A PROJECT REPORT

ON

EMPLOYEE RETENTION
AT
UNICON REAL ESTSTE PVT. LTD

Under the guidance of

Mr. V.V. Nathan

Submitted by

Supriya Paramane

In partial fulfillment of the requirement

for the award of the degree

PGPBM
IN

Human Resource Management

Pune Institute of Business Management

Pune, Maharashtra
2009-2011

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 Acknowledgement

This project has been an honest and dedicated attempt to make the
analysis on employee retention as authentic as it could. And I
earnestly hope that it provides useful and workable information
and knowledge to any person reading it.

During this period, I had the pleasure of working closely with

accomplished organization people who shared with me their
experience and helped me in completion of my research.
I express my sincere thanks to my project guides and my institute
faculty for guiding me.
Lastly I am grateful to my parents who been my mentors and
motivators. I am also thankful to all my batch mates who have
been directly or indirectly involved in successful completion of
this project.

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 BONAFIDE CERTIFICATE

Certified that this project report titled “EMPLOYEE RETENTION” is the

bonafide work of “Supriya Paramane” who carried out the project work
under my supervision.

SIGNATURE SIGNATURE

HEAD OF THE DEPARTMENT FACULTY IN CHARGE

Prof. Vaishali Nikalje Mr. V. V. Nathan
Marketing

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 Executive Summary

The main focus of my project was on “EMPLOYEE

RETENTION STRATEGIES”. In this project I highlighted on new

strategies of Unicon Real Estate Pvt. Ltd. For employee retention.

Employee retention is main important issue in every

organization. Higher attrition rate increases the cost of turnover and

reduces the efficiency. Satisfaction of employees can be the solution

for the increase employee retention.

To make strategies first prepare one questionnaire and then

takes the opinion of 80 to 100 people. Another way to make strategy

is by doing survey of retention rate in other companies.

For employee satisfaction these techniques are useful. Higher

employee retention rate enhance goodwill of company.

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 TABLE OF CONTENTS

Sr. No. Content Page No.

1 Introduction 6
1.1 Basic Concepts Of Topic 8
1.2 Literature Review 12
1.3 Company Profile 15
1.4 Need For The Study 20
1.5 Objectives Of The Project 22
1.6 Scope Of The Study 24
1.7 Work Profile 26
1.8 Research Hypothesis 28
2 Interpretation 40
3 Techniques 41
4 Conclusion 44
5 Recommendation 45
6 Bibliography 46

Introduction

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Unicon Real Estate Pvt. Ltd. is introducing new strategies of employee retention for
retaining to the employee.

The real estate sector in the country is one of great importance. According to the
report of the Technical Group on Estimation of Housing Shortage, an estimated shortage
of 26.53 million houses during the Eleventh Five Year Plan (2007-12) provides a big
investment opportunity.

India leads the pack of top real estate investment markets in Asia for 2010,
according to a study by PricewaterhouseCoopers (PWC) and Urban Land Institute, a
global non-profit education and research institute, released in December 2009. The
report, which provides an outlook on Asia-Pacific real estate investment and development
trends, points out that India, in particular Mumbai and Delhi, are good real estate
investment destinations. Residential properties are viewed as more promising than other
sectors. While, Mumbai, Delhi and Bangalore top the pack in the hotel 'buy' prospects as
well.

The study is based on the opinions of over 270 international real estate
professionals, including investors, developers, property company representatives, lenders,
brokers and consultants.

Further, real estate companies are coming up with various residential and
Commercial Projects to fulfill the demand for residential and office properties in Tier-II
And Tier-III Cities.
According to the data released by the Department of Industrial Policy and
Promotion (DIPP), housing and real estate sector including Cineplex, multiplex,
integrated townships and commercial complexes etc, attracted a cumulative foreign direct
investment (FDI) worth US$ 8.4 billion from April 2000 to April 2010 wherein the sector
witnessed FDI amounting US$ 2.8 billion in the fiscal year 2009-10.

Retention is defined as the continuous process through which employees are

encouraged to remain with an organization for a maximum period of time.

People tend to leave organisations for a variety of reasons. I have explained those
reasons and solutions for employee’s dissatisfaction.

There are some strategies which Unicon is using for retaining to the employee’s.
These strategies are going very successfully in this company. Employees are satisfied
with these strategies and making profit for company.

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 I have used some techniques for employee retention and made some strategies for
employee retention. There are some objectives and scope of employee retention. On the
basis of these objectives company try to retain employees for longer period of time.

Employee retention involves taking measures to encourage employees to remain in

the organization for the maximum period of time. Corporate is facing a lot of problem in
employee retention these days. Hiring knowledgeable people for the job is essential for
an employer. But retention is even more important than hiring. There is no dearth of
opportunities for talented person. There are many organizations which are looking for
such employees. If a person is not satisfied by the job he’s doing, he may switch over to
some other more suitable job. In today’s environment it becomes very important for
organizations to retain their employees.

Basic Concept of Topic

Reasons for leaving organizations:

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People tend to leave organizations for a variety of reasons. The most common amongst
them are:

•Job and person mismatch –

If there is a selection fault that has occurred – and if the job and the person are not
matching to each other, then it is likely the candidate will leave the organization. The
expectations problem could be on either side – the candidate as well as the organization.
This problem could also come from there being a mismatch in terms of experience and
qualifications of the person and the job analysis

•No growth opportunities –

Some organizations do not grow at the rate they are expected to grow – neither do
they go downwards. People who like to function in challenging environments and are
more effective in companies which offer them rapid growth opportunities, tend to leave
companies which are slow-growing. Also, some organizations do not enhance skills of
people through good training programs. People actually like to develop themselves and if
they are not provided opportunities to do so, they might leave.

•Lack of appreciation –
If the feedback system of the organization does not allow appreciation of work, or
commendations, people tend to get frustrated with the company. By nature, a human
being wants to hear good things about himself. When he knows that he is performing
well, but does not get timely appreciation from the company, he looks out for other
opportunities.

•Lack of trust and support –

If the culture of the company is not transparent, and the management lacks trust in
employees, and does not support its people, then people look out for other opportunities.
When people give their full efforts to a company, they expect that the company should
also trust them and support them wherever required. If that does not happen, people start
thinking negatively about the company.

•Work life imbalance –

If the company does not encourage a positive balance between personal and
professional life of the employee, people will not be happy.

•Personal issues –
There could be personal issues for people leaving a company, especially for
women – relocation of spouse, childbirth, emergency in the family requiring their
presence at home etc. Once women move away from mainstream work-life, it becomes
difficult for them to come back into it.

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•Compensation –
The last but not the least – salary and compensation can be a factor for leaving an
organization – if a person thinks he is not paid enough by the organization, he will look
out for another job with higher salary

Retention myths:

There are some myths associated with retention. Some of them are:

•Employees leave for pay

•Employees are not interested in additional responsibilities
•Adopting retention measures is expensive

Actually, in reality, companies leave for many other reasons than pay. Salary at times,
takes a backseat, if other things in an organization are good.
Employees are also keen to take on additional responsibilities, as it shows that the
company has confidence in them and considers them capable of handling more work and
responsibilities. This actually builds self-confidence in an employee.
Retention measures are more of an investment than expenditure as doing more things for
employees will ensure that employees will give more back in terms of productivity. It
depends on how the organization views it.

What should organizations offer?

As retention measures, organizations can utilize some of the following things – in

combination or isolation:

Growth and career:

•Role clarity –
Ensure that the organizations an employee, both, are clear about the role, so that
there is no mismatch.

•Work profile in sync with capabilities –

Avoiding taking people who are not suitable qualified or experienced – over
qualified / over experienced people will get frustrated and under qualified / under
experienced people will not perform according to expectations

•Clearly laid out growth paths –

The organization needs to define the growth paths of people carefully, so that
people know how they can progress in the company. Along with this, the decision-
making authority and the scope of the assignment (amount of responsibility) should also
increase.

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•Timely feedback and recognition –
A system that encourages timely feedback and recognition to work well done.

•Training and development opportunities –

People are interested in developing themselves and their skills through training.
Companies should provide enough scope for people to do so.

Strategies of Unicon real estate for employee retention:

Unicon is using many strategies for satisfaction of employee’s. Those are as
follows:
Monthly spot incentives:
Organization gives monthly target to each employee. When employees complete
their target within given period of time then company will pay incentives to them.
Pattern of spot incentives in Unicon real estate is like this:
Monthly target- Rs.3lakhs
Spot incentives- Rs.9000/- (3*3=9)

Performance appraisal:
Performance is appraised by after six month in a year. Appraisal is given to those
employees who have completed their target of each month. It is given after checking
performance of employee there is no any partiality in giving appraisal to employee.
Applicable employees got appraisal according to their performance.
Employees got more salary or post in appraisal.

Training and Development:

Training is a short-term educational process to improve, change and mould
employees’ KSA, which are required for the job and organization.
Training is given to people to see some kind of change in them – like technical, skill-
wise, or behavioral. It equips people to take on larger responsibilities and more work.
This program is given to employees two times in month. Its helps employee’s to
enhance performance and achieve their monthly targets.

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Timely feedback:
Timely feedback leads towards the achievement of target. It helps employees to
correct their mistakes or to change the path of target.
Feedback should be according to performance of employees, partiality leads to
dissatisfaction. Unicon gives timely feedback according to work without any partiality.

Compensation and Salary:

Organization is providing compensation and salary according to employees work
and work experiences. Compensation and Salary increase according to appraisal system.

Relationships and support:

•Respect for individual and work.
•Relation with peers and superiors
•Employee-oriented culture fostering loyalty
•Trust and transparent communication

These things basically talk about the culture in the company. An organization needs to
make conscious efforts to build an open and transparent culture that fosters or encourages
loyalty. Communication, if is open, will help in this. Policies need to be employee
friendly, and along with that, they should be framed keeping in mind the employees. If
the organization fails to do this, it will be difficult to retain people.

Literature Review

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 Employee retention is one of the hottest management topics in the United States for
good reason; it is impacting employers on a daily basis. The number of qualified
applicants available for vacant positions is currently in decline and employers are finding
it difficult to hire new employees and to keep employees over the long run.

Let Us see what “Employee Retention” used to mean

This entails understanding just a little history. The term “employee retention”
First began to appear with regularity on the business scene in the 1970s and early 1980s.
Until then, during the early and mid 1900s, the essence of the relationship between
employer and employee had been a statement of the status quo:
‘You come work for me, do a good job, and, so long as economic conditions allow, I will
continue to employ you’.
It was not unusual for people who entered the job market as late as the 1950s and
1960s to remain with one employer for a very long time sometimes for the duration of
their working life. If they changed jobs, it was usually a major career and life decision,
and someone who made many and frequent job changes was seen as somewhat out of the
ordinary.
As a natural result of this “status quo” Employer-employee relationship, an
employee leaving his or her job voluntarily was seen as an aberration, something that
shouldn’t really have happened. After all, the essence of “status quo” is just that little or
nothing should change in the relationship and leaving was a pretty big change!

What is Employee Retention Today?

According to The HR Priorities Survey from ORC Worldwide an HR consulting

and data services firm, nearly 62 percent of respondents to their survey opined that talent
management will be the most pressing strategic issue they face in year. The findings of
the survey also indicated that 33 percent of talent management programs include
workforce acquisition, assessment, development, and retention as areas that will consume
most of the survey respondents' time this year 2007.
Retention has emerged as the focus of much time and attention in recent years,
particularly as part of talent management programs, and so much is known about it that
the HR practitioner who tries to integrate it into a talent program may grow bewildered
by the huge volume of research about it.

Employee retention is more than just keeping employees on the job. It is also about
sustaining employees, primarily by enhancing their job satisfaction. Job satisfaction, in
turn, can increase productivity and keep employees energized and motivated to give their
best. Job satisfaction can equate to employees who stick with their current employer and
strive to perform at or above expectations and standards.

Employee retention is commonly considered to mean the ability to maintain a

stable workforce. It is often linked to morale and to organizational productivity.
Retention is thus the opposite of turnover, a well-known concept. In addition the
perception of having a job for life in a public sector role no longer exists. The trend for

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the younger generation of workers is to shift from job to job and this is becoming a norm
of society.
Companies that can recruit the best talent and retain them will have an edge in the
long run.
“Today talented persons are like frogs in a wheelbarrow, which can jump at any point of
time when they sense opportunities”.

Reasons for its Increasing Relevance:

Average employee turnover is 14.4% annually, according to the Bureau of National

Affairs. And, turnover rates are on the rise, the Bureau now reports; turnover also varies
widely among different industries.
The blow to morale and increased job stress when remaining employees are
burdened with the distribution of the departed employee’s workload, the negative impact
on customer service is a direct result of their high turnover.
Replacement costs for a departing employee are estimated at one-third of his or her
salary. Even at the former minimum wage, the cost to replace an employee is $3,700. The
US Department of Labor’s Bureau of Labor Statistics estimates average costs to replace a
worker in private industry at $13,996. This also leads to future turnover of employees
who are lured to other organizations by their friends who have departed.
Estimates have determined that lost knowledge that leaves with the departing
employee can be as high as 50% of the exiting employee’s salary for one year of service;
and, this figure grows by 10% for each year of employment.
On average, 30% of a financial advisor’s clients will move with their advisor if he
or she changes firms. Taking a fairly conservative estimate that the financial loss from
one employee is equal to his or her annual salary, the negative financial impact of
turnover to the bottom line can be substantial.
In-depth interviews by the Gallup Organization of over 80,000 managers
in over 400 organizations and offers the following finding: “<It tells us
that people leave managers, not companies. So much money has been thrown at the
challenge of keeping good people in the form of better pay, better perks, and better
training when, in the end, turnover is mostly a manager issue. If you have a turnover
problem, look first to your managers.”

Most of the HR functions of IT organizations spend more than 50 % their time and
energy in hiring new resources without investing much time in the way their human
resources can be retained. Fact is, it takes 25 to 30 % more for organization to retain the
existing qualified resource as compare to spending more than 50 % in getting new
resource as a replacement of an existing resource.
And the recent turnover figures about U.S. are Overall U.S. voluntary turnover
increased slightly to 23.4% annually, up from 22.7% the previous year. The highest
turnover by far is still in the Accommodation and Food Services sector at 56.4% and the
Leisure and Hospitality sector at 52.2%. Sectors that saw the highest increase in turnover
were Accommodation and Food Services, up 7% from the previous year, Leisure and
Hospitality, up 5.4% and Information, up 4.5%.

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 The only sectors seeing a (slight) decrease in turnover were Real Estate, Natural
Resources and Mining, and Professional and Business Services. In the Government
sector, turnover was up slightly at 8.2% with the Federal sector increasing the most to
9.3% up from 5.7%. Regionally, all areas were up slightly except the Northeast which
saw a slight decrease.

Company Profile

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About Unicon Group:

Unicon is a financial services company which has emerged as a one-stop

investment solutions provider. It was founded in 2004 by two visionary and hard working
entrepreneurs, Mr. Gajendra Nagpal and Mr. Ram M. Gupta, who possess expertise in the
field of Finance. The company is headquartered in New Delhi, and has its corporate
office in Mumbai with regional offices in Kolkata, Chennai, Hyderabad and Noida.

Unicon is a professionally managed company led by a team with outstanding

managerial acumen and cumulative experience of more than 400 man years in the
financial markets The Company is supported by more than 4500 Uniconians and has a
team of over 900 business offices in 235 cities across India.

With a customer base of over 200,000 the Unicon Group has an eye for the
intricate financial needs of its clients and caters to both their short – term and long – term
financial needs through a comprehensive bouquet of investment services.

It has been founded with the aim of providing world class investing experience to
the investing community. These services range from offline & online trading in equity,
commodities and currency derivatives to debt markets to corporate finance and portfolio
management services.

The company has a sizable presence in the distribution of 3rd party financial products
like mutual funds, insurance products and property broking. It also provides expert
Advisory on Life Insurance, General Insurance, Mutual Funds and IPO’s. The
distribution network is backed by in-house back office support to provide prompt and
efficient customer service

The Equity broking arm – UNICON Securities Pvt. Ltd offers personalized
premium services on the NSE, BSE & Derivatives market. The Commodity broking arm
Unicon Commodities Pvt. Ltd offers services in Commodity trading on NCDEX and
MCX. The UNICON group also has a PCG division providing investments solutions for
High Net worth Individuals. The Corporate Advisory Services arm – Unicon Capital
Services (P) Ltd offers entire gamut of Investment Banking services to corporate.

Unicon can boast of some of the most respected names in the private equity space
like Sequoia Capitals, Nexus India Capital and Subhkam Ventures as its shareholders.
Unicon real estate deals in commercial and residential projects. There are different
offices for different location.

Mission:

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 To create long term value by empowering individual investors through superior
financial services supported by culture based on highest level of teamwork, efficiency
and integrity.

Vision:
To provide the most useful and ethical Investment Solutions - guided by values
driven approach to growth, client service and employee development.

Products of a company:
Unicon deals in commercial and residential projects within Noida, Faridabad,
Gurgaon, Ghaziabad area. It is work as a channel partner of builders. The projects prizes
are started from Rs.5lakh to Rs.10crore.

Commercial projects are as follows:

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Landmark Towers - Noida
Location: Sector 15
Plans: Office & Commercial
Space
Sizes: 25000 Sq. Ft.
Completion Date: 2012
Investment Return: 12%
Assured Return
INR: 21,000 p.s.f.
Technova - Noida
Location: Sector 132
Plans: Office Space
Sizes: 8 Lakh Sq. Ft.
Completion Date: 2013
Investment Return:
Capital Appreciation
INR: 5,626 p.s.f.
Click to view project
details
World Trade Tower - Noida KM Trade Tower - Ghaziabad
Location: Sector 16 Location: Kaushambi
Plans: Office & High End
Plans: Office Space
Retail Space
Sizes: 6 Lakh Sq. Ft. Sizes: 3 Lakh Sq. Ft.
Completion Date: 2012 Completion Date: 2010
Investment Return: Capital
Investment Return: Capital Appreciation
Appreciation
INR: 10,500 p.s.f. INR: 6,750 p.s.f.
City Center - Noida Capital City - Noida
Location: Sector 32 Location: Sector 94
Plans: Office & Commercial
Plans: Office & Commercial Space
Space for Lease
Sizes: 5 Lakh Sq. Ft. Sizes: 500 Sq Ft - 3000 Sq Ft
Completion Date: 2012 Completion Date: 2013
Investment Return: Capital
INR: 9,000 p.s.f.
Appreciation
INR: 10,500 p.s.f.
Click to view project
details
17
Residential products are as follows:
The Belaire - Gurgaon
Location: Sector 53
Plans: 4 Bedroom
Apartments
Sizes: 2258 - 4098 Sq. ft.
Completion Date: 2012
INR: 2.21 Cr – 2.97 Cr
Click to view project details
Palm Hills - Gurgaon
Uptown - Gurgaon
Location: Sector 66
Plans: 2 / 3 / 4 Bedroom
Apartments
Sizes: 1430 - 2004 Sq. ft.
Completion Date: 2012
INR: 57.20 Lac - 80.16 Lac
Click to view project details
Carnation Residency -
The Palm Drive - Gurgaon
Location: Golf Course Road
Plans: Penthouses, Iconic
towers and apartments
Sizes: 1900 - 3600 Sq. ft.
Completion Date: 2012
INR: 91.20 Lac - 2.01 Cr
Click to view project details
Lifestyle Homes - Gurgaon
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 Gurgaon

Location: Sector 77 Location: Sector 85 Location: Sector 84

Plans: 3 / 4 Bedroom
Apartments
Sizes: 1450 - 1955 Sq. ft.
Completion Date: 2012
INR: 50.00 Lac - 65.00 Lac
Plans: 2 / 3 / 4 Bedroom
Apartments
Sizes: 1050 - 1800 Sq. ft.
Completion Date: 2012
INR: 22.57 Lac - 38.70 Lac
Plans: 1 / 2 / 3 Bedroom
Apartments
Sizes: 605 - 1402 Sq. ft.
Completion Date: 2012
INR: 17.56 Lac - 42.08 Lac

Click to view project details Click to view project details Click to view project details
Management team of Unicon real estate:

• Mr. Gajendra Nagpal

Founder & CEO

• Mr. Ram M Gupta

Co-Founder & President

• Mr. Y.P. Narang

Head - Fixed Income Group

• Mr. Sandeep Arora

Chief Operating Officer

• Mr. Vikas Mallan

Chief Financial Officer,
Head – Distribution & Real Estate

• Mr. Subhash Nagpal

Director - Strategic
Planning & Implementation

• Mr. Rajeev B Sharma

Country Head - Wealth Management

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 • Mr. Vijay Chopra
National Head - Business Alliances

• Mr. Manmohan Tiwari

Country Head - Equity Sales

• Mr. Anurag Nayar

Chief Technology Officer

• Ms. Divya Varma Kaur

Country Head - HR and Training

• Mr. Puneet Gupt

Head - Internet Broking

Need for the Study

Employers have a need to keep employees from leaving and going to work for
other companies. This is true because of the great costs associated with hiring and
retraining new employees. The best way to retain employees is by providing them with
job satisfaction and opportunities for advancement in their careers. The saying, good help
is hard to find, is even truer these days than ever before because the job market is
becoming increasingly tight.
Employers are fighting to get talented employees in order to maintain a prosperous
business.
Researchers believe that, there is a straight line between employee satisfaction and
customer satisfaction. They believes that today’s employees pose a complete new set of
challenges, especially when businesses are forced to confront one of the tightest labor
markets in decades. Therefore, it is getting more difficult to retain employees, as the pool
of talent is becoming more-and more tapped-out. The research below, which focuses
primarily on employee retention through job satisfaction, supports this contention.
Employees that are satisfied and happy in with their jobs are more dedicated to
doing a good job and taking care of customers that sustain the operation. Job satisfaction
is something that working people seek and a key element of employee retention.

Every person will have his or her own definition of what it means to be satisfied
with a job. Studies show that employees who are satisfied with their jobs are more
productive, creative and be more likely to be retained by the company.
Research has shown that there may be many environmental features that can be
created and maintained to give employees job satisfaction. Pay and benefits,

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communication, motivation, justice and leisure time all seem to play a part as to whether
employees are satisfied with their jobs, according to studies.
The second goal of this research is to help readers find his or her definition of job
satisfaction. I believe that this compilation of data will educate and inform the working
masses to see the benefits of creating workplaces that derive more job satisfaction,
retaining employees and in turn, keeping our economy healthy and our society happier.
There is a definite need to analyze the elements of employee retention through job
satisfaction. Considering the positive effects on the economy that can be derived from
satisfied-happy employees. Promotional materials for presentation can be created,
highlighting these recommendations for employee satisfaction practices for both
employers and employees.

Nature of the Study

This study will look at employee retention. A random sample of 50 people from
varying occupations in non-management positions will be surveyed to learn about their
perceptions about job satisfaction as it relates to employee retention.
Results will be collected; analyzed and descriptive data will be presented. The
study will include recommendations for better practices aimed at identification of
effective occupational strategies to aid in retaining employees through job satisfaction.

Assumptions

The following are assumptions upon which this study is based:

1. Employee retention and job satisfaction are linked.
2. Identification of employee perceptions about job satisfaction will offer a basis for
identifying recommendations for practice, this will contribute, to job satisfaction.
3. The use of a questionnaire to determine employee satisfaction perceptions will result in
honest and useful feedback for purpose of analysis.

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 Objectives of the Project

Employee retention refers to policies and practices companies use to prevent

valuable employees from leaving their jobs. How to retain valuable employees is one of
the biggest problem that plague companies in the competitive marketplace. Not too long
ago, companies accepted the “revolving door policy” as part of doing business and were
quick to fill a vacant job with another eager candidate. Nowadays, businesses often find
that they spend considerable time, effort, and money to train an employee only to have
them develop into a valuable commodity and leave the company for greener pastures. In
order to create a successful company, employers should consider as many options as
possible when it comes to retaining employees, while at the same time securing their trust
and loyalty so they have less of a desire to leave in the future.

There are some objectives of employee retention. Those are as follows:

• Reduce 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.

• To stop Loss of Company Knowledge:

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 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.

• 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. Higher retention
rates lead goodwill of a company in market and employees mind. More employees are
attracted towards company because goodwill of a company.

• To reduce attrition rate:

Lower attrition rates reduce cost of turnover and makes goodwill of a company in
market. Lower attrition rates can be sign of employee satisfaction.

• To employee satisfaction:

Organization makes the strategies for employee retention through that employees
are satisfied with their jobs. If organization satisfied to employees then employees can
retain with company for long period of time.

• 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.

These objectives are beneficial for each and every organization. The companies
achieve these objectives that can easily make profit and goodwill in the market.

23
 Scope of the study
Every company should understand that people are their best commodity. Without
qualified people who are good at what they do, any company would be in serious trouble.
In the long term, the retention of existing employees saves companies money.

As Beverly Kaye and Sharon Jordan- Evan stated in Training and Development:”
Studies have found that the cost of replacing lost talent is 70 o 200 percent of that
employee’s annual salary. There are advertising and recruiting expenses, orientation and
training of the new employee, decreased productivity until the new employee is up to
speed, and loss of customers who were loyal to the departing employee. Finding,
recruiting, and training the best employees represents a major investment. Once a
company has captured talented people, the return-on-investment requires closing the back
door to prevent them from walking out.”

When an employee leaves a company for a direct competitor, there is always a

chance that they will take important business strategies and secrets with them to be
explained by the competition. This is yet another reason why the retention of employees
is so crucial to some businesses. While this practice seems a bit unscrupulous, it skills
happens quite frequently.

As Bill Leonard stated in HR Magazine: “Because employers know that the best-
qualified applicants will come directly from competitors, recruiting and hiring employees
away from mother of inventive and sometimes controversial business practices.

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Recruiting and hiring from your competitors is probably as old as business itself. But
what is new and a hot topic among employers – is how to attract and retain qualified
candidates in a highly competitive labor market while also preventing their own
intellectual capital from winding up in the hands of competitors.

One way for a company to prevent employees from giving valuable information to
competitors is to make it a policy to enforce strict non compete and confidentiality
agreements amongst its employees. The existence of such agreements could in fact deter
a competitor from hiring a valuable employ because they might not want to risk possible
legal entanglements with the other company. Of course, all this could possibly lead to
animosity with the employee who could feel that his or her options are being limited.
Many employees don’t always remember signing such a document, so a copy of it should
always be kept on file for the employee to refer to. This area could prove to be a highly
sensitive one between employer and employee, so extreme caution is suggested in all
instances.

Establish better organizational climate and culture Employees plays a vital role in
creating an atmosphere of trust and respect in the organization, as well as a transparent
culture which promotes efficiency and develops employees as human beings and not just
as workers.

By respecting people as individuals and valuing their contributions, contributing to

self-respect and confidence of employees. Establish relation of employees with peers and
superiors.
Compensation and other facilities:
•Attractive packages – salary and benefits, variable pays
•Expectation management
•Tax friendly structures – ensuring that most tax friendly benefits are included in the
salary structure
•Bonus
•Benefits – Insurance, vacations, holidays, LTA, ESOPs
•Subsidies
•Flexi-timing – especially useful for new mothers and people with elderly dependents or
young children.

HR professionals should note that finally there is no limit to retention measures.

Retention also should be looked at pro-actively and not reactively – after a person resigns
from a company. Also, the measures need to be used wisely, as every time the same
measures will not work. Ideally, retention measures should be preventive. Otherwise,
people will use them to their own advantage, and put the company in a tight position
every time.

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 Work Profile

Unicon Real Estate Pvt. Ltd. deals in properties like commercial and residential.
It is work with well known builders who does projects allover in India as well as in some
foreign countries. It deals in properties which are situated at Noida, Ghaziabad,
Faridabad, and Gurgaon.

I have done work in Gurgaon team. There are 45 members in Gurgaon team.
I have made strategy to retain employees in Unicon Real Estate Pvt. Ltd.

The strategy is:

Bangkok Tour for one week
This tour was applicable to those employees who will complete their target. The
time period for complete a target was two months (from 15June to 15August). Employees
have to make individually profit for a company of Rs.12 lakhs to complete their target.

The target pattern was like this:

Target Rewards

Rs.12 lakh - Bangkok Tour

Rs.10 lakh - Laptop/LCD
Rs.7lakh - Blackberry Handset

26
 This was pattern of target. An idea behind this strategy was make profit for
company within short period of time and employee satisfaction for their work.
To complete the target organization also provided required data, leads and information to
employees. Employees are motivated to work because of this proposal. Through this
proposal there are many opportunities for employees to achieve their career goals.
Within these two months employees can show their talent. They will get rewards
according completion of target. These types of proposals can satisfy to employees and
retain to employees with current organizations for long period of time. Within this
process organization has to provide required information to employees.
Unicon has given lead of customers to employees, organized tent activities on
every project site, messages was shootout by name of employees to customers, given
training program in a week, advertisement of mobile numbers of employees has given in
newspaper.
With the help of this information employees were try to give profit to company.
They make their own strategies to achieve target.
To make the strategy I have done survey by preparing questionnaire and took
opinion of 50 employees. By analyzing opinions I have seen that people get motivated to
work for these types of contests. They work with full of energy and innovative ideas.
These types of contests makes competition in employees, so employees try to give best
performance and achieve the target.
I have suggested some other strategies to retain employees like transparent
communication between employee and manager. This help to correct the mistakes in
work and get some guidance for completion of target.
Weekly meeting program also help to retain employees. Within these meetings
managers or team leaders and employees come together and discuss the bias which
employees are facing. Team leaders give the next week target to employees and discuss
about the previous week target. These types of meetings help employees to work in a
right way.

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 Research Methodology

Research methodology is considered as the nerve of the project. Without a proper

well-organized research plan, it is impossible to complete the project and reach to any
conclusion. The project was based on the survey plan. The main objective of survey was
to collect appropriate data, which work as a base for drawing conclusion and getting
result.
Therefore, research methodology is the way to systematically solve the research
problem. Research methodology not only talks of the methods but also logic behind the
methods used in the context of a research study and it explains why a particular method
has been used in the preference of the other methods.

Research Design:
Research design is important primarily because of the increased complexity in the
market. In fact, it is the key to the evolution successful of companies. It is an important
tool to study the employee retention strategies. A research design specifies the methods
and procedures for conducting a particular study. According to Kerlinger, ‘research
design is a plan, conceptual structure, and strategy of investigation conceives as to obtain
answers to research questions and to control variance.
Research Design specifies methods and procedures for study. In this study the
company designs new strategies for employee retention.

Source of data:

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 Research design specifies the method and procedures for the collection and
analysis of the data in the manner that aims to combine relevance to the research purpose.

Data collection:

The data for the proposed study was collected from one source Primary data.

Primary Data:
It includes collection of first hand information from the response who is concerns
with the market research.
E.g. Survey, Questionnaire.

Secondary Data:

It includes collection of data from other source which is concerned with the
market research.
E.g. Books.

Analysis method:

The analysis and the interpretation have been done using the questionnaire, survey
and interview method.

Research technique:
• Conclusive research: -
This type of research helps in reaching certain conclusions and also in taking
decisions.

Research Analysis:
I have prepared one questionnaire and take opinion of 50 employees in Unicon
Real Estate Pvt. Ltd.
The data is as follows:
Sr. Questions Opinions
No.
Yes No No
Comments
1 Are you satisfied with your salary package? 30 13 7
2 Are you fully aware about job 35 13 2

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 responsibilities?
3 Is there adequate communication between 40 4 6
departments?
4 Working environment is good in Unicon 37 3 10
company or not?
5 Will you achieve your career goals by 25 10 15
working in this company?
6 Your colleagues are helpful or not? 32 6 12
7 Is there any partiality with employees? 41 5 4
8 Is there team working towards common 45 1 4
goals?
9 Do you require any contest or tour for 50 0 0
entertainment?
10 Are you satisfied with your job? 39 5 6

The above data is presented in charts:

Are you satisfied with your salary package?

No Comments
14%

Yes
No No
26% Yes No Comments
60%

According to survey I come to know that;

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• 26% employees are not satisfied with salary package.
• 14% employees are not commenting on this question.
• 60% employees are satisfied with the salary package.

Means company is providing appropriate packages to employees.

Are you fully aware about job responsibilities?

No Comments
4%
No
26%
Yes
No
No Comments
Yes
70%

This sample of question is showing that:

• 26% employees are not aware about their job responsibilities.
• 4% employees are not commenting on this question.
• 70% employees are aware about their job responsibilities

So we can say that most of the employees are aware about their job responsibilities.

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 Is there adequate communication between
departments?

No Comments
12%
No
8%
Yes
No
No Comments

Yes
80%

According to survey:

• 8% employees are saying that there is no adequate communication between

departments.
• 12% employees are not commenting.
• 80% employees are saying that there is adequate communication between
departments.

So we can say that organization providing better communication between

departments to employees.

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 Working environment is good in Unicon company or
not?

No Comments
20%

No Yes
6% No
No Comments
Yes
74%

Sample of questions showing that:

• 6% employees are not happy with working environment of Unicon Company.

• 20% employees have not given their opinion.
• 74% employees are happy with working environment of Unicon Company.

So, we can say that working environment of Unicon Company is good for employees.

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 Will you achieve your career goals by working in this
company?

No Comments
30%
Yes
Yes
No
50%
No Comments

No
20%

According to survey, I come to know that:

• 20% employees are saying that they will not achieve their career goals by working in
this company.
• 30% employees have not given their opinions.
• 50% employees are saying that they will achieve their career goals by working in this
company.

So, we can say that company is providing career platform for employees.

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 Your colleagues are helpful or not?

No Comment
24%

Yes
No
No No Comment
Yes
12%
64%

As per survey,

• 12% employees are saying that, their colleagues are not helpful.
• 24% employees have not given their opinion.
• 64% employees are saying that their colleagues are very cooperative and helpful.

So we can say that, there are helpful employees.

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 Is there any partiality with employees?

No Comment
8%
No
10%

Yes
No
No Comment

Yes
82%

As per survey the opinions of employees are:

• 10% employees are saying that there is no partiality done by manager.

• 8% employees have not given their opinion.
• 82% employees are saying that managers do partiality for giving lead of customers.

So we can say that, there is partiality is going on in this company.

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 Is there team working towards common goals?

No Comments
No 8%
2%

Yes
No
No Comments

Yes
90%

As per survey of data:

• 2% employees are saying that there is team working towards common goals in this
organization.
• 8% employees have not given their comments.
• 90% people are saying that there is team working towards common goals in this
company.

So we can say that company’s goals and employee’s goals are match to each other.

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 Do you require any contest or tour for
entertainment?
No Comment
0% No
0%

Yes
No
No Comment

Yes
100%

As per survey of data:

• 0% no one is against of this question.

• 0% everyone has given their opinion.
• 100% employees are saying that they want any foreign tour for at least for a week, so
they will get relax.

So we can say that, employees are looking for tour or any interesting contests.

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 Are you satisfied with your job?

No Comments
12%
No
10%
Yes
No
No Comments

Yes
78%

As per the survey:

• 10% employees are not satisfied with their job.

• 12% employees have not given their comments.
• 78% employees are satisfied with their job.

So we can say that company has recruited most of right candidates for job.

39
 Interpretation

Every organization wants to retain employee for longer period of time. According
to me every organization has to make some strategies to retain employees for longer
period of time.

These strategies can satisfy to employee, when employees are satisfied with job
then they can retain with organization for longer period of time so automatically attrition
rates will be reduced.

There should be transparent communication between employer and employee so

employees can motivated towards work.

Performance appraisals should have to be organized two times in a year. Fair

performance appraisals avoid bias between employer and employee.

Motivation should not be dependent on the desire of the workers/employees, but it

should be the primary function of an organization to inculcate a spirit of sharing and
caring where people give cheerfully and most willingly of their time, knowledge and
experience. Coupled with the same, leaders by their commitment and involvement
unleash the constructive and creative abilities/capabilities and energies of each of the
employee for the welfare of the organization so as to stay longer with the organization.
There is no such thing as the culture. There are many cultures, and each of them is
subject to gradual change. Cultures are learned. They vary, and they influence behaviour.
A culture is ‘the whole collection of distinctive traits, spiritual and material, intellectual
and affective, which characterize a society or social group’. We ‘define cultures as
“dynamic and organic wholes” which are concerned with how people visualize and
interpret the world, organize themselves, conduct their affairs, elevate and embellish life,
and position themselves in the world’.

How a society or group of people visualize and interpret the world is shaped by
their values and beliefs, their experiences, the history of experiences in their society, and
the way that these are communicated. People in different parts of the world, in different
cultures, and in different social groups visualize and see the world differently.
Consequently, we should expect that they will act differently in any given circumstance.

The values held by individuals and social groups may be the most important aspect
of the culture concept. Virtues are closely related to values. The 1980s was the decade
when greed was celebrated as a civic virtue that made everyone better off—that is, a
feature of western culture was and is society’s preference for material wealth over the
lack of material things.

40
 Techniques

There are some techniques which I have used for employee retention. These
techniques help to reduce attrition rate and increase retention rate. The techniques are as
follows:

• Questionnaire Technique:
According to this technique I have made list of questions and took the opinion of
50 employees who has working in Unicon Real Estate.
List of questions:
1. Are you satisfied with your salary package?
2. Are you fully aware about your job responsibilities?
3. Is there adequate communication between departments?
4. Working environment is good at Unicon company or not?
5. Will you achieve your career goal by working in this company?
6. Are there opportunities to learn and grow in this company?
7. Workload is reasonable or overload?
8. Is there team working towards common goal?
9. Work at Unicon real estate is helping me to develop my knowledge and skill?
10. Are you satisfied with your job?

• Survey Technique:
Our standard employee retention surveys cover nearly every facet of employee
retention, including:

• Overall satisfaction
• Corporate culture
• Supervisor relations
• Training
• Pay and benefits
• Work environment
• Communications

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 Our standard employee retention surveys are comprehensively designed to identify
and isolate key independent and dependent variables.

Independent Variables Dependent Variables

Supervisor relations Overall satisfaction
Pay & benefits Likelihood to recommend
Work environment Likelihood to stay
Corporate communications Employee loyalty

• Employee Reward Program:

You can make a provision of Monthly or Quarterly Award (depending upon the
budget) for the best employee, Awarding 2 or 3 best workers each month. The award can
be in terms of gifts or money.

If it is money then it should be divided into two parts, first part to be given with the next
month salary and the remaining after 6 months. In this way he/she can be retained for 6
more months. These rewards shall be considered at the time of appraisal.

• . Career Development Program:

Every individual is worried about his/her career. You can provide them
conditional assistance for certain courses which are beneficial from your business point
of view. Conditional assistance means the company will bear the expenses only if he/she
gets an aggregate of certain percentage of marks. And entrance to that course should be
on the basis of a Test and the number of seats to be limited. For getting admitted to such
program, you can propose them to sign a bond with the company, like they cannot leave
the company for 2 years or something after the successful completion of the course.

• .Performance based Bonus:

The employee always comes to know about the profit of the company which
is of course based on the strategic planning of the top management and the
productivity of the employee. To get more work out of the employee, You can make a
provision of Bonus. By this employee will be able to relate himself with the
company’s profit and hence will work hard. This bonus should be productivity based.
You can make sure that this bonus is not adding extra-pressure on the budget of Your
Company and you can arrange this by cutting a part of the salary hikes and
presenting it to the employees in the form of bonus.

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• Communication:

Communication has become so heavily stressed in the workplace that it almost

seems cliché. However communication couldn’t be more important in the effort to retain
employees. Be sure that team members know their rules, job description, and
responsibilities within the organization. Communicate any new company policies or
initiatives to all employees to be sure that everyone is on the same page. Nobody wants to
feel that they are being left out of the loop.

• Allow team members to share their knowledge with others:

The highest percentage of information retention occurs when on shares that

information with others. Having team members share when they have learned at a recent
conference or training workshop will not only increase the amount is information they
will retain, but also lets a team member know that he is a valuable member of the
organization. Facilitating knowledge sharing through an employee mentoring program
can be equally beneficial for the team member being mentored as well as mentor.

• Include employees in decision making:

It is incredibly important to include team members in the decision making process,

especially when decision will effect an individual’s department or work team. This can
help to create of employee involvement and will generate new ideas and perspectives that
top management might never have thought of.

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 Conclusion

From the above study I want to conclude that employees are the capital of the
every organization. So to retain employee organization has to satisfy to employee.

By offering many facilities, events, incentives, appraisal programs, transparent

communication company can retain to employees.

The strategies which Unicon Real Estate Company made for employees those are
successfully going on and company is making profit on basis these strategies.

Employee retention not only reduces the attrition rate but also increases the
goodwill of a company in a market. This shows a good culture of the organization.

The study gave a clear picture about the employees and their areas of
dissatisfaction, the outcome of the study will help the organization to spot out the areas of
dissatisfaction, there by the organization can take effective steps to improve the
employees satisfaction level towards their job and to implement various policy
implications, Most of the employees are satisfied with their jobs and most of them are
satisfied with the policies of the organization and also towards the other aspects taken in
to account for measuring the level of job satisfaction among the employees in the
organization and there are some of the employees who are not satisfied with their jobs
due to some of the aspects, also some of the suggestions can be taken in to account to
make those employees feel better about their jobs so if the suggestions are taken in to
account and done there is chance for making the unsatisfied employees to change their
attitude towards their respective jobs.

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 Recommendation

The strategies of Unicon real estate has to use every organization. These
strategies are useful for making profit.

If employees are not satisfied with the job then companies can use these
strategies. By using these strategies employee will get motivated and do the sincere work.

For employee retention there should be good communication between team leader
and employee, timely motivation and feedback makes confident to employee towards the
work.

Training programs helps in enhancing knowledge and skill so, these programs
helps in achieving career goals of employees.

Performance appraisal programs enhance employee’s salary; employees got

incentives and bonus in this program. These programs should have to be two times in
year because some employees work for these programs.

Weekly meeting should have to be taken. In this meeting team leader individually
has to ask problems to every employee and he has to give suggestions and information to
employee.

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 Bibliography

Websites:
• www.wikipedia.com
• www.humanresource.about.com
• www.hrworld.com
• www.hrindia.com
• www.managementhelp.org.com
• www. retention.naukrihub.com

Books:
• Ashwat thapa,
• L.M. Prasad.
• Research Methodology, Wishwa Prakashan Publishes, and second edition 2002.

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