month. In such situations when business is slack it is
straightforward to hold off filling recently created vacancies for
some weeks.
2.3
(DISADVANTAGES OF ATTRITION)
1. Whats Your Top Performing Employee Worth to You?
Your best employees are invaluable it's as simple as that! For
every penny they generate in sales, contract negotiation, savings,
or whatever it is that they do, there's an untold wealth being
tapped by their skills as ambassadors for your company. The
goodwill they engender, the relationships they forge, can be worth
more than you can calculate in profit alone.
2. So What Do You Lose When One Of Your Top Performers
Quits?
When that time comes, the cost can be just as hard to calculate.
Of course, you'll lose the profit they've been creating. But what
about all that goodwill? What about the relationships? What about
the positive effect they've been having on all those around them
inspiring greater performance from their colleagues as others
aspire to be just like them? You need to know that when you recruit
that special person, that you have the systems in place to retain
them, and allow them to blossom with you not force them to take
your training and investment and then look for a new employer whom
they feel will really "appreciate" them!
3. Our Employee Engagement Barometer Can Put An End To The
Heartache Of Watching Your Top Guns Heading For The Door.
The Employee Engagement Barometer TM is essentially an
"off-the-shelf" solution, which can be scaled and adapted to
perfectly suit your needs, for a fraction of the cost of recruiting
even a single candidate. Beginning with an initial consultation,
we'll work together to assess your employee attrition rate,
determine the scope of the project and agree the desired outcomes.
You'll then have custom made post-induction and exit interviews
crafted to get to the very heart of your business. Once the
structure is in place, you can hand over the reins to us freeing up
your time and allowing you to get on with what you do best!
2.4
(EMPLOYEE RETENTION)
WHAT IS EMPLOYEE RETENTION?
Employee retention refers to the various policies and practices
which let the employees stick to an organization for a longer
period of time.
Every organization invests time and money to groom a new joined,
make him a corporate ready material and bring him at par with the
existing employees. The organization is completely at loss when the
employees leave their job once they are fully trained. Employee
retention takes into account the various measures taken so that an
individual stays in an organization for the maximum period of
time.
It is a process in which the employees are encouraged to remain
with the organization for the maximum period of time or until the
completion of the project. Employee retention is beneficial for the
organization as well as the employee.
WHAT IS RETENTION ALL ABOUT?
R- REMUNERATE COMPETITIVELY
E-ENCOURAGEMENT AND EXPECTATION
T-TRAINING AND DEVELOPMENT
A-ANNUAL REVIEW CYCLES
I- INFORM AND INVOLVE
N- NURTURE
(NEED & IMPORTANCE OF EMPLOYEE RETENTION)
Let us understand why retaining a valuable employee is essential
for an organization.
Hiring is not an easy process:
An organization invests time and money in grooming an individual
and makes him ready to work and understand the corporate
culture:
When an individual resigns from his present organization, it is
more likely that he would join the competitors:
The employees working for a longer period of time are more
familiar with the companys policies, guidelines and thus they
adjust better:
It has been observed that individuals sticking to an
organization for a longer span are more loyal towards the
management and the organization
It is essential for the organization to retain the valuable
employees having high potential.
(KEY AREAS IN EMPLOYEE RETENTION)
1) COMPENSATION:
2)
It includes
Basic wage
House rent allowance
Dearness allowance
City compensatory allowance.
2. ENVIRONMENT:
Types of environment the employee needs in an organization:
I. Learning environment:
II. Supportive environment.
III. Work environment.
4. GROWTH:
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
Personal growth and dreams
Training and development:
4. RELATIONSHIP
Relationship with the immediate manager:
Relationship with colleagues
Induce loyalty
5. SUPPORT:
Employers can support their employees in a number of ways as
follows:
By providing feedback
By giving recognition and rewards
By counselling them
By providing emotional support
(COMMON 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.
A. These practices can be categorized in 3 levels:
Low
medium
high level
2.5
(ROLE OF HR IN EMPLOYEE RETENTION)
The Human Resource team plays an important role in employee
retention. Let us find out their role in the same:
Whenever an employee resigns from his current assignments, it is
the responsibility of the HR to intervene immediately to find out
the reasons which prompted the employee to resign
It is the duty of the HR to sit with the employee and discuss
the various issues face to face. Understand his problems and listen
to his side of the story as well..
The HR person must ensure that he is recruiting the right
employee who actually fits into the role. A right person doing the
wrong job would never find his job interesting and certainly look
for a change.
The human resource department must conduct motivational
activities at the workplace. Organize various internal as well as
external trainings which help the employees to learn something
extra apart from their routine work.
The HR must launch various incentive schemes for the top
performers to motivate them. This way the employees feel important
for the organization and strive hard to perform even better the
next time.
Performance reviews are a must. The HR along with the respective
team leaders must monitor their team members performance to ensure
whether they are enjoying the work or not.
The HR professional must try his level best to motivate the
employees, make them feel special in the organization so that they
do not look for a change.
2.6
(CHALLENGES IN EMPLOYEE RETENTION)
Monetary dissatisfaction is one of the major reasons for an
employee to look for a change. Retention becomes a problem when an
employee quotes an exceptionally high figure beyond the budget of
the organization and is just not willing to compromise.
In the current scenario, where there is no dearth of
opportunities, stopping people to look for a change is a big
challenge. Employees become greedy for money and position and thus
look forward to changing the present job and join the
competitors..
Individuals speak all kind of lies during interviews to get a
job. It is only later do people realize that there has been a
mismatch and thus look for a change. Problems arise whenever a
right person is into a wrong profile. The human resource department
should be very careful while recruiting new employees.
Some individuals have a tendency to get bored in a short span of
time. They might find a job really interesting in the beginning but
soon find it monotonous and look for a change. The management finds
it difficult to convince the employees in such cases.
Unrealistic expectations from the job also lead to employees
looking for a change. An individual must not look for a change due
to small issues. One needs time to make his presence feel at the
organization and must try his level best to stick to it for a good
amount of time and ignore petty issues.
(HOW TO RETAIN THE KEY TELANT)
Work should never become monotonous and must offer a new
learning each day.
Every individual should enjoy privacy at the workplace
Every employee should be treated as one irrespective of his
designation.
The management must formulate employee friendly policies.
Incentives, cash prizes, trophies, perks should be given to
deserving employees to motivate them to perform up to the mark
every time.
The performers must be made to participate in the decision
making process.
CHAPTER-3 PRODUCTS & SERVICES
A.Products of Axiom BPO services
Data Entry Outsourcing
Data Management
Financial & Accounting Services
Web Research Services
Axiom BPO Services a leading BPO company providing quality
services, ranging from telemarketing and customer support to web
promotions, software development and data management services. Our
highly skilled and trained workforce, along with a state-of-the-art
setup is ideal for all your business needs.Axiom is unlike any
other business process outsourcing organization. Our goal goes
beyond merely carrying out the clients' requirements. We strive to
establish a long-standing partnership with our clients and work in
close coordination with them so as to provide them with only the
best services possible.Data Entry Outsourcing
Our company has an expertise in providing effective customized
and quality-based on line data entry works. It comprises data
scanning and indexing, form processing, content editing and
conversion services, data entry online, content monitoring with
words and phrases that suits our clients.
Every organization totally depends upon the various operations
that would enhance the productivity of the company
affairs.Information Technology based software companies that take
part in the rapid growing economies of any country needs quick
information without any time gap.So outsourcing of various jobs
having different fields comes into concern for the better
procurement of the business and they can concentrate of their core
business. One of the enhancing fields is data entry. Data entry
works can easily be relocated to cost effective locations with
accuracy and confidentiality without any management headaches.Data
entry works outsourcing is a profitable business in todays
scenario. As it comprises lot of manpower and the expenditure on
completing it is lofty thats why organizations outsource their data
entry projects to low cost destination.We have a comprehensive
range of soaring quality of manpower with professionals in their
desirable fields and low cost data entry services with timeliness
and high volume of data-entry applications.We have different kinds
of services with different requirements.
Data entry online.
Data entry offline.
Image entry
Book entry
Legal documents entry.
Insurance claim entry.
Financial document entry
Official or medical document entry.
Others
Our company Axiom has the potential to compete with all your
needs and various requirements that keeps your money intact in your
own pocket with low cost and 99.999 accuracy and punctuality.Axiom
is one of the leading companies in India in data entry services
that offer you a cost effective data processing, data extraction,
capture of data and analysis of data if required, by utilization of
state-of-art-technology for the procurement of your business in
full phase.Visit our projects pages completed and feed back of
clients all across the world that will give you chock full ideas
about our company and the way of work culture.Contact us for any
requirements or query about data entry services.
A. Data Management
Our high-quality/high volume production document scanners
accurately capture and convert to digital image format a large
range of source material including: Text-based Documents,
Numeric-based Documents, Image based Documents, Mixed-format
documents.Data Entry / Data Processing Axiom Range of Data Services
include:
Data Capture and Digital Imaging
Data Digitisation and Data Conversion
Forms based Data Capture
Manual Data Entry
Full-text Data Capture
Optical Character Recognition
Data Capture and Digital Imaging
Our high-quality/high volume production document scanners
accurately capture and convert to digital image format a large
range of source material including:Text-based Documents: Whether
printed matter or handwritten including, memos, air waybills,
surveys, reports, instruction manuals, business cards, index cards,
product warrantiesNumeric-based Documents: Financial statements,
payroll records, time sheets Forms based documents: surveys,
questionnaires, application forms of any kind (credit-cards, loans,
product registration, etc.)Image based Documents: Photographs,
property details, charts, graphsMixed-format documents: bank
statements, credit card statements, etc By digitising your data
using document imaging, an exact scan of every original document is
stored online (like a very clear photocopy), in addition to making
the information searchable and easily retrieved. That way, when you
find the information you need, you can print, fax or email the
entire page it came from.
Digitisation and ConversionUsing leading-edge technologies and
skilled staff, we convert your unstructured data into a variety of
useful digital formats:MS Word, RTF, TXT, PDF, HTML, SGML, XML, MS
Excel, and others as per your requirementForms based data captureWe
capture data from all types of handwritten forms accurately,
rapidly and cost-effectively. We work with a variety of
applications including:
Coupon redemptions
Credit card applications
Insurance claims
Medical claims
Patient records
Product registration cards
Shipping documents
Subscriptions
Surveys
Manual data entry
Axiom Data Services includes manual keying of every possible
text, numeric or mixed document. Manual data entry allows you to do
much more with your corporate information than just imaging, saving
you time, money and giving you measurable competitive
advantages.Full-Text Data CaptureFor your text and numeric based
documents, whether printed or hand-written, we provide a highly
accurate and rapid service to manually enter your data into an
electronic format. We guarantee accuracy in excess of 99.9%. Using
state-of-the art software and manual validation procedures, you can
rest assured of the integrity of your data.Optical Character
RecognitionWe convert your hard-copy documents into digital,
editable text using rapid, accurate, Optical Character Recognition
(OCR) technology. Using state of the art hardware and software,
your hard-copy documents are turned into a format of your choosing
(MS Word, TXT, RTF, etc.) ready for rapid, organised, and simple
storage and retrieval.Data ConversionThe need for data conversion
is essential for any organization to run their business
effectively. Data conversion can be defined as the translation of
data from one format to another. Data stored in an old system is
imported into a new database. Data Conversion can range from a
simple one for one import to a complex procedure where
non-relational data needs to be imported, validated, cleansed, and
split up into multiple tables in a new relational database
structure.Axiom one of the leading data entry company, provides
comprehensive data entry services and data conversion solutions to
its clients using a rich pool of human resources and the latest
technologies like high-speed scanners and data processors to
convert data from one format to another. Besides converting your
files, we will also meet your exact formatting needs through the
multi-level process. The company focuses on technological
innovation. We have pioneered a number of breakthroughs in device
size, power consumption, measurement fidelity, and data
throughput.Axiom provides a collection of links to utilities for
the conversion of software data. Data entry process converts PDF,
word processors, typesetters, all kinds of document formats, and
paper into XML, SGML, HTML, and other structured formats.Axiom
offers all kinds of data conversion services such as:
Document conversion
XML conversion
SGML conversion
HTML conversion
CAD conversion
Catalog conversion
Book conversion
PDF conversion
We can convert data into any of the following formats:
Excel worksheets
Mainframe data
Paradox
FoxPro
Dbase
Text files (ASCII, .csv etc.)
Our experts and enthusiastic staff are dedicated to provide
complete and accurate data entry and Data Conversion Services to
our worldwide customers at lowest possible cost and within the
deadline.
B. Financial & Accounting Services
India is known for having both cost as well as technical
advantages when it comes to outsourcing IT services and processes.
India has emerged as one of the most preferred country for
outsourcing various services globally.
Taxation / Financial Accounting Outsourcing
India is known for having both cost as well as technical
advantages when it comes to outsourcing IT services and processes.
India has emerged as one of the most preferred country for
outsourcing various services globally. These include supply chain
management, sales, marketing, customer care, Human resource etc
besides Financial Services and E-Accounting services.The Axiom is
well established and thriving. It is respected globally for
providing quality services at significantly lower costs with
world-class infrastructural facilities. Axiom accounting and
taxation BPO company provides with expert off-site, remote
e-accounting, financial services outsourcing and accounting
services outsourcing, working in close association with your needs
and specifications.Tax Processing / Financial Accounting Services
:
Accounts Payable: The process helps client to track payments
originating across different locations and in different currencies.
It helps to efficiently settle payment issues with vendors.Accounts
Receivable Management: The process includes managing as well as
tracking the client's receivables in different locations. It also
helps to manage the limit of credit extended by the client.Tax
Processing: The process includes keeping proper tax data and
auditing it and also maintenance of various documents and forms
relating to taxation.Cash Management: The process includes checking
the cash flow statement of the company. It also includes checking
the liquidity of the company, managing current assets like cash,
inventories, bills payable and receivables etc.Risk Management: The
process includes services like monitoring the risk factor of
various investments, looking after the returns, looking after at
the viability of projects a company undertakes. It also includes
making quarterly reports of investments and sending it to the
company.Claims Processing: The process includes checking of
documents supporting the claim and storing online data of
claims.
Accounting Management Processes:
Transaction Processing
Maintenance of general ledger and chart of accounts
Web-based Accounting System
Bank and other account reconciliations
Maintain asset sub-ledgers
Preparation and maintenance of work papers
Monthly and year end close procedures
Financial Reporting
Financial statements, including drafting footnotes
Consolidations
Management Reporting
Budgeting, forecasting and financial analysis
Regulatory reporting, including SEC and NASD
Advisory Services
GAAP/Technical Support for Complex Accounting Issues
Financial statement audit support services
Consultation on accounting and tax implications of significant
agreements and transactions
Transaction Support, including:
SEC Reporting
Mergers & Acquisitions
Private Placement Memorandum
Accounting and reporting responsibilities often overwhelm the
resources of rapidly growing and established businesses alike.
Additionally, in the current business environment the need for more
accurate, timely and consistent accounting and financial
information has become greater. For over 5 years, we have been
providing financial and accounting business process outsourcing
(BPO) services. We help companies by maintaining their general
ledger, performing financial processes, interfacing with
management, helping them meet their financial reporting and tax
requirements and performing other essential financial tasks,
thereby enabling them to concentrate on their core competencies
strategic business objectives.
D. Web Research Services Axiom is a BPO company based in India,
offers fast web research BPO services in a variety of subjects and
areas. If you own a business and require consultation on some
aspect, we have experts and guides who can provide you the best
advice in Internet and online marketing strategies.
Axiom is a BPO company based in India, offers fast web research
bpo services in a variety of subjects and areas. If you own a
business and require consultation on some aspect, we have experts
and guides who can provide you the best advice in Internet and
online marketing strategies. Besides research on business trends,
strategies, and products, we also offer web research on a variety
of subjects such as history, politics, medicine, law, literature
and more.Awareness regarding business prospects and periodic expert
advice is crucial in any business. Once you entrust us with the job
of researching current market trends related to your business, we
assign the job to the experts in our staff. Our web research
service can be utilized by researchers, students and others who are
seeking some information or other.Axiom offers web research
services which includes product search, Market Research, Survey
etc.Some of these services are:
Internet Search, Product Research, Market Research, Reporting,
Survey, Analysis.
Web and Mailing list research.
Web research and Data Entry into any format
Web search and online Form Entry and web-to-web entry.
Mass Creation of Free Web site Account.
Web Search and Listing.
Online research and create a Database into Microsoft Office.
Email research
Name, city and state research
Pricing web research
Competitor web Analysis
Advertising research
Axiom is enhanced by the excellent infrastructure and
experienced internet and Data Research / Surfing staff. We are
recruiting only those people with a keen eye for details and a deep
interest in online search. Axioms web data research will help you
plan, implement, and manage on a day-to-day basis. Our internet
researchers will help you assess customer satisfaction and provides
best services to clients at USA, UK, Canada and Other European
Countries.
B. Services of Axiom BPO
Axiom headquartered in Ahmedabad, is one of the best emerging
BPO destination in India. Our inbuilt infrastructures are equipped
with world-class technologies such as:
State-of-the-art computerization with fully automated call
desks
Dedicated and redundant network and telecom connectivity.
Multiple Leased fiber optic circuit from India to US, Australia
and Europe.
Fully redundant voice and data communications with security.
Duplicated system to ensure uninterrupted call reception and
uninterrupted Internet connectivity.
The software's that we use are licensed and they conform to all
the data and information security systems.
Database systems, which are employed with us, are robust and
reliable to ensure integrity and secured data storage, management
and retrieval procedures.
Equipped with dedicated technology center, which enable us to
reduce redundancies with regard to power and storage
capacities.
Hardware facilities are kept at high availability and
scalability to handle large voluminous transactions with simplicity
and ease.
Uninterrupted and back up power supply.
A. Inbound Call Center
B. Outbound Call Center
C. BPO Services India
A. Inbound Call Center Services
Answering Service
Our business telephone answering services provide cost effective
ways for businesses to handle after hour calls or when staff are
unavailable - live operator telephone answering service is a key
component of our call center solutions.
Customer Service And Support
In todays market every person whether he/she may be businessmen
or an ordinary consumer, always expect the highest levels of
quality services. Keeping this in mind, we provide inbound and
outbound customer support including one-stop contact point
solutions for these interactions, resolving all customer needs at
the first instance of contact itself.
Inquiry Handling
The inbound call centers are built with the purpose of having an
information center handling all customer inquiries. The information
center offers all the information required for the customer to have
a thorough understanding of products or services.
Outsourcing Technical Support
For technology consumers, the quality of support they receive is
just as important as the quality of the product itself. Because of
an increasing dependence on technology, swift guidance to address
issues is critical in maintaining customer satisfaction and
loyalty.
Website Response
The Axiom understands that the potential of the Internet cannot
be fully realized without a through assessment of client's
resources, business processes, and competitive landscape.Order
Taking Services
Order taking service industry has seen the highest growth in
past few years. Every business who sells their product online or
through radio or television advertisement has to go through order
taking procedure with their toll free services.
Message Answering Service
Message Center will handle your important business calls with
our 24-hour, live-answer, nation-wide Telephone answering service
and Message service. To assure you the best possible telephone
answering service, we operate modern, specially designed equipment
in our message center.
Live Telephone Answering - Messages 24/7
Our Live Receptionists will
Answer your calls
Greet the caller with your business name
Take the caller's message and
Send your messages to you via SMS and/or email
Your personalized Live Phone Answering Service will
Present and maintain a professional image for your business.
Usually be up and running within 1 business day.
Eliminate the risk of having your business calls answered in an
unprofessional manner.
Eliminate stress suffered by untrained people (eg. family) who
may be required to answer your business calls.
B. Outbound Call Center Services
Our Outbound Call Center Services are helping businesses to
realize their dreams of being able to deploy outbound telemarketing
campaigns at cheaper prices. We help your business attain a level
playing field with the bigger organizations and help your business
realize its true potential.Our outbound Call Center and
supplementary services are aimed at the development of new
customers. We can develop and customize specific campaigns as
required by you. This can either be a standalone, or part of a
integrated campaign. We can provide promotional support in both
consumer and b2b markets.
B2B & B2C Appointment Setting Service
With over 3 years of telemarketing appointment setting
experience, Axiom team of telemarketing professionals provide you
with highly qualified prospects ready to talk! Our telemarketing
center provides appointment setting services for business to
business and business to consumer marketing campaigns.
Outbound Telemarketing
You can get ahead of your competition and explore the ways in
which Axiom's outbound telemarketing Service can help you push your
business to a higher level.
Market Research
Market Surveys
Market Directions works with your organization internally and
externally to gather the information necessary to for an effective
model. At times we conduct surveys of managers and employees to
assist you in determining if your companys values are communicated
throughout the organization.
Email Marketing Services
Whether your goal is to maximize your current capacity or to
increase growth to realize new goals, outbound telemarketing
represents the most successful personalized point of contact
between you and your customer.
Lead Generation Services
Lead Generation is a terminology used in Marketing. It sets the
connection between consumers which will be converted to prospects
for the companies seeking to generate more sales.
Voice Broadcasting Service
There's a new trends in the Voice Broadcast Services industry.
With Axiom Voice Broadcasting solutions you can now deliver your
live voice and voicemail broadcast messages at a fraction of the
cost of our competitors.
BPO Services India
Axiom BPO Services a leading BPO company providing quality
services, ranging from telemarketing and customer support to web
promotions, software development and data management services. Our
highly skilled and trained workforce, along with a state-of-the-art
setup is ideal for all your business needs.
Axiom is unlike any other business process outsourcing
organization. Our goal goes beyond merely carrying out the clients'
requirements. We strive to establish a long-standing partnership
with our clients and work in close coordination with them so as to
provide them with only the best services possible.
CHAPTER-3
RESEARCH METHODOLOGY
(RESEARCH METHODOLOGY)
Research methodology is a way to systematically solve the
research problem. It may be understood as a science of studying how
research is done scientifically. In it we study steps that are
generally adopted by a researcher in studying his research problem
along with the logic behind them.
PROBLEM STATEMENT:- A STUDY ON ATTRITION AND RETENTION STRATEGY
AT AXIOMS.
(SIGNIFICANCE OF THE STUDY)
The significance of the study lies in the detonation of the BPO
industry in the recent years.
Where on one hand the sector is growing with leaps and bounds,
on the other the employee turnover has been alarmingly high, thus
costing a lot to the company.
The study is an attempt to assess the patterns of attrition in
axiom and analyze the Key factors of attrition rate and retain the
employees.
4.1 (LITERATURE REVIEW)
Employee attrition, a big cause for concern for firms, ranges
between 15 per cent and 20per cent. A company is not hurt because a
certain person has left. The company is hurtbecause he/she takes
away certain knowledge, and there is no ready replacement in the
market. However, when jobs were scarce, the technology change was
less rapid, voluntary attrition was small and companies managed
it.However, with technology changing rapidly and manpower costs
increasing, attrition is high andhurts badly.
Many research and articles have been made on factors affecting
attrition and retention strategy. According to Employee vulnerable
study by NFO India 83% of employees are likely to seek new
employment as the economy booms.48% of managers are likely to seek
new employment with the improving economy. 56% of HR professionals
indicated it is likely that voluntary turnover would rise due to
the improving economoy.
According to Phillips and Connell (2003:7), major changes have
occurred in organizations both internally and externally making the
employee retention issue more critical today than in previous
years. Unfortunately, these changes will only worsen the crisis in
the future.
The following are the external drivers of retention:
Economic growth, slower growth of job seekers, Unemployment rate
at low levels, Shortage of
Special skill, Entrepreneurship, Job changes for more favorable
climate.
The following internal drivers, as highlighted by Phillips and
Connell (2003:10) have a
Tremendous impact on turnover:
Lack of organizational loyalty, Desire for challenging and
useful work, Need for autonomy,
Flexibility, and independence, Need for performance-based
rewards, Need for recognition of
Participation, accomplishments and contributions, Desire for all
types of benefits, Career growth,
need for caring supportive environment, need for work/life
balance.
Line managers have a key role in the employee retention process.
As the person who has the most direct and immediate supervisory
contact with the employee, the line manager is a critical player in
the implementation of a job retention strategy (Thornton, 1998; Cte
et al. 2000; Krause et al. 2001;Unger et al. 2002).
Livermore et al. (2001), note that the behaviors of immediate
supervisors and especially their understanding of disability
management and workplace accommodations plays a major role in
supporting employees. When supervisors have a poor understanding in
these areas, employment retention processes often fail.
In a study of 31,200 Boeing employees, Colledge & Johnson
(2000) found a strong correlation between the incidence of
lost-time soft tissue injuries and a poor supervisor relationship,
while Foreman et al. (2006) identify low or inadequate support from
supervisors and colleagues that have a negative impact on job
retention/return-to-work outcomes.
Cunningham et al. (2003) recommend that the content of training
delivered to managers should include the requirements of employment
equality legislation and the possible implications of an employer
failing to take appropriate action to facilitate an employees
retention.
Horwitz (2008:1) points out that in Asia, China and Japan, the
problem of lack of skilled workers is seen to be the biggest threat
organisations will face in the future. This places more pressure on
South African organisations to compete for skilled labour in the
global labour pool. In South Africa, according to Horwitz (2008:1),
organisations are failing to retain workers, owing to the fact that
employees quit their jobs because of lack of career advancement and
ineffective utilization of their knowledge and skills.
Attrition in India today is alarmingly high. The striking aspect
is the insights different surveys and studies throw. According to
Mercers study(1)(2011), almost 54% of Indians are seriously
considering leaving their organization. This may not be directly
connected to satisfaction with their organization; 66% of employees
aged