A SEMINAR REPORT ON EMPLOYEE RETENTION (A case study of Sakshi Foundation, Patel’s Faishion) SUBMITTED IN PARTIAL FULFILLMENT TO THE IIS UNIVERSITY For the Degree of MBA-Human Resource Management (Department of HRM)
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ASEMINAR REPORT
ON
EMPLOYEE RETENTION
(A case study of Sakshi Foundation, Patel’s Faishion)
SUBMITTED IN PARTIAL FULFILLMENT TO
THE IIS UNIVERSITYFor the Degree of
MBA-Human Resource Management(Department of HRM)
Supervised by: Submitted by:Dr. Roopam Kothari Geetanjali KumawatAssistant professor MBA – HR Semester-IIDepartment o HRM & IB ICG/2013/15728
Table Of Contents
S.No. Topic Page No.
PrefaceAcknowledgement
Chapter 1 Employee Retention –Problem Statement (An Introduction)
Chapter 2 Company ProfileChapter 3 Research MethodologyChapter 4 Data Analysis and InterpretationChapter 5 Findings and SuggestionsChapter 6 Conclusion
Bibliography
Annexure
1
PREFACE
Employee retention 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. Employees today are
different. They are not the ones who don’t have good opportunities in hand. As soon as they
feel dissatisfied with the current employer or the job, they switch over to the next job. It is the
responsibility of the employer to retain their best employees. If they don’t, they would be left
with no good employees. A good employer should know how to attract and retain its
employees.
Most employees feel that they are worth more than they are actually paid. There is a natural
disparity between what people think they should be paid and whatorganizations spend in
compensation. When the difference becomes too great and another opportunity occurs,
turnover can result. Pay is defined as the wages, salary, or compensation given to an employee
in exchange for services the employee performs for the organization. Pay is more than "dollars
and cents;" it also acknowledges the worth and value of the human contribution. What people
are paid has been shown to have a clear, reliable impact on turnover in numerous studies.
Employees comprise the most vital assets of the company. In a work place where employees
are not able to use their full potential and not heard and valued, they are likely to leave because
of stress and frustration. In a transparent environment while employees get a sense of
achievement and belongingness from a healthy work environment, the company is benefited
with a stronger, reliable work-force harbouring bright new ideas for its growth Blog Online
And Earn Money.
I am confident that the readers will find this report more useful and upto date.
I am thankful to all those who directly or indirectly helped me in preparation of this report.
Geetanjali KumawatMBA (HR)
SEM-II
2
ACKNOWLEDGEMENT
I would like to take this opportunity to express my sincere gratitude to my
respected mentor, Dr. Roopam Kothari for her valuable guidance.
I extent my sincere thanks to Mrs. Ankita Gangwal, (Head of the Commerce
Department) for her support and help in the completion of the project.
Geetanjali Kumawat MBA (HR)
SEM-II
3
Chapter 1Employee Retention –Problem Statement
(An Introduction)
4
What is Employee Retention?
Employee retention 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.
Employees today are different. They are not the ones who don’t have good opportunities in hand. As
soon as they feel dissatisfied with the current employer or the job, they switch over to the next job. It
is the responsibility of the employer to retain their best employees. If they don’t, they would be left
with no good employees. A good employer should know how to attract and retain its employees.
Retention involves five major things:
<<Compensation>> <<Environment>> <<Growth>>
<<Relationship>> <<Support>>
Employee retention would require a lot of efforts, energy, and resources but the results are worth it.
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Justification
The question arises that why I had selected this topic? Before explaining this I want to discuss one
question with you what is core assets or resources of the organization the absolute answer is Human
Resources. And for the purpose smoothening, survival and growth of the organization it is necessary
to procure / appoint and retain the employees and this one is the biggest problem in an organization to
retain suitable and efficient employees at correct position. Therefore I can say that Employee
retention is much more important in an organization.
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
o Basic wage
o House rent allowanceo Dearness allowanceo City compensatory allowance
Salary 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
employee’s performance and his contribution to the organization.
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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 startup 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
counseling, legal assistance etc), discounts on company products, use of a company cars, etc.
Growth and Career
Growth and development are the integral part of every individual’s career. If an employee can not
foresee his path of career development in his current organization, there are chances that he’ll 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 he’s not satisfied with his growth, he’ll not be able to contribute in organization
growth.
Training and development: Employees should be trained and given chance to improve and
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enhance their skills. Many employers fear that if the employees are well rained, they’ll leave the
organization for better jobs. Organization should not limit the resources on which organization’s
success depends. These trainings can be given to improve many skills like:
Communications skills
Technical skills
In-house processes and procedures improvement related skills
C 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.
Support
By giving recognition and rewards
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 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 counseling them
By providing emotional support
Problem Statement:
Employees do not leave an organization without any significant reason. There are certain
circumstances that lead to their leaving the organization. The most common reasons can be:
Job is not what the employee expected to be: Sometimes the job responsibilities
don’t come out to be same as expected by the candidates. Unexpected job responsibilities
lead to job dissatisfaction
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Job and person mismatch: A candidate may be fit to do a certain type of job which
matches his personality. If he is given a job which mismatches his personality, then he won’t
be able to perform it well and will try to find out reasons to leave the job.
No growth opportunities: No or less learning and growth opportunities in the current
job will make candidate’s job and career stagnant.
Lack of appreciation: If the work is not appreciated by the supervisor, the employee
feels de-motivated and loses interest in job.
Lack of trust and support in coworkers, seniors and management: Trust is the
most important factor that is required for an individual to stay in the job. Non-supportive
coworkers, seniors and management can make office environment unfriendly and difficult to
work in.
Stress from overwork and work life imbalance: Job stress can lead to work life
imbalance which ultimately many times lead to employee leaving the organization.
Compensation: Better compensation packages being offered by other companies may
attract employees towards themselves.
New job offer: An attractive job offer which an employee thinks is good for him with
respect to job responsibility, compensation, growth and learning etc. can lead an employee to
leave the organization.
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
2. 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.
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3. 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.
4. 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.
5. 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.
6. 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.
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 them 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.
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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
Anniversary gifts
New born baby gifts
Scholarships for employee’s children
Get well cards/flowers
Birthday cards, celebrations and gifts
Providing benefits
o Home insurance plans
o Legal insurance
Providing workplace conveniences
o On-site ATM
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o On-site facilities for which cost is paid by employees
laundry facility for bachelors
Shipping services
o Assistance with tax calculations and submission of forms
o Financial planning assistance
o Casual dress policies
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
Medical care reimbursement
Providing conveniences at workplace
Gymnasiums
Athletic membership program
Providing training and development and personal growth opportunities
o Sabbatical programs
o Professional skills development
o Individualized career guidance
High Level Strategy
Promoting Work/Life Effectiveness
o 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.
Encourage creativity
Provide an environment of trust: Communication is the most important and effective way to
develop trust.
o Suggestion committees can be created
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o Open door communication policy can be followed
Retention success Mantras
Transparent Work Culture :
In today’s 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.
Employees comprise the most vital assets of the company. In a work place where employees are not
able to use their full potential and not heard and valued, they are likely to leave because of stress and
frustration. In a transparent environment while employees get a sense of achievement and
belongingness from a healthy work environment, the company is benefited with a stronger, reliable
work-force harboring bright new ideas for its growth.
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 basic objectives of a QWL program are improved working conditions for the employee and
increase organizational effectiveness.
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.
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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.
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 motivation.
It helps in identifying performance areas that need improvement and specific ways to improve
them.
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.
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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 years
Category 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.
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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.
Employee Turnover
There are four types of employee turnovers:
Functional turnover: A turnover in which poor performers leave is called as functional
turnover.
Dysfunctional turnover: A turnover in which good performers leave is called as
dysfunctional turnover.
Avoidable turnover: A turnover that happens in avoidable circumstances is called as
avoidable turnover.
Unavoidable turnover: A turnover that happens in unavoidable circumstances is called as
unavoidable turnover. For eg. Employee’s death or spouse’s relocation.
Mostly it is said that employee turn over is not good for the organizations. But employers should
remember that turnover is not that bad either. What is required is an optimum mix of turnover, not too
high-not too low. An optimum mix of employee turnover can help in many ways.
A little rate of employee turnover may result into:
1. Bringing in new ideas and skills from new hires.
2. Better employee-job matches.3. More staffing flexibility.4. Facilitate change and innovation.
High rate of turnover may lead to decrease in: 1. Productivity2. Service delivery 3. Spread of organizational knowledge
Cause of employee turnover
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In order to know the cause of excessive employee turnover, the causes of dysfunctional and avoidable turnover should be known. Few reasons for dysfunctional turnover may be:
Compensation package differences Job and employee skill mismatch: the job may be less or more satisfying and challenging
according o the employee. Inferior facilities, tools, etc Less recognition Less or no appreciation for work done Less growth opportunities Poor training Poor supervision Less work and life balance practices
Ways To Reduce Employee Turnover
Let us explore some ideas to reduce employee turnover
Hire the best candidate.
Welcome new employees. Customize your induction program for new employees according
to the requirements. Same induction program can not be applied to all the candidates. Make
them feel welcomed.
Produce quality managers who can really manage employees well.
Provide employees with work schedules that are flexible enough to suit their needs.
Don’t be too demanding. You re hiring human beings who have their own life and family
commitments. Respect them.
Provide career counseling and development.
Discuss your future plans regarding the candidate with the candidate. Let them know that the
management is interested in retaining them and cares for them.
Take proper feedback from employees regarding their grievances.
Remember your ex-employees. They can be of help in future. It is also a part of employee
retention.
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.
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employee retention can be increase by inculcating the following practices:
1. Open Communication: A culture of open communication enforces loyalty among
employees. Open communication tends to keep employees informed on key issues. Most
importantly, they need to know that their opinions matter and that management is 100%
interested in their input.
2. Employee Reward Program: A positive recognition for work boosts the motivational levels
of employees. Recognition can be made explicit by providing awards like best employee of
the month or punctuality award. Project based recognition also has great significance. The
award can be in terms of gifts or money.
3. Career Development Program: Every individual is worried about his/her career. He is
always keen to know his career path in the company. Organizations can offer various
technical certification courses which will help employee in enhancing his knowledge.
4. Performance Based Bonus: A provision of performance linked bonus can be made wherein
an employee is able to relate his performance with the company profits and hence will work
hard. This bonus should strictly be productivity based.
5. Recreation facilities: Recreational facilities help in keeping employees away from stress
factors. Various recreational programs should be arranged. They may include taking
employees to trips annually or bi-annually, celebrating anniversaries, sports activities, et al.
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6. Gifts at Some Occasions: Giving out some gifts at the time of one or two festivals to the
employees making them feel good and understand that the management is concerned about
them.
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Chapter 2
Company Profile
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Sakshi Foundation
About Us
A Doraya family run renowned manufacturing and export house using the traditional
techniques has dedicated to keep the art of hand block printing alive , through employing
and training of unemployed and semi skilled artisans and workers.
With 35 years of skillful specialization in block printed fabrics,blue pottery and wrought
iron home accessories , they have created a mark in global market by using designs and
incorporating traditional Rajasthani designs and bright all natural colorings and dyes.
Our USP
Located in the art village of Sanganeer, the hub of all traditional works and artisane 100%
Indian-grown cotten.Accredited under Craftmark by AIACA- an apex body for the
handloom and handicrafts sector.
Aim / Vision / Mission
Mission Statement
We Aspire to Integrate the Artisans, Handicraft Industry & the Consumer as a Holistically And
Professionally Driven Endeavor to Create Meaningful Reason of Sustenance for The Retailer,
Environment And Society.
Vision
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To make best endeavor to make a statement in the handicraft retail industry, create strong reasons for
artisans to inbreed and succeed as an organization running on core family values yet professionally
and innovatively driven.
Company Vision
To make best endeavor to make a statement in the handicraft retail industry, create strong reasons for
artisans to inbreed and succeed as an organization running on core family values yet professionally
and innovatively driven.
Fact Sheet
Nature of Business : Manufacturer, Exporter
Major Markets : Indian Subcontinent, East Asia, Middle East and South East Asia
Contact Details
Company Name: Sakshi Foundation
Contact Person: Mr.Hemant Doraya
Telephone: +(91)-(141)-2731476
Mobile: +(91)-9828011084
Fax No: +(91)-(141)-2630116
Address: Laxmi Colony, Sanganer, Jaipur, Rajasthan -302029 (India)
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Employee Retention Strategies Of Sakshi Foundation
1. Compartively high wage payment in similar type of organization: We provide employees
a good return on their investment.
2. Regular Get together and other cultural programs: The companies organizes cultural
program as and when possible but most of the times, once in a quarter, in which all the
employees are given an opportunity to display their talents in dramatics, singing, acting,
dancing etc. Apart from that the organizations also conduct various sports programs such as
Cricket, football, etc and regularly play matches with the teams of other organizations and
colleges.
3. Rewards and recognaisation : we provide rewards and recognaisation on timely basis to the
employees.
4. Productivity link bonus : Bonus is given to the on the basis of productivity.
5. Employee Referral Scheme: In our companies employee referral scheme is implemented to
encourage employees to refer friends and relatives for employment in the organization.
6. Wedding Day Gift: Employee is given a gift voucher of Rs. 2000/- to Rs. 5000/- based on
their level in the organization.
7. Interest free loan: Upto Rs. 5000/- interst free loan is provided to the employees.
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PATEL’S FASHION
History and Major Events
Patel’s Fashion is a Public Limited Company incorporated on 1st April 1997 under Companies Act and Registered with ROC Jaipur vide incorporation No.17-013498 and obtained certificate for commencement of Business as 7th May 1997. The main objective of the Company is to manufacture/trade-yarn/textile. The registered office of the Company is at S-25 Shyam Nagar, Ajmer Road, Jaipur and works at E-228 RIICO Industrial Area, Bagru, Jaipur.
Keeping in view the object of the Company the promoters decided to set up a quality yarn Production Unit with latest state of art facilities. The Company acquired land for this purpose in November 1997 and took effective steps for installation of spinning plant at a total cost of Rs. 1650 lakhs. The plant was partially commissioned in March 1999 and completed by February 2000. Further there was addition of one AutoCoro machine with 192 Rotors was purchased in the FY 2003-04.
The existing project is situating at RIICO Industrial Area Bagru, Jaipur on a plot of 9875 Sq. mts. The site is 25 kms from Jaipur (on NH-8 Jaipur Ajmer Road) and RIICO has provided all infra structural support like Roads, Water, Electricity etc.
The project envisaged installation of 4 Auto Coro machines with 768 Rotors. As planned 2 machines were commissioned in March 1999 with 384 rotors and after watching theperformance of the equipments and market response remaining 2 machines with 384 Rotors were commissioned in February 2000. The Company has selected Open End spinning machines keeping in view the higher speed of yarn production and lower involvement of labour. Moreover in this process no separate winding machines are required. In house power generating facilitieshave been installed for ensuring quality and continuity of power for production. The manufacturing process comprises cleaning of Cotton (Blow Room stage), elimination of short fibres (Carding) parallelization of fibres (draw frame) and Spinning (Rotors 768 in number). The unit is equipped to manufacture yarn in the count range of Ne 3 to Ne 30 depending upon the market requirement. The machines installed by the Company ensure on line quality monitoring. Due to better quality standards Company's products enjoy patronage from all leading fabric manufacturers in India and abroad. Company supplies yarn to Arvind Mills, Ashima, Raymond, K G Denim, Vardhman Group, Soma Textiles, Malwa Industries of Oswal Group, Rainbow Denim etc. Yarn is also regularly exported to HongKong, China, Pakistan, Egypt, Dubai and Bahrain.
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Employee Retention Strategies OF Patel’s Fashion
1. We treat our employees as a family members.
2. We provide all the benefits under any laws and regulation.
3. No unwanted pressure or strees on employees.
4. We apply fair labour practices.
5. We provide interst free laon and salary advanced.
6. We provide annual increment in addition to the revision of wages by the government.
7. We observe the good work and appreciations in the form of terms as well as recognaisation.
8. Greating on birth days and wedding anniversary.
9. Gifts and special leave benefit at the time of marriage.
10. Get together on special occasions .
11. We provide conducive work environment.
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CHAPTER 3
Research Methodology
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RESEARCH
MEANINIG
Redman and Mory define research as a “systemized effort to gain new knowledge.” Some people
consider research as a movement, a movement from the known to the unknown.
Research is an academic activity and as such the term should be used in a technical sense. According
to Clifford Woody, research comprises defining and redefining problems, formulating hypothesis or
suggested solutions; collecting, organizing and evaluating data; making deductions and reaching
conclusions; and at last carefully testing the conclusions to determine whether they fit the formulating
hypothesis
OBJECTIVES
The purpose of research is to discover answers to questions through the application of scientific
procedures. The main aim of research is to find out the truth which is hidden and which has not been
discovered as yet. Though each research study has it’s own specific purpose but the research
objectives can be listed into a number of broad categories, as following:-
1. Why people stay in the organization?
2. Why people quit from an organization?
3. What are the motivating factors for an employee?
REVIEW OF LITERATURE
Retention defined as “an obligation to continue to do business or exchange with a particular
company on an ongoing basis”.A more detailed and recent definition for the concept of
retention is “customer liking ,identification
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,commitment,trust,readiness to recommend and repurchase intentions. With the
first four being emotional cognitive retention constructs,and the last two being
behavioural intentions”.
A more detailed and recent definition for the concept of retention is “customer
liking, identification,commitment,trust,readiness to recommend and repurchase
intention with the first four being emotional cognitive retention construct,and
the last two being behavioural intentions”.
HYPOTHESES
Null hypothesis:
There is no significant difference in employee retention in Sakshi
Foundation and Patels Fashion.
Alternative Hypothesis:
There is significant difference in employee retention in Sakshi
Foundation and Patels Fashion.
SAMPLE SIZE :50
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 the various steps that are
generally adopted by a researcher in studying his research problem along with the logic behind them.
It is necessary for the researcher to know not only the research methods or techniques but also the
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 employees.
The researcher also used analytical research design to analyze the existing facts from the data
collected from the customer.
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Area of study:
The area of study is confined to employees of SAKSHI FOUNDATION, PATEL’S FASHION.
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:
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.
Data Collection Source
Information can be collected through both primary and secondary sources but this research is based
on secondary data only.
Primary Data : In some cases the researchers may realize the need for collecting the first hand
information. As in the case of everyday life, if we want to have first hand information or any
happening or event, we either ask someone who knows about it or we observe it ourselves, we do the
both. Thus, the two methods by which primary data can be collected is observation and questionnaire.
Secondary Data : Any data, which have been gathered earlier for some other purpose, are
secondary data in the hands of researcher. Those data collected first hand, either by the researcher or
by someone else, especially for the purpose of the study is known as primary data.
29
The data collected for this project has been taken from the secondary source.
Sources of secondary data are:-
• Internet
• Magazines
• Publications
• Newspapers
• Brouchers
LIMITATIONS
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 Jaipur 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.
30
CHAPTER 4Data Analysis And Interpretation
Data Processing and Analysis
31
Data, which is gathered by administering questionnaires, was processed in simple manner to determine the level of satisfaction among employees. Every response was assigned some score based on this overall satisfaction level was determined.Data collected is carefully tabulated and analyzed by using satisfaction methods and also various graphs are used.
DATA ANALYSIS AND INTERPRETATION
Gender analysis?
Frequency
Statistics
Gender
N Valid 50
Missing 1
Descriptives
Gender
Frequency Percent Valid Percent
Cumulative
Percent
` Male 46 90.2 92.0 92.0
Female 4 7.8 8.0 100.0
Total 50 98.0 100.0
Missing System 1 2.0
Total 51 100.0
Graph
Interpretation
92% are males and 8% are female
32
Ques.1: What keep you interested at your present job?
Frequencies
Statistics
interested at present job
N Valid 50
Missing 1
Descriptive
interested at present job
Frequency Percent Valid Percent
Cumulative
Percent
Valid Salary 20 39.2 40.0 40.0
location is convenient 8 15.7 16.0 56.0
Relationships 2 3.9 4.0 60.0
makes me feel good 13 25.5 26.0 86.0
career opportunities 7 13.7 14.0 100.0
Total 50 98.0 100.0
Missing System 1 2.0
Total 51 100.0
Graph
Interpretation
From the above graph it is clear that most of the employees are interested at their present job
due to salary. Other then this career opportunities and makes me fell good are also the reasons
to stay at their present job.
33
40% of the employees are intrested in salary
16% of the employees are intrested in location
4% of the employees are interested in Relationships
26% of the employees are interested in Makes me feel good
14% of the employees are interested in career opportunities
Ques.2:How would you rate the supervisors / managers you work for now ?
Group Statistics
rank given on this
babsis N Mean Std. Deviation Std. Error Mean
Managers you work for now sakshi foundation 24 1.75 .737 .150
patels fashion 26 2.46 1.240 .243
Independent Samples Test
Levene's Test for
Equality of
Variances t-test for Equality of Means
95% Confidence
Interval of the
Difference
F Sig. t df
Sig. (2-
tailed)
Mean
Differenc
e
Std. Error
Differenc
e Lower Upper
Managers you
work for now
Equal variances
assumed
10.701 .002 -
2.440
48 .018 -.712 .292 -1.298 -.125
Equal variances
not assumed
-
2.488
41.23
2
.017 -.712 .286 -1.289 -.134
Interpretation
Alternative Hypothesis : The significant level is less then 0.05
Ques. 3: How important is company loyalty to you?
Frequency
34
Statistics
company loyalty
N Valid 50
Missing 1
Descriptives
company loyalty
Frequency Percent Valid Percent
Cumulative
Percent
Valid not important 5 9.8 10.0 10.0
important 23 45.1 46.0 56.0
very important 11 21.6 22.0 78.0
highly important 11 21.6 22.0 100.0
Total 50 98.0 100.0
Missing System 1 2.0
Total 51 100.0
Graph
Most of the employees consider company loyalty as important and also no employee consider
company loyalty as not important to them.
10% employees are not important
46% employees are important
22% employees are very important
22% employees are highly important
Ques. 4: What would be the things your company could do to improve retention?
Frequency
35
Statistics
improve retention
N Valid 50
Missing 1
Descriptives
improve retention
Frequency Percent Valid Percent
Cumulative
Percent
Valid train their managers better 4 7.8 8.0 8.0
listen to empoyees more 16 31.4 32.0 40.0
pay more 15 29.4 30.0 70.0
hire better people 11 21.6 22.0 92.0
other benefits 3 5.9 6.0 98.0
provide education
loans/sponsorships
1 2.0 2.0 100.0
Total 50 98.0 100.0
Missing System 1 2.0
Total 51 100.0
Graph
36
Most of the employees believe that one thing their company could do to improve retention is to
listen to their employees more, some also think that company should hire better people & pay
more better to improve retention.
8%of train their managers better
32%listen to empoyees more
30%pay more
22%hire better people
6%other benefits
2%provide education loans/sponsorships
Ques. 5: How important is feeling appreciated for your work by your coworkers
and supervisors?
Frequency
Statistics
feeling appreciated
N Valid 50
Missing 1
Descriptives
feeling appreciated
Frequency Percent Valid Percent
Cumulative
Percent
Valid not important 5 9.8 10.0 10.0
important 21 41.2 42.0 52.0
very important 13 25.5 26.0 78.0
highly important 11 21.6 22.0 100.0
Total 50 98.0 100.0
Missing System 1 2.0
Total 51 100.0
Graph
37
Appreciation is important for employees for their good work by their seniors or coworkers.
Interpretation
10% employees are not important
42% employees are important
26% employees are very important
22% employees are highly important
Ques. 6: On a scale of 10, how would you rate the effort of your company to retain
good people?
Frequency
Statistics
retain good people
N Valid 50
Missing 1
Descriptives
retain good people
Frequency Percent Valid Percent
Cumulative
Percent
Valid 1 to 3 9 17.6 18.0 18.0
3 to 6 12 23.5 24.0 42.0
6 to 8 18 35.3 36.0 78.0
8 to 10 11 21.6 22.0 100.0
Total 50 98.0 100.0
Missing System 1 2.0
Total 51 100.0
38
Graph
Many employees think that their company’s efforts to retain good employees are either average
or good.
Interpretation
18 % employees up to 1 to 3
24 % employees up to 3 to 6
36% employees up to 6 to 8
22% employees up to 8 to 10
Ques. 7: How confident are you that you can find a better job somewhere else?
Frequency
Statistics
job option
N Valid 50
Missing 1
Descriptives
39
job option
Frequency Percent Valid Percent
Cumulative
Percent
Valid not confident 5 9.8 10.0 10.0
confident 25 49.0 50.0 60.0
very confident 13 25.5 26.0 86.0
highly confident 7 13.7 14.0 100.0
Total 50 98.0 100.0
Missing System 1 2.0
Total 51 100.0
Graph
Most of the employees are confident enough that they will get a better job somewhere else.
Interpritation
10%employees are not confident
50%empolyees are confident
26%emloyees are very confident
14%employees are highly confident
Ques. 8: What causes you the greatest dissatisfaction at work?
Frequency
40
Statistics
greatest dissatisfaction
N Valid 50
Missing 1
Descriptives
greatest dissatisfaction
Frequency Percent Valid Percent
Cumulative
Percent
Valid pay scale 10 19.6 20.0 20.0
long working hours 14 27.5 28.0 48.0
lack of recognition for your
work
14 27.5 28.0 76.0
attitude of coworkers and
supervisors
12 23.5 24.0 100.0
Total 50 98.0 100.0
Missing System 1 2.0
Total 51 100.0
Graph
Dissatisfaction at workplace is the main cause for quitting the job for any employee. Here most
of the employees think the cause for greatest dissatisfaction is long working hours & lack of
recognisation for your work.
Interpretation
20%of employes think Pay scale
28% of employes think Long working hours
28%of employees think Lack of recognition for your work
24%of employees think Attitude of coworkers and supervisors
41
Ques. 9: Does your supervisor, or someone at work, seem to care about you as a
person?
Frequency
Statistics
care supervisors
N Valid 50
Missing 1
Descriptives
care supervisors
Frequency Percent Valid Percent
Cumulative
Percent
Valid never 3 5.9 6.0 6.0
sometimes 26 51.0 52.0 58.0
most of the time 15 29.4 30.0 88.0
all the time 6 11.8 12.0 100.0
Total 50 98.0 100.0
Missing System 1 2.0
Total 51 100.0
Graph
The feeling of belongingness is very important for any employee to stay at the present job. Here
most of the employees think that only sometimes their seniors care about them as persons and
not as resources.
Interpretation
6%thinks Never
52%thinks Sometimes
42
30%thinks Most of the times
12%All the time
Ques. 10: To improve your workplace environment, what would you like to see
your executives do?
Frequency
Statistics
work environment
N Valid 50
Missing 1
Descriptives
work environment
Frequency Percent Valid Percent
Cumulative
Percent
Valid more money 10 19.6 20.0 20.0
better recognisation 1 2.0 2.0 22.0
more time off 7 13.7 14.0 36.0
more staff 2 3.9 4.0 40.0
better promotion 30 58.8 60.0 100.0
Total 50 98.0 100.0
Missing System 1 2.0
Total 51 100.0
Graph
43
Recognition for work is important that’s why most of the employees believe that to improve
workplace environment, they need better promotion for their work by their seniors and
coworkers.
Interpretation
20% thinks More money
2% thinks Better recognisation
14% thinks More time off
4% thinks More staff
60% thinks Better promotion
Ques. 11: In the last 1 year, have you had the opportunities at work to learn and
grow?
Frequency
Statistics
Opportunities
N Valid 50
Missing 1
Descriptives
44
opportunities
Frequency Percent Valid Percent
Cumulative
Percent
Valid never 11 21.6 22.0 22.0
sometimes 18 35.3 36.0 58.0
most of time 16 31.4 32.0 90.0
all the time 5 9.8 10.0 100.0
Total 50 98.0 100.0
Missing System 1 2.0
Total 51 100.0
Graph
In the above graph it is clear that many employees think that in the last 1 year most of the time
they had opportunities to learn and grow while many think sometimes they had opportunities
to learn and grow.
Interpretation
22% thinks Never
36% thinks Sometimes
32% thinks Most of time
10%thinks All the time
Ques. 12: At work do your opinions seem to count?
Frequency
45
Statistics
Opinions
N Valid 50
Missing 1
Descriptives
opinions
Frequency Percent Valid Percent
Cumulative
Percent
Valid never 4 7.8 8.0 8.0
sometimes 24 47.1 48.0 56.0
most of the time 11 21.6 22.0 78.0
all the time 11 21.6 22.0 100.0
Total 50 98.0 100.0
Missing System 1 2.0
Total 51 100.0
Graph
Most of the employees think that at workplace only sometimes their opinions seems to count
which could be a sign of lack of listening to employees by the seniors.
Interpretation
8% thinks Never
48% thinks Sometimes
22% thinks Most of time
22%thinks All the time
46
CHAPTER 5Findings
47
PRIME FINDINGS:
1. There is no definition of satisfaction of the employees but it is a process, which is carried out
by the mutual understanding of the employees and the employer for the betterment of both of
them.
2. Retention should not be always considered to be a strategy but it should be bitterly considered
to be a continuous process that has to e carried out a grass root level by the company.
3. There can be numerous reasons for the employee to be retained in particular organization.
4. Employee retention does not mean to invest huge amount in the welfare of the concerned
employees.
5. Where as employee retention consist of keeping a track of the employees and also to take care
of the various factors that are responsible for keeping the employee loyal to the organization.
6. The company should not be always target oriented, they should set the target according to real
ground situation. The employees should not be given non-achievable targets because non-
achievable may bring depression in to them, and it can be the hurdle in process of retention.
7. It is necessary for the organization to provide regular incentives, bonus to all performing
employee, it can be helpful for building loyalty in the employees and also to create an attitude
for the achievement of goal of the organization.
8. Money is important but it is not the only reason people stay with an organization.
9. Treat your employees like you treat your most valuable clients.
10. Retention is much more effective when you put the person into the right job! Know the person
and their motivation.
48
CHAPTER 6Suggestion And Conclusion
49
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
1. It is cheaper to keep your good employees than it is to hire and train new ones. So
company should always try to retain their good and productive employees rather than
depending and continuing to hire new employees
2. Strong retention strategies become strong recruiting advantages.
3. Retention is much more effective when you put the right person into the right job.
Know the job! Know the employee and their motivation. So it is necessary for the
company to always find the best match for their respective vacancy or position at
initial stages of the recruitment only, otherwise it can be a major problem of
employees.
4. Money is important but it is not the only reason people stay with an organization. So
this should be the crust of the story that only money cannot keep the employee to stay
in the organization, but it is the kind of relationships and satisfaction that keep the
employees to stay for longer time in the organization.
5. Recognition, in various forms, is a powerful retention strategy. This means that
company tries to include the employees in the various decisions that the company
takes and should also try to make them a indispensable part of the management and a
whole organization. So that they should always feel appreciated.
6. Company should always keep a watch on the structure of wages and salary on the
overall industry basis so that they can redefine and restructure their policy regarding
this. From time in order to provide most competitive wages and salaries to their
employees.
50
Bibiliography
51
BOOKS
Research methodology C.R.Kothari
Journals, Newspaper and Interne
Human Resource Management by P. Subba Rao
Human Resource Management by T. N. Chabbra
Websites:
www.google.com
www.retention.naukrihub.com
www.humanresources.com
www.wiprotechnologies.com
www.infosis.com/finacle
wikipedia
52
Annexures
53
Appendix (Sample Questionnaire):
NAME:
GENDER: MALE FEMALE
AGE:
As part of this data gathering, we are asking that you complete this survey so we can find out your perception about various aspects of employment. All responses will be kept confidential and reported in the aggregate only.
1. What keep you interested at your present job?
i. Challenging job assignments
ii. Salary
iii. Flexibility in work hours
iv. Have friends at work
v. No time to look for another job
2. How would you rate the supervisors / managers you work for now?
i. Poor
ii. Average
iii. Good
iv. Very good
v. Exceptional
3. How important is company loyalty to you?
i. Not important
ii. Important
iii. Very important
iv. Highly important
4. What would be the things your company could do to improve retention?
i. Train their managers better
ii. Listen to employees more
iii. Pay more
iv. Hire better people
54
v. Other benefits
vi. Provide education loans/sponsorships
5. How important is feeling appreciated for your work by your coworkers and supervisors?
i. Not important
ii. Important
iii. Very important
iv. Highly important
6. On a scale of 1 to 10, how would you rate the effort of your company to retain good people?
i. 1 to 3
ii. 3 to 6
iii. 6 to 8
iv. 8 to 10
7. How confident are you that you can find a better job somewhere else?
i. Not confident
ii. Confident
iii. Very confident
iv. Highly confident
8. What causes you the greatest dissatisfaction at work?
i. Pay scale
ii. Long working hours
iii. Lack of recognition for your work
iv. Attitude of coworkers and supervisors
v. Lack of recreational activities
9. Does your supervisors, or someone at work. Seem to care about you as a person?
i. Never
ii. Sometimes
iii. Most of the time
iv. All the time
10. To improve your workplace environment, what would you like to see your supervisors do?
i. More money55
ii. Better recognition
iii. More time off
iv. More staff
v. Better promotion
11. In the last 1 year, have you had the opportunities at work to learn and grow?
i. Never
ii. Sometimes
iii. Most of time
iv. All the time
12. At work do your opinions seem to count?
i. Never
ii. Sometimes
iii. Most of the time
iv. All the time
Thank you for completing the survey!
56
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