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Retention Strategy to Reduce Attrition

Retention Strategy to Reduce Attrition

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Published by: K.r. Krrish on Jul 27, 2011
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Sections

  • 1.1 ORGANIZATION PROFILE:
  • 1.2 CONCEPTS:
  • 1.3 NEED FOR THE STUDY
  • 1.4 PROBLEM
  • 1.5 OBJECTIVES
  • 1.6 PROCEDURE ² METHODOLOGY
  • 2.1 ANALYSIS OF THE METHODOLOGY
  • 2.2 EXISTING SYSTEM
  • 2.3. NEED FOR THE CHANGE IN SYSTEM
  • 2.4 PROPOSED SYSTEM
  • 3. Kicking Retention Strategies In To High Gear:
  • 4.1 SUMMARY OF THE SYSTEM
  • 4.2 SCOPE OF THE SYSTEM
  • 4.3 SUGGESTIONS
  • 5. Money is important but it is not the only reason people stay with an
  • 6. Employee committees to help develop retention strategies is a very effective
  • 7. Leadership must be deeply invested in retention
  • 9. Remember that the "Fun Factor" is very important to many employees
  • 10. Know the trends in benefit packages. Do your best to offer the ones your

Hyundai Motor India Limited (HMIL) is a wholly owned subsidiary of Hyundai Motor

Company (HMC), South Korea and is the second largest and the fastest growing car

manufacturer in India. HMIL presently markets 34 variants of passenger cars across

segments. The Santro in the B segment, the Getz Prime and the i10 in the B+

segment, the Accent and the Verna in the C segment, the Sonata Embera in the E

segment and the Tucson in the SUV segment.

Hyundai Motor India, continuing its tradition of being the fastest growing passenger

car manufacturer, registering total sales of 327,160 vehicles in the calendar year (CY)

2007, an increase of 9.2 percent over CY 2006. In the domestic market it clocked a

growth of 7.6 percent as compared to 2006 with 200,412 units, while overseas sales

grew by 11.8 percent, with exports of 126,748 units.

HMIL·s fully integrated state-of-the-art manufacturing plant near Chennai boasts of

the most advanced production, quality and testing capabilities in the country. In

continuation of its commitment to provide the Indian customer with global

technology, HMIL has set up its second plant, which produces an additional 300,000

units per annum, raising HMIL·s total production capacity to 600,000 units per

annum.

CH.I - INTRODUCTION

1.1 ORGANIZATION PROFILE

2

HMIL·s fully integrated state-of-the-art manufacturing plant near Chennai boasts of

the most advanced production, quality and testing capabilities in the country. In

continuation of its commitment to provide the Indian customer with global

technology, HMIL has set up its second plant, which produces an additional 300,000

units per annum, raising HMIL·s total production capacity to 600,000 units per annum.

HMIL is investing to expand capacity in line with its positioning as HMC·s global export

hub for compact cars. Apart from expansion of production capacity, HMIL plans to

expand its dealer network, which will be increased from 232 to 260 this year.

The year 2007 has been a significant year for Hyundai Motor India. It achieved a

significant milestone by rolling out the fastest 400,000th export car. Hyundai exports

to over 90 countries globally; even as it plans to continue its thrust in existing export

markets, it is gearing up to step up its foray into new markets. The year just ended

also saw Hyundai Motor India attaining other milestones with the launch of the i10

and yet another path-breaking record in its young journey by rolling out the fastest

1,500,000th car.

Hyundai·s new model i10 which made its global debut here in India in October, 2007

made a clean sweep of all the ¶Car of the Year 2008· awards from the leading

automotive magazines and TV channels like BS Motoring, CNBC-TV18 AutoCar, NDTV

Profit Car & Bike India and Overdrive magazine. The i10 is also the choice of the

discerning automotive media of the country as they conferred the prestigious ¶Indian

Car of the Year· (ICOTY) award to the i10 as well. The i10 bagged these awards on the

basis of excellence in build quality, handling, driver comfort, safety and ride quality.

The Santro and the Accent also received the ¶TNS Voice of the Customer - 2008·

award for the Premium Compact Car (Santro) and the Entry Mid size Car (Accent). In

March 2008 it achieved yet another milestone by rolling out the fastest 500,000th

export car.

3

Last year, the Hyundai Verna bagged some of the most prestigious awards starting

with the title of "Car of the Year 2007" by India`s leading automotive publication ²

Overdrive, the ´Best Mid-size Car of the Yearµ award by the NDTV Profit Car & Bike

India Awards 2007, the ´Best Value for Money Carµ by the CNBC Autocar Auto awards

and ¶Performance Car of the Year 2007· from Business Standard Motoring.

Hyundai cars have been a favorite at all awards ceremonies and have always been

winning awards. Our models like Sonata Embera won the ¶Executive Car of The Year

2006· award from Business Standard Motoring Magazine and NDTV Profit Car & Bike

India declared the Tucson as the ¶SUV of The Year 2006·. Not only this, HMIL has also

been awarded the benchmark ISO 14001 certification for its sustainable environment

management practices.

About HYNDAI MOTOR COMPANY

Established in 1967, Hyundai Motor Co. has grown into the Hyundai-Kia Automotive

Group which was ranked as the World·s Fifth-Largest Automaker in 2007 and

includes over two dozen auto-related subsidiaries and affiliates. Employing over

75,000 people worldwide, Hyundai Motor posted sales of US$74.9 billion in 2007 on a

consolidated-basis and US$32.8 billion on a non-consolidated basis (using the average

currency exchange of 929 won per US dollar). Hyundai vehicles are sold in 193

countries through some 6,000 dealerships and showrooms. Further information about

Hyundai Motor Co. and its products is available at http://www.hyundai-motor.com

4

PRODUCT LINE-UP:

Here·s the car brimming with

innovative ideas and good design

that will put pleasure into every

moment you spend behind the

wheels.

The first glimpse of the Sonata V-6 will

always take your breath away. Your quest

for automotive perfection ends with

Sonata. This is a car worthy of a modern

day Caesar.

A dexterous combination of form &

function. Rugged yet refined. Off &

on the road, the Terracan is designed

to rule. The luxurious & rich interiors

belie the rugged exteriors.

The Santro Xing is a stunning

combination of contemporary looks and

functional luxury. It also incorporates

the revolutionary EUROSAFE Passenger

Protection System that meets the latest

European safety standards. The new

Santro Xing combines a fresh new

attitude, warmth and comfort

5

Getz's space/comfort and Santro's

engine make Getz Prime. A very

practical car. Fuel economy had

been a concern but with 1.1L

engine, it's not any more. Getz 1.3

is still available as top-end versions.

This car sits between the Santro and Getz

Prime presents itself as a good looking

VFM family car. There are options like

ABS and airbags along with features like

sunroof to opt for. All this in a small-car!

Won Car of the Year - 2008

Even though the styling of the Verna

seems contemporary you always end up

comparing it with the Accent. The

external additions of the body of the

Verna seem to blend together with the

shape and this sets it apart from the

Accent

The Tucson 2.0 CRDi, 1991cc, 4 cylinder,

16 valve engine comes with amazing power

122ps and 245Nm of torque. This soft-

roader is highly fuel economic and yet is

very good at engine performance. Dual

airbags provide very high level of safety.

6

HMIL presently markets 34 variants of passenger cars across segments, the Santro in

the B segment, the Getz Prime and the i10 in the B+ segment, the Accent and the

Verna in the C segment, the Sonata Embera in the E segment and the Tucson in the

SUV segment.

Hyundai Motor India, continuing its tradition of being the fastest growing passenger

car manufacturer, registering total sales of 327,160 vehicles in the calendar year (CY)

2007, an increase of 9.2 percent over CY 2006. In the domestic market it clocked a

growth of 7.6 percent as compared to 2006 with 200,412 units, while overseas sales

grew by 11.8 percent, with exports of 126,748 units.

HMIL·s fully integrated state-of-the-art manufacturing plant near Chennai boasts of

the most advanced production, quality and testing capabilities in the country. In

continuation of its commitment to provide the Indian customer with global

technology, HMIL has set up its second plant, which produces an additional 300,000

units per annum, raising HMIL·s total production capacity to 600,000 units per annum.

HMIL·s fully integrated state-of-the-art manufacturing plant near Chennai boasts of

the most advanced production, quality and testing capabilities in the country. In

continuation of its commitment to provide the Indian customer with global

technology, HMIL has set up its second plant, which produces an additional 300,000

units per annum, raising HMIL·s total production capacity to 600,000 units per annum.

HMIL is investing to expand capacity in line with its positioning as HMC·s global export

hub for compact cars. Apart from expansion of production capacity, HMIL plans to

expand its dealer network, which will be increased from 232 to 260 this year.

The year 2007 has been a significant year for Hyundai Motor India. It achieved a

significant milestone by rolling out the fastest 400,000th export car. Hyundai exports

to over 90 countries globally; even as it plans to continue its thrust in existing export

markets, it is gearing up to step up its foray into new markets. The year just ended

7

also saw Hyundai Motor India attaining other milestones with the launch of the i10

and yet another path-breaking record in its young journey by rolling out the fastest

1,500,000th car.

Hyundai·s new model i10 which made its global debut here in India in October, 2007

made a clean sweep of all the ¶Car of the Year 2008· awards from the leading

automotive magazines and TV channels like BS Motoring, CNBC-TV18 Auto Car, NDTV

Profit Car & Bike India and Overdrive magazine. The i10 is also the choice of the

discerning automotive media of the country as they conferred the prestigious ¶Indian

Car of the Year· (ICOTY) award to the i10 as well. The i10 bagged these awards on the

basis of excellence in build quality, handling, driver comfort, safety and ride quality.

The Santro and the Accent also received the ¶TNS Voice of the Customer - 2008·

award for the Premium Compact Car (Santro) and the Entry Mid size Car (Accent). In

March 2008 it achieved yet another milestone by rolling out the fastest 500,000th

export car.

Last year, the Hyundai Verna bagged some of the most prestigious awards starting

with the title of "Car of the Year 2007" by India`s leading automotive publication ²

Overdrive, the ´Best Mid-size Car of the Yearµ award by the NDTV Profit Car & Bike

India Awards 2007, the ´Best Value for Money Carµ by the CNBC Auto car Auto awards

and ¶Performance Car of the Year 2007· from Business Standard Motoring.

Hyundai cars have been a favorite at all awards ceremonies and have always been

winning awards. Our models like Sonata Embera won the ¶Executive Car of The Year

2006· award from Business Standard Motoring Magazine and NDTV Profit Car & Bike

India declared the Tucson as the ¶SUV of The Year 2006·. Not only this, HMIL has also

been awarded the benchmark ISO 14001 certification for its sustainable environment

management practices.

8

The Hyundai Logo

The symbol represents an image of Car Company that produces refined cars

with cutting edge technology.

Expresses the will of the management for harmony and stability

The oval shape symbolizes the earth to expresses the global nature of HMC car.

The H logo stands fort the first letter of Hyundai motor company

The slanted shape of the H represent progress and a company that will

successfully face future challenges as it continues to raise its standard of

quality.

Goals of HMIL:

The ultimate goal is to join the ranks of the world·s top 10 automakers.

Focus on developing advanced technology.

Hyundai cars known as world-class cars

Concentrating on building cars that are more environments conscious and

further improving the quality of life for everyone in future.

Basic objectives of HMIL:

Best customer service

Best technology

Best quality products

Best value for people

This has helped the company deliver consistently producing some of the finest cars of

the company.

9

HMIL Vision

DREAM

STRIVE

ACHIEVE TOGETHER

HMIL Mission:

INNOVATION FOR HUMANITY

Vision of Hyundai is ´Innovation for humanity´.

10

Milestones:

1996

May 06

Hyundai Motor India incorporated.

December 10

Ground-breaking ceremony at the Irrungattukottai plant near Chennai.

1998

May 27

Pilot production of Santro at plant begins within a record 17 months of
ground breaking.

September 23

Hyundai Santro (Atos Prime) makes its world debut in India

1999

March 31

Hyundai Motor India emerges as the second largest auto-manufacturer in
the country.

October 14

Launch of Hyundai Accent

2000

April 27

100,000th Car rolls out from the Chennai plant in just 19 months of since
commencement of operations.

May 08

Launch of Santro zipDrive.

June 12

Hyundai Santro crosses 100,000 car sales.

July 21

First major export-shipment of 760 Accent and Santro cars roll out of the
Chennai Port for Algeria.

11

November 01

Both Santro & Accent bag top honours in JD Power Asia Pacific 2001
´IQSµ and ´APEALµ studies.

November 29

Roll out of the 1,50,000th car from Chennai Plant in just 25 months.

2001

June 12

Hyundai Motor India rolls out its 200,000th car in 32 months.

July 11

Hyundai Motor India introduces new look Santro.

July 18

Hyundai Motor India launches luxury sedan Sonata.

November 22

Santro ranked No 1 in JD Power Asia Pacific 2001 ´Initial Qualityµ study.

November 26

Both Santro & Accent ranked No. 1 in JD Power Asia Pacific 2001
´APEALµ study.

2002

March 18

Global launch of 1.1 Litre E-Epsilon engine on the new Santro Zip Plus.

June 26

Hyundai Motor India rolls out 3,00,000th car.

August 16

Hyundai Motor India launches Accent VIVA.

September 06

Hyundai Motor India launches Santro Automatic Transmission.

October 10

Hyundai Motor India launches Accent CRDi.

October 23

Hyundai Motor India launches Sonata 2.7 V6.

November 01

12

Santro bags top honours in J D Power Asia Pacific 2002, tops both IQS
& APEAL for 3rd time in a row & Accent ranked No. 1 in APEAL for 2nd
time in a row.

December 01

Hyundai Motor India rolls out 350,000th car in a short period of 50
months.

2003

January 14

Hyundai Motor India awarded ¶Manufacturer of the Year· at the CNBC
Autocar India Awards for the second year in a row.

February 5

Hyundai Motor India declared ¶Car Maker of the Year· at the ICICI
Overdrive Awards.

March 13

Hyundai Motor India commences exports to Latin America

March 18

Hyundai Motor India awarded ISO 14001 for sustainable Environment
Management

May 08

Hyundai Motor India rolls out 400,000th car.

May 22

Hyundai Motor India launches Santro Xing, the global small car.

June 01

Hyundai Motor India wins the Business Standard Motoring Jury Award for
the Accent CRDi.

August 04

Hyundai Motor India launches its premium SUV, Terracan

August 12

Export shipment of 1500 Santro Xing cars leave for Europe, HMI becomes
small cars export hub for HMC.

December 11

Hyundai rolls out 500,000th vehicle in India.

13

2004

January 15

Launch of Accent Viva CRDi

March 01

Santro crossed the figure of 1,00,000 sales in terms of annual sales. The
first Indian car to do so in its segment.

April 15

Launch of Elantra.

Sept 10

Launch of Getz.

October 31

HMIL crossed the figure of 1, 00,000 vehicles in export and emerged as
the largest exporter in the automobile industry.

Nov 17

HMIL introduced India·s Best Warranty for the 1st time in the history of
Indian Automotive Industry ² 4 years/80,000 km warranty for Sonata &
Elantra.

Dec 01

Santro becomes India·s largest selling single brand across segments with
12,061 units.

Dec 25

Getz awarded ´Car of the Yearµ 2005 by Standard Motoring Magazine

2005

Jan 01

Santro once again becomes the largest selling brand in its segment.

Jan 17

Getz awarded ¶Car of the Year 2005µ by CNBC ² TV 18, Auto Car Auto
Awards.

Jan 01

Accent Petrol ² was awarded the 'No 1 Entry Midsize Car' by TNS
Automotive, India.
Accent CRDi ² was awarded the 'No 1 Midsize Diesel Car' by TNS
Automotive, India.

14

Feb 01

HMIL was declared the ´Star Companyµ amongst the unlisted companies
by Business Standard.

April 6

Launch of SUV ² Tucson
~ HMIL launches the GDMS ² Global Dealer Management System , a
software that will help its dealers stay connected with the company in
real time.

June 08

Hyundai Motor India launched three new variants of the Santro Xing with
eRLX technology(XK-non AC,XK, XL)

Aug 17

Launch of Sonata Embera

Aug 18

Hyundai Motor India introduced the export variant of its premium
hatchback, Getz, in the Indian market,Getz-GLE.

Sep 26

Sania Mirza was signed as Brand Ambassador of Hyundai Getz

Oct 18

HMI exported its 200,000th car to the overseas market.

Nov 01

All time high cumulative sales in October.

Nov 29

HMI exports its first shipment to UK

2006

Jan 11

Tucson was awarded as ´SUV of the Year 2006µ by NDTV Profit-Car India
awards 2006 .

Feb 09

Plant Capacity expansion announcement by Hyundai Motor Chairman,
production to be enhanced by 600,000 units by 2007

15

March 13

HMIL rolled-out the fastest 10,00,000th car

April 10

Launch of Hyundai Motor India Foundation

September 25

Launch of Hyundai Verna Petrol & Diesel

October 31

Hyundai Motor India rolls out the fastest 300,000th export car.

November 01

Santro crosses the million mark.

December 30

Verna CRDi was awarded the ¶Performance Car of The Year 2007· by
Business Standard Motoring.

2007

January 03

Verna was awarded the ¶Car of the Year 2007· by Overdrive magazine.

January 04

Verna was awarded the ¶Best Value For Money Car 2007· by CNBC TV 18
Autocar Auto awards.

January 12

Launch of Sonata CRDi.

March 26

Hyundai Motor India ships out the first Getz.

April 02

Launch of Getz Prime.

April 19

Launch of Verna CRDi SX.

June 01

Hyundai Motor India Receives EEPC(Engineering Export Promotion
Council)¶Top exporter of the year· Award for 2005-06.

16

June 27

Launch of Sonata CRDi Automatic.

July 04

Launch of Santro CNG.

Aug 06

Export of 400,000th car

Sep 01

HMIL rolled out the fastest 1,500,000th car
Launch of Getz CRDi

Oct 31

Launch of i10

Dec 29

i10 awarded ¶Car of the Year 2008· by Business Standard Motoring
Magazine

2008

Jan 09

i10 awarded ¶Car of the Year 2008· by CNBC TV18 Autocar Auto awards

Jan 10

i10 awarded ¶Car of the Year 2008· by NDTV Profit Car& Bike

Jan 11

i10 awarded ¶Car of the Year 2008· by Overdrive magazine

Feb 02

Inauguration of 2nd plant in Chennai

March 27

Export of 500,000th car

April0 4

i10 awarded ¶Car of the Year 2008· by ICOTY

June 11

Fastest Export - Over One lakh units of i10 exported since its launch in
Oct 31

17

July 01

Hyundai-Kia Automotive Group Joins Ranks of Global Top 5 Automakers
(Automotive News' 2008 Global Market Data Book)

July 15

i 10 Kappa launched

July 15

Inauguration of the new Engine & Transmission plant.

September 10

10th Anniversary celebration and flag-off of ¶i drive to Paris· by Abhinav
Bindra.

September 30

Hyundai launches the dual fuel- ¶Santro Eco·.

October 02

i 20 launched in Paris Motor Show and display of ¶i drive to Paris· cars.

HMI Exports:

Hyundai Motor India, the global compact cars export hub of the US$47 bn Hyundai

Motor Group, started export shipment to Europe with a consignment of 1,500 units

of its, flagship 'Santro' bound for Italy, Spain and Netherlands.

The first export shipment to Europe since the announcement of HMI as the global

export hub for Hyundai compact cars, this consignment will carry 1,500 units of the

New AtoS Prime, as the Santro is badged in Europe. This included 710 units bound for

Italy, 690 for Spain and 100 units for Netherlands.

Western Europe is globally the largest consumer of small / compact cars with the

largest markets being Italy, Spain, Greece, Netherlands and Belgium. The company

has scaled up its export target from 8,966 units in FY 03 to 30,000 units in FY 04. The

company has already exported 6,740 units YTD. Algeria, Morocco, Indonesia,

Colombia, Nepal and Sri Lanka are currently some of the biggest export markets for

Hyundai Motor India.

18

HMIL is India's second largest carmaker and a clear leader in the B, C and E passenger

car segments, which together account for over 70% of the Indian passenger car

industry. The company has announced aggressive plans to emerge as India's leading

exporter of passenger cars by CY 2004.

Awards and Certifications:

For Environment

Energy Conversation & Safety

3 Leaves Award in 2001

from CSE, New Delhi

ISO 14001

Certification (EMS)

in 2003 from TUV,

Germany

Eco First Award in 2003 from
Kanchi Health & Education

Society

Energy Efficient Unit Award
in 2001 from CII

National Energy

Conservation Award
in 2002 from Govt.

of India

Safety Appreciation Award
in 2001 from National

Safety Council

19

Car of the Year
Compact Car of the Year

Car of the Year 2008
Small Car of the Year 2008

Car of the Year 2008

PM Presents ´Star Companyµ Award to
Hyundai Motor India

Car of the Year - Aaj Tak Viewers Choice
Award

Hyundai Santro has topped the JD Power

Asia Pacific Intial Quality Study (IQS)

that measures product quality for three
years in a row (Years 2000, 2001 & 2002)

CNBC-TV18 Autocar Auto Awards 2007:
'Best value-for-money car'

Hyundai Getz is the CNBC Autocar Car
of the Year 2005

Hyundai Elantra ² Best Value for

Money Car of the Year 2005

Company ² Awards ² CNBC Autocar India

² Hyundai has been the manufacturer of

the year for two years in row.

20

Executives

Jr. Executives Non Executives

Manpower: [Category wise]

Unique HR initiatives:

Morning Department Standing Meeting ² done by all

My Machine and My Station concept

Music Extravaganza in the Plant ² once a year at Founders day

Free Help Line services to serve employees

Employees Family Visit Program ² Gift from Management thanking the family

Publicity for Outstanding Work

By display of achievement and Photograph in Department Notice Board

By distribution of Prizes in meetings attended by all employees

Annual Picnics to promote ´ ONENESS µ

Birthday Greeting with flower bouquet & Plantation of trees named after them

Marriage Gift to newly married employees

Welfare benefits over and above what is prescribed by law

Meditation for Managers ² and follow up

Tax Saving Gift vouchers / Gift Credit Card on Festive occasions

E

m

p

l

o

y

e

e

s

959

1280

3096

Executives:

Mgmt. Trainee / Grad. Engr. Trainee

Asst. Mgr / Dy. Mgr

Mgr / Sr. Mgr / AGM / DGM / GM

Sr.GM / VP / Sr.VP / President

Jr.Executives:

Engineer / Officer

Technical / Business Associate

Technical /Business Associate Trainees

Non - Executives:

Technician / Workman / Trainee

21

The Challenges wer

To manufacture and sell a global technology, global quality car reflecting Indian

consumer needs at an appropriate price and attain profitability.

What Hyundai Provide:

A highly Energized & Stimulating work environment

High Levels of Motivation, Empowerment & Recognition

Emphasis on Competence, Creativity and Challenge

Proactively unleashing People·s Potential that will build the future

Encourage Innovation and allow the freedom to learn from mistakes

A culture of Continuous Change & Improvement

Health:

Regular Health Camps (Eye, Cardiac and Wellness) at the adopted villages

Donated Ultra Sound Machines and Auto Refractometer to Primary Health Center

Infrastructure:

Construction of Cement Roads at Keevalur

Deepening of Ponds in Thandalam & Kattarambakkam

Drinking Water Tank construction at Irrungattukottai

Education:

Construction of High School at Thandalam (Common for Four villages)

Infrastructure Facilities like Fans, Benches for the Schools of nearest 4 villages

Distribution of Note Books and Stationery items to School Children

Picnics for all the 4 school children once a year

22

Social Needs & Contingency Support:

Joint participation in Social Welfare Programmes with the District Adminisitration

Support during natural calamities like Flood

Artificial Limbs, Wheel chair and Tricycles for Physically Disabled

Persons in the adopted villages

Contribution for setting up Night Schools

Support being extended for functioning of Vidya Prakasam ² Society

for Well-being of Spastic Children

Employment:

Provided employment for all those eligible land displaced people of the 4 villages

Provided job oriented technical training to the Unemployed youth of the villages

23

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