You are on page 1of 85

ABOUT THE COMPANY

COMPANY PROFILE
The Bunge Pvt Ltd Rajpura is one of the leading Manufacturing Vegetables Oils and Fats. The company is located at Rajpura -Chandigarh road in area of 36 acres and it is ISO 9001-2001certified company. This company made a humble beginning in 1969 with inauguration of stone laying ceremony by march ,1969 .its production

H.E.Dr.D.C.PAVETTE, governor of Punjab of 6

started on 1910-1970 with the capacity 100 MT per day of Vanaspati later of in the year 1982-86 a separate facility to produce refined oil was set up, with a capacity is 3,000 tones. In the span of time plant has to come to be recognized as a major venture and after has grown from strength to strength at a rapid pace adopting new technologies, marketing strategies of business values and ethos. It is a continuous process plant. Quality product and total customer satisfaction are the prime concern of the company. In addition the company has gone beyond its boundaries to meet its commitment towards the community and environment. It is holding 42% of market share in North India with a turn over of Rs.500cr.per annum .It is group that has lived up to its name because "AMRIT" symbolize "PURITY"

MISSION STATEMENT OF THE COMPANY
To produce sell goods and services to achieve the highest return on sales in the industry to satisfaction of the consumers, employees and share holders in that order.

ORGANIZATIONAL STRUCTURE

CMD
Executive Director
V.P. (commerci al) vacant
Mr. Ramesh kalia Sr.G.M.(HR & Admns.)
Secutity

Mr.Subrota Bose. DGM.(mktg.)

Dr.S K Handoo V.P. (R&D)

Mr. Parveen Tarika

Mr.A.K. Jain
Sr. V.P.( Works)
Supply Chain Manageme nt Mr.Sunil Badhera Sr. G.M.(Engg.)

V.P. (Fianance & Account)
DGM A/c Payment, Receipt DGM IT Sr. Mgr.nonroutine P/L A/c, Taxation, Audit

commodi ties

RSM Speciality

Quality

Personnal T.P.O. Liason
CMO -Depot A/c, Sale Promotion, Advertisement & New product

Bakers Product devolpmen t (R&D)

RSM V&RO

Mr.S S Brar Sr. G.M(Prod.)

Company Sect for Board Meeting

PRODUCTS

Bakery Shortening (For Biscuits

Gagan Gold Vanaspati

Ginni Gold Refined Sunflower Oil

Ginni Nutri Delight Nuggets

Ginni Plus Refined Oil

Merrilite

Kachi Ghani Mustard Oil

Refined Cottonseed Oil

Merrigold Table Margarine

Refined Groundnut Oil

Refined palm oil

Refined ricebran oil

refined soyabean oil

Gagan banaspati

ABOUT THE PROJECT

INTRODUCTION
The advancement in science and technology has further influenced the business environment globalization has made the business scenario more competitive. The captains of the industries have to keep themselves abreast with changing environment. The modernization has brought in many changes in HRM and HRD there by enhancing the scope and responsibility of HR executive/manager. The HR is most precious asset of an organization which has direct influence on functional as well as product ional aspect of the company. The subject as such or dealing with the HR may appear simpler but human beings are complex creatures. Thus, demanding a great deal of attention in dealing. There are various theories, strategies on HRM/HRD. Accordingly there numerous function of HR executive likes manpower planning, recruitment, selection, induction and retention of the best employee. The retention of suitable employee goes way in enhances the knowledge resource of the organization. This in the broader sense implies motivation and retention of the talent by understanding employee‟s aspiration, needs and providing him the opportunities for his development and prosperity. Such employees will place any organization at the advantageous position in the competitive market. It therefore, merits proper strategy and policy so that the entire process of acquiring knowledge resource becomes cost effective. The different organization may have there own ways to implement such policies but importance of retentions is critical to every organization.

RETENTION (Love them or loose them)
Employee Retention involves taking measures to encourage employees to remain in the organization for the maximum period of time. Corporate is facing a lot of problems in employee retention these days. Hiring knowledgeable people for the job is essential for an employer. But retention is even more important than hiring. There is no dearth of opportunities for a talented person. There are many organizations which are looking for such employees. If a person is not satisfied by the job he‟s doing, he may switch over to some other more suitable job. In today‟s environment it becomes very important for organizations to retain their employees. The top organizations are on the top because they value their employees and they know how to keep them glued to the organization. Employees stay and leave organizations for some reasons. The reason may be personal or professional. These reasons should be understood by the employer and should be taken care of. The organizations are becoming aware of these reasons and adopting many strategies for employee retention.

Retention involves five following major things
 Compensation  Growth and career  Support  Relationship  Environment

1.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
o

Basic wage House rent allowance

o

o

Dearness allowance City compensatory allowance

o

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.

2.Growth and Career
wth and development are the integral part of every individual‟s career. If an employee can not foresee his path of career development in his current organization, there are chances that he‟ll leave the organization as soon as he gets an opportunity.

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 profile should not be too low or too high. Personal growth and dreams: Employees responsibilities in the organization should help him achieve his personal goals also. 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. If he‟s not satisfied with his growth, he‟ll not be able to contribute in organization growth.

Training and development: Employees should be trained and given chance to improve and enhance their skills. Many employers fear that if the employees are well rained, they‟ll leave the organization for better jobs. Organization should not limit the resources on which organization‟s success depends. These trainings can be given to improve many skills like:
  

Communications skills Technical skills In-house processes and procedures improvement related skills

 

customer satisfaction related skills Special project related skills

Need for such trainings can be recognized from individual performance reviews, individual meetings, employee satisfaction surveys and by being in constant touch with the employees.

3.Support
Lack of support from management can sometimes serve as a reason for employee retention. Supervisor should support his subordinates in a way so that each one of them is a success. 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. Management can support employees by providing them recognition and appreciation.

Employers can also provide valuable feedback to employees and make them feel valued to the organization. The feedback from supervisor helps the employee to feel more responsible, confident and empowered. Top management can also support its employees in their personal crisis by providing personal loans during emergencies, childcare services, employee assistance programs, counseling services, et al.

Employers can also support their employees by creating an environment of trust and inculcating the organizational values into employees. Thus employers can support their employees in a number of ways as follows:

4.Relationship
Sometimes the relationship with the management and the peers becomes the reason for an employee to leave the organization. The management is sometimes not able to provide an employee a supportive work culture and environment in terms of personal or professional relationships. There are times when an employee starts feeling bitterness towards the management or peers. This bitterness could be due to many reasons. This decreases employee‟s interest and he becomes de-motivated. It leads to less satisfaction and eventually attrition. A supportive work culture helps grow employee professionally and boosts employee satisfaction. To enhance good professional relationships at work, the management should keep the following points in mind.

Respect for the individual: Respect for the individual is the must in the organization.

Relationship with the immediate manager: A manger plays the role of a mentor and a coach. He designs ands plans work for each employee. It is his duty to involve the employee in the processes of the organization. So an organization

should hire managers who can make and maintain good relations with their subordinates.

Relationship with colleagues: Promote team work, not only among teams but in different departments as well. This will induce competition as well as improve the relationships among colleagues.

Recruit whole heartedly: An employee should be recruited if there is a proper place and duties for him to perform. Otherwise he‟ll feel useless and will be dissatisfied. Employees should know what the organization expects from them and what their expectation from the organization is. Deliver what is promised Promote an employee based culture: The employee should know that the organization is there to support him at the time of need. Show them that the organization cares and he‟ll show the same for the organization. An employee based culture may include decision making authority, availability of resources, open door policy, etc.

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, certifications, educational courses, etc.

Induce loyalty: Organizations should be loyal as well as they should promote loyalty in the employees too. Try to make the current employees stay instead of recruiting new ones.

5. Environment
It is not about managing retention. It is about managing people. If an organization manages people well, employee retention will take care of itself. Organizations should focus on managing the work environment to make better use of the available human assets.

People want to work for an organization which provides  Appreciation for the work done  Ample opportunities to grow  A friendly and cooperative environment  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 1.Learning environment:

It includes continuous learning and improvement of the

individual, certifications and provision for higher studies, etc.

2.Support environment: Organization can provide support in the form of work-life balance. Work life balance includes:
o

Flexible hours Telecommuting Dependent care Alternate work schedules Vacations Wellness

o

o

o

o

o

3.Work environment: It includes efficient managers, supportive co-workers, challenging work, involvement in decision-making, clarity of work and responsibilities, and recognition.

Lack or absence of such environment pushes employees to look for new opportunities. The environment should be such that the employee feels connected to the organization in every respect.

EMPLOYEE RETENTION
Retaining good employees is not as easy as it used to be. Companies need to be on top of the game when it comes to keeping them, as well as motivating them. Employee retention is simple to understand, but at the same time it can be difficult to achieve. Knowing what employees want and need is a step in the right direction. There are five main reasons that people tend to leave their organizations. Knowing these reasons is crucial to help in preventing others from leaving. Once the problems are identified, companies need to adopt several strategies that can be used to increase retention. Employee retention is keeping the employees that have already been hired. When you have hired good people, trained them, built them into high-performing teams, you don't want to loose them. Companies today invest so much time in their employees that each time one leaves; it is like they are loosing an investment. It is for this reason that employee retention had become a critical component of workforce stability. Because a company invests in their employees, each time one leaves the productivity declines. The time that is spent on training new employees could be better spent on increasing production and profit. Companies need to think about their image from the start. Make wise choices when hiring. Give prospective employees a true picture of the organization. It is important to match employee personality type to the climate and culture of the company. Once an employee has been hired, there are several different things that they want and need in order to remain loyal to the company. They include, "Clear expectations and performance measurements, time to get and give performance feedback, rewards and recognition,

and challenge and growth opportunities for the future"("After the Hire - Retaining Good Employees", 1999. There are many different ingredients that go into reducing employee turnover. There will be seven strategies focused on: money, building relationships between employers and co-workers, a fearless culture, job satisfaction, Importance of personal life. Most executives believe that money is the reason employees stay put. "It isn't that money isn't a key factor, it's just that money is merely the baseline, the foundation upon witch the house of retention must be built"("Formula for Retention", 1999). Money has always been a big factor in retaining employees, but now employees want more. Therefore, it is always easiest to start with money, because other strategies are not as easy for employees to buy into. Retention is successful when emotional bonds are built. Therefore, building relationships between employers and co-workers is important when it comes to employee retention. Emotional bonds are strengthened by employers paying attention to issues that are important to their workers. If employees feel that their employers care about what goes on in their lives, they are going to feel special. Employees want to have caring relationships with their co-workers and employers. "Being able to speak up and speak against the status quo would be possible only in a culture where there was no fear of retribution"(Stum, 1998). This is what is meant by a fearless culture. Employees should be welcomed to challenge the way things are being done. Companies need to let them know that honest and confrontational communication is welcome, and that they will not be punished for it. The point of a fearless culture is to make the employees feel a part of the

company. The first step to establishing a fearless culture is to think communication. Establish team meetings regularly in order to exchange information and develop new ideas about what should be being done within the company. Job satisfaction has been a recognized driver of organizational performance for 25 years. Money alone does not promote loyalty and seldom retains motivated employees. People want their work to make a difference and they want to be part of something that matters. Just as job satisfaction affects productivity, quality and morale, there is a strong correlation to commitment. Being placed in the right job, with the right orientation, training, tools and resources is still a key organizational success factor. Employees do not need much to feel satisfied. However, it is not just tools and resources that are needed, but self-confidence and appreciation from your co-workers and employers that aid in job satisfaction. All employees today are interested in where the company is headed. They want to believe in and have confidence about their company's future. Faith that all will be well for the company and its employees is a key factor in retention. Employees need to be sure of where the company is headed, because that gives them some sort of security in their lives. Security is important because it will help in retaining employees. The factor that most significantly affecting workforce commitment is management's recognition of the importance of personal and family life. Employees need to know that their family and personal life are important. However, this cannot only be done through programs such as childcare and financial planning. Companies need

activities such as company picnics, bring your children to work day, and family safety fairs. If employees see that the company is really making the effort, they will start to believe that the recognition of family life is really there.

IMPORTANCE OF EMPLOYEE RETENTION
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. The process of employee retention will benefit an organization in the following ways:

1. The Cost of employee Turnover:
The cost of employee turnover adds hundreds of thousands of money to a company's expenses. While it is difficult to fully calculate the cost of turnover (including hiring costs, training costs and productivity loss), industry experts often quote 25% of the average employee salary as a conservative estimate. 2.Loss of Company Knowledge: When an employee leaves, he takes with him valuable knowledge about the company, customers, current projects and past history (sometimes to competitors). Often much time and money has been spent on the employee in expectation of a future return. When the employee leaves, the investment is not realized. 3.Interruption of Customer Service:

Customers and clients do business with a company in part because of the people. Relationships are developed that encourage continued sponsorship of the business.

When an employee leaves, the relationships that 2. employee built for the company are severed, which could lead to potential customer loss. 3. Turnover leads to more turnovers: When an employee terminates, the effect is felt throughout the organization. Co-workers are often required to pick up the slack. The unspoken negativity often intensifies for the remaining staff. 4. Goodwill of the company: The goodwill of a company is maintained when the attrition rates are low. Higher retention rates motivate potential employees to join the organization. 5.Regaining efficiency:

If an employee resigns, then good amount of time is lost in hiring a new employee and then training him/her and this goes to the loss of the company directly which many a times goes unnoticed. And even after this you cannot assure us of the same efficiency from the new employee

RETENTION MYTHS
The process of retention is not as easy at it seems. There are so many tactics and strategies used in retention of employees by the organizations. The basic purpose of these strategies should be to increase employee satisfaction, boost employee morale hence achieve retention. But some times these strategies are not used properly or even worse, wrong strategies are used. Because of which these strategies fail to achieve the desired results.There are many myths related to the employee retention process. These myths exist because the strategies being used are either wrong or are being used from a long time. These myths prevent the employer from successfully implementing the retention strategies. Let us learn about some of these myths. 1. Employees leave an organization for more pay: Money may be the motivating factor for some but for many people it is not the most important factor. Money matters more to the low-income-employees for whom it‟s a survival issue. Money can make an employee stay in an organization but not for long. The factors more important than money are job satisfaction, job responsibilities, and individual‟s skill development. The employers should understand this and work out some other ways to make employees feel satisfied. When employees leave, management tries to retain them by offering more money. But instead they should try to figure out the main reason behind it. Issues that are mainly the cause of dissatisfaction are organization‟s policies and procedures, working conditions, relationship with the supervisor and salary, etc. For such employees, achievement, growth, respect, recognition, is the main concern.

Incentives can increase productivity: Incentives can surely increase productivity but not for long term. Cash incentives, volume work targets and speed awards are old management beliefs. They can generate work speedily and in volumes but can‟t boost employee commitment. Rather speed can hamper the quality of work produced. What really glues employees to their work and organization is quality 2. work, meaningful responsibilities, recognition, respect, growth opportunities and friendly supervisors. 3. Employees run away from responsibilities: It is a myth that employees run from responsibilities. In-fact employees feel more responsible if they are given extra responsibilities apart from their regular job. Employees look for variety, greater control on the processes and authority to take decisions in their present job. They want opportunities to learn and grow. Management can assign extra responsibilities to their employees and appreciate them on the completion of these tasks. This will induce a sense of pride in the employee and will improve the relationship between the management and the employee. 4. Loyalty is a thing of the past: Employees can be loyal but what they need is an employer for whom they can be loyal. There is no reason for the employee to hop jobs if he‟s satisfied with the employer. 5.Taking measures to increase employee satisfaction will be expensive for the organizations: The things actually required to improve employee satisfaction like respect, career growth and development, appreciation, etc. can‟t be bought. They are free of cost. An employer or management that reacts well to the employee‟ s ideas and suggestions is enough for the employees to be retained.

REASONS WHY EMPLOYEES LEAVE
1. Expectations not met:

Expectations play a large part in determining whether an employee is satisfied or dissatisfied with the current state of affairs. On joining the firm the individual will have a range of expectations covering areas such as the style of management, the working hours, holidays, pay, bonus and so on. It is not unusual for employees to leave within the first six months when they discover that things aren‟t quite as they imagined they would be. Their expectations may have been unrealistic from day one, but each departure is yet more disruption, harming productivity, adding extra unnecessary costs and making it more difficult to reach goals for sales, revenue and profitability. Few firms seem to appreciate the importance of expectations. They don‟t ask candidates about their expectations, giving them the opportunity to select someone who is unlikely to be disappointed, and therefore, more likely to stay.

2. Mismatch between the person and the role

Employees who find themselves in roles that do not suit their individual strengths, tend not to stay around that long. A productive employee gets promoted into a position that requires skills that they do not possess. A role that exposes their weaknesses, and as a result, a role that they do not enjoy.

Faced with the prospect of having to spend many months, perhaps years, in a job that is a struggle, a job that they find difficult, a job that is a mismatch for their specific talents, most of them choose to leave the company and go.

3. Mismatch between person and the culture of the firm

It is not so much that there is a single ideal culture, more that cultures vary, and as many departures show, not everyone is likely to be ideally suited to culture of your firm. Some workplaces are high pressured, fast paced, dynamic. Ideal for people who thrive on adrenaline, who enjoy this tempo, constantly being on the go. Others are caring, emotional, long discussions, shared views. Endless dialogue before action is taken. Everyone‟s opinion counts. Put an employee in a culture that suits their temperament and they feel at home. It is an environment in which they can function to the best of their abilities. But put an employee in a firm whose culture does not suit their personality, their style or their approach and it rarely works. They don‟t settle, they under-perform, they miss the feel of previous employers where they were able to contribute more. They leave.

4. Insufficient opportunities for growth and advancement

Employees want to make progress, to get ahead. They want to make that next step up the career ladder. They think about where they would like to be in 5 years time, in 10 years time. Their loyalty is largely to themselves, to make the most out of the natural talents, the skills, and determination they possess.

They recognize the importance of building new skills, refining current ones, getting new experiences. If the opportunities aren‟t available with their current employer, they will find look elsewhere.

5. Insufficient recognition or appreciation The Employees that don‟t receive adequate recognition for their contribution, that get little appreciation for their efforts, start to wonder why they bother. And it doesn‟t take much to tempt them away. Employees that did not feel valued, that felt that their efforts, their hard work, was not appreciated. That their achievements, their contribution to the success of the business, was not recognised. Employees want to feel valued; as though their role is important, as though the business needs them. They want someone to say thank you. Thanks for that piece of work, thanks for helping out in a crisis, thanks for dealing with that problem.

6. Problems with direct manager

The state of the relationship between an employee and their direct manager goes a long way towards determining whether they stay or leave. Some employees stay far longer than might otherwise be expected because of the relationship they have with their supervisor. Others leave jobs in the first few months because they sense their manager is not someone that brings the best out of them. And they need to get away. Because the daily challenge of dealing with someone they dislike, someone that lacks basic people skills, is just too much to bear.

Poor relationships between employees and their managers are one of the most common reasons for employee turnover.

7. Dissatisfaction with pay

Not receiving a fair salary, a fair pay rise, a fair bonus. Dissatisfaction with financial rewards is complex. Much of the dissatisfaction is due to comparisons. A previously adequate salary starts to feel insufficient when you have just learnt that a new arrival is receiving a higher wage for performing a similar role Salaries rarely remain a secret. The information leaks out. If it isn‟t fair, if it isn‟t equitable, if the procedure for determining pay settlements is tainted, employees become dissatisfied. And in time many of them leave.

8. Stress

The stress of work, the stress from working long hours, the stress related to pressure from above; employees can take only so much.

Stress drives employees into the arms of alternative employers. They simply want to get away from the workplace, from the people involved, from the firm. A stressful workplace is rarely a productive one. Attrition is high, people don‟t matter; there will always be someone else to fill the vacancy. And in time they too will probably leave for much the same reasons. Stressful work environments tend to be high turnover environments. If there is an alternative, people take it.

9. Lack of work life balance

Employees have responsibilities to their employer, to their families, to their friends. There are times when the demands of work require extra hours, staying late to get things finished, working during weekends to meet deadlines. For some employees the demands of work are no longer compatible with the needs of their family, the needs that exist beyond the workplace. Perhaps they coped better when they were younger, before they got married, before they had a family. But now the arrangement just isn‟t practical. They need a better balance. They need to have time for themselves. Time to take care of loved ones. Free time not devoted to work.

10. Loss of confidence in the firm, particularly leadership.

Confidence matters. Companies go bust; you just need to read the papers, watch the news, to realize the risk involved. When employees lose confidence in the firm‟s leadership they head towards the exit door. They know that confidence matters, that seemingly invincible companies can collapse in days, if not hours. They don‟t want to be left without a job, should the company go under, or be taken over.

Other factors for Retention being a challenge are:  A robust economy  Shift in how people view their careers  Changes in the unspoken "contract" between employer and employee

 Corporate cocooning  A new generation of workers

EMPLOYEE RETENTION STRATEGIES
The basic practices which should be kept in mind in the employee retention strategies are:

1. Hire the right people in the first place.

2. Empower the employees: Give the employees the authority to get things done.

3. Make employees realize that they are the most valuable asset of the organization.

4. Have faith in them, trust them and respect them.

5. Provide them information and knowledge.

5. Keep providing them feedback on their performance.
7. Recognize and appreciate their achievements.

8. Keep their morale high.

9. Create an environment where the employees want to work and have fun.

These practices can be categorized in 3 levels: Low, medium and high level.

Low Level Employee Retention Strategies
 Appreciating and recognizing a well done job  Personalized well done and thank-you cards from supervisors  Congratulations e-cards or cards sent to spouses/families  Voicemails or messages from top management  Periodic days off for good performance  Rewards ( gift, certificates, monetary and non monetary rewards)  Recognizing professional as well as personal significant events

Wedding gifts Anniversary gifts New born baby gifts Scholarships for employee‟s children Get well cards/flowers Birthday cards, celebrations and gifts

 Providing benefits

Home insurance plans Legal insurance Travel insurance Disability programs

 Providing perks: It includes coupons, discounts, rebates, etc

Discounts in cinema halls, museums, restaurants, etc. Retail store discounts Computer peripherals purchase discounts

 Providing workplace conveniences

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 work

Celebrate birthdays, anniversaries, retirements, promotions, etc Holiday parties and holiday gift certificates Occasional parties like diwali, holi, dushera, etc Organize get together for watching football, hockey, cricket matches Organize picnics and trips for movies etc Sports outings like cricket match etc Indoor games

 Occasional stress relievers

“Casual dress” day “Green is the color” day Handwriting analysis Tatoo, mehandi, hair braiding stalls on weekends Mini cricket in office Ice cream Fridays Holi-Day breakfast

 Employee support in tough time or personal crisis

Personal loans for emergencies Childcare and eldercare services Employee Assistance Programs ( Counseling sessions etc)

Emergency childcare services

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  Providing conveniences at workplace  Gymnasiums  Athletic membership program  Providing training and development and personal growth opportunities  Sabbatical programs  Professional skills development  Individualized career guidance  Dependents care assistance  Medical care reimbursement

High Level Strategies
 Promoting Work/Life Effectiveness  Develop flexible schedules  Part-time schedules  Extended leaves of absence  Develop Support Services  On-site day care facility etc.  Understand employee needs: This can be done through proper management style and culture  Listen to the employee and show interest in ideas

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:

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

 Provide an environment of trust: Communication is the most important and effective way to develop trust.

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, notice boards, etc.

 Hire the right people from the beginning: employee retention is not a process that begins at the end. The process of retention begins right from the start of the recruitment process.

The new joinees should fit with the organization‟s culture. The personality, leadership characteristics of the candidate should be in sync with the culture of the hiring organization.

Referral bonus should be given to the employees for successful hires. They are the best source of networking.

Proper training should be given to the managers on interview and management techniques.

An internship program can be followed to recruit the fresh graduates.

MANAGING EMPLOYEE RETENTION
The task of managing employees can be understood as a three stage process:

1. Identify the cost of employee turnover 2. Understand why employee leave 3. Implement retention strategies

1.Identify the cost of employee turnover:
The organizations should start with identifying the employee turnover rates within a particular time period and benchmark it with the competitor organizations. This will help in assessing the whether the employee retention rates are healthy in the company. Secondly, the cost of employee turnover can be calculated. According to a survey, on an average, attrition costs companies 18 months‟ salary for each manager or professional who leaves, and 6 months‟ pay for each hourly employee who leaves. This amounts to major organizational and financial stress, considering that one out of every three employees plans to leave his or her job in the next two years.

2.Understand why employees leave:
Why employees leave often puzzles top management. Exit interviews are an ideal way of recording and analyzing the factors that have led employees to leave the organization. They allow an organization to understand the reasons for leaving and underlying issues. However employees never provide appropriate response to the asked questions. So an impartial person should be appointed with whom the

employees feel comfortable in expressing their opinions.

3.Implement

retention strategy:

Once the causes of attrition are found, a strategy is to be implemented so as to reduce employee turnover. The most effective strategy is to adopt a holistic approach to dealing with attrition. 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, and that they are kept aware of their likely career path with the organization

The organization‟s reward strategy reflects the employee drivers

The leaving process is managed effectively

WAYS TO INCREASE EMPLOYEE RETENTION
Companies have now realized the importance of retaining their quality workforce. 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, providing recognition, benefits and opportunities for individual growth. But are they really positively contributing to the retention rates of a company? Basic salary, these days, hardly reduces turnover. Today, employees look beyond the money factor.

employee retention can be increase by inculcating the following practices: 1. Open Communication: A culture of open communication enforces loyalty among employees. Open communication tends to keep employees informed on key issues. Most importantly, they need to know that their opinions matter and that management is 100% interested in their input. 2. Employee Reward Program: A positive recognition for work boosts the motivational levels of employees. Recognition can be made explicit by

providing awards like best employee of the month or punctuality award. Project based recognition also has great significance. The award can be in terms of gifts or money. 3. Career Development Program: Every individual is worried about his/her career. He is always keen to know his career path in the company. Organizations can offer various technical certification courses which will help employee in enhancing his knowledge. 4. Performance Based Bonus: A provision of performance linked bonus can be made wherein an employee is able to relate his performance with the company profits and hence will work hard. This bonus should strictly be productivity based. 5. Recreation facilities: Recreational facilities help in keeping employees away from stress factors. Various recreational programs should be arranged. They may include taking employees to trips annually or bi-annually, celebrating anniversaries, sports activities, et al. 6.Gifts at Some Occasions: Giving out some gifts at the time of one or two festivals to the employees making them feel good and understand that management is concerned about them. the

MEASURES ADOPTED BY HR DEPT.FOR RETENTION IN THE BUNGE PVT LTD RAJPURA
An employer has to introduce suitable measure step for reducing turnover to the good employee which is best for the company though. It is not possible to re move it completely. Such step should be related to the important causes responsible for the high rate of turnover. The possible steps which company can adopt follow:-

1.Proper selection:
Right types of the people should be employed for various jobs. While assigning work to the employees, their aptitude and interests should be duly considered. This will make them feel interested in their jobs.

2.Proper Orientation:The new employees should be inducted should in such a way that their critical attitude is reduced as possible to avoid turnover form this source.

3.Better Working Condition:The main cause of the employees due to hard nature of jobs and bad working conditions. An employee can provide proper working condition so that workers may not have industrial fatigue. Similarly, It is possible to make hard job a little lighter by introducing suitable measures.

4.Provision of Transport and Housing Facilities:The main problem of employees quit due to housing, transport and other difficulties. It is possible for the employer to provide free or confessional transport facility to workers from residence to factory. This will ensure regularity of worker

5. Incentives &Bonus to regular employees:
Cash prizes may be given to those who are regular throughout the year. Workers who are regular may be given special bonus for their regularity. Regularity in attendance is given consideration while promotion. such positive measures encourage workers to be regular in their jobs.

6.Prevention of accidents:
Industial accidents may increase absenteeism. The management takes adequate safety measures to minimize industrial accidents in workshops.

7.Working environment:
The workers are provided congenial atmosphere to perform their duties. The place is properly well ventilated. The lightning system is provided, proper fans have been provided wherever required. Proper transport facilities are given

8.Canteen facilities.
The company has provided canteen for both staff &workers. The meals &tea is provided to all workers at nominal rates.

9.Medical, health &hygiene :
The company has a dispensary room to provide first aid facility to the employees in accidents cases. A well qualified doctor also visits the company 3 times in a week. The company also provided clean washrooms, changing rooms &pure drinking facilities to the employees.

OBJECTIVES OF THE STUDY

NEED OF THE STUDY

Retention has become a strategic priority in many organizations. “Cost reduction” is the mantra of any contemporary successful business. As a competitive edge, a company management is striving to identify and capture incentives that reward expansion, production increase or investment geared to cost reduction or job retention. Many companies have off-shored operations in order to cut cost and increase profits. Finding and developing employees to fill critical positions has become essential for organizations to compete in global economic market. Company‟s today invest so much time in their employees that each time one leaves, it is like they are losing an investment. It is for this reason employee retention had become a critical component of workforce stability

OBJECTIVE
 To high light the necessity of retention in prevailing business environment.  Analyze the existing system of retention adopted in Bunge India Pvt Ltd.. In relation to the objective of recruitment and selection system.  To identify the weakness in the system.  To suggest/recommend appropriate strategies changes in existing system.  To reduce employee turnover.  To reduce the cost of hiring a new employee.

RESEARCH METHODOLOGY

RESEARCH METHODOLOGY

A research design is the arrangement of conditions for the collection of data and analysis of data. Infact, reseach design is the conceptual structure within which research is conducted. Descriptive Research Design has been used by me to solve each and every factor of given task. In the descriptive research study, the main purpose is that of formulating a problem for more precise investigation or of developing the working hypothesis forms an operational point of view. The major emphasis is on the discovery of ideas and in sights.

DATA COLLECTION METHOD
According to the needed research for the project is both Primary and Secondary data collection methods. We have used company

website and some publications on the net and information related tovroucher for secondary data collection. To ensure the accuracy of the primary data collection used is the structured interview method.

SAMPLING PLAN

Sample Size:-

100 employees

Sample unit:-

Bunge India Pvt .Ltd

Method of sampling:-

Simple random Sampling

Method of data collection:-

Primary & secondary

Research design :-

Descriptive

ANALYSIS & FINDINGS

1. If you look for a new Job, (in a new company) what will be your preference? a) Career plan b) Flexible Timings c) Not improvement in position (Increase in other benefits) d) Improvement in position

70% 60% 50% 40% 30% 20% 10% 0% a) Career plan b) Flexible Timings c) Not improvement in position (Increase in other benefits) d) Improvement in position

2.How much areYou satisfied with the current job? a) Very high b) Fairely enough c) Moderate d) Very less e) Not at all

60%

50%

40%

30%

20%

10%

0% very high Fairely enough Moderate very less Not at all

3. To what extent do you feel quitting the present job will give you a satisfied job?  Very high  Fairely enough  Moderate  Very less  Not at all

35% 30% 25% 20% 15% 10% 5% 0% very high Fairely enough Moderate very less Not at all

4.Are you satisfied with the Facilities provided by the organization? a) Yes b) No
70% 60% 50% 40% 30% 20% 10% 0% Yes No

5.Are you satisfied with the working conditions with in the company? a) Yes b) N

80% 70% 60% 50% 40% 30% 20% 10% 0% yes no

6.Do you feel that welfare measures provided by the company are satisfied? a) Yes b) No

70% 60% 50% 40% 30% 20% 10% 0% Yes No

64

7. Is your work hazardous? a) Yes b) No

80% 70% 60% 50% 40% 30% 20% 10% 0% Yes No

65

8. What is the nature of your job? a) Simple b) Difficult c) Technical
45% 40% 35% 30% 25% 20% 15% 10% 5% 0% simple difficult technical

66

9.To improve your workplace environment what would you like to see your managers or executives do for you ? a) Better communication c) Show more concern b) Try new things at work d) Listen to your ideas

40% 35% 30% 25% 20% 15% 10% 5% 0% Better communication

Try new things at work Show more concern

Listen to your ideas

67

10.What could be done to improve retention? a) Better benefits c) Listen to employees grievances
60%

b) Pay more

50%

40%

30%

20%

10%

0% better benefits pay more listen to employees grievances

68

FINDINGS

I have made an effort to analysis the retention system of Bunge India Pvt Ltd.. for keeping in view the policy and objectives defined by HR

Department. Though, there are to categories of employees i.e. staff and workers hence different categorization like highly skilled, skilled, semi skilled and unskilled. The best retention strategies and method remains the same. In my view following salient:-

1 In Bunge India Pvt Ltd.. the manpower planning process insures that it has the right member and right kind of people and at the right time doing the work for which they are economically most useful.

2 The objectives at the spelt out as under:  To carry out accurate estimate of the number of employees

 To identify skills requirement

69

 The above is in importance with the organization rules.

3 In Bunge India Pvt Ltd.. Ltd man power planning is based on annual requirements and not like other corporate houses where the normal technique for manpower planning about three to five years.

4 The basic aim is being to attract best available manpower in the market and seek widest possible choice in selecting best candidate

5. Based on the requirements the personnel department mainly realize on advertisement consultants or references. 6. The personnel department maintain the check list of requirements of the position based on requisition to furnish by different department by own quartile. 7. The entire data is maintained by personnel department and organization of all activities like recruitment, induction is carried out by personnel department. 8. Though there is no retention strategy in written form in Bunge India Pvt Ltd. But certain measures like providing better working environment monetary benefits and medical facilities etc.
70

9. It has emerged from the records in Bunge India Pvt Ltd.. over a period of three years that most of the people leave the company in the staff category i.e. to in managers and above. 10. From the questionnaire part the following conclusion has been made by me The employees in the Bunge India Pvt Ltd.. mostly are not very satisfied. From the data collected 60% of the workers want to go for other carrier opportunities due to not improvement in the position where as 28% of the employees fell working environment is good this shows that the most of the employees are not satisfied from there company so most of the employees are willing to shift their job. The employees think that there is less communication between workers and supervisors so they feel that they are only employees but not part of the company they want that there salary should be paid according to work and there work should be appreciated/recognized and the employees want flexible worked hours and more employee participation

However there are two sides of every coin in the same way if the workers are less satisfied that doesn‟t mean they are very much willing to leave the job. The employees are happy with the benefits provided to them like Medical facilities,ESI leaves, formal family dinners, Low EMI on loans,
71

Scholarship schemes for the wards of the employees. Last but not the least other welfare schemes.

72

CONCLUSION

73

CONCLUSION

The retention of required talent is an important aspect to ensure overall development of the organization. Such employees by remain satisfied and committed to their job which enhances the productivity and overall working environment providing and edge in the competitive market. At last we can say that providing the proper facilities to the employee the problem in the organization can be solved and then they definitely stay in their jobs and remain regular in their work. The organization should also provide proper working condition to the workers. When the organization provides such facilities to the employees then the problem of attrition is checked at a large scale.

74

SUGGESTIONS

75

SUGGESTIONS

Having gone through the concept of Retention .I have found that all the aspects have been addressed to in one form or the other but still there is a scope to improve the existing system by incorporating new methods and strategies. I have following suggestions / recommendations to make.

 For placing demand of requirements of manpower through advertisement, public consultants. It is suggested that new methods to find out talent / job seekers through internet etc. Personal data bank of Bunge India Pvt Ltd.. should be created so that whenever there is an urgent need of talented employee he / she can be contact immediately.

 The form for interview trust should also include two desire columns i.e. high skills and soft skills and interview committee should access the individual keeping in mind organization culture so that culturally

76

fit talent is selected which will go away for long way to ensure retention.

 There is a requirement to lay down retention strategy with its objectives well defined. it should written format so that this important aspect is well understood by all employees in true perspective.

 Salaries , bonus , incentives and allowances keep the employees motivated and they are one of the main reasons of retention so the employees should be paid handsome salaries

 Company image should be enhanced. Regular events should be organized and other social responsibilities of business should be performed by company from time to time.

77

LIMITATIONS

78

LIMITATION OF THE STUDY

 Various limitation of the study are statistic with regard  To qualification requirement used in the project may differ from person to person.  The data taken during the project study may not represent the realistic picture. Hence there may be margin of error.  The information collected by me may be incomplete.  Small sample size taken at convenience might have affected the result of the study.  Existence of biases in the respondent mind.

79

BIBLIOGRAPHY

80

BIBLIOGRAPHY

www. Bunge India Pvt Ltd.com www.naukrihub.com www.wikipedia.com

81

ANNEXURE

82

QUESTIONNAIRE
1. If you look for a new Job, (in a new company) what will be your preference? e) Career plan f) Flexible Timings g) Not improvement in position (Increase in other benefits) h) Improvement in position

2.How much areYou satisfied with the current job? f) Very high g) Fairely enough h) Moderate i) Very less j) Not at all

3.To what extent do you feel quitting the present job will give you a satisfied job?

Very high Fairely enough Moderate Very less Not at all

83

4.Are you satisfied with the Facilities provided by the organization? c) Yes d) No 5.Are you satisfied with the working conditions with in the company? c) Yes d) N

6.Do you feel that welfare measures provided by the company are satisfied? c) Yes d) No 7.Is your work hazardous? a) Yes b) No 8.What is the nature of your job? a) Simple b) Difficult c) Technical 9.To improve your workplace environment what would you like to see your managers or executives do for you ?

a) Better communication b) Try new things at work c) Show more concern d) Listen to your ideas

84

10.What could be done to improve retention? a) Better benefits b) Pay more c) Listen to employees grievances

85