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EMPLOYEE RETENTION AT UNICON REAL ESTSTE PVT. LTD
Under the guidance of Mr. V.V. Nathan Submitted by
In partial fulfillment of the requirement for the award of the degree
Human Resource Management
Pune Institute of Business Management Pune, Maharashtra 2009-2011
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.
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 HEAD OF THE DEPARTMENT
SIGNATURE FACULTY IN CHARGE
Prof. Vaishali Nikalje Marketing
Mr. V. V. Nathan
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.
6 8 12 15 20 22 24 26 28 40 41 44 45 46 Introduction 5 . 1 1.2 1.5 1.8 2 3 4 5 6 Content Introduction Basic Concepts Of Topic Literature Review Company Profile Need For The Study Objectives Of The Project Scope Of The Study Work Profile Research Hypothesis Interpretation Techniques Conclusion Recommendation Bibliography Page No. No.3 1.4 1.6 1.TABLE OF CONTENTS Sr.1 1.7 1.
including investors. Retention is defined as the continuous process through which employees are encouraged to remain with an organization for a maximum period of time. is introducing new strategies of employee retention for retaining to the employee. Delhi and Bangalore top the pack in the hotel 'buy' prospects as well. lenders. These strategies are going very successfully in this company.Unicon Real Estate Pvt. released in December 2009. property company representatives. Residential properties are viewed as more promising than other sectors. There are some strategies which Unicon is using for retaining to the employee’s. Ltd. are good real estate investment destinations. 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. The real estate sector in the country is one of great importance.53 million houses during the Eleventh Five Year Plan (2007-12) provides a big investment opportunity. attracted a cumulative foreign direct investment (FDI) worth US$ 8. Further. integrated townships and commercial complexes etc. which provides an outlook on Asia-Pacific real estate investment and development trends. points out that India. Employees are satisfied with these strategies and making profit for company. I have explained those reasons and solutions for employee’s dissatisfaction. multiplex.4 billion from April 2000 to April 2010 wherein the sector witnessed FDI amounting US$ 2. brokers and consultants. Mumbai. The study is based on the opinions of over 270 international real estate professionals. housing and real estate sector including Cineplex. According to the report of the Technical Group on Estimation of Housing Shortage. an estimated shortage of 26. in particular Mumbai and Delhi. India leads the pack of top real estate investment markets in Asia for 2010. According to the data released by the Department of Industrial Policy and Promotion (DIPP). a global non-profit education and research institute.8 billion in the fiscal year 2009-10. 6 . While. The report. developers. according to a study by PricewaterhouseCoopers (PWC) and Urban Land Institute. People tend to leave organisations for a variety of reasons.
I have used some techniques for employee retention and made some strategies for employee retention. he may switch over to some other more suitable job. Corporate is facing a lot of problem in employee retention these days. There are many organizations which are looking for such employees. Hiring knowledgeable people for the job is essential for an employer. On the basis of these objectives company try to retain employees for longer period of time. In today’s environment it becomes very important for organizations to retain their employees. Basic Concept of Topic Reasons for leaving organizations: 7 . Employee retention involves taking measures to encourage employees to remain in the organization for the maximum period of time. There is no dearth of opportunities for talented person. But retention is even more important than hiring. If a person is not satisfied by the job he’s doing. There are some objectives and scope of employee retention.
he looks out for other opportunities. people start thinking negatively about the company. they might leave. •Lack of appreciation – If the feedback system of the organization does not allow appreciation of work. and does not support its people. some organizations do not enhance skills of people through good training programs. 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. but does not get timely appreciation from the company. it becomes difficult for them to come back into it. people will not be happy. tend to leave companies which are slow-growing. Once women move away from mainstream work-life. then people look out for other opportunities. By nature. People who like to function in challenging environments and are more effective in companies which offer them rapid growth opportunities. they expect that the company should also trust them and support them wherever required. emergency in the family requiring their presence at home etc. •Lack of trust and support – If the culture of the company is not transparent. and the management lacks trust in employees. childbirth. 8 . especially for women – relocation of spouse. then it is likely the candidate will leave the organization. people tend to get frustrated with the company. Also. When people give their full efforts to a company. •Personal issues – There could be personal issues for people leaving a company. a human being wants to hear good things about himself.People tend to leave organizations for a variety of reasons. •Work life imbalance – If the company does not encourage a positive balance between personal and professional life of the employee. The expectations problem could be on either side – the candidate as well as the organization. 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. People actually like to develop themselves and if they are not provided opportunities to do so. or commendations. If that does not happen. When he knows that he is performing well.
the decisionmaking authority and the scope of the assignment (amount of responsibility) should also increase. both. What should organizations offer? As retention measures. •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. takes a backseat. Along with this. as it shows that the company has confidence in them and considers them capable of handling more work and responsibilities. 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. if other things in an organization are good. 9 . so that there is no mismatch. Employees are also keen to take on additional responsibilities. 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. It depends on how the organization views it. are clear about the role. in reality. companies leave for many other reasons than pay. Salary at times. so that people know how they can progress in the company. This actually builds self-confidence in an employee. organizations can utilize some of the following things – in combination or isolation: Growth and career: •Role clarity – Ensure that the organizations an employee.•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.
3lakhs Spot incentives. which are required for the job and organization. Companies should provide enough scope for people to do so.9000/. •Training and development opportunities – People are interested in developing themselves and their skills through training. Training is given to people to see some kind of change in them – like technical. When employees complete their target within given period of time then company will pay incentives to them. Those are as follows: Monthly spot incentives: Organization gives monthly target to each employee. Pattern of spot incentives in Unicon real estate is like this: Monthly target. Its helps employee’s to enhance performance and achieve their monthly targets. It equips people to take on larger responsibilities and more work. change and mould employees’ KSA. It is given after checking performance of employee there is no any partiality in giving appraisal to employee.•Timely feedback and recognition – A system that encourages timely feedback and recognition to work well done. Training and Development: Training is a short-term educational process to improve. 10 . Employees got more salary or post in appraisal. skillwise. Strategies of Unicon real estate for employee retention: Unicon is using many strategies for satisfaction of employee’s. or behavioral.Rs.Rs. Appraisal is given to those employees who have completed their target of each month.(3*3=9) Performance appraisal: Performance is appraised by after six month in a year. This program is given to employees two times in month. Applicable employees got appraisal according to their performance.
Unicon gives timely feedback according to work without any partiality. Relationships and support: •Respect for individual and work. Feedback should be according to performance of employees. Policies need to be employee friendly. Literature Review 11 . Communication. If the organization fails to do this. Compensation and Salary: Organization is providing compensation and salary according to employees work and work experiences. if is open. Compensation and Salary increase according to appraisal system. It helps employees to correct their mistakes or to change the path of target.Timely feedback: Timely feedback leads towards the achievement of target. An organization needs to make conscious efforts to build an open and transparent culture that fosters or encourages loyalty. will help in this. •Relation with peers and superiors •Employee-oriented culture fostering loyalty •Trust and transparent communication These things basically talk about the culture in the company. and along with that. they should be framed keeping in mind the employees. partiality leads to dissatisfaction. it will be difficult to retain people.
it is impacting employers on a daily basis. do a good job. an employee leaving his or her job voluntarily was seen as an aberration. The findings of the survey also indicated that 33 percent of talent management programs include workforce acquisition. during the early and mid 1900s. In addition the perception of having a job for life in a public sector role no longer exists. The term “employee retention” First began to appear with regularity on the business scene in the 1970s and early 1980s. nearly 62 percent of respondents to their survey opined that talent management will be the most pressing strategic issue they face in year. the essence of the relationship between employer and employee had been a statement of the status quo: ‘You come work for me. 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. 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. As a natural result of this “status quo” Employer-employee relationship. something that shouldn’t really have happened. and someone who made many and frequent job changes was seen as somewhat out of the ordinary. 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. so long as economic conditions allow.Employee retention is one of the hottest management topics in the United States for good reason. development. and retention as areas that will consume most of the survey respondents' time this year 2007. It is often linked to morale and to organizational productivity. primarily by enhancing their job satisfaction. 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. Employee retention is commonly considered to mean the ability to maintain a stable workforce. it was usually a major career and life decision. in turn. particularly as part of talent management programs. After all. assessment. Job satisfaction. a well-known concept. The trend for 12 . Let Us see what “Employee Retention” used to mean This entails understanding just a little history. Employee retention is more than just keeping employees on the job. It is also about sustaining employees. Until then. Retention is thus the opposite of turnover. can increase productivity and keep employees energized and motivated to give their best. If they changed jobs. and. I will continue to employ you’. Job satisfaction can equate to employees who stick with their current employer and strive to perform at or above expectations and standards. Retention has emerged as the focus of much time and attention in recent years.
Sectors that saw the highest increase in turnover were Accommodation and Food Services.2%. not companies. “Today talented persons are like frogs in a wheelbarrow. Companies that can recruit the best talent and retain them will have an edge in the long run. up 4. This also leads to future turnover of employees who are lured to other organizations by their friends who have departed.S.000 managers in over 400 organizations and offers the following finding: “<It tells us that people leave managers. The blow to morale and increased job stress when remaining employees are burdened with the distribution of the departed employee’s workload. look first to your managers. up from 22.S. the negative impact on customer service is a direct result of their high turnover.4% annually. turnover rates are on the rise.the younger generation of workers is to shift from job to job and this is becoming a norm of society. the Bureau now reports. So much money has been thrown at the challenge of keeping good people in the form of better pay. In-depth interviews by the Gallup Organization of over 80.996. 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. turnover is mostly a manager issue. Taking a fairly conservative estimate that the financial loss from one employee is equal to his or her annual salary. better perks. Even at the former minimum wage. 30% of a financial advisor’s clients will move with their advisor if he or she changes firms. 13 .7% the previous year.4% and the Leisure and Hospitality sector at 52. according to the Bureau of National Affairs. voluntary turnover increased slightly to 23.5%.4% and Information. If you have a turnover problem. Leisure and Hospitality. up 5. the cost to replace an employee is $3. Replacement costs for a departing employee are estimated at one-third of his or her salary. On average. which can jump at any point of time when they sense opportunities”.4% annually.700. And. The highest turnover by far is still in the Accommodation and Food Services sector at 56. the negative financial impact of turnover to the bottom line can be substantial. this figure grows by 10% for each year of employment. 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. turnover also varies widely among different industries. Reasons for its Increasing Relevance: Average employee turnover is 14. in the end. Fact is. and better training when. are Overall U. The US Department of Labor’s Bureau of Labor Statistics estimates average costs to replace a worker in private industry at $13. up 7% from the previous year. and. And the recent turnover figures about U.” 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.
all areas were up slightly except the Northeast which saw a slight decrease. and Professional and Business Services. Company Profile 14 .The only sectors seeing a (slight) decrease in turnover were Real Estate.3% up from 5.2% with the Federal sector increasing the most to 9. In the Government sector.7%. Natural Resources and Mining. Regionally. turnover was up slightly at 8.
General Insurance. It was founded in 2004 by two visionary and hard working entrepreneurs. 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. Ltd offers personalized premium services on the NSE. Ltd offers services in Commodity trading on NCDEX and MCX. These services range from offline & online trading in equity. Gupta. BSE & Derivatives market. There are different offices for different location. Ram M. The company has a sizable presence in the distribution of 3rd party financial products like mutual funds. insurance products and property broking. 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. who possess expertise in the field of Finance. It also provides expert Advisory on Life Insurance. Mission: 15 . With a customer base of over 200. Unicon real estate deals in commercial and residential projects. Mr. Gajendra Nagpal and Mr. Chennai. The Commodity broking arm Unicon Commodities Pvt. It has been founded with the aim of providing world class investing experience to the investing community. Unicon can boast of some of the most respected names in the private equity space like Sequoia Capitals. commodities and currency derivatives to debt markets to corporate finance and portfolio management services. The company is headquartered in New Delhi. Mutual Funds and IPO’s. The Corporate Advisory Services arm – Unicon Capital Services (P) Ltd offers entire gamut of Investment Banking services to corporate.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. Hyderabad and Noida. Nexus India Capital and Subhkam Ventures as its shareholders.About Unicon Group: Unicon is a financial services company which has emerged as a one-stop investment solutions provider. The UNICON group also has a PCG division providing investments solutions for High Net worth Individuals. and has its corporate office in Mumbai with regional offices in Kolkata.
10crore. Gurgaon. Products of a company: Unicon deals in commercial and residential projects within Noida. Ghaziabad area. Commercial projects are as follows: 16 .guided by values driven approach to growth.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. client service and employee development. The projects prizes are started from Rs. It is work as a channel partner of builders.5lakh to Rs. Faridabad. Vision: To provide the most useful and ethical Investment Solutions .
f. Technova . Ft.Ghaziabad Location: Sector 15 Plans: Office & Commercial Space Sizes: 25000 Sq.s.f.500 p.f.000 p.000 p.f.Noida Location: Sector 132 Plans: Office Space Sizes: 8 Lakh Sq.f.s. Completion Date: 2013 Investment Return: Capital Appreciation INR: 5. Completion Date: 2012 Investment Return: Capital Appreciation INR: 10. Sizes: 500 Sq Ft . Ft. Appreciation INR: 10.626 p. Completion Date: 2012 Investment Return: 12% Assured Return INR: 21.f.s.s. Location: Sector 32 Location: Sector 94 Plans: Office & Commercial Plans: Office & Commercial Space Space for Lease Sizes: 5 Lakh Sq.750 p.3000 Sq Ft Completion Date: 2012 Completion Date: 2013 Investment Return: Capital INR: 9.Noida Capital City .Noida KM Trade Tower . Ft. Completion Date: 2010 Investment Return: Capital Appreciation INR: 6. Ft.Noida World Trade Tower .s.500 p. Location: Kaushambi Plans: Office Space Sizes: 3 Lakh Sq. Click to view project details Click to view project details 17 .s.Noida City Center . Ft. Location: Sector 16 Plans: Office & High End Retail Space Sizes: 6 Lakh Sq.Landmark Towers .
Completion Date: 2012 INR: 57. ft.20 Lac .Gurgaon Location: Sector 53 Plans: 4 Bedroom Apartments Sizes: 2258 .Residential products are as follows: The Belaire .4098 Sq.Gurgaon Carnation Residency - Lifestyle Homes .97 Cr Click to view project details Location: Sector 66 Plans: 2 / 3 / 4 Bedroom Apartments Sizes: 1430 .20 Lac .16 Lac Click to view project details Location: Golf Course Road Plans: Penthouses.Gurgaon The Palm Drive .2004 Sq.80. Completion Date: 2012 INR: 91.Gurgaon Uptown .2.21 Cr – 2.01 Cr Click to view project details Palm Hills . Completion Date: 2012 INR: 2. ft.Gurgaon 18 . Iconic towers and apartments Sizes: 1900 .3600 Sq. ft.
Completion Date: 2012 INR: 17.Gurgaon Location: Sector 77 Plans: 3 / 4 Bedroom Apartments Sizes: 1450 .65.00 Lac . Vikas Mallan Chief Financial Officer.1800 Sq.08 Lac Click to view project details Management team of Unicon real estate: • • • Mr. ft. Rajeev B Sharma Country Head .Wealth Management 19 • • • • .56 Lac .38. ft.Strategic Planning & Implementation Mr.70 Lac Click to view project details Location: Sector 84 Plans: 1 / 2 / 3 Bedroom Apartments Sizes: 605 . ft. Subhash Nagpal Director . Completion Date: 2012 INR: 50.57 Lac .42. Head – Distribution & Real Estate Mr. Gajendra Nagpal Founder & CEO Mr.P.00 Lac Click to view project details Location: Sector 85 Plans: 2 / 3 / 4 Bedroom Apartments Sizes: 1050 . Ram M Gupta Co-Founder & President Mr. Y.Fixed Income Group Mr.1955 Sq. Narang Head .1402 Sq. Sandeep Arora Chief Operating Officer Mr. Completion Date: 2012 INR: 22.
They believes that today’s employees pose a complete new set of challenges. there is a straight line between employee satisfaction and customer satisfaction. Pay and benefits. is even truer these days than ever before because the job market is becoming increasingly tight.• • • • • Mr. The best way to retain employees is by providing them with job satisfaction and opportunities for advancement in their careers. especially when businesses are forced to confront one of the tightest labor markets in decades. supports this contention. Divya Varma Kaur Country Head . creative and be more likely to be retained by the company. it is getting more difficult to retain employees. Therefore. Every person will have his or her own definition of what it means to be satisfied with a job. Puneet Gupt Head . Vijay Chopra National Head . good help is hard to find. Employers are fighting to get talented employees in order to maintain a prosperous business. Researchers believe that. The saying. Studies show that employees who are satisfied with their jobs are more productive. Research has shown that there may be many environmental features that can be created and maintained to give employees job satisfaction. Manmohan Tiwari Country Head . Anurag Nayar Chief Technology Officer Ms. Job satisfaction is something that working people seek and a key element of employee retention. This is true because of the great costs associated with hiring and retraining new employees. as the pool of talent is becoming more-and more tapped-out.Business Alliances Mr. which focuses primarily on employee retention through job satisfaction. The research below. 20 .Equity Sales Mr.Internet Broking Need for the Study Employers have a need to keep employees from leaving and going to work for other companies.HR and Training Mr. 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.
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. Employee retention and job satisfaction are linked. motivation. keeping our economy healthy and our society happier. Results will be collected. highlighting these recommendations for employee satisfaction practices for both employers and employees. Assumptions The following are assumptions upon which this study is based: 1. to job satisfaction. There is a definite need to analyze the elements of employee retention through job satisfaction. The use of a questionnaire to determine employee satisfaction perceptions will result in honest and useful feedback for purpose of analysis. 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. Considering the positive effects on the economy that can be derived from satisfied-happy employees. Identification of employee perceptions about job satisfaction will offer a basis for identifying recommendations for practice. 3. Promotional materials for presentation can be created. analyzed and descriptive data will be presented. this will contribute. justice and leisure time all seem to play a part as to whether employees are satisfied with their jobs. 2. 21 . according to studies. The study will include recommendations for better practices aimed at identification of effective occupational strategies to aid in retaining employees through job satisfaction. Nature of the Study This study will look at employee retention.communication.
companies accepted the “revolving door policy” as part of doing business and were quick to fill a vacant job with another eager candidate. effort. While it is difficult to fully calculate the cost of turnover (including hiring costs. How to retain valuable employees is one of the biggest problem that plague companies in the competitive marketplace. 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. • To stop Loss of Company Knowledge: 22 . industry experts often quote 25% of the average employee salary as a conservative estimate. Nowadays. training costs and productivity loss).Objectives of the Project Employee retention refers to policies and practices companies use to prevent valuable employees from leaving their jobs. In order to create a successful company. 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. and money to train an employee only to have them develop into a valuable commodity and leave the company for greener pastures. businesses often find that they spend considerable time. Not too long ago. employers should consider as many options as possible when it comes to retaining employees.
More employees are attracted towards company because goodwill of a company. • Regaining efficiency: If an employee resigns. When the employee leaves. • To reduce attrition rate: Lower attrition rates reduce cost of turnover and makes goodwill of a company in market. If organization satisfied to employees then employees can retain with company for long period of time. he takes with him valuable knowledge about the company. Often much time and money has been spent on the employee in expectation of a future return. customers. The companies achieve these objectives that can easily make profit and goodwill in the market. And even after this you cannot assure us of the same efficiency from the new employee. 23 . • Goodwill of the company: The goodwill of a company is maintained when the attrition rates are low. • To employee satisfaction: Organization makes the strategies for employee retention through that employees are satisfied with their jobs. Higher retention rates motivate potential employees to join the organization. the investment is not realized. These objectives are beneficial for each and every organization.When an employee leaves. Lower attrition rates can be sign of employee satisfaction. Higher retention rates lead goodwill of a company in market and employees mind. 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. current projects and past history (sometimes to competitors).
and loss of customers who were loyal to the departing employee. recruiting and hiring employees away from mother of inventive and sometimes controversial business practices. This is yet another reason why the retention of employees is so crucial to some businesses. recruiting.Scope of the study Every company should understand that people are their best commodity. As Beverly Kaye and Sharon Jordan. orientation and training of the new employee. There are advertising and recruiting expenses. Once a company has captured talented people. decreased productivity until the new employee is up to speed. the retention of existing employees saves companies money.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. 24 . any company would be in serious trouble. and training the best employees represents a major investment. As Bill Leonard stated in HR Magazine: “Because employers know that the bestqualified applicants will come directly from competitors. In the long term. Without qualified people who are good at what they do. it skills happens quite frequently. Finding. there is always a chance that they will take important business strategies and secrets with them to be explained by the competition. While this practice seems a bit unscrupulous. 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.
Recruiting and hiring from your competitors is probably as old as business itself. 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. Compensation and other facilities: •Attractive packages – salary and benefits. vacations. 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. By respecting people as individuals and valuing their contributions. This area could prove to be a highly sensitive one between employer and employee. as well as a transparent culture which promotes efficiency and develops employees as human beings and not just as workers. Establish relation of employees with peers and superiors. retention measures should be preventive. LTA. the measures need to be used wisely. all this could possibly lead to animosity with the employee who could feel that his or her options are being limited. Also. as every time the same measures will not work. holidays. 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. and put the company in a tight position every time. Otherwise. ESOPs •Subsidies •Flexi-timing – especially useful for new mothers and people with elderly dependents or young children. variable pays •Expectation management •Tax friendly structures – ensuring that most tax friendly benefits are included in the salary structure •Bonus •Benefits – Insurance. contributing to self-respect and confidence of employees. 25 . Retention also should be looked at pro-actively and not reactively – after a person resigns from a company. Ideally. HR professionals should note that finally there is no limit to retention measures. Many employees don’t always remember signing such a document. Of course. Establish better organizational climate and culture Employees plays a vital role in creating an atmosphere of trust and respect in the organization. so extreme caution is suggested in all instances. so a copy of it should always be kept on file for the employee to refer to. people will use them to their own advantage.
There are 45 members in Gurgaon team. The strategy is: Bangkok Tour for one week This tour was applicable to those employees who will complete their target. and Gurgaon. Ltd.Work Profile Unicon Real Estate Pvt. It deals in properties which are situated at Noida.10 lakh Rs. Employees have to make individually profit for a company of Rs. Faridabad. Ghaziabad. Ltd.12 lakhs to complete their target.12 lakh Rs. I have done work in Gurgaon team. I have made strategy to retain employees in Unicon Real Estate Pvt. 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. The target pattern was like this: Target Rs. The time period for complete a target was two months (from 15June to 15August).7lakh Rewards Bangkok Tour Laptop/LCD Blackberry Handset 26 .
Unicon has given lead of customers to employees. These types of proposals can satisfy to employees and retain to employees with current organizations for long period of time. Through this proposal there are many opportunities for employees to achieve their career goals. Within these meetings managers or team leaders and employees come together and discuss the bias which employees are facing. given training program in a week. advertisement of mobile numbers of employees has given in newspaper. To complete the target organization also provided required data. Employees are motivated to work because of this proposal. They will get rewards according completion of target. Within these two months employees can show their talent. I have suggested some other strategies to retain employees like transparent communication between employee and manager. Weekly meeting program also help to retain employees. so employees try to give best performance and achieve the target. Team leaders give the next week target to employees and discuss about the previous week target. They work with full of energy and innovative ideas. Within this process organization has to provide required information to employees. 27 . messages was shootout by name of employees to customers. With the help of this information employees were try to give profit to company. An idea behind this strategy was make profit for company within short period of time and employee satisfaction for their work. leads and information to employees.This was pattern of target. organized tent activities on every project site. These types of meetings help employees to work in a right way. By analyzing opinions I have seen that people get motivated to work for these types of contests. This help to correct the mistakes in work and get some guidance for completion of target. They make their own strategies to achieve target. These types of contests makes competition in employees. To make the strategy I have done survey by preparing questionnaire and took opinion of 50 employees.
Research Design: Research design is important primarily because of the increased complexity in the market. The project was based on the survey plan. ‘research design is a plan. In fact. Without a proper well-organized research plan. The main objective of survey was to collect appropriate data. A research design specifies the methods and procedures for conducting a particular study. According to Kerlinger. conceptual structure. In this study the company designs new strategies for employee retention. research methodology is the way to systematically solve the research problem. Therefore.Research Methodology Research methodology is considered as the nerve of the project. it is the key to the evolution successful of companies. which work as a base for drawing conclusion and getting result. Source of data: 28 . 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. it is impossible to complete the project and reach to any conclusion. It is an important tool to study the employee retention strategies. and strategy of investigation conceives as to obtain answers to research questions and to control variance. Research Design specifies methods and procedures for study.
The data is as follows: Sr. Books. E.g. 1 2 Questions Opinions Yes Are you satisfied with your salary package? Are you fully aware about job 30 35 No 13 13 No Comments 7 2 29 . Secondary Data: It includes collection of data from other source which is concerned with the market research. Analysis method: The analysis and the interpretation have been done using the questionnaire.g.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. No. E. survey and interview method. Research Analysis: I have prepared one questionnaire and take opinion of 50 employees in Unicon Real Estate Pvt. Primary Data: It includes collection of first hand information from the response who is concerns with the market research. Survey. Questionnaire. Ltd. Research technique: • Conclusive research: This type of research helps in reaching certain conclusions and also in taking decisions.
30 .responsibilities? 3 4 5 6 7 8 9 10 Is there adequate communication between departments? Working environment is good in Unicon company or not? Will you achieve your career goals by working in this company? Your colleagues are helpful or not? Is there any partiality with employees? Is there team working towards common goals? Do you require any contest or tour for entertainment? Are you satisfied with your job? 40 37 25 32 41 45 50 39 4 3 10 6 5 1 0 5 6 10 15 12 4 4 0 6 The above data is presented in charts: Are you satisfied with your salary package? No Comments 14% Yes No 26% No Yes 60% No Comments According to survey I come to know that.
31 . 60% employees are satisfied with the salary package. 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. 14% employees are not commenting on this question. Means company is providing appropriate packages to employees.• • • 26% employees are not satisfied with salary package. 70% employees are aware about their job responsibilities So we can say that most of the employees are aware about their job responsibilities.
80% employees are saying that there is adequate communication between departments. 12% employees are not commenting.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. 32 . So we can say that organization providing better communication between departments to employees.
74% employees are happy with working environment of Unicon Company. So. 20% employees have not given their opinion. 33 .Working environment is good in Unicon company or not? No Comments 20% No 6% Yes 74% Yes No No Comments Sample of questions showing that: • • • 6% employees are not happy with working environment of Unicon Company. we can say that working environment of Unicon Company is good for employees.
I come to know that: • • • 20% employees are saying that they will not achieve their career goals by working in this company. we can say that company is providing career platform for employees. So. 34 .Will you achieve your career goals by working in this company? No Comments 30% Yes 50% No 20% Yes No No Comments According to survey. 30% employees have not given their opinions. 50% employees are saying that they will achieve their career goals by working in this company.
35 . So we can say that. their colleagues are not helpful. • • • 12% employees are saying that.Your colleagues are helpful or not? No Comment 24% Yes No No 12% Yes 64% No Comment As per survey. 64% employees are saying that their colleagues are very cooperative and helpful. 24% employees have not given their opinion. there are helpful employees.
there is partiality is going on in this company. 36 . 8% employees have not given their opinion.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. So we can say that. 82% employees are saying that managers do partiality for giving lead of customers.
37 . 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.Is there team working towards common goals? No 2% No Comments 8% 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.
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. so they will get relax. employees are looking for tour or any interesting contests. 0% everyone has given their opinion. 100% employees are saying that they want any foreign tour for at least for a week. 38 . So we can say that.
12% employees have not given their comments. 78% employees are satisfied with their job.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. So we can say that company has recruited most of right candidates for job. 39 .
and the way that these are communicated. spiritual and material. The values held by individuals and social groups may be the most important aspect of the culture concept. These strategies can satisfy to employee. Fair performance appraisals avoid bias between employer and employee. Coupled with the same.Interpretation Every organization wants to retain employee for longer period of time. They vary. organize themselves. and position themselves in the world’. we should expect that they will act differently in any given circumstance. 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. conduct their affairs. knowledge and experience. and each of them is subject to gradual change. Performance appraisals should have to be organized two times in a year. A culture is ‘the whole collection of distinctive traits. People in different parts of the world. their experiences. There should be transparent communication between employer and employee so employees can motivated towards work. and in different social groups visualize and see the world differently. Virtues are closely related to values. 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 is no such thing as the culture. elevate and embellish life. We ‘define cultures as “dynamic and organic wholes” which are concerned with how people visualize and interpret the world. which characterize a society or social group’. The 1980s was the decade when greed was celebrated as a civic virtue that made everyone better off—that is. Cultures are learned. Consequently. 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. the history of experiences in their society. a feature of western culture was and is society’s preference for material wealth over the lack of material things. Motivation should not be dependent on the desire of the workers/employees. intellectual and affective. 40 . and they influence behaviour. How a society or group of people visualize and interpret the world is shaped by their values and beliefs. According to me every organization has to make some strategies to retain employees for longer period of time. There are many cultures. in different cultures.
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. Are you satisfied with your salary package? 2. Are you satisfied with your job? • Survey Technique: Our standard employee retention surveys cover nearly every facet of employee retention. List of questions: 1. Will you achieve your career goal by working in this company? 6. These techniques help to reduce attrition rate and increase retention rate.Techniques There are some techniques which I have used for employee retention. Workload is reasonable or overload? 8. including: • • • • • • • Overall satisfaction Corporate culture Supervisor relations Training Pay and benefits Work environment Communications 41 . Is there adequate communication between departments? 4. Are you fully aware about your job responsibilities? 3. Working environment is good at Unicon company or not? 5. Work at Unicon real estate is helping me to develop my knowledge and skill? 10. Are there opportunities to learn and grow in this company? 7. Is there team working towards common goal? 9.
42 .Our standard employee retention surveys are comprehensively designed to identify and isolate key independent and dependent variables. You can make a provision of Bonus. You can provide them conditional assistance for certain courses which are beneficial from your business point of view. This bonus should be productivity based. And entrance to that course should be on the basis of a Test and the number of seats to be limited. like they cannot leave the company for 2 years or something after the successful completion of the course. you can propose them to sign a bond with the company. • . 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. The award can be in terms of gifts or money.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. These rewards shall be considered at the time of appraisal. Conditional assistance means the company will bear the expenses only if he/she gets an aggregate of certain percentage of marks. If it is money then it should be divided into two parts. In this way he/she can be retained for 6 more months. To get more work out of the employee. • . Awarding 2 or 3 best workers each month. For getting admitted to such program. first part to be given with the next month salary and the remaining after 6 months. Independent Variables Supervisor relations Pay & benefits Work environment Corporate communications Dependent Variables Overall satisfaction Likelihood to recommend Likelihood to stay Employee loyalty • Employee Reward Program: You can make a provision of Monthly or Quarterly Award (depending upon the budget) for the best employee. Career Development Program: Every individual is worried about his/her career. By this employee will be able to relate himself with the company’s profit and hence will work hard.
but also lets a team member know that he is a valuable member of the organization. • Include employees in decision making: It is incredibly important to include team members in the decision making process.• Communication: Communication has become so heavily stressed in the workplace that it almost seems cliché. Facilitating knowledge sharing through an employee mentoring program can be equally beneficial for the team member being mentored as well as mentor. 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. This can help to create of employee involvement and will generate new ideas and perspectives that top management might never have thought of. However communication couldn’t be more important in the effort to retain employees. job description. Be sure that team members know their rules. especially when decision will effect an individual’s department or work team. • Allow team members to share their knowledge with others: The highest percentage of information retention occurs when on shares that information with others. 43 . 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. Nobody wants to feel that they are being left out of the loop.
So to retain employee organization has to satisfy to employee. 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. 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. transparent communication company can retain to employees. incentives. 44 . 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. The study gave a clear picture about the employees and their areas of dissatisfaction. events.Conclusion From the above study I want to conclude that employees are the capital of the every organization. This shows a good culture of the organization. By offering many facilities. 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. appraisal programs.
Weekly meeting should have to be taken. employees got incentives and bonus in this program. For employee retention there should be good communication between team leader and employee.Recommendation The strategies of Unicon real estate has to use every organization. timely motivation and feedback makes confident to employee towards the work. these programs helps in achieving career goals of employees. These strategies are useful for making profit. These programs should have to be two times in year because some employees work for these programs. Training programs helps in enhancing knowledge and skill so. By using these strategies employee will get motivated and do the sincere work. Performance appraisal programs enhance employee’s salary. In this meeting team leader individually has to ask problems to every employee and he has to give suggestions and information to employee. If employees are not satisfied with the job then companies can use these strategies. 45 .
M.hrindia. Wishwa Prakashan Publishes.com www.com www. L. and second edition 2002.managementhelp.about.com www.hrworld.com www.org. Research Methodology. 46 .com Books: • • • Ashwat thapa.humanresource.wikipedia.Bibliography Websites: • • • • • • www. Prasad.com www. retention.naukrihub.
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