For more Notes, Presentations, Project Reports visit mbafin.
Executive Summary Employee retention is a process in which the employees are encouraged to remain with the organization for the maximum period of time or until the completion of the project. Employee retention is beneficial for the organization as well as the employee. Employees today are different. They are not the ones who don t have good opportunities in hand. As soon as they feel dissatisfied with the current employer or the job, they switch over to the next job. It is the responsibility of the employer to retain their best employees. If they don t, they would be left with no good employees. A good employer should know how to attract and retain its employees. Most employees feel that they are worth more than they are actually paid. There is a natural disparity between what people think they should be paid and what organizations spend in compensation. When the difference becomes too great and another opportunity occurs, turnover can result. Pay is defined as the wages, salary, or compensation given to an employee in exchange for services the employee performs for the organization. Pay is more than "dollars and cents;" it also acknowledges the worth and value of the human contribution. What people are paid has been shown to have a clear, reliable impact on turnover in numerous studies. Employees comprise the most vital assets of the company. In a work place where employees are not able to use their full potential and not heard and valued, they are likely to leave because of stress and frustration. In a transparent environment while employees get a sense of achievement and belongingness from a healthy work environment, the company is benefited with a stronger, reliable work-force harboring bright new ideas for its growth Blog Online And Earn Money Introduction Employee turnover is one of the largest though widely unknown costs an organization faces. While companies routinely keep track of various costs such as supplies and payroll, few take into consideration how much employee turnover will cost them: Ernst & Young estimates it costs approximately $120,000 to replace 10 professionals. According to research done by Sibson & Company, to recoup the cost of losing just one employee a fast food restaurant must sell 7,613 combo meals at $2.50 each. Employee turnover costs companies 30 to 50% of the annual salary of entry-level employees, 150% of middle-level

employees, and up to 400% for upper level, specialized employees. Now that so much is being done by organizations to retain its employees, why is retention so important? Is it just to reduce the turnover costs? Well, the answer is a definite no. It s not only the cost incurred by a company that emphasizes the need of retaining employees but also the need to retain talented employees from getting poached.

Resume Writing Tips Employee Retention Retention involves five major things: Ø Compensation Ø Environment Ø Growth Ø Relationship Ø Support Compensation Compensation constitutes the largest part of the employee retention process. The employees always have high expectations regarding their compensation packages. Compensation packages vary from industry to industry. So an attractive compensation package plays a critical role in retaining the employees. Compensation includes salary and wages, bonuses, benefits, prerequisites, stock options, bonuses, vacations, etc. While setting up the packages, the following components should be kept in mind: Salary and monthly wage: It is the biggest component of the compensation package. It is also the most common factor of comparison among employees. It includes Basic wage House rent allowance Dearness allowance City compensatory allowance Salary and wages represent the level of skill and experience an individual has. Time to time increase in the salaries and wages of employees should be done. And this increase should be based on the employee s performance and his contribution to the organization. Bonus: Bonuses are usually given to the employees at the end of the year or on a festival. Economic benefits: It includes paid holidays, leave travel concession, etc.Long-term incentives: Long term incentives include stock options or stock grants. These incentives help retain employees in the organization's startup stage. Health insurance: Health insurance is a great benefit to the employees. It saves employees money as well as gives them a peace of mind that they have somebody to take care of them in bad times. It also shows the employee that the organization cares about the employee and its family. After retirement: It includes payments that an

Employee gets after he retires like EPF (Employee Provident Fund) etc. Miscellaneous compensation: It may include employee assistance programs (like psychological counseling, legal assistance etc), discounts on company products, use of a company cars, etc. Employers And Their Key Drivers To Attract And Retain Talent Employers Key Drives To Attract And Retain Talent Procter and Gamble India Early responsibilities in career Flexible and transparent organizational culture Global opportunities through a variety of exposure and diverse experiences Performance Recognition American Express (India) Strong global brand Value-based environment Pioneer in many people practices NTPC Learning and growth opportunities Competitive rewards Opportunity to grow, learn and implement Strong social security and employee welfare performance- oriented culture Johnson & Johnson Strong values of trust, caring fairness, and respect within the organization Freedom to operate at work Early responsibility in career Training and learning opportunities Visible, transparent and accessible leaders Competitive rewards Innovative HR programs and practices Glaxo Smith Kline Consumer Healthcare Performance-driven Rewards Its belief in Growing our own timber Comprehensive development and learning programs Flat organization, where performance could lead to very quick progression Challenging work context Competitive rewards Exhaustive induction and orientation program

It is about managing people. transparent.People want to work for an organization .Tata Steel Organization philosophy and culture Job stability Freedom to work and innovate Colgate Palmolive India Company brand Open . employee retention will take care of itself. and caring organization Management according to the managing with respect to guiding principles Training ad development programs Structured career planning process Global career opportunities Wipro Company s brand as an employer Early opportunities for growth High degree of autonomy Value compatibility Innovative people program Indian Oil Corporation Company brand image Work ethics Learning and growth opportunities Challenging work assignments Growing organization TCS The group brand equity Strong corporate governance and citizenship Commitment to learning and development Best in people practices Challenging assignments Opportunity to work with fortune 500 clients Organization Environment It is not about managing retention. If an organization manages people well. Organizations should focus on managing the work environment to make better use of the available human assets.

Personal growth and dreams: Employees responsibilities in the organization should help him achieve his personal goals also. and recognition.which provides Ø Appreciation for the work done Ø Ample opportunities to grow Ø A friendly and cooperative environment Ø A feeling that the organization is second home to the employee Organization environment includes Culture Values Company reputation Quality of people in the organization Employee development and career growth Risk taking Leading technologies Trust Types of environment the employee needs in an organization Learning environment: It includes continuous learning and improvement of the individual. If he s not satisfied with his growth. The profile should not be too low or too high. Training and . challenging work. clarity of work and responsibilities. If an employee can not foresee his path of career development in his current organization. he ll not be able to contribute in organization growth. Organizations can not keep aside the individual goals of employees and foster organizations goals. Employees priority is to work for themselves and later on comes the organization. Work life balance includes: Flexible hours Telecommuting Dependent care Alternate work schedules Vacations Wellness Work environment: It includes efficient managers. supportive co-workers. Growth and Career Growth and development are the integral part of every individual s career. Support environment: Organization can provide support in the form of work-life balance.The important factors in employee growth that an employee looks for himself are:Work profile: The work profile on which the employee is working should be in sync with his capabilities. The environment should be such that the employee feels connected to the organization in every respect. involvement in decision-making. etc. Lack or absence of such environment pushes employees to look for new opportunities. there are chances that he ll leave the organization as soon as he gets an opportunity. certifications and provision for higher studies.

individual meetings. Employees should know what the organization expects from them and what their expectation from the organization is. open door policy. An employee based culture may include decision making authority. Organization should not limit the resources on which organization s success depends. It leads to less satisfaction and eventually attrition. To enhance good professional relationships at work. Relationship with colleagues: Promote team work. Deliver what is promised. not only among teams but in different departments as well. employee satisfaction surveys and by being in constant touch with the employees. Otherwise he ll feel useless and will be dissatisfied.development: Employees should be trained and given chance to improve and enhance their skills. Recruit whole heartedly: An employee should be recruited if there is a proper place and duties for him to perform. Respect for the individual: Respect for the individual is the must in the organization. This bitterness could be due to many reasons. Show them that the organization cares and he ll show the same for the organization. Individual development: Taking proper care of employees includes acknowledgement to the employee s dreams and personal goals. Create opportunities for their career growth by providing mentorship programs. There are times when an employee starts feeling bitterness towards the management or peers. This decreases employee s interest and he becomes de-motivated. He designs ands plans work for each employee. This will induce competition as well as improve the Relationship among collegues. Importance of Relationship in Employee Retention Program Sometimes the relationship with the management and the peers becomes the reason for an employee to leave the organization. A supportive work culture helps grow employee professionally and boosts employee satisfaction. educational courses. the management should keep the following points in mind. certifications. Induce loyalty: . they ll leave the organization for better jobs. availability of resources. Many employers fear that if the employees are well rained. So an organization should hire managers who can make and maintain good relations with their subordinates. These trainings can be given to improve many skills like: Communications skills Technical skills In-house processes and procedures improvement related skills C or customer satisfaction related skills Special project related skills Need for such trainings can be recognized from individual performance reviews. It is his duty to involve the employee in the processes of the organization. Relationship with the immediate manager: A manger plays the role of a mentor and a coach. The management is sometimes not able to provide an employee a supportive work culture and environment in terms of personal or professional relationships. etc. etc.Promote an employee based culture: The employee should know that the organization is there to support him at the time of need.

The main objective of using descriptive research is to describe the state of affairs as it exits at present. childcare services. Descriptive research also includes demography characteristic of consumer who use the product. The researcher used both descriptive and analytical type of research design for his research study. Try to make the current employees stay instead of recruiting new ones.Organizations should be loyal as well as they should promote loyalty in the employees too. Employers can also provide valuable feedback to employees and make them feel valued to the organization. Thus employers can support their employees in a number of ways as follows: Ø By providing feedback Ø By giving recognition and rewards Ø By counseling them Ø By providing emotional support RESEARCH METHODOLOGY Research Design The research design indicates the type of research methodology under taken to collect the information for the study. The researcher also used analytical research design to analyze the existing facts from the data collected from the customer. Top management can also support its employees in their personal crisis by providing personal loans during emergencies. Area of study . The researcher used descriptive research to discover the characteristics of customers. etc Employers can also support their employees by creating an environment of trust and inculcating the organizational values into employees. It mainly involves surveys and fact finding enquiries of different kinds. employee assistance Programs. Management can support employees by providing them recognition and appreciation. confident and empowered. Management should try to focus on its employees and support them not only in their difficult times at work but also through the times of personal crisis. Supervisor should support his subordinates in a way so that each one of them is a success. The feedback from supervisor helps the employee to feel more responsible. Support Lack of support from management can sometimes serve as a reason for employee retention. conseling services.

Sampling design A Sample design is a definite plan for obtaining a sample from a given population. The form of question is of both closed and open type. So pilot study was conducted on 5 respondents which is a 10% of the sample. Sample size Sample size=125 samples. The scales used to evaluate questions are: Dichotomous scale (Yes or No) Likert 5 point scale (Highly satisfied. Chennai. satisfied. variance and confidence methods are used for determining sample size. DATA COLLECTION METHOD . R3 ) The questionnaire for the research was framed in a clear manner such that it enables the respondents to understand and answer the question easily. Pilot study It is appropriate to conduct pilot survey to check the reliability of the questionnaire. Sampling Technique: The researcher adopted simple random sampling for the study. Neither Satisfied nor dissatisfied. Research instrument The Structured questionnaire is used as the research instrument for the study. Highly dissatisfied) Category scale (Multiple items) Ranking type (R1. The questionnaire was designed in such a way that the questions are short and simple and is arranged in a logical manner. It is the procedure used by the researcher in selecting items for the sample.The area of study is confined to employees of GEMINI COMMUNICATION LTD. Questionnaire Design The questionnaire framed for the research study is a structured questionnaire in which all the questions are predetermined before conducting the survey. Dissatisfied. R2.

T 6. Expected frequency: E = R. Level of significance = 0. Where total score = no of respondents*weighted average CHI SQUARE TEST: 1.Primary data Primary data is the new or fresh data collected from the respondents through structured scheduled questionnaire. Null Hypothesis (Ho): There is no difference in attributes 2. Degrees of freedom = (r-1)(c-1) 5. of respondents)*100 WEIGHTED AVERAGE METHOD: Formula: Mean score = total score/no of respondents.05 4. Calculation of : = (O-E)² E 7. STATISTICAL TOOLS AND TECHNIQUES PERCENTAGE ANALYSIS: Percentage = (No. The tabulated value of at given level of significance with (r-1)(c-1) Degrees of freedom ONE RUN TEST Null hypothesis (H0): There is a no significant relationship between the variables . Secondary data The secondary data are collected through the structured questionnaire.T × C. Alternate Hypothesis(H1): There is a difference in attributes 3.T G. of respondents/ total no. literature review and also from the past records maintained by the company.

Findings of the research may change due to area.Alternate hypothesis (H1): There is significant relationship between the variables µr = 2 n1 n2 + 1 n1 + n2 2 n1 n2. 2.58) KENDALL S COEFFICIENT OF CONCORDANCE: Null hypothesis (H0): There is a difference in attributes Alternate hypothesis (H1): There is no difference in attributes Rj = (Rj-Rj)2 S= Rj = Rj LIMITATIONS OF THE STUDY 1. 3. The accuracy of findings is limited by the accuracy of statistical tools used for analysis. 6.n1. Analysis and Interpretation of data PERCENTAGE ANAYLSIS AWARENESS OF HR POLICIES Chi-Square Test .n1 r = 2 n1n2 (n1+ n2)2 (n1+ n2-1 ) Lower limit = µr + (2. The findings of the study are subjected to bias and prejudice of the respondents. Area of the study is confined to the employees in Chennai only. 4. demography. 5.58) Upper limit = µr + (2. age condition of economy etc. Time factor can be considered as a main limitation. The findings of the study are solely based on the information provided by the respondents.

714 Table value : 1158 Calculated value is more than table value therefore reject H0 . KENDALL S COEFFICIENT OF CONCORDANCE Null hypothesis (H0): There is a no significant difference in the rank assigned by respondents towards the attributes that gives them satisfaction in the company. H1: There is a significant relationship between Work Culture of the Company and interpersonal relationship between employees. Ranking Based on Satisfaction K=20 Salary Superior Role Team Coordination Work responsibilities Rules and Policies Physical work environment Training Calculated value : S= 5815. H0: There is a no significant relationship between Work Culture of the Company and interpersonal relationship between employees. Calculated value is more than table value therefore accept H0 Result: There is a significant relationship between overall satisfaction and aspects of job. Alternate hypothesis (H1): There is a significant difference in the rank assigned by respondents towards the attributes that gives them satisfaction in the company.To find whether there exists a significant relationship between Work Culture of the Company and interpersonal relationship between employees.

ONE RUN TEST Null hypothesis (H0): The samples are not taken randomly. Result: Leaders and their skill in creating a culture of retention. and talent finder. Following key questions are intended to be answered: What are the consequences between leaders actions and employees retention? Which is the leader s role when it comes to retaining employees? Purpose statement: The purpose of the thesis is to investigate and analyze how company leaders today can retain their key employees. The concept of retention management can both have a narrow. both with supervisors and employees to get a broader view at the phenomenon retention management. The background of the thesis present a few articles that discuss issues that makes it important for the organization. We believe that the leader plays a key role in employee retention and retention management. Characteristics in a leader that are of importance. if not facing it already. Eleven qualitative interviews were conducted at Tradeka?s financial department. The leader s relation to the employees . Alternate hypothesis (H1): The samples are taken randomly. How can the provision of key human resources develop a long-term relationship that makes top employees stay in the company? The study aims to establish the procedure leaders apply to retain employees. is to make the information from the theories more valid. and a broader significance. to work hard with retention management. with findings from the thesis theoretical framework. and the leaders. Both parts of its significance are generally included in this thesis. esteem builder. has becoming a key in why people stay and what usually drives them away from a company. communicator. Table:2. because people leave managers and not companies.Result: There is a significant difference in the rank assigned by respondents towards the attributes that gives them satisfaction in the company. as well as a theoretical study where empirical findings and theories has been compared. The leader has become the main factor in what motivates people s decision to stay or leave. and also the interest in how retention management works in practice. Research method: The study is a qualitative. The intention of investigating and using the Finnish company Tradeka Limited as a case company. The purpose is to compare the qualitative study.5. For organizations to keep its key employees their number one priority should be to look at their management.1 EMPLOYEE S SATISFACTION REGARDING MONETARY BENEFITS PROVIDED BY THE COMPANY. The research is based on the leaders in the Finnish case company Tradeka. talent developer and coach. as the leader plays a key role in retention management is: trust builder. Retention Management Abstract: Background: retention management is a highly topical subject and an important dilemma many organizations might face in the future. made at the case company.

discounts.Create an environment where the employees want to work and have fun. Keep providing them feedback on their performance. Have faith in them.plays a central role in retaining employees. 4. Provide them information and knowledge. certificates. trust and respect them 5. because employees need to feel involvement. Empower the employees: Give the employees the authority to get things done. Hire the right people in the first place. good things happen for customers. When retention is a core value. etcy Discounts in cinema halls. etc. Keep their morale high. celebrations and gifts Providing benefitsy Home insurance plans Legal insurance Travel insurance Disability programs Providing perks: It includes coupons. 6. Recognize and appreciate their achievements. These practices can be categorized in 3 levels: Low. Low Level Employee Retention Strategies Appreciating and recognizing a well done joby Personalized well done and thank-you cards from supervisorsy Congratulations e-cards or cards sent to spouses/familiesy Voicemails or messyages from top management Periodic days off for good performancey Rewards ( gift. Make employees realize that they are the most valuable asset of the organization. . 7. 3. 2. 9. rebates. monetary and non monetary rewards)y Recognizing professional as well as personal significant eventsy Wedding gifts Anniversary gifts New born baby gifts Scholarships for employee s children Get well cards/flowers Birthday cards. and that their presence count. medium and high level. museums. restaurants. 8. employees. Employee Retention Strategies The basic practices which should be kept in mind in the employee retention strategies are: 1. and the company.

mehandi.Retail store discounts Computer peripherals purchase discounts Providing workplace conveniencesy On-site ATM On-site facilities for which cost is paid by employees laundry facility for bachelors Shipping services Assistance with tax calculations and submission of forms Financial planning assistance Casual dress policies Facilities for expectant mothers Parking Parenting guide Lactation rooms Flexi timings Fun at worky Celebrate birthdays. anniversaries. retirements. etc Organize get together for watching football. etc Holiday parties and holiday gift certificates Occasional parties like diwali. promotions. hockey. cricket matches Organize picnics and trips for movies etc Sports outings like cricket match etc Indoor games Occasional stress relieversy Casual dress day Green is the color day Handwriting analysis Tatoo. dushera. hair braiding stalls on weekends Mini cricket in office Ice cream Fridays Holi-Day breakfast Employee support in tough time or personal crisisy Personal loans for emergencies Childcare and eldercare services Employee Assistance Programs ( Counseling sessions etc) Emergency childcare services . holi.

Promoting Work/Life Effectivenessy Develop flexible schedulesy Part-time schedulesy Extended leaves of absencey Develop Support Servicesy On-site day care facility etc.y Understand employee needs: This can be done through proper management style and culturey Listen to the employee and show interest in ideasy Appreciate new ideas and reward risk-taking Show support for individual initiative Encourage creativity Encouraging professional training and development and/or personal growth opportunities: It can be done through:y Mentoring programs Performance feedback programs Provide necessary tools to the employees to achieve their professional and personal goals Getting the most out of employee interests and talents Higher study opportunities for employees Vocational counseling Offer personalized career guidance to employees .google_render_ad().Medium Level Strategies for Employee Retention Appreciating and recognizing a well done job Special bonus for successfully completing firm-sponsored certifications Benefit programs for family support Child adoption benefits Flexible benefits Dependents care assistance Medical care reimbursement Providing conveniences at workplacey Gymnasiumsy Athletic membership programy Providing training and development and personal growth opportunitiesy Sabbatical programs Professional skills development Individualized career guidance High Level Strategies window.

They are the best source of networking. More importantly. The process of retention begins right from the start of the recruitment process.More and more companies have now realized the importance of a healthy work culture and have a gamut of people management good practices for employees to have that ideal fresh work-life. responsibility. Closed doors work culture can serve as a deterrent to communication and trust within employees which are potential causes for work. An internship program can be followed to recruit the fresh graduates. These companies are severely affected when employees check out. pride and so on. .Companies invest very many hours and monies in training and educating employees.Provide an environment of trust: Communication is the most important and effective way to develop trust. which gradually builds up trust and pride. leadership characteristics of the candidate should be in sync with the culture of the hiring organization. Retention Success Mantra Transparent Work Culture In today s fast paced business environments where employees are constantly striving to achieve business goals under time restrictions. It is believed that in a transparent work culture employees rigorously communicate with their peers and exchange ideas and thoughts before they are finally matured in to full-blown concepts. they leave mainly because of work related stress and dissatisfactions. The personality. Proper training should be given to the managers on interview and management techniques. transparency in work environment discourages work-politics which often hinders company goals as employees start to advance their personal objectives at the expense of development of The company as a single entity. notice boards. Although employees most often prefer to stay with the same company and use their time and experience for personal growth and development. A transparent work environment can serve as one of the primary triggers to facilitate accountability. especially in the middle of some big company project or venture.Related apathy and frenzy. It induces responsibility among employees and accountability towards other peers. The new joinees should fit with the organization s culture.y Suggestion committees can be created Open door communication policy can be followed Regular feedbacks on organization s goals and activities should be taken from the employees by: Management communications Intranet and internet can be used as they provide 24X7 access to the information Newsletters. Referral bonus should be given to the employees for successful hires. communication. y Hire the right people from the beginning: employee retention is not a process that begins at the end. trust. open minded and transparent work culture plays a vital role in employee retention. etc.

administrative system and relationship between life on and off the job. Suitable working time: Organizations are offering flexible work options to their employees wherein employees enjoy flexi-timings for dedicating their efforts at work. Not only does QWL contribute to a company's ability to recruit quality people. and high-involvement aimed at boosting the satisfaction and productivity of workers. job enrichment. based on labor management cooperation. Common beliefs support the contention that QWL will positively nurture amore flexible. and retains its workforce.. Providing support to the employees acts as a mantra for retraining them. and motivated workforce. Organizations need to be more flexible so that they develop their talented workforce and gain their commitment. Retaining employees is a difficult task. organizations are required to retain employees by addressing their work life issues. such as autonomous work groups. Employers can also support their employees by creating an environment of trust and inculcating the organizational values into employees. social environment within the organization. It requires employee commitment to the organization and an environment in which this commitment can flourish. The basic objectives of a QWL program are improved working conditions for the Employee and increase organizational effectiveness. QWL consists of opportunities for active involvement in group working arrangements or problem solving that are of mutual benefit to employees or employers. People also conceive of QWL as a set of methods. they provide support in terms of . but also it enhances a company's competitiveness. Appropriate salary: The appropriate as well as attractive salary has always been an important factor in retaining employees. Providing quality at work not only reduces attrition but also helps in reduced absenteeism and improved job satisfaction. The work should not pose a health hazard for the person. Supporting Employees Organizations these days want to protect their biggest and most valuable asset and they want to do this in a way that best suits their organizational culture. recruits. Providing employees salary at par with the other counterparts of above that what competitors are paying motivates them to stick With the company for long. loyal. could achieve a lot in Their mutually beneficial dialogue. motivates. which are essential in determining the company's competitiveness. Thus. Providing quality work life involves taking care of the following aspects:Occupational health care: The safe work environment provides the basis for the person to enjoy working. The elements that are relevant to an individual s quality of work life include the task. The employer and employee. The management can support employees directly or indirectly. Quality Of Work The success of any organization depends on how it attracts. the physical work environment. Directly. aware of their risks and rights.

The amount of information employees receive about how well or how poorly they have performed is what we call feedback. Employees are said to be engaged when they show a positive attitude toward the organization and express a commitment to remain with the organization. It is a dialog between a manager and an employee which acts as a way of sharing information about the performance. It suggests where the employee performance is effective and where performance has to improve. indirectly. Engage the new recruits: The newly hired employees are said to be least engaged in the organization. Keeping them engaged is an important task. This feedback helps the employee assess his performance and identify the improvement areas. becomes an important task. Become employer of choice: What makes a company an employer of choice? Is the benefit it offers or the compensation packages it gives away to its employees? Or is it measured in terms of how they value their employees or in terms of customer satisfaction? Becoming an employer of choice involves following a road map which tells where to go as a brand. .Managers can provide either positive feedback or negative feedback to employees.Positive feedback communicates managerial satisfaction. It is believed that positive feedback is the only type of feedback that generates performance above the minimum acceptable level. Management can support employees. organizations should aim to maximize the engagement among employees. Planed coaching sessions help an individual to work through issues. However. Positive recognition for good performance boosts up morale of employees and results in performance improvement to a higher productivity level. Managing the turnover. hence. Optimize employee engagement: An organization s productivity is measured not in terms of employee satisfaction but by employee engagement. in a number of ways as follows: Manage employee turnover: Employee turnover affects the whole organization in terms of productivity. Negative feedback obviously communicates manager s dissatisfaction. So. Employee satisfaction also comes with high engagement levels. maximize his potential and return to peak performance. Moreover this improvement is short term. But such times are very rare. Turnover costs should also be taken into consideration while framing these strategies. Coaching and mentoring: Employees whose work performance suffers due to poor interpersonal relationships or because of lack of interpersonal skills should be provided proper coaching by their superiors.personal crises. Feedback Feedback acts as a channel of communication between the employee and his manager. A proactive approach can be adopted to reduce attrition. managing stress and personal development. Strategies should be framed in advance and implemented when the times arrives. negative feedback sometimes make employee to put more efforts to improve his performance. The fresh talent should be utilized to maximum before they start feeling bored in the organization.

well-structured communication with their employers. The message may be or may not be in a common format or language that both the sender and receiver understand. The process of communication is incomplete without the feedback.Thus. Communication Between Employee and Employer Communication is a process in which a message is conveyed to the receiver by the sender. It acts as an opportunity to enhance performance by identifying resources for skill development. Input from manager s side is necessary as it help employees to improve their performance and increase productivity. feedback is necessary because: It builds trust and enhances communication between manager and employee. It helps in identifying performance areas that need improvement and specific ways to improve them. Positive feedback leads to employee retention and Retention. This trust leads to employee loyalty and finally retention. So the organizations should hire managers who are active communicators. Communication is the solution to almost everything in this world. Nothing is hidden and shared with the employees. Same applies to employee retention also. Providing no feedback may demotivate employees and may lead to employee absenteeism.Communication is also the way to win the employees trust in the organization. Studies reveal the performance tends be same or even decreases if no feedback is provided. There are 3 categories of employees: A: Who will leave their current employer in 3 years of their employment B: Who have a probability of leaving their current employer in next 3 years C: Who will stay with their current employer in the next 3 years Category A: These are the employees who lack communication with their employers. Employees look for organizations where communication and process are transparent. Straight-from-the-shoulder communication is what the employees need from their employers. So there is a need to encode and decode the message in the process. Encoding and decoding also helps in the security of the message.Category C: These are the employees who have proper.Some managers do not provide any kind of feedback to their employees. It is an opportunity for managers and employees to assess and identify career and advancement opportunities. Employers also feel that the immediate supervisors are the most authenticated and trusted source of information for them. Employees trust the employers who are friendly and open to them. It helps employees to understand the effectiveness of their performance and contributes to their overall knowledge about the work Managers have tendency to ignore good performances of their employees.Communication mediums . Due to no feedback. employees may assume that they are performing productively or they may feel that the manager is satisfied with their performance. It gives managers and employees a way to identify and discuss skills and strengths.

And even after this you cannot assure us of the same efficiency from the new employee What Makes Employee Leave? Employees do not leave an organization without any significant reason. 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. Importance Of Employee Retention The process of employee retention will benefit an organization in the following ways:1. Job and person mismatch: A candidate may be fity to do a certain type of job which matches his personality. While it is difficult to fully calculate the cost of turnover (including hiring costs. Often much time and money has been spent on the employee in expectation of a future return. the relationships that employee built for the company are severed. he takes with him valuable knowledge about the company. If he is given a job . which could lead to potential customer loss. Turnover leads to more turnovers: When an employee terminates.Open door policy: Organizations should support open door policies so that the employees feel comfortable and are able to express their doubts and feeling to their employers. Relationships are developed that encourage continued sponsorship of the business. industry experts often quote 25% of the average employee salary as a conservative estimate. the effect is felt throughout the organization. The most common reasons can be: Job is not what the employee expectedy to be: Sometimes the job responsibilities don t come out to be same as expected by the candidates. Frequent meetings and Social gatherings Emails. Higher retention rates motivate potential employees to join the organization. Regaining efficiency: If an employee resigns. Communication alone can lead to unimaginable heights of employee retention. When an employee leaves. Newsletters. Goodwill of the company: The goodwill of a company is maintained when the attrition rates are low. Loss of Company Knowledge: When an employee leaves. the investment is not realized. customers. Intranet and many more So there should be effective communication across the organization and this communication should be two-way. current projects and past history (sometimes to competitors). Co-workers are often required to pick up the slack. The Cost of Turnover: The cost of employee turnover adds hundreds of thousands of money to a company's expenses. training costs and productivity loss). When the employee leaves. Unexpected job responsibilities lead to job dissatisfaction. There are certain circumstances that lead to their leaving the organization. The unspoken negativity often intensifies for the remaining staff. Interruption of Customer Service: Customers and clients do business with a company in part because of the people.

So an impartial person should be appointed with whom the employees feel comfortable in expressing their opinions. However employees never provide appropriate response to the asked questions. New job offer: An attractive job offer which an employee thinks is good for him with respect to job responsibility. the employee feels de-motivated and loses interest in job. Understand why employees leave : Why employees leave often puzzles top management. attrition costs companies 18 months salary for each manager or professional who leaves. considering that one out of every three employees plans to leave his or her job in the next two years. then he won t be able to perform it well and will try to find out reasons to leave the job. According to a survey. This will help in assessing the whether the employee retention rates are healthy in the company. Non-supportive coworkers. the cost of employee turnover can be calculated. Lack of trust and support in coworkers. seniors and management: Trust is the most important factor that is required for an individual to stay in the job. seniors and management can make office environment unfriendly and difficult to work in. Lack of appreciation: If the work is not appreciated by the supervisor. can lead an employee to leave the organization. on an average. Stress from overwork and work life imbalance: Job stress can lead to work life imbalance which ultimately many times lead to employee leaving the organization. Exit interviews are an ideal way of recording and analyzing the factors that have led employees to leave the organization.which mismatches his personality. No growth opportunities: No or less learning and growth opportunities in the current job will make candidate s job and career stagnant.Understand why employee leave. 3.Implement retention strategies The organizations should start with identifying the employee turnover rates within a particular time period and benchmark it with the competitor organizations. They allow an organization to understand the reasons for leaving and underlying issues. . Compensation: Better compensation packages being offered by other companies may attract employees towards themselves. and 6 months pay for each hourly employee who leaves. growth and learning etc. Managing Employee Retention The task of managing employees can be understood as a three stage process: 1. compensation. Identify cost of employee turnover. Secondly. This amounts to major organizational and financial stress. 2.

providing recognition.Implement retention strategy : Once the causes of attrition are found. Retention Bonus Higher attrition rates within a particular industry have forced companies to use some innovative strategies to retain employees. Retention bonus is an incentive paid to an employee to retain them through a critical business cycle. A project has its own life span. While bonuses based on salary percentages are the generally used. depending on position. while management and top-level supervisors earn an additional 50 percent of their annual salaries. employees look beyond the money factor. But are they really positively contributing to the retention rates of a company? Basic salary. It can also run for a particular project. Retention bonuses are generally vary from position to position and are paid in one lump sum at the time of termination. hardly reduces turnover. the employees who have worked hard on it are entitled to receive the retention bonus. tenure and other factors. However. For example. Retention bonuses have proven to be a useful tool in persuading employees to stay.A retention bonus plan is not a panacea. a strategy is to be implemented so as to reduce employee turnover. and that they are kept aware of their likely career path with the organization The organization s reward strategy reflects the employee drivers How To Increase Employee Retention Companies have now realized the importance of retaining their quality workforce. benefits and opportunities for individual growth. some companies pay in installments as on when the business cycle completes. some companies choose to pay a flat figure. these days. According to a survey. They need to give key people an attractive incentive to stay on through these transitions to ensure productivity. In some companies. bonuses range from 25 percent to 50 percent of annual salary. Today. As long as the project gets completed. Employees are chosen for retention bonuses based on their contributions to management and the generation of revenue. Retention Bonus is one of the important tools that are being used to retain employees. non-management employees generally receive about 10 percent of their annual salaries in bonuses. Retention bonuses are becoming more common in the corporate world because companies are going through more transitions like mergers and acquisitions. the . An effective retention strategy will seek to ensure: Attraction and recruitment strategies enable selection of the right candidate for each role/organization New employees initial experiences of the organization are positive Appropriate development opportunities are available to employees. Retaining quality performers contributes to productivity of the organization and increases morale among employees/ Four basic factors that play an important role in increasing employee retention include salary and remuneration. The most effective strategy is to adopt a holistic approach to dealing with attrition. A retention period can run somewhere between six months to three years.

Hire Right Talent employee retention starts with recruitment. This is mainly to retain good employees and provide them a cash incentive to keep them motivated.Realistic preview of the job responsibilities can be given to the employment seekers by various methods like discussions. Or tell them before hand that their requirements can not be fulfilled. Therefore. Retail/wholesale companies are the most appropriate to implement stay-pay bonuses. Early departures arise from the wrong recruitment process. Be realistic. some industries are more likely than others to offer them.implementation of a system may take 18 months. However. Culture fit: Try to judge individual s capability toy adapt to the organization s culture. followed by financial service providers and manufacturing firms. assure challenging work. Don t show them an unrealistic picture. Attrition rate can be reduced if a right person is hired for a right job. Hire appropriatey candidates. pay attention to their aspirations. research has shown that people join companies. value the quality of work life and provided chances for learning have loyal and engaged employees. Although retention bonuses are becoming more common everywhere. managers and team leaders play an active and vital role in employee retention. For this the employer should understand the job requirements clearly. . y Discuss what the expectations of the employees are: Ask employees what they expect from the organization. A drastic change in the culture may give a culture shock to the candidate. If their requirements can be fulfilled only then promise them. Referrals: According toy the research. There is a fear of hampering the image and reputation of the person who referred the candidate. Clearly discuss whaty is expected from the employee: Before joining the organization. internships etc. Manager Role in Retention When asked about why employees leave. To retain its key senior employees post merger with EDS Corporation. Setting wrong expectations or hiding expectations will result in early leaving of employees. Companies of all sizes use retention bonus plans to keep knowledge employees retained in the company. Don t hire under qualified or clearly overqualified candidates. Provide realistic job preview at the time of hiring: Mostly employees leave any Organization because they are given the real picture of their job responsibilities at the time of joining. Mphasis is providing cash component based retention bonus plan for its employees. low salary comes out to be a common excuse. Hire candidates who are actually suitable for the job. referred candidates stay longer with the organization. but leave because of what their managers do or don t do. so a retention bonus will be offered after 20 months. Here are a few ways to ensure how to hire the right talent for a particular job. It is seen that managers who respect and value employees competency. trial periods. tell the candidate what is expected from him.

Focus on future career: Employees are always concerned about their future career. Retention does not necessarily have to come through fun events such as parties. This can be done in a following way: Creating a Motivating Environment: Team leaders who create motivating environments are likely to keep their team members together for a longer period of time. arranging a talk by the VP of Quality on career opportunities in the field of quality. Consider allowing anonymous surveys occasionally so employees will be more honest and candid with their opinions.g. Delegation: Many team leaders and managers feel that they are the only people who can do a particular task or job. Standing up for the Team: Team leaders are closest to their team members. . However. team outings etc. When agents see the team leader standing up for them. They can also come through serious events e.Managers and team leaders can reduce the attrition levels considerably by creating a motivating team culture and improving the relationships with team members. window. Therefore. Provide 360 feedback surveys and other questionnaires to foster open communication. How to Improve Employee Retention People want to enjoy their work so make work fun and enjoyable. While they need to ensure smooth functioning of their teams by implementing management decisions. The manager must spend good time teaching the employees of how to manage responsibilities given to them so that they don t feel over burdened. However. then they are likely to stay longer in the company. Extra Responsibility: Giving extra responsibility to employees is another way to get them engaged with the company. they do not delegate their jobs as much as they should. Providing coaching: Everyone wants to be successful in his or her current job. competitive benefits and 401(k)s. celebrations. Therefore. Managers often tend to escape this role by just coaching their employees. However. Employees who look forward to these events and are likely to remain more engaged. coaching is followed by monitoring performance and providing feedback on the same. they will have one more reason to stay in the team. Provide opportunities within the company for career progression and cross-training. just giving the extra responsibility does not help. managers should play the role of career counselors as well. one of the key responsibilities will be providing coaching that is intended to improve the performance of employees. Understand that employees need to balance life and work so offer flexible starting times and core hours. they also need to educate their managers about the realities on the ground. Delegation is a great way to develop competencies. Therefore. not everyone knows how. If an employee sees that his current job offers a path towards their future career aspirations.google_render_ad(). A manager should focus on showing employees his career ladder. Offer attractive.

Rewards should be based on well-defined. Having more information about the potential employee s expectations can help retain them. Additionally. Use what employees say when it comes time to reward for performance (St. and personal. Rewards are to be immediate. should they get hired into the company. but others in the organization as well. especially if they are immediate. Through a rewards program. honest feedback for their efforts. Rewards should have meaning and value for the recipient. however. Organizations can avoid employee turnover by rewarding top performers. Unrecognized and nonvalued performance can contribute to turnover. rewards are meaningful. the entire organization can experience the commitment to excellence. credible standards that have been developed using observable achievements. Rewards can be based on an event (achieving a designated goal) or based on a time frame (performing well over a specific time period). if the reward system is broken. Recognition for a job well done fills the employees' need to receive positive. Need for Rewards and Recognition Recognition should be part of the organization's culture because it contributes to both employee satisfaction and retention. When the reward system is credible. the following guidelines should be considered. seek out traits. Employees may feel that their performance is unrecognized and not valued. Rewards that are spontaneous (sometimes called on-the-spot awards) are also highly motivating and should also use a set criteria and standard to maintain credibility and meaning. Upon conducting an interview. or that others in the organization are rewarded for the wrong behaviors. the opposite effect will occur. Also. A Harvard University study concluded that organizations can avoid the disruption caused by employee turnover by avoiding hiring mistakes and selecting and retaining top performers. a personal note may mean more than a generic company award. more frequent payouts. . appropriate. Employees should be asked for input on their most desirable form of recognition. Rewards should be achievable and not out of reach by employees. ask the potential employee what motivates them on the job. Rewards should be visible to all members of the organization. 2000). such as loyalty. Rewarding and recognizing people for performance not only affects the person being recognized. Designing a Rewards and and Recognition Solution In designing a rewards and recognition program. Rewards are one of the keys to avoiding turnover. One of the keys to avoiding turnover is to make rewards count. Organizations may want to evaluate whether getting a bonus at the end of the year is more or less rewarding than getting smaller.Organizations should target job applications for employees who have characteristics that fit well with the organizational culture. appropriate. Amour. Rewards and Recognition Employees want to be recognized for a job well done. Rewards and recognition respond to this need by validating performance and motivating employees toward continuous improvement. and personal.

000 individuals in Omaha. employees can be rewarded using money in numerous ways. and notes from peers In addition to nonmonetary rewards. if an individual enjoys physical activity. phone calls. quarterly. The standards for the reward should also be achievable. If the reward is based on an unachievable result. an avid camper might be given a 10-day pass to a campsite. uses a formal recognition program (Adams. and yearly basis. First Data Resources. mugs. Profit sharing and pay-for-skilis are monetary bonus plans that both motivate individuals and improve goal achievement. pens. Nebraska. should be valued by the individual. then those employees will not be motivated. 2002). Mahaffey. such as a production goal that is beyond employees' power. if used. Meaningful rewards and recognition that are achievable have the greatest impact. and range from Nebraska football tickets. Formal recognition program can be used with success. whether at formal meetings or on the spot. Determining the amount of money given is a delicate matter of organizational debate in which organizational history. The nonmonetary rewards are best received when they are thoughtfully prepared and of highest quality. gift certificates. Recognition for a job well done can be just as valued and appreciated as monetary awards. A cash award of $50 would be inappropriate for someone who just recommended a process that saved the organization a million dollars. financial parameters. Professionalism in presenting the reward is also interpreted as worthwhile recognition. and desired results are all factors. and Rick. Cash is a welcome motivator and reward for improving performance. a data processing services company that employees more than 6. that employee might be given a spa membership. Rewards are given on a monthly. with performance verifiable or observable. One of the most popular awards at First Data is called the "Fat Cat Award" that consists of: $500 gift check Professional portrait of the employee Appreciation letter from the CEO and senior management E-mails. For example. Case Studies . employees cited the following as meaningful rewards (Moss.Nonmonetary rewards. and other items. rewards and recognition should be based on a clear set of standards. Sometimes a personal note may mean more than a generic company award. 2000): Employee of the month awards Years of service awards Bonus pay (above and beyond overtime) for weekend work Invitations for technicians to technical shows and other industry events Meaningful and Retentional Rewards What gives meaning to rewards and recognition? What makes them effective? First. Small acts of recognition are valuable for employee daily Retention. In one survey. or. Rewards should be appropriate to the level of accomplishment received. plaques. Variable bonuses linked to performance are another popular reward strategy.

in-ternal labor market and career. the scarcity of talent with relevant work skills for today s jobs. neither employees nor employers seem to take for granted that a person will stay with the same firm until retirement. and it is more important than ever to have the right employees in order to survive the surrounding .Employee Retention Best Practices in Keeping and Motivating Employees By LisBeth Claus Ask any CEO of an organization. 2001). [2008] Abstract: Introduction: Companies today are forced to function in a world full of change and complexity. such as having a holistic and long-term orientation. There are some areas that need further attention from the company. which consist of four categories: the hiring process. remuneration and elements towards job satisfaction University essay from Växjöuniversitet/Ekonomihögskolan Author: SannaPaulsson. Yet. EMM (Entrepreneurskap. and finally culture and leader-ship. Due to these statements the challenge of retaining and motivating valuable em-ployees is crucial for the auditing firms. ElinaArmanto. Maja Cassel. such as an individua-lized reward system and communication between managers and employees. the changing values about work and the high cost of turnover. Research and human resource practices provide us with a number of recommendations to increase employee retention. What keeps you awake at night? and you will get a response that relates to people management issues. a main concern for any organization (whether small or large.In our conducted case study. How Auditing Company X Works with Retaining Valuable Employees : Swedish Case study University essay from Högskolan i Jönköping/IHH. which is why we have chosen to do a case study at Auditing Company X to see how they work with employee retention. Linda Lindgren. public or nonprofit) is its capacity to attract. we have been able to conclude that the firm s retention practices are to a great extend in line with the theoretical framework. [2008] Abstract: Today. private. Marknadsföring. and retain the right people. Management) Author: JosipBogic. Even though there are some parts to work on the most important aspects of retention. the employee needs to have a Swedish university degree. this because certain requirements are needed to become an auditor. These four categories are initially based on Leigh Branham?s book: ?Keeping the people who keep you in business: 24 ways to hang on to your most valuable talent? (Bran-ham. Firstly. We have compared the findings to our chosen theory. The problem of retention is compounded by the predicted talent shortage resulting from the upcoming retirement of the baby boomers. One industry where retention is interesting is the auditing industry in Sweden. the person needs practical experience for a specific period of time. Furthermore. Retention: An explanatory study of Swedish employees in the financial sector regarding leadership style. engage. keeping employees for longer periods is an imp-ortant challenge for firms. Auditing Company X seems to have incorporated this into their practices successfully. including specific courses within au-diting/accounting. at Auditing Company X. motivation and performance.

Object: The main objective is to increase the understanding regarding employee s retention in relation to leadership style. as well as a theoretical study where empirical findings and theories has been compared. remuneration and elements like participation.Retention Management University essay from Göteborgsuniversitet/Företagsekonomiskainstitutionen Author: Lisa Hedberg. Conclusion: The result shows that regarding leadership the respondents prefer leadership based on relations were they feel appreciation. It is a fact that a too high turnover rate affects companies in a negative way and retention strategies should therefore be high on the agenda. More money was the most common reason for wanting to change jobs. made at the case company. Eleven qualitative interviews . feedback. Following key questions are intended to be answered: What are the consequences between leaders actions and employees retention? Which is the leader s role when it comes to retaining employees? Purpose statement: The purpose of the thesis is to investigate and analyze how company leaders today can retain their key employees. development and work-atmosphere in the Swedish financial Sector. autonomy. But also non financial factors such as participation. fairness. The concept of retention management can both have a narrow. insurance and finance companies. feedback. financial as well as nonfinancial remuneration and research done in later years regarding participation. The background of the thesis present a few articles that discuss issues that makes it important for the organization. if not facing it already. What leaders can do to keep their key employees . is to make the information from the theories more valid. The intention of investigating and using the Finnish company Tradeka Limited as a case company. Method: We wanted to investigate how employee of the Swedish financial sector prefers to be retained. base pay with additional bonus and benefits were preferred. responsibility. to work hard with retention management. The survey has a quantitative approach with a web based questionnaire and includes 129 respondents from banks. development and work-atmosphere connected to retention. and when asking how the remuneration system should be designed. fairness. and a broader significance. Maria Helnius. fairness. remuneration and elements such as participation. [2007-09-03T08:22:31Z] Abstract: Background: retention management is a highly topical subject and an important dilemma many organizations might face in the future. The purpose is to compare the qualitative study.competition. and also the interest in how retention management works in practice. autonomy. development and workatmosphere must be taken in consideration to satisfy since they seem to increase employees? Willingness to stay in the company. responsibility. development and work-atmosphere is important for job satisfaction and retention. autonomy. How can the provision of key human resources develop a long-term relationship that makes top employees stay in the company? The study aims to establish the procedure leaders apply to retain employees. and the leaders. feedback. and how they consider and react to the chosen areas. responsibility. feedback. The theoretical framework includes leadership and leadership style. autonomy. Research method: The study is a qualitative. Research told us that leadership. with findings from the thesis theoretical framework. responsibility. Both appreciations from the closest manager as well as the company management influences employee job satisfaction in a positive way. Both parts of its significance are generally included in this thesis. We believe that the leader plays a key role in employee retention and retention management. fairness. When looking at this problem area we found that there may be actions and tools that companies could use to come to terms with this problem. The research is based on the leaders in the Finnish case company Tradeka.

76% of respondents are getting right amount of accurate information at right time and 24% of respondents are not getting right amount of accurate information at right time. and 39% of respondents feels that there pay is less with compare to employee s handling similar responsibilities. · It is found out that. · It is found out that. because people leave managers and not companies. 40% of respondents are satisfied with Availability of system. has becoming a key in why people stay and what usually drives them away from a company. · It is found out that. and talent finder. 83% of respondents feel that workload is manageable and 10% of respondents feel that workload is very hard to manage.were conducted at Tradeka?s financial department. . and that their presence count. Characteristics in a leader that are of importance. · It is found out that. 89% of respondents feel that the superiors are easily accessible and 11% of respondents feel that the superiors are not easily accessible. 74% of respondents feel that superiors are taking efforts to motivate them and 26% of respondents feel that superiors are not taking efforts to motivate them. esteem builder. because employees need to feel involvement. · It is found out that.55% of respondents feels that the field worker are able to get updates on internal activities. as the leader plays a key role in retention management is: trust builder. For organizations to keep its key employees their number one priority should be to look at their management. storage facilities of company and 60% of respondents are not satisfied with Availability of system.57% of respondents feels that there pay is on par with compare to employee s handling similar responsibilities. · It is found out that. talent developer and coach. · It is found out that. · It is found out that. 78% of respondents skills are recognized by superiors and 22% of respondents skills are not recognized by superiors. FINDINGS · It is found out that. · It is found out that. 51% of respondents feel that their complaints are resolved quickly and 49% of respondents feel that their complaints are not resolved quickly. · It is found out that. The leader s relation to the employees plays a central role in retaining employees. · It is found out that. Result: Leaders and their skill in creating a culture of retention. both with supervisors and employees to get a broader view at the phenomenon retention management. and the company. and 45% of respondents feels that the field worker are not able to get updates on internal activities. communicator. employees. When retention is a core value. 82% of respondents are able to meet superior s expectation and 18% respondents are not able to meet superior s expectation. storage facilities of company. The leader has become the main factor in what motivates people s decision to stay or leave. good things happen for customers. 40% of respondents are aware of HR Policies and 60 % of respondents are not aware of HR Policies. 70% of respondents are satisfied with hygiene and cleanliness of company infrastructure and 30% of respondents are not satisfied with hygiene and cleanliness of company infrastructure.

Any technology needs motivated employees to adopt it successfully. They are quality oriented. Retention comprises important elements such as the need or content. it can be stated that money can influence some people in certain . Whatever may be the arguments. particularly money. The increasing attention paid towards Retention is justified because of several reasons. The Human Relations Movement posits that social contacts will motivate workers. and performance-satisfaction.One such technique is reward. If any changes are brought in to software or any module is added then proper training should be given. · From weighted Average analysis it is found that employees feel that their superior's commitment towards job is good. They need to have certain techniques that help them change the behavior of employees. SUGGESTIONS Employee should be provided with proper training. search and choice of strategies. Motivated employees come out with new ways of doing jobs. researchers and practicing HR managers. · From One Run Test it is found that the samples are taken randomly. Conclusion Retention is an important concept that has been receiving considerable attention from academicians. For the behavioral scientists. however. · From weighted Average analysis it is found that respondents feel that training and orientation programs are neither good nor bad. · From chi-square it is found that there is a no significant relationship between overall satisfaction and Commitment towards Company. · From weighted Average analysis it is found that most of the respondents are satisfied with job. Employee should be appreciated for good work. money is not important as a motivator.· From weighted Average analysis it is found that most of the respondents are satisfied with the working hours of the organization · From weighted Average analysis it is found that roles & responsibilities are clearly defined by the Reporting heads. In its essence. · From chi-square it is found that there is a significant relationship between overall satisfaction and aspects of job. Reward. Employee should be motivated to welcome the change. · From Kendall s coefficient of concordance it is found that there is a significant difference in the rank assigned by respondents towards the attributes that gives them satisfaction in the company. · From chi-square it is found that there is a significant relationship between Work Culture of the Company and interpersonal relationship between employees. Several approaches to Retention are available. Early theories are too simplistic in their approach towards Retention. is a motivator according to need-based and process theories of Retention. social comparison of rewards reinforcement. For example. goal-directed behavior. advocates of scientific Management believe that money is the motivating factor. Mere knowledge about the theories of Retention will not help manager their subordinates. They are more productive.

job enrichment is considered to be a powerful motivator. Develop an attractive employee value proposition. Every company should have all the normal compensation mechanisms common to their type of employment. yet. you must understand what makes your organization attractive to potential recruits and current employees. indicates that their managers pay attention to them and that their performance matters. Job enlargement refers to adding a few more task elements horizontally. It calls for a different managerial mindset and practices that involve letting go of old ways of controlling workers time and attendance in favor of result criteria such as output. Most managers and employees are not enamored with the performance appraisal process in their organization. To attract and retain workers with different work and career expectations. gives them a formal means to provide input. Ongoing performance feedback allows employees to better know where they stand. Job rotation involves shifting an incumbent from one job to another. Employees have become more connected with others in the organization (and the broader supply-and- . support for employees to attain their personal objectives aligned with the goals of their organization. That self-realization is multi-dimensional and different for each employee. Be flexible in terms of work-life balance. organizations have to be more flexible in structuring work and its expectations. productivity and quality. While money might temporarily retain employees. The best advocates for an employer s brand are its current employees. Create a total reward structure that includes more than compensation. Being an outgrowth of Herzberg s. Give feedback on employee performance on a regular basis. Task variety helps motivate job holders. People want a chance to make a difference and realize themselves. two factor theory of Retention. in addition to compensation. What messages do they send to others about their employer? Are they honestly saying and believing that. Workers more and more value a balance between work and life. an effective performance management process serves many purposes. Create a culture of engagement. The total reward structure should include. total rewards packages go far beyond money. it does not always equate with engagement. This feedback contributes to employee engagement and retention. as an employer. Recommendations 1. 5. An employee value proposition means that your company has something attractive to offer that is perceived as valuable to an employee. The makes the job interesting and rewarding.circumstance. 3. 2. 4. An enriched job has added responsibilities. They want more flexible ways to engage with their employer. This is a great place to work. yet. Branding yourself as an employer of choice is not just a slick set of marketing tactics.

your employees do not work for you. I have them reflect on what really matters to employees and what they are constantly asking of their managers and their organizations.blogspot. It is organizations that create the culture and climate that allow people. what employees expect of their managers is fairly simple: Can I trust you? are you committed to excellence? Do you care about me? What people constantly ask of their organization is: Do you tell the truth? Do you keep promises? Do you act fairly? Do you respect me? Managers and organizations that keep these questions in mind will have a competitive advantage over others in retaining their employees.R. When I teach my students about managing organizations. Newspaper and Internet For more Notes.Kothari · Journals. 6. processes and projects to become fully connected and engaged with one another. Exit interviews consistently show that poor and bad management practices greatly contribute to an employee s decision to leave a company.B.blogspot. Project Reports visit hrmba. they work for themselves.Memoria · Research methodology C. is famous among MBA students and alumni for his Connorisms. BIBLIOGRAPHY BOOKS · Human Resource Management C. He told them.blogspot. Professor Patrick Connor. Presentations. teams and projects and away from company mbafin.customer chain) through project-based team work and process management activities. Employees are shifting their loyalty to people. recently retired after teaching 25 years at the atkinson Graduate school of Management. Train managers to be effective. Engaged employees are more likely to stay with their employer. In the . It is imperative to provide supervisors and managers with adequate tools to become effective managers since we cannot assume that these competencies are innate.

Sign up to vote on this title
UsefulNot useful