You are on page 1of 5

A STUDY ON EMPLOYEE RETENTION STRATEGIES ADOPTED BY AMRITA INSTITUTE OF MEDICAL SCIENCES

occasionally an employee or two and a chunk of company’s future. Employees today are different. employee retention is important. 3. they would be left with no-good employees.. the answer is a definite no. They are not the ones who don’t have good opportunities in hand. . they switch over to the next job. They also provide full support to the marketing communication efforts by helping the organization build customer loyalty by distinguishing and poisoning the firm’s unique products and services in the crowded market place OBJECTIVES OF THE STUDY 1. 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. To document the nature and extent of employee turnover 2. why is retention so important? Is it just to reduce the turnover costs? Well. Philosophically. The Retention of Employees has proved to be the most challenging function of HR Managers today Employee retention strategies help organization provide effective employee communication to improve commitment and enhance work force support for key initiatives. When they leave they take with them the intellectual property. Employee turnover costs companies 30 to 50% of the annual salary of entry-level employees. investments. It is the responsibility of the employer to retain their best employees. As soon as they feel dissatisfied with the current employer or the job. In all cases it is senseless to allow good people to leave the organization. Employee retention is a process in which the employees are encouraged to remain in the organization for the maximum period of timeEmployee retention is beneficial for the organization as well as the employee. A good employer should know how to attract and retain its employees. relationships. Now that so much is being done by organizations to retain its employees. To identify underlying causes of employee and turnover. If they don’t.INTRODUCTION Talented men leave…dead wood doesn’t Employee turnover is one of the largest though widely unknown costs an organization faces. To assist the firm in the development of a focused employee retention Strategy .

such as middle management). Descriptive 1.4 percent of health care employees (one in five) quit their jobs every year. The study also aims to design an appropriate retention strategy for the establishment RESEARCH METHODOLOGY Type of research. But the big question remains.STATEMENT OF THE PROBLEM Today’s workforces are different.4% and this rate is quite high compared to other industries  High turnover often leaves customers and employees in the lurch. They are the ones who have good opportunities in hand. As soon as they feel dissatisfied with the current job. Database design . According to the Human Resource Management Association. The cost of replacing an employee is estimated as up to twice the individual’s annual salary (or higher for some positions. This lack of continuity makes it hard to meet the organization’s goals  Replacing employees’ costs money. Employee retention is critical to the long term health and success of a business The Retention of Employees has proved to be the most challenging function of HR Managers today. The number easily exceeds the 12 to 15 percent turnover rate experienced in most other industries. and the underlying causes behind it. they switch over to next job. much of it futile. “Is it enough?”Development of a new approach becomes the need of the time SIGNIFICANCE OF THE STUDY  The annual turnover rate among health care employees is 20. departing employees take a great deal of knowledge with them. and this doesn’t even include the cost of lost knowledge  Recruiting employees consumes a great deal of time and effort. 20. Bringing employees up to speed takes even more time SCOPE OF THE STUDY This project encompasses the present turnover rate. One finds them striving extremely hard in order to retain the best talent within the organization.

The information provided by the respondents may not be fully accurate due to some unavoidable biases 2. Questionnaires and personal interviews are used to collect primary data 2. Appropriate scaling will be also used 3. as far as possible and attempt was made to gather primary data. LIMITATIONS 1. Sampling design  Sample Unit     Sampling method : employees : simple Random sampling method Research instrument : questionnaire contact method: direct contact Sample size: 75 4. this study is almost an empirical one. Primary data  As a matter of fact. Statistical Design  Depending on the data collected. magazines. journals. Lack of cooperation from the part of respondents . Measurement design  Questionnaire is used as the measurement design. secondary data  The secondary data’s are collected from various sources such as publications. So. appropriate statistical tools will be administered. A detailed questionnaire will be administrated. company reports etc b. Questionnaire is prepared keeping the objective of research in mind.a.

. . SUGGESTIONS AND CONCLUSION.CHAPTERISATION  CHAPTER 1: INTRODUCTION  CHAPTER2: REVIEW OF LITERATURE  CHAPTER3: INDUSTRY PROFILE AND COMPANY PROFILE  CHAPTER4: DATA ANALYSIS AND INTERPERTATION  CHAPTER5: FINDING.