You are on page 1of 83

A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

CHPATER 1

INTRODUCTION

1.1 Introduction to Human Resources Management

Human resource management is the management process of an organization's workforce,


or human resources. It is responsible for the attraction, selection, training, assessment,
and rewarding of employees, while also overseeing organizational leadership and culture and
ensuring compliance with employment and labor laws. In circumstances where employees desire
and are legally authorized to hold a collective bargaining agreement, HR will also serve as the
company's primary liaison with the employees' representatives (usually a trades union).

HR is a product of the human relations movement of the early 20th century, when researchers
began documenting ways of creating business value through the strategic management of the
workforce. The function was initially dominated by transactional work, such
as payroll and benefits administration, but due to globalization, company consolidation,
technological advancement, and further research, HR now focuses on strategic initiatives
like mergers and acquisitions, talent management, succession planning, industrial and labor
relations, and diversity and inclusion.

1.2 Meaning of Human Resource Management

Human Resource is a resource like any other natural resource. It means that management can get
and use the skill, knowledge, ability etc. through the development of skills, tapping and utilizing
them again and again. Human Resource Management is that process of management which
develops and manages the human elements of enterprise. It is not only the management of skills
but also the attitudes and aspirations of people. When individuals come to work place , they
come with not only technical skills, knowledge, experience etc. , but also with their personal
feelings, perception, desires, motives, attitude, values etc.

So Human Resource Management will mean management of various aspects of human


resources. An important element of human resource management is the ‘humane approach’ while

Seshadripuram First Grade College Page 1


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

managing people. This approach helps a manager to view his people as an important resource. It
is an approach in which manpower resources are developed not only to help the organization in
achieving its goals but also to the self satisfaction of the concerned persons.

1.3 Definition of Human Resource Management

Human resource management may be defined as a set of policies, practices and programmes
designed to maximize both personal and organizational goals. It is such a process by which the
people and organizations are bound together in such a way that both of them are able to achieve
their objectives.

According to Flippo, “ Human resource management is the planning, organizing, directing and
controlling of the procurement , development, compensation, integration, maintenance and
reproduction of human resources to the end that individual, organizational and societal objectives
are accomplished.”

This definition reveals that human resource management is that aspect of management which
deals with the planning, organizing, directing and controlling the personnel functions of an
enterprise. The purpose of these functions is to assist in the achievement of basic organizational,
individual and societal goals.

1.4 Scope of Human Resource Management

The scope of HRM refers to all the activities that come under the banner of HRM. The activities
are as follows

1. Human resources planning: - Human resource planning is a process by which the


company to identify the number of jobs vacant, whether the company has excess staff or
shortage of staff and to deal with this excess or shortage.

2. Job analysis design: - Another important area of HRM is job analysis. Job analysis gives
a detailed explanation about each and every job in the company. Based on this job
analysis the company prepares advertisements.

Seshadripuram First Grade College Page 2


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

3. Recruitment and selection: - Based on information collected from job analysis the
company prepares advertisements and publishes them in the news papers. A number of
applications are received after the advertisement is published, interviews are conducted
and the right employee is selected thus recruitment and selection are yet another
important areas of HRM.

4. Orientation and induction: - Once the employees have been selected an induction or
orientation program is conducted. The employees are informed about the background of
the company. They are told about the organizational culture and values and work ethics
and introduce to the other employees.

5. Training and development: - Every employee goes under training program which helps
him to put up a better performance on the job. Training program is also conducted for
existing staff that have a lot of experience. This is called refresher training. Training and
development is one area where the company spends a huge amount.

6. Performance appraisal: - Once the employee has put in around 1 year of service,
performance appraisal is conducted i.e. the HR department checks the performance of the
employee. Based on these appraisal future promotions, incentives, increments in salary
are decided.

7. Compensation planning and remuneration: - There are various rules regarding


compensation and other benefits. It is the job of the HR department to look into
remuneration and compensation planning.

8. Motivation, welfare, health and safety: - Motivation becomes important to sustain the
number of employees in the company. It is the job of the HR department to look into the
different methods of motivation. Apart from this certain health and safety regulations
have to be followed for the benefits of the employees.

Seshadripuram First Grade College Page 3


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

9. Industrial relations: - Another important area of HRM is maintaining co-ordinal


relations with the union members. This will help the organization to prevent strikes
lockouts and ensure smooth working in the company.

1.5 Need for Human Resource Management

The need for human resource management in an organization can be evaluated in the following
categories:

1. Strategy
HR improves the company's bottom line with its knowledge of how human capital affects
organizational success. Leaders with expertise in HR strategic management participate in
corporate decision-making that underlies current staffing assessments and projections for future
workforce needs based on business demand.

2. Compensation
HR compensation specialists develop realistic compensation structures that set company wages
competitive with other businesses in the area, in the same industry or companies competing for
employees with similar skills. They conduct extensive wage and salary surveys to maintain
compensation costs in line with the organization's current financial status and projected revenue.

3. Benefits
Benefits specialists can reduce the company’s costs associated with turnover, attrition and hiring
replacement workers. They are important to the organization because they have the skills and
expertise necessary to negotiate group benefit packages for employees, within the organization's
budget and consistent with economic conditions. They also are familiar with employee benefits
most likely to attract and retain workers. This can reduce the company’s costs associated with
turnover, attrition and hiring replacement workers.

4. Safety
Employers have an obligation to provide safe working conditions. Workplace safety and risk
management specialists from the HR area manage compliance with U.S. Occupational Safety

Seshadripuram First Grade College Page 4


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

and Health Administration regulations through maintaining accurate work logs and records, and
developing programs that reduce the number of workplace injuries and fatalities. Workplace
safety specialists also engage employees in promoting awareness and safe handling of dangerous
equipment and hazardous chemicals.

4. Liability
HR employee relations specialists minimize the organization's exposure and liability related to
allegations of unfair employment practices. They identify, investigate and resolve workplace
issues that, left unattended, could spiral out of control and embroil the organization in legal
matters pertaining to federal and state anti-discrimination and harassment laws.

5. Training and Development


HR training and development specialists coordinate new employee orientation, an essential step
in forging a strong employer-employee relationship. The training and development area of HR
also provides training that supports the company's fair employment practices and employee
development to prepare aspiring leaders for supervisory and management roles.

6. Employee Satisfaction
Employee relations specialists in HR help the organization achieve high performance, morale
and satisfaction levels throughout the workforce, by creating ways to strengthen the employer-
employee relationship. They administer employee opinion surveys, conduct focus groups and
seek employee input regarding job satisfaction and ways the employer can sustain good working
relationships.

7. Recruitment
HR recruiters manage the employment process from screening resumes to scheduling interviews
to processing new employees. Typically, they determine the most effective methods for
recruiting applicants, including assessing which applicant tracking systems are best suited for the
organization's needs.

Seshadripuram First Grade College Page 5


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

8. Selection
HR professionals work closely with hiring managers to effect good hiring decisions, according to
the organization's workforce needs. They provide guidance to managers who aren't familiar with
HR or standard hiring processes to ensure that the company extends offers to suitable candidates.

9. Compliance
HR workers ensure that the organization complies with federal state employment laws. They
complete paperwork necessary for documenting that the company's employees are eligible to
work in the U.S. They also monitor compliance with applicable laws for organizations that
receive federal or state government contracts, through maintaining applicant flow logs, written
affirmative action plans and disparate impact analyses.

1.6 Objectives Of Human Resource Management

Objectives of Human Resource Management can be classified under four major categories.

1. Societal
HRM may contribute ethically and socially regarding the needs and challenges emerging
in the society. If an organization fails to use its resources for society benefits in ethical
ways it may lead to restriction by society. For example, society may limit the HR
decisions through laws in hiring, it may limit laws that address discrimination, laws
regarding safety or other areas of concern.

2. Organizational
The main objective of HRM is to achieve organizational goals by bringing organizations
effectiveness. HRM is not an end but it is a means to assist the organization in order to
attain objectives.

Seshadripuram First Grade College Page 6


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

3. Functional
Functional objective of HRM deals with contributions of each department regarding their
need and effectiveness in order to attain organization goal. All the resource or skill set get
wasted if
HRM is not able to fulfill up with the organizational demand.

4. Personal
HRM also deals with personal objectives of the individuals so that personal and
organizational objectives can be met or order to achieve maximum production and attain
competitive advantage. These personal objectives are important in order to maintain,
retain and to motivate employees. If this not done employees dissatisfaction and poor
performance will result in attrition and low productivity.

1.7 Importance of Human Resources Management

An organization cannot build a good team of working professionals without good Human
Resources. The key functions of the Human Resources Management (HRM) team include
recruiting people, training them, performance appraisals, motivating employees as well as
workplace communication, workplace safety, and much more. The beneficial effects of these
functions are discussed here:

 Recruitment and Training

This is one of the major responsibilities of the human resource team. The HR managers come up
with plans and strategies for hiring the right kind of people. They design the criteria which is best
suited for a specific job description. Their other tasks related to recruitment include formulating
the obligations of an employee and the scope of tasks assigned to him or her. Based on these two
factors, the contract of an employee with the company is prepared. When needed, they also
provide training to the employees according to the requirements of the organization. Thus, the
staff members get the opportunity to sharpen their existing skills or develop specialized skills
which in turn, will help them to take up some new roles.

Seshadripuram First Grade College Page 7


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

 Performance Appraisals
HRM encourages the people working in an organization, to work according to their potential and
gives them suggestions that can help them to bring about improvement in it. The team
communicates with the staff individually from time to time and provides all the necessary
information regarding their performances and also defines their respective roles. This is
beneficial as it enables them to form an outline of their anticipated goals in much clearer terms
and thereby, helps them execute the goals with best possible efforts. Performance appraisals,
when taken on a regular basis, motivate the employees.

 Maintaining Work Atmosphere


This is a vital aspect of HRM because the performance of an individual in an
organization is largely driven by the work atmosphere or work culture that prevails at the
workplace. A good working condition is one of the benefits that the employees can
expect from an efficient human resource team. A safe, clean and healthy environment can
bring out the best in an employee. A friendly atmosphere gives the staff members job
satisfaction as well.

 Managing Disputes
In an organization, there are several issues on which disputes may arise between the
employees and the employers. You can say conflicts are almost inevitable. In such a
scenario, it is the human resource department which acts as a consultant and mediator to
sort out those issues in an effective manner. They first hear the grievances of the
employees. Then they come up with suitable solutions to sort them out. In other words,
they take timely action and prevent things from going out of hands.

 Developing Public Relations

The responsibility of establishing good public relations lies with the HRM to a great
extent. They organize business meetings, seminars and various official gatherings on
behalf of the company in order to build up relationships with other business sectors.

Seshadripuram First Grade College Page 8


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

Sometimes, the HR department plays an active role in preparing the business and
marketing plans for the organization too.

Any organization, without a proper setup for HRM is bound to suffer from serious problems
while managing its regular activities. For this reason, today, companies must put a lot of effort
and energy into setting up a strong and effective HRM.

1.8 Role of Human Resource Management

1. Policy development advice on long term related human resource policy and innovative
human resources strategy, and university programs around cultural and organizational change.

2. Staff employment and salary services including appointments, promotions, transition to


retirement, voluntary separations, redundancy, payment of salaries, leave, superannuation,
conditions of service and job classification and remuneration.

3. Staff health & safety services including advice on the provision of a healthy, safe and
productive work environment for staff and students, along with well-being programs, injury
management and workers compensation management.

4. Career and workforce development advice on future practices including career


development and talent management strategies, development programs, mentoring support, and
staff diversity and inclusion strategies.

5. Workforce planning services to provide information and advice to assist managers to


forecast and take action in anticipation of future workforce trends.

6. Oversight of all human resources processes from end-to-end across the University.

7. Information and Statutory reporting to provide information to assist with decision-


making on staffing matters, provide external reporting on undertaken on behalf of the
University in relation to staffing numbers, OH&S, superannuation, senior remuneration and

Seshadripuram First Grade College Page 9


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

Equal Employment Opportunity matters, and provide core HR systems and infrastructure
support.

1.9 Introduction to Employee Engagement

Employee engagement is a property of the relationship between an organization and its


employees. An "engaged employee" is one who is fully absorbed by and enthusiastic about
their work and so takes positive action to further the organization 's reputation and interests.

An organization with 'high' employee engagement might therefore be expected to outperform


those with 'low' employee engagement, all else being equal.

1.10 Definition of Employee Engagement

William Kahn provided the first formal definition of employee engagement, as such: "the
harnessing of organisation members' selves to their work roles; in engagement, people employ
and express themselves physically, cognitively, and emotionally during role performances."
Kahn (1990).

In 1993, Schmidt et al. proposed a bridge between the pre-existing concept of 'job satisfaction'
and employee engagement with the definition: "an employee's involvement with, commitment to,
and satisfaction with work. Employee engagement is a part of employee retention." This
definition integrates the classic constructs of job satisfaction (Smith et al., 1969), and
organizational commitment (Meyer & Allen, 1991).

Defining Employee Engagement remains problematic. In their review of the literature in 2011,
Shuck and Wollard identify four main sub-concepts within the term:

1. Needs Satisfying approach, in which engagement is the expression of one's preferred self
in task behaviors.

Seshadripuram First Grade College Page 10


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

2. Burnout Antithesis approach, in which energy, involvement, efficacy are presented as the
opposites of established "burnout" constructs: exhaustion, cynicism and lack of
accomplishment.
3. Satisfaction-engagement approach, in which engagement is a more technical version of
job satisfaction, evidenced by Gallup's own Q12 engagement survey which gives an
r=.91 correlation with one (job satisfaction) measure.
4. The Multidimensional approach, in which a clear distinction is maintained between job
and organizational engagement, usually with the primary focus on antecedents and
consequents to role performance rather than organizational identification.

Definitions of engagement vary in the weight they give to the individual vs. the organisation in
creating engagement. Recent practice has situated the drivers of engagement across this
spectrum, from within the psyche of the individual employee (for example, promising
recruitment services that will filter out ‘disengaged' job applicants ) to focusing mainly on the
actions and investments the organisation makes to support engagement.

These definitional issues are potentially severe for practitioners. With different (and often
proprietary) definitions of the object being measured, statistics from different sources are not
readily comparable. Engagement work remains open to the challenge that its basic assumptions
are, as Tom Keenoy describes them, 'normative' and 'aspirational', rather than analytic or
operational - and so risk being seen by other organizational participants as "motherhood and
apple pie" rhetoric.

1.11 Drivers of Employee Engagement

While it is possible to measure engagement itself through employee surveys, this does not assist
in identifying areas for improvement within organizations. To manage employee engagement
upwards, it is necessary to identify what drives engagement. Some points from research into
drivers of engagement are presented below:

Seshadripuram First Grade College Page 11


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

 Employee perceptions of job importance – An employee's attitude toward the job's


importance and the company had the greatest impact on loyalty and customer service than all
other employee factors combined.

 Employee clarity of job expectations - If expectations are not clear and basic materials and
equipment are not provided, negative emotions such as boredom or resentment may result,
and the employee may then become focused on surviving more than thinking about how he
can help the organization succeed.

 Career advancement/improvement opportunities - Plant supervisors and managers


indicated that many plant improvements were being made outside the suggestion system,
where employees initiated changes in order to reap the bonuses generated by the subsequent
cost savings.

 Regular feedback and dialogue with superiors - Feedback is the key to giving employees
a sense of where they’re going, but many organizations are remarkably bad at giving it.’
‘What I really wanted to hear was “Thanks. You did a good job.” But all my boss did was
hand me a check.’

 Quality of working relationships with peers, superiors, and subordinates - If employees'


relationship with their managers is fractured, then no amount of perks will persuade the
employees to perform at top levels. Employee engagement is a direct reflection of how
employees feel about their relationship with the boss.

 Perceptions of the ethos and values of the organization - Inspiration and values are the
most important of the six drivers in our Engaged Performance model. Inspirational
leadership is the ultimate perk. In its absence, it is unlikely to engage employees.

 Effective Internal Employee Communications - which convey a clear description of


"what's going on".

Seshadripuram First Grade College Page 12


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

 Reward to engage - Look at employee benefits and acknowledge the role of incentives. "An
incentive to reward good work is a tried and test way of boosting staff morale and enhancing
engagement."

Commitment theories are rather based on creating conditions, under which the employee will
feel compelled to work for an organization, whereas engagement theories aim to bring about a
situation in which the employee by free choice has an intrinsic desire to work in the best interests
of the organization.

Recent research has focused on developing a better understanding of how variables such as
quality of work relationships and values of the organization interact, and their link to important
work outcomes. From the perspective of the employee, "outcomes" range from strong
commitment to the isolation of oneself from the organization.

1.12 Importance of Employee Engagement

Today, employee engagement and loyalty are more vital than ever before to an organization’s
success and competitive advantage. Gone are the days when a young person starting out in his or
her career joined a company and stayed until retirement – in today’s business environment there
are no guarantees. Experts predict the current turnover rate may rise to 65%. With recruiting
costs running approximately 1.5 times annual salary, the ability to engage and retain valuable
employees has a significant impact on an organization’s bottom line. The question for
management is how to ensure that the supervisors interact with individuals to generate an
engaged workforce.

By working with employees to create a clear career path and set goals with a potential for
growth, a manager can create positive esteem within each team member. By showing them that
they are valued and have responsibility, and then to recognize and reward them for a job well
done, a manager can create an “involved employee.” It is then much easier to turn that sense of
involvement into enthusiasm and a sense of pride in ownership that creates the highest levels of
engagement with employees.

Seshadripuram First Grade College Page 13


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

1. Employees should be encouraged to communicate openly and influence the company’s


vision through their input.
2. Direct managers should foster healthy relationships with their employees.
3. Senior leadership should continuously Senior leadership must articulate a clear vision to
all employees.
4. Demonstrate that employees have an impact on their work environment.
5. Managers should show employees that they are valued as true contributors, giving them a
sense of empowerment.
6. Managers should organize and encourage communities as a way of giving back.
7. Companies should give back to local nonprofits. Matching gifts are a great way
corporations can support organizations employees care about.

1.13 Meaning of Employee Retention


Employee retention refers to the ability of an organization to retain its employees. Employee
retention can be represented by a simple statistic (for example, a retention rate of 80% usually
indicates that an organization kept 80% of its employees in a given period). However, many
consider employee retention as relating to the efforts by which employers attempt to retain
employees in their workforce. In this sense, retention becomes the strategies rather than the
outcome.

A distinction should be drawn between low performing employees and top performers, and
efforts to retain employees should be targeted at valuable, contributing employees. Employee
turnover is a symptom of a deeper issue that has not been resolved. These deeper issues may
include low employee morale, absence of a clear career path and lack of recognition, poor
employee-manager relationships or many other issues. A lack of satisfaction and commitment to
the organization can also cause an employee to withdraw and begin looking for other
opportunities. Pay does not always play as large a role in inducing turnover as is typically
believed.

Seshadripuram First Grade College Page 14


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

1.14. Importance of Employee Retention


Retaining a positive and motivated staff is vital to an organization's success. High employee
turnover increases expenses and also has a negative effect on company morale. Implementing an
employee retention program is an effective way of making sure key workers remain employed
while maintaining job performance and productivity.

1. Manage Employee Turnover


Employers implement retention strategies to manage employee turnover and attract quality
employees into the organization. Retention programs focus on the relationship between
management and their workers. Competitive pay, benefits, employee recognition and employee
assistance programs are all apart of a company's attempt to maintain employee satisfaction.
Human resources specialists utilize feedback they receive from exit interviews and focus groups
to improve employee relations and reduce turnover.

2. Cost Effective
A company can significantly benefit from employee retention programs because of a direct effect
on an employer’s bottom line. High turnover can be very expensive. According to the Society for
Human Resources Management, “employee replacement costs can reach as high as 50 to 60
percent of an employee’s annual salary.” Strategies geared towards retaining good workers helps
offset employee replacement costs and reduces the indirect costs such as decreased productivity
and lost clients.

3. Maintain Performance And Productivity


Employee retention practices help support an organization’s productivity. Recruiting and training
new employees takes time. An unfilled position means work is not getting done. Even if a
position is filled, there is still a learning curve most employees must overcome before their work
becomes profitable. Taking the necessary steps to keep current workers satisfied with their roles
will ensure productivity is not interrupted.

Seshadripuram First Grade College Page 15


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

4. Enhances Recruitment
Effective retention strategies often begin during the employee recruitment process. Employees
are more inclined to remain with a company that fulfills the promises made when their
employment offer was extended. Companies that provide a realistic view of their corporate
environment, advancement opportunities and job expectations to new hires can positively
influence employee retention.

5. Increases Morale
Employees that enjoy what they do and the atmosphere in which they work are more likely to
remain employed with their company. Retention strategies are important because they help
create a positive work environment and strengthen an employee’s commitment to the
organization. Strategies that target employee engagement, such as team-builders and community
involvement, increase company morale and give employees a sense of pride in what they do.

1.15 Reasons for Employee Retention

A moderate level of staff turnover can be good for a business; it means fresh ideas and
approaches. However, every organisation needs to have a strategy in place to retain the high
performers that give it a competitive edge; they are the ones you can’t afford to lose.

Ignoring high levels of employee turnover can be very costly; it lowers internal morale and it
could harm an organization’s external reputation and cost it business. So, understanding the
importance of staff retention is vital.

It's essential to try to learn more about the reasons why people resign. The reasons might simply
be more attractive jobs elsewhere or chances for lifestyle reshapes, in which case it might be out
of your hands to retain these employees. However, many people leave their jobs because they are
dissatisfied with their current situation. There are ways of retaining these people, highlighted
below.

Seshadripuram First Grade College Page 16


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

1.16 Main reasons people leave a job

In our experience the most common negative reasons for leaving a job are:

 Poor salary and benefits


 A lack of training and development opportunities
 Dissatisfaction with management
 Not getting along with colleagues
 The journey to work
 Lack of work/life balance

1.17 Methods to find out why staff are leaving include:

 Confidential attitude surveys.


 Questionnaires sent to former employees around six months after their departure.
 Exit interviews

However, while companies do conduct 'exit' interviews to try and ascertain the reasons behind a
departure, because of the necessity to obtain a decent reference, people often tone down or
completely fabricate their reasons for leaving.

1.18 Ways to improve staff retention:

By adopting a mix of the following methods, you should see an improved staff retention rate:

 Ensure those being recruited have a realistic idea of what the job entails
 Improved career development opportunities.
 Effective appraisals
 Strong diversity policies.
 A practicable means of dealing with bullying.
 A good work/life balance.

Seshadripuram First Grade College Page 17


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

 A mechanism for staff to register dissatisfaction, whether it be appraisals, grievance


proceeding and so on.
 Leadership training for managers.

Make your employees feel valued and proud of the work that they do will not only do wonders
for your employer branding strategy, but will immediately improve your turnover rate. Develop a
work culture that encourages diversity and creativity and put in place effective anti-
discrimination policies that promote flexible working, where possible.

Adopting a strategy for staff retention is not always easy, but it will greatly benefit your
organisation.

Seshadripuram First Grade College Page 18


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

CHAPTER 2

RESEARCH DESIGN

2.1 Introduction to the Topic

Employee retension and engagement is a workplace approach designed to ensure that employees
are committed to their organization’s goals and values, motivated to contribute to organizational
success, and are able at the same time to enhance their own sense of well-being. It’s said that
employees don’t leave companies, they leave people. And it’s true, many of the main reasons
employees aren’t engaged have to do with people. Key drivers of employee engagement include:
 Employees’ relationships with their direct managers: 80% of employees who were
dissatisfied with their direct managed were disengaged.
 Employees’ belief in senior leadership: 70% of employees who lack confidence in the
abilities of senior leadership are not fully engaged.

 Employees’ pride in working for the company: 54% of employees who were proud of their

company’s contributions to society are engaged.

Employee retention is the practice of reducing turnover of employees in an organization. A


distinction should be drawn between low performing employees and top performers, and efforts
to retain employees should be targeted at valuable, contributing employees. Employee turnover
is a symptom of a deeper issue that has not been resolved. These deeper issues may include low
employee morale, absence of a clear career path, lack of recognition, poor employee-manager
relationships or many other issues. A lack of satisfaction and commitment to the organization
can also cause an employee to withdraw and begin looking for other opportunities. Pay does not
always play as large a role in inducing turnover as is typically believed.

2.2 Title of the Study


“A Study on Employee Retention Strategies” at RAYMOND LIMITED, BANGALORE

Seshadripuram First Grade College Page 19


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

2.3 Statement of the Problem


The study will shed light on how the employees function as an integral part of the organization
and highlight the strategies undertaken by the organization to retain the employees. The study
will also assess the commitment of the employees’ towards their work in the organization.

2.3 Scope of the study:


The study will cover the working aspects of employees at Raymond Limited and highlight the
various measures undertaken by the firm to retain its employees and maintain the employees’
commitment towards their respective jobs.
The research will be conducted about the employee engagement activities and retention
strategies of the company and will comprise of descriptive and analytical research.

2.4 Research Objectives:


 To analyze the employee perception about the organization.
 To study the retention policies of the organization.
 To ascertain the effectiveness of the retention policies.
 To analyze the employee turnover per year.

2.5 Operational Definitions of Concepts:


 Compensation:
Compensation may be defined as the money received in performance of work plus many
kinds of services and benefits that organizations provide to their employees.
Compensation is based on:
 Market research about the worth of similar jobs in the marketplace.
 Employee contributions and accomplishments.
 The availability of employees with like skills in the marketplace.

Seshadripuram First Grade College Page 20


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

 Attrition Rate:
An attrition rate, also known as a churn rate, can be a measure of two things. It can be a
measure of how many customers leave over a certain period of time or how many employees
leave over a certain period of time. It can also be a combination of these two factors. An attrition
rate is a good way to measure growth for subscription services. If the growth rate is more than
the rate of attrition, then the company has a net increase in growth. The opposite, of course, is
also true and a negative rate of growth could signal some type of change is needed.
 Appraisal:
It is formal, structured system of measuring, evaluating job related behaviors and
outcomes to discover reasons of performance and how to perform effectively in future so
that employee, organization and society all benefits.
 Retention:
Employee retention refers to the various policies and practices which let the employees
stick to an organization for a longer period of time. Every organization invests time and
money to groom a new joinee, make him a corporate ready material and bring him at par
with the existing employees. The organization is completely at loss when the employees
leave their job once they are fully trained. Employee retention takes into account the
various measures taken so that an individual stays in an organization for the maximum
period of time.
 Engagement:
William Kahn provided the first formal definition of employee engagement, as such: "the
harnessing of organisation members' selves to their work roles; in engagement, people
employ and express themselves physically, cognitively, and emotionally during role
performances."

2.6 Methodology:
The research will be conducted about the employee engagement activities and retention
strategies of the company and will comprise of descriptive and analytical research.

Seshadripuram First Grade College Page 21


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

2.7 Sampling Plan:


A sample size of 50 persons will be chosen. The type of sampling will be that of a Simple
random sampling and will consist of employees of different designations, age.

2.8 Tools and Techniques for collection of data:


The data will be collected from two main sources:
 Primary Data: Questionnaires pertaining to the topic will be given to the respondents and
indirect interview method will be used.
 Secondary Data: Company website and materials provided by the corporate guide such
as catalogues and journals.

2.9 Plan of Analysis:


Questionnaires handed out to 50 employees in the Company will be carefully evaluated and
interpreted in the form of graphs and tables. A certain conclusion is made at each step of the
questionnaire finally arriving at a certain inference on an overall analysis of the company.

2.10 Limitations:
 There were certain limitations that were observed during the process of research.
 The numbers of samples were limited to 50 due to employee roll constraints.
 There may have been biased responses in the questionnaire.

Seshadripuram First Grade College Page 22


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

2.11 Overview of the Chapter Scheme:


Chapter 1:
 Introduction to Human Resource Management.
 Introduction to Employee Engagement.
 Introduction to Employee Retention.

Chapter 2:
 Title of the project.
 Introduction to the topic.
 Statement of Problem.
 Scope of Study.
 Research Objectives.
 Operational definitions.
 Methodology.
 Sample Design.
 Tools and Techniques for collection of data.
 Plan of Analysis
 Limitations
Chapter 3:
 About the Company.
 Company products
 Organization chart.
Chapter 4:
 Data Analysis and Interpretation
Chapter 5:
 Summary of Findings
 Suggestions
 Conclusion

Seshadripuram First Grade College Page 23


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

CHAPTER 3
COMPANY PROFILE

1.0 INTRODUCTION

The Raymond Group was incorporated in 1925 and within a span of few years, transformed from
being an Indian textile major to a global conglomerate. The Raymond Limited was established in
September 1925 to acquire the Woolen Mills in Thane known as WADIA WOOLEN MILLS; it
was managed by E. D. Sassoon & Co. Until November 1944 when the entire share holding was
acquired by JAGGILAL KAMALPATSINGHANIA of Kanpur, subsequently J. K. Trust
Bombay, acted as managing agents. There after the name was changed to Raymond Woolen
Mills Limited. In late 1994, the ―Raymond Woolen Mills‖ was changed to ―Raymond
Limited‖. Traditional product lines were discounting. High quality becomes a numbers of
watchwords and the diversification program got head start. Non traditional blends of natural and
manmade fabrics were introduced back by sound research & Development. This resulted in
greater consumer satisfaction both at home and abroad. The idea of J& K was to develop an
organization with a diversified product line. Over the year the organization grew in structure and
nature. To facilitate better involvement of the top management in the organization effort, the J.
K. Organization was divided into three zones i.e., Western, Central and Eastern. The Raymond
Limited in Chhindwara is a part of Western zone. Raymond Limited has five divisions
comprising of Textiles, Denim, Engineering Files & Tools, Aviation and Designer Wear.

Raymond Textile is India's leading producer of worsted suiting fabric with over 60% market
share. With a capacity of 25 million meters of wool & wool-blended fabrics, Raymond Textiles
is the world‘s third largest integrated manufacturer. The company exports it‘s suiting to more
than 50 countries including USA, Canada, Europe, Japan and the Middle East. Over the years,
Raymond Textile has developed strong in-house skills for research & development, which has
resulted in path-breaking new products. Perceived as pioneer and innovator, Raymond Textile
has been responsible for raising the standard of the Indian textiles industry.

Seshadripuram First Grade College Page 24


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

Garment companies have been successful in the Indian market using different approaches and
distribution methods. Raymond, with its history of more than 75 years, relies on its long-standing
reputation; loyal customer base and well-established, extensive retails network in over 400 towns
through 30,000 retailers and over 270 exclusive Raymond Shops.

In fact, Raymond initiated the entire business of developing the menswear apparel business. It
started the development work through the introduction of its first brand, Park Avenue. The
readymade garments division has since then growth rapidly. It has created many a pioneering
trend such as ready to wear suits. Raymond has now become the leader among ready-mades, in
India, achieving a business turnover of over Rs. 200 crores with its three brands-Park Avenue
formal wear, Parx casual wear and Manzoni, a premium range of shirts, suits and ties.

Raymond as a group enjoys a huge advantage over the competition – that of vertical integration –
right from manufacturing, to ready-to-wear to distribution. The main components of a successful
integrated ready-made garments manufacturer are Fabric design, Garment design, State-of-the-
art, Manufacturing systems, integrated logistics.

To participate on a global platform, one cannot do without any one of these components.
Logistics has to do with supply chain have to do with supply chain management. It starts from
the procurement of the basic raw material till the finished product reaches the end consumer. In
the ready-to-wear segment, the maintenance of the logistical chain is challenging due to the
various fits, collections and seasonality and also the challenges in terms of color and design, as
requirements of both design and fabric change with season. At Raymond, the entire supply chain
management is managed through a state-of-the-art software system, developed and tailored to
meet its specific needs.

With a capacity of 25 million meters of wool & wool blended fabrics, Raymond ranks among the
top three integrated products in the world and has a 60 per cent market share in India alone.
Internationally it is known to be a quality supplier of fabric to many leading global brands,
having a consolidated position in the global fabric exports market. It exports suiting to more than

Seshadripuram First Grade College Page 25


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

50 countries including the U.S., Canada, Europe, Japan and West Asia. Exploring potential
markets for expansion is one of its prime focuses.

GROUP COMPANIES

Incorporated in 1925, the Raymond Group is a Rs. 1959 crore plus conglomerate having
businesses in textiles, readymade garments, engineering files & tools, prophylactics and
toiletries. The group is the leader in textiles, apparel, & files & tools in India and enjoys a
pronounced position in the international market. Raymond believes in excellence, quality and
leadership.

The subsidiary companies of Raymond Limited are as follows:

 Raymond Ltd: Raymond Ltd. is among the largest integrated manufacturers of worsted
fabrics in the world.
 Raymond Apparel Ltd: Raymond Apparel Ltd. has in its folio some of the most highly
regarded apparel brands in India – Raymond Premium Apparel, Park Avenue, Parx and
Noting Hill.
 Color Plus Fashions Ltd: Color Plus is among the largest smart casual brands in the
premium category. The company was acquired by Raymond to cater to the growing
demand for a high end, casual wear brand in the country for Men & Women.
 Silver Spark Apparel Ltd: A garmenting facility that manufactures formal suits, trousers
and jackets.
 Ever Blue Apparel Ltd: A state-of-the-art denim garmenting facility.
 Celebrations Apparel Ltd: A facility set-up for the manufacture of formal shirts.
 Raymond Zambaiti Ltd: A Greenfield facility manufacturing high value cotton shirting.
 J.K. Helene Curtis Ltd: A leading player in the grooming, accessories and toiletries
category.

Seshadripuram First Grade College Page 26


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD
 J.K. Investor Trade (India) Ltd: JKIT is an investment company registered with Reserve
Bank of India as Non-Banking Financial Company.
 JK Files (India) Ltd: A leading player in the Engineering Files & Tools segment and the
largest producer of steel files in the world.
 Ring Plus Aqua Ltd :A leading manufacturer in the engineering automotive components.
 Trinity India Ltd: A leading supplier of components and sub assemblies for the
automotive global market.
 Raymond UCO Denim Pvt. Ltd: The manufacturers and marketers of denim fabrics.

RAYMOND BRANDS

RAYMOND:

For over 80 years, Raymond is counted as one of the world‘s premier manufacturers of worsted
suiting fabric in fine grade wool; in the same league as the finest that Europe has to offer. Today,
the Raymond product range includes pure wools, wool blended with exotic fibers like camel hair,
cashmere and angora and innovative blends of wool with polyester, linen and silk. Offering
suiting and treasuring fabric for all occasions and needs. Our domestic distribution is spread far
and wide with more than 30,000 outlets that stock and sell our wide range of fabrics. Fine
products, wide range, superb distribution and intelligent advertising support have helped the
company gain a dominant share of the market. No wonder, premium labels from the world‘s
fashion capitals prefer Raymond.

MANZONI:

Manzoni is a luxury lifestyle brand offering the discerning customer a super premium range of
formal wear and sportswear including shirts, suits, trousers, jackets, ties and leather accessories.
Our exclusive designs provide customers the best in contemporary international style and luxury.
Each garment is crafted from the most exotic cotton silk, linen and superfine wool, the best-in-
the-world linings, interlinings and threads sourced from around the globe.

Seshadripuram First Grade College Page 27


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

PARK AVENUE:

Launched in 1986, Park Avenue is today, India‘s most admired formal wear brand. It offers
stylish and innovative wardrobe solutions to gentlemen for all their dressing needs, be it
Business, Evening Leisure, Travel or Heritage Wear. The brand has received several awards.
Recently, it had the honor of being the ‗Most Admired Brand‘ at the Lycra Images Fashion
Awards 2007 for the third consecutive year. Crossing the gender divide, Park Avenue launched
‗Park Avenue Woman‘ - a complete range of Business Wear for women. ‗Park Avenue Woman‘
is designed specially for the working women professionals of today.

COLORPLUS:

Color Plus is one of India‘s premium and most respected casual wear brands offering customers
a range of shirts, trousers, knits and survival gear. Color Plus constantly innovating the processes
and technologies which offering the buyers new world of comfort. Some of the technological
innovations it is well known for; include thermo-fused buttons, golf ball wash, soft jeans,
wrinkle free technology, stain-free fabric and the cone dyed technique. Adding new color now to
the woman‘s wardrobe, Color Plus recently launched Color plus Woman – An exclusive range of
smart-casual clothing.

Parx:

Parx is a ‘premium casual lifestyle brand bringing customer a range of stylish semi-formal and
casual cloths that reflects the easy, relaxed attitude of the energetic 22-30 years old. Parx was
launched in 1999 to cater to the smart and fashionable clothing segment

ORGANIZATION STRUCTURE

Organization structure is defined as "The logical arrangement of task and the network of
relationships and roles among the various positions established to carry out the activities
necessary to achieve the predetermined objectives of business". Internal Organization structure

Seshadripuram First Grade College Page 28


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

constitutes the arteries and veins through which the blood of work flows in the body of
Organization.

The term organization can be studied as a structure and also as a process. In a static sense,
organization is a structure. A group of people functions within this structure and try to
accomplish certain objectives. Organization is a structure for the conduct of business activities
efficiently. Organization structure refers to the network of relationships among individuals and
positions in an Organization.

In this Organization, the authority moves directly from the top level to the lowest level in a step -
by-step manner. It is straight and vertical. The top - level management takes all major decisions
and issues directions for actual execution. The general manager, for example, issues order to

Seshadripuram First Grade College Page 29


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

various departmental managers. Thereafter, the departmental manager issues instructions to


works manager. The works manag er will issue instructions to foreman. In this manner, the
orders and instructions will be issued to the workers working at the lowest level. Thus authority
moves downward and also step-by-step. The responsibility, on the other hand, moves in the
upward direction.

PRODUCTION PROCESS

RAW MATERIALS

Wool:

The Merino brand of wool is imported from Australia, and supplied as Tops by the wool
Scouring and Grey Combing department.

Polyester:

A man made synthetic fiber which is in the form of staple f iber or tow. There are three varieties
– Normal, Sparkle and Low pill.

Seshadripuram First Grade College Page 30


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

Viscose:

A regenerated cellulose fiber which is made from wood pulp. Generally it is dope dyed by
suppliers and is in fibrous form.

The production operations at our plant are coordin ated by the PRODUCTIONPLANNING &
CONTROL department. Its role is to gather information of all stock at various stages and
communicate with the different departments; so that production activities are synchronized. We
have six months order in advance and divide the production activities bi-annually in unison with
the Market and our JALGAON and Bangalore units. First in the sequence is the RAW
MATERIAL GODOWN where the basic inputs procured are stored, accounted for and intimated
to the COMMERCIAL department. The first stage of processing is DYEING. According to a
dyeing plan set by the production planners, the dyeing department is issued tops . Fabrics and
yarn produced at further stages which are grey or do not have the desired pigmentation are also
dyed. Some polyester is procured in the form of tows. These are cut and converted into sliver
form and converted into tops in the CONVERTER section. The material is sent back to the raw
material go down from where it is sent to the dyeing department. Only after a perfect match with
standards Hades are the tops sent to the RECOMBING department. In the Recombine
department tops of polyester and wool in sliver form are blended and mixed to produce a
uniform sliver (65% polyester & 35% wool). The processing ensures that fib er is untangled.
Straightened and parallel. All there Tops (polyester and wool) are sent for spinning in the
WORSTED SPINNING department . The function of spinning is to form yarn fiber. The yarn
made is wound on a bobbin and is called cheese.*Tops – roll of sliver *Tow – roll of continuous
film or filament of fiber *Sliver – fiber in a rope like form. Simultaneously polyester and viscose
fiber is dispatched from the dyeing department and raw materials go down (grey i.e. UN dyed) to
the blow room or P/V SPINNING department where it is mixed in proportion (67% polyester
and 33% viscose). This mix is transformed into sliver in the carding section which further
processes and produces a poly -viscose yarn.

Seshadripuram First Grade College Page 31


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

SALES PROCEDURE

Every year there is sales booking takes place and the booking is done for two seasons.

1. Summer booking (in the month of December)


2. Winter booking (in the month of June)

In the booking the dealers book their requirement for next season for which the booking is being
taken place. And as per their booking, Sales & Marketing Dept. prepares sale notes quality wise,
shed wise for all the dealers those are given booking for the next season. There is a three types of
Sale Notes are prepared.

1) Main Sale Notes:

The same is prepared buyer wise. In this, the qualities and shed numbers are mentioned of the
dealers which are to be produced by us to fulfill the requirement in the required delivery period
under instructions given to Production & Planning Department.

2) Additional Sale Notes:

The same is also prepared buyer wise and the same is issued after completion of booking for
delivery period of next two months having the qualities and shed numbers as per requirement of
the buyer.

3) Mini Sale Notes:

Mini Sale Notes can be issued in favor of buyer as per their requirement received through phone
or email or their personal visit

Raymond’s wide range of products and services are as follows:

 Total textile solutions.


 Fabrics (worsted, denim and shirting).

Seshadripuram First Grade College Page 32


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD
 Apparels (tailored clothing, Jeanswear and dress shirts).
 Brands (Raymond‘s, Manzoni, Park Avenue, Color plus, parx, Be:, Zapp!, Notting hill
and The Raymond Shop ).
 Woolen outerwear.
 Furnishings.
 Retail (The Raymond Shop and Brand Store).
 Engineering (Files, Cutting wools and hand tools and Agri Tools and Auto components).
 Personal Care (Park Avenue and Kama sutra).
 Prophylactic (Kama sutra and surgical Gloves).
 International Business.
 Corporate Wear.

Raymond Culture

Core Values:

Quality, safety and respect are among Raymond‘s Core Values. With continuing excellence and
integrity, these are the tools, the intangible brick and mortar that allow us to build the future, to
build something we value most of all… Trust. We believe in creating close collaboration —
within our team and with each one of our clients. The following values guide the daily actions of
our employees and partners:

Integrity — operating with the highest moral standards. Be honest and fair, keep our promise
and live up to our commitments.

Quality — Achieving excellence in all that we do.

Safety — protecting the well being of our employees.

Respect — Recognizing and appreciating people‘s contributions. Focus on the individual,


whether it is a client or an employee.

Seshadripuram First Grade College Page 33


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

Continuous Improvement — committing to move from Good to Great.

Work/Life Harmony — balancing a passion for work and a Zest for life.

Teamwork — maximizing the collective talents of our People to accomplish our goals. Trust —
conducting ourselves in a manner that will earn the Respect of our employees, customers, and
vendors

Excellence: Exceed expectations with our quality of service, develop more qualifications, and
create value for our clients.

Dedication: Listen, understand needs, and fulfill expectations.

Mission:

Our mission is to become the preferred specialty contractor in each of our market areas while
enhancing our employees‘ quality of life and achieving consistent operating profits that exceed
industry standards. Offer quality and personalized services and solutions that fulfill the needs of
our clients and maintain a team of professionals who are passionate about creating a long-term
relationship with those clients.

Vision:

At Raymond, we build relationships with customers by providing solutions to their challenges.


We work proactively to accomplish this through dedication, capability, integrity, and
teambuilding. We continually develop and strengthen these qualities by investing in our people.

Objectives of Performance Management System

Seshadripuram First Grade College Page 34


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

Performance Management process carried out should meet the following objectives:

 Work plan for the entire year.


 Undertaking productive activities.
 Utilizing competencies in the best possible manner.
 Constant learning and developing one‘s own capabilities.
 Continuous improvement in performance.

To check out if the performance management process carried out achieves the following
objectives or not a questionnaire was designed which captured the complete process of
performance management process and the after effects of it. The questions were based on likert
scale and the data obtained were analyzed. The analysis done was Demographic Analysis,
Percentage Analysis and Chi square Analysis.

Sample Brief:

All the departments functioning in the Raymond campus at Bangalore was taken into
consideration for the study. Raymond has employee strength of 750 in the corporate office. As
per standards a sample population of 10% would have been suitable for the study. The
questionnaire designed (100 copies) was floated in all the departments of which only 72 came
back. Thus the study was carried out on a sample size of 72.The following table shows the
sampling frame considered for the analysis:

Corporate social responsibility (CSR) statement

The voluntary compliance of social and ecological responsibility of companies is called


Corporate Social Responsibility (CSR). Corporate social responsibility is basically a concept
whereby companies decide voluntarily to contribute to a better society and a cleaner
environment. Corporate social responsibility is represented by the contributions undertaken by
companies to society through its business activities and its social investment. This is also to
connect the Concept of sustainable development to the company‘s level.

Seshadripuram First Grade College Page 35


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

Over the last years an increasing number of companies worldwide started promoting their
Corporate Social Responsibility strategies because the customers, the public and the investors
expect them to act sustainable as well as responsible. In most cases CSR is a result of a variety of
social, environmental and economic pressures.

The Term Corporate Social Responsibility is imprecise and its application differs. CSR can not
only refer to the compliance of human right standards, labor and social security arrangements,
but also to the fight against climate change, sustainable management of natural resources and
consumer protection.

The concept of Corporate Social Responsibility was first mentioned 1953 in the publication
‗Social Responsibilities of the Businessman‘ by William J. Bowen. However, the term CSR
became only popular in the 1990s, when the German Betapharm, a generic pharmaceutical
company decided to implement CSR. The generic market is characterized by an
interchangeability of products. In 1997 a halt in sales growth led the company to the realization
that in the generic drugs market companies could not differentiate on price or quality. This was
the prelude for the company to adopt CSR as an expression of the company‘s values and as a part
of its corporate strategies. By using strategic and social commitment for families with
chronically ill children, Betapharm took a strategic advantage.

In July 2001, the European Commission decided to launch a consultative paper on Corporate
Social Responsibility with the title „Promoting a European Framework for Corporate Social
Responsibility―. This paper aimed to launch a debate on how the European Union could
promote Corporate Social Responsibility at both the European and international level.

The paper further aimed to promote CSR practices, to ensure the credibility of CSR claims as
well as to provide coherence in public policy on CSR.

THE RAYMOND GROUP LIMITED.

Seshadripuram First Grade College Page 36


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

RM is an organization committed to creating business growth whilst ensuring that impact on the
environment is minimized and that all activities are conducted safely by well-trained and
qualified employees.

7.1 Our policies and procedures for CSR are summarized as follows:

The main responsibility for developing corporate policies on social, ethical and environmental
matters and for reviewing their effectiveness lies with the Raymond‘s Board. It is then the
responsibility of individual managers to communicate and implement such policies within their
particular business area taking account of legislation to ensure compliance with the policy and to
maintain, review and refine procedures accordingly.

Raymond‘s policies and procedures, including those relating to social, environmental, health and
safety, employment and ethical matters, are communicated to all staff via the Raymond‘s
Employee Handbook. All policies and procedures are reviewed regularly; any updates are
communicated to staff.

7.1.1 The three key areas of corporate social responsibility at Raymond’s are:

 Environment
 Health and Safety
 Human rights, employment and ethics

Environment:

RM is committed to adopting environmentally responsible policies.

Health and safety:

RM recognizes its health and safety duties and responsibilities and complies with the relevant
health and safety legislation. The Managing Director has overall responsibility for health and
safety.

Seshadripuram First Grade College Page 37


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

Human rights, employment and ethics:

It is our policy to adhere to all legislation relating to employment rights and equal opportunities,
with particular reference to non-discrimination on the basis of ethnic origin, religion, gender,
age, marital status, disability or sexual orientation.

 We ensure that physical, verbal and psychological abuse, or sexual or other forms of
harassment towards employees are not tolerated.
 We ensure that disabled persons are recruited, trained and promoted on the basis of
aptitude and ability. If employees become disabled, every effort is made to retain them
and when necessary re-train them for appropriate posts.
 We pay wages and benefits which meet or exceed national minimum requirements and
adhere to working time regulations where applicable.
 We do not use forced labor nor employ workers under the school-leaving age.
 We provide a safe and secure workplace and promote good health and safety and
environmental practices.
 We adhere to applicable laws regarding the freedom of employees to associate or bargain
collectively without fear of discrimination.
 All employees are expected to behave with integrity and honesty and adhere to the code
of ethics.
 Employees may report any concerns they may have over unethical business practices or
conduct, dangers to health and safety, or breach of company policies. Any such
disclosures are appropriately investigated.
 In addition, RM is committed to protecting the career and reputation of employees who
report wrongdoing in accordance with established procedures, as long as their disclosures
are delivered in good faith and seek to safeguard the best interests of the company.
 We do not give or receive any bribes, extra contractual gratuities, inducements,
facilitation fees or similar payments.
 We do not give to customers or business contacts, or allow by employees to receive any
gifts, whether in cash or kind, in excess of £30- £75 in value, unless in the course of

Seshadripuram First Grade College Page 38


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

normally accepted business entertainment or the subject of prior written approval by


management.
 We do not donate (including sponsorship, subscriptions or provision of employee time or
facilities) to any political party or similar organization.
 We ensure we purchase legal licenses to all software in use.
 We try to ensure that there are no conflicts of interest between employee's private
financial activities and their part in the conduct of RM businesses.
 RM recognizes the value that its employees create for the business and its commitment to
training and personal development, together with remuneration policies which are
designed to reward achievement and emphasize the importance of retaining staff.
 RM provides information to employees on a regular basis. This information includes
matters relating to company performance, its prospects and the future outlook for
business.
 RM supports local charities and participates in a range of community activities.

AWARDS & RECOGNITION

TEXTILES

 Raymond vapi plant has won the Second Prize in the National Energy
 Raymond has been placed at the top of the ‗Textile and Garment‘ segment as the most
Admired Companies in India 2013‘ by Fortune magazine.
 The Business world Most Respected Company Award 2011 in the Apparel & Textile
category.
 Raymond has been ranked 20th in "The Brand Trust Report, India Study, 2011".
 Images Fashion Awards 2012 - Most Admired Textile Brand of the Year.
 Reader's Digest - Platinum Trusted Brand, 2008 .
 Lyrca Images Fashion Awards 2008 - Most Admired Textile Brand of the Year.
 Lyrca Images Fashion Awards 2008 - Most Admired Suiting Brand of the Year.
 CNBC Consumer Award 2015 - The Best Branded Readymade Garment and Textile.

Seshadripuram First Grade College Page 39


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

STRATEGIC ANALYSIS:

It means defining the areas of strength and finding the areas of concern. It can be done by SWOT
analysis. For Example SWOT analysis of Raymond can be as follows:

SWOT ANALYSIS

STRANGTHS

 The company has strong Research and Development dept. for product and new
technology.
 The company has many Bank facilities like long credit time and other facilities.
 The company has qualified and experience Human Resource for selection and
recruitment.

WEEKNESSES

 The company has obsolete technology.


 The company has low production in off session.
 The company has less man power according to the work.

OPPORTUNITIES

 Large and growing market the available to the company is very large continuously
growing.
 The company has maintained growth from last many years.
 As the population increase the demand of product will increase.

Seshadripuram First Grade College Page 40


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

THEREAT

 There are many competitors in the market.


 The Indian market is the main market of the company but it is very unstable. There are so
many other factors like environment, political and regional

CHAPTER 4
DATA ANALYSIS AND INTERPRETATION
4.1 Table showing the Tenure of Employees at Raymond Limited

Sl.No. Tenure of Employees No. Of Respondents Percentage

1. 0-1 years 10 20%

2. 1-3 years. 19 38%

3. 3-5 years 13 26%

4. More than 5 years 08 16%

TOTAL 50 100%

Analysis:

From the above table we can analyze that, out of the 50 respondents, 10 employees have worked
in Raymond Limited for 0-1 years, 19 employees have worked for a period of 1-3 years, 13
employees have worked for a span of 3-5 years and 8 employees for more than 5 years.

Seshadripuram First Grade College Page 41


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

4.1 Graph showing the tenure of employees working in Raymond Limited

40 38

35

30
26
25
20
20
16
15

10

0
0-1 years 1-3 years 3-5 years more than 5 years

Interpretation:

From the above bar graph, we can infer that 20% of the employees have been working for a span
of 0-1 years, a majority of 38% for a period of 1-3 years, 26% of the employees for a span of 3-5
years and the remaining 16% have been employed at Raymond Limited for more than 5 years.

Seshadripuram First Grade College Page 42


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

4.2 Table showing the opinion of the employees regarding their skills to contribute to
organization’s continuous development.

Sl. No. Opinion of the employees Number of Percentage


Respondents
1. Agree 48 96%

2. Don’t Know 02 4%

3. Neutral 00 0

4. Disagree 00 0

TOTAL number of Respondents 50 100%

Analysis:

From the above table we can analyze that, out of 50 employees, 48 employees feel that they have
the necessary skills to contribute to the organization’s continuous improvement and only 2
employees were of the opinion that did not know if their skills did contribute or not to the
organization’s improvement.

Seshadripuram First Grade College Page 43


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

4.2 Graph showing the opinion of the employees regarding their skills to contribute to
organization’s continuous development.

120

100

80

60

40

20

0
Agree Don’t Know Neutral Disagree

Interpretation:

From the above graph, we can infer that in Raymond Limited., 96% of the employees feel that
their work contributes to the organization’s continuous improvement and a minority of 2% are
unaware if their work does contribute to the organization’s improvement or not.

Seshadripuram First Grade College Page 44


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

4.3 Table showing employees who feel that they have made changes in their work to
improve persistence and completion

Sl. No. Opinion of Respondents. Number of Respondents. Percentage

1. Agree 38 76%

2. Don’t Know 10 20%

3. Disagree 02 4%

Total number of 50 100%


Respondents

Analysis:

From the above table we can observe that, out of 50 employees, 38 employees at Raymond
Limited. agree to having made changes in their work to improve persistence and completion, 10
employees don’t know if they have made any modifications towards improvement and 2
employees disagree completely.

Seshadripuram First Grade College Page 45


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

4.3 Graph showing employees who feel that they have made changes in their work to
improve persistence and completion

4%

20%

Agree
Don’t Know
Disagree
76%

Interpretation:

From the above graph, we can infer that 76% of the employees in Raymond Limited. agree to
have made changes in their work to improve persistence and completion, 20% of the employees
disagree and 4% of the employees aren’t aware of any such changes made by them.

Seshadripuram First Grade College Page 46


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

4.4 Table showing employees’ utilization of skills and abilities at work.

Sl.No. Opinion Of Employees Number Of Percentage


Respondents
1. Agree 42 84%

2. Disagree 08 16%

3. Don’t Know 00 0

TOTAL number of 50 100%


Respondents

Analysis:

From the above table we can analyze that, out of 50 respondents, 42 employees agree that their
job makes good use of their skills and abilities at work. Only 8 employees disagree that their job
does not make good use of their skills and abilities.

Seshadripuram First Grade College Page 47


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

4.4 Graph showing employees’ utilization of skills and abilities at work.

0%

16%

Agree
Disagree
Don’t Know

84%

Interpretation:

From the above graph, we can infer that 84% of the employees at Raymond Limited. are of the
opinion that their job makes good use of their skills and abilities. However, 16% of the
employees disagree with this statement and feel that their job doesn’t make good use of their
skills and abilities.

Seshadripuram First Grade College Page 48


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

4.5 Table showing Employee satisfaction with their experience working at Raymond
Limited.

Sl.No. Opinion Of Employees Number of Respondents Percentage

1. Yes 38 76%

2. No 03 6%

3. Neutral 12 24%

TOTAL number of 50 100%


Respondents

Analysis:

From the above table we can observe that, out of 50 respondents, 38 employees agreed that they
are satisfied with their experience working at Raymond Limited. However, 12 respondents
express dissatisfaction.

Seshadripuram First Grade College Page 49


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

4.5 Graph showing Employee satisfaction with their experience working at Raymond
Limited.

Employee satisfaction with their job


experience

24%

Satisfied
Dissatisfied
6%
70% Neutral

Interpretation:

From the above graph, we can infer that 70% of the employees at Raymond Limited. are satisfied
with their job experience. On the other hand, 6% of the employees are dissatisfied with their
work experience and 24% employees express neutrality.

Seshadripuram First Grade College Page 50


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

4.6 Table showing opinion of employees regarding taking thoughtful risks at work.

Sl.No. Opinion of Employees Number of Percentage


Respondents
1. Yes 41 82%

2. No 01 2%

3. Neutral 08 16%

TOTAL Number of 50 100%


Respondents

Analysis:

From the above table we observe that, out of 50 respondents, 41 employees feel comfortable in
taking thoughtful risks at works to attain success. On the other hand, 8 employees are neutral
towards risk- bearing ideas at the workplace and only 1 employee completely disagrees with
risk-taking at work.

Seshadripuram First Grade College Page 51


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

4.6 Graph showing opinion of employees regarding taking thoughtful risks at work.

Opinion of employees regarding taking


thoughtful risks at work

16%
2%

Yes
No
Neutral

82%

Interpretation:

From the above graph we can infer that 82% of the employees at Raymond Limited. are
comfortable taking thoughtful risks at work. On the other hand a minority of 2% disagrees with
this and does not prefer taking any risk at work. However, 16% of the employees express
neutrality in this aspect.

Seshadripuram First Grade College Page 52


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

4.7 Table showing if the mission of the Organization makes the employees feel important
about their job.

Sl.No. Opinion of the No. Of Respondents Percentage


Employees
1. Yes 43 86%

2. No 03 6%

3. Neutral 04 8%

TOTAL number of 50 100%


Respondents

Analysis:

From the above table we can observe that, out of 50 respondents, 43 employees are of the
opinion that the mission of the Organization does indeed make them feel important about their
job. 3 respondents disagreed and 4 employees were neutral about the question.

Seshadripuram First Grade College Page 53


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

4.7 Graph showing if the mission of the Organization makes the employees feel important
about their job.

Opinion employee perception of


Organization Mission

8%
6%

Yes
No
Neutral

86%

Interpretation:

From the above graph, we can infer a conclusion that around 86% of the employees at Raymond
Limited. feel that the mission of the organization makes them feel that their job is important. 6%
of the employees disagree and 8% of the employees maintain a neutral opinion on this matter.

Seshadripuram First Grade College Page 54


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

4.8 Table showing employee perception about the Retention Strategy of Raymond Limited.

Sl. No. Opinion of the Employees No. Of Respondents Percentage

1. Excellent 07 14%

2. Good 24 48%

3. Satisfactory 16 16%

4. Poor 03 6%
TOTAL number of 50 100%
respondents

Analysis:

From the above table, we can analyze that out of the 50 respondents, 7 employees find the
retention strategy of Raymond Limited excellent, 24 employees selected it as good. 16
employees find the retention strategy to be satisfactory and only 3 employees feel it is poor.

Seshadripuram First Grade College Page 55


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

4.8 Graph showing employee perception about the Retention Strategy of Raymond Limited

Employee opinion about retention strategy


60

50

40

30 Employee opinion about


retention strategy
20

10

0
Excellent Good Satisfactory Poor

Interpretation:

From the above graph we can infer that 14% of the employees working in Raymond Limited find
it’s retention strategy excellent, and a majority of 48% have rated it as good. On the other hand,
32% of the employees find it satisfactory, while a minority of 6% feels it’s poor.

Seshadripuram First Grade College Page 56


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

4.9 Table showing employee opinion about infrastructure facilities provided at Raymond
Limited

Sl. No. Opinion Of the employees Number of Percentage


respondents
1. Excellent 07 14%

2. Good 31 62%

3. Satisfactory 12 24%

4. Poor 00 0

Total number of 50 100%


Respondents

Analysis:

From the above table we can observe that, out of 50 respondents, 7 employees find the
infrastructure facilities excellent, a majority of 31 employees find the infrastructure good and 12
employees maintain their opinion to be satisfactory.

Seshadripuram First Grade College Page 57


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

4.9 Graph showing employee opinion about infrastructure facilities provided at Raymond
Limited

Employee Opinion about infrastructure


facilities provided
70

60

50

40
Employee Opinion about
30 infrastructure facilities provided

20

10

0
Excellent Good Satisfactory Poor

Interpretation:

In the above graph we can observe that 14% of the employees at Raymond Limited. find the
infrastructure facilities of the company excellent. A majority of 62% have perceived the
infrastructure as good and the remaining 24% of the employees have chosen the option
satisfactory.

Seshadripuram First Grade College Page 58


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

4.10 Table showing dynamics of Employee rewards and recognition for their achievements.

Sl. No. Options Number of Percentage


Respondents
1. Yes 37 74%

2. No 13 26%

Total number of 50 100%


Respondents

Analysis:

We can observe in the above table that, out of 50 employees, 37 employees have received
rewards and recognition for their work. On the other hand, a minimum of 13 employees have not
received rewards and recognition for their achievements.

Seshadripuram First Grade College Page 59


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

4.10 Graph showing dynamics of Employee rewards and recognition for their
achievements.

Showing employees' rewards and recognition

26%

Yes
No

74%

Interpretation:

From the above graph we can infer that 74% of the employees at Raymond Limited have
received rewards and recognition for their achievements and the remaining 26% have not
received any such rewards and recognition for their achievements.

Seshadripuram First Grade College Page 60


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

4.11 Table showing whether employees’ work is valued at Raymond Limited

Sl. No. Opinion of Employees Number of Percentage


Respondents
1. Yes 36 72%

2. No 06 12%

3. Don’t Know 08 16%

Total number of respondents 50 100%

Analysis:

From the above table, we can observe that out of 50 respondents, 36 employees at Raymond
Limited feel that their work is valued. A minority of 6 employees express the opinion that their
work is not valued at Raymond Limited and the remaining 8 respondents are uncertain and don’t
know.

Seshadripuram First Grade College Page 61


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

4.11 Graph showing whether employees’ work is valued at Raymond Limited

Whether employee work is valued

16%

Yes
12%
No
72% Don’t Know

Interpretation:

From the above graph we can infer that 72% of the employees feel that their work is valued at
Raymond Limited. 12% of the employees feel that their work is not valued at the company and
16% don’t know.

Seshadripuram First Grade College Page 62


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

4.12 Table showing employees’ role in decisions that impact their work.

Sl. No. Opinion of the employees Number of Percentage


Respondents
1. Agree 14 28%

2. Disagree 03 6%

3. Neutral 33 66%

Total 50 100%

Analysis:

We can observe from the above table that, out of 50 respondents, 14 employees agree that they
are involved in decisions that impact their work. 3 employees disagree of involving in decisions
that impact their work and 33 employees maintain neutrality in this aspect.

Seshadripuram First Grade College Page 63


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

4.12 Graph showing employees’ role in decisions that impact their work.

Employee role in decisions that impact their


work

28%
Agree
Disagree

66% 6% Neutral

Interpretation:

From the above graph we can infer that, 28% of the employees at Raymond Limited. agree that
they are involved in the decisions that impact their work. A majority of 66% maintain neutral
opinion and 6% disagree to involving in decisions that impact their work.

Seshadripuram First Grade College Page 64


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

4.13 Table showing whether employees receive performance feedback from the supervisor

Sl. No. Opinion Of Employees Number of Percentage


Respondents
1. Yes 37 74%

2. No 13 26%

Total Number of Respondents 50 100%

Analysis:

From the above table we can analyze that, out of 50 respondents 37 employees agreed that they
receive useful feedback about their performance from the supervisor so that they can perform
better and the remaining 13 employees do not receive any performance feedback from their
supervisor.

Seshadripuram First Grade College Page 65


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

4.13 Graph showing whether employees receive performance feedback from the supervisor.

Employees' opinion whether the supervisor


provides useful feedback

26%

Yes
No
74%

Interpretation:

From the above Graph, we can infer that 74% of the employees working in Raymond Limited
receive useful performance feedback from their respective supervisors whereas 26% of the
employees do not receive any such performance feedback.

Seshadripuram First Grade College Page 66


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

4.14 Table showing the opinion of employees regarding the kind of engagement activities
conducted at Raymond Limited

Sl. No. Opinion Of Employees Number of Percentage


Respondents
1. Fun based 28 56%

2. Educational based 17 34%

3. Both 05 10%

Total number of Respondents 50 100%

Analysis:

We can observe in the above table that out of 50 respondents, 28 employees prefer the fun based
engagement activities conducted at Raymond Limited. The other17 employees prefer educational
based engagement activities and only 5 employees prefer both.

Seshadripuram First Grade College Page 67


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

4.14 Graph showing the opinion of employees regarding the kind of engagement activities
conducted at Raymond Limited

Type of engagement activity preferred

10%

Fun Based
Educational
34%
56% Both

Interpretation:

From the above graph, we can infer that 56% of the employees at Raymond Limited prefer fun
based activities to keep them engaged and motivated in the work process. On the other hand,
34% of the employees prefer education based engagement activities and the remaining 10%
prefer both.

Seshadripuram First Grade College Page 68


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

4.15 Table showing employee opinion about the effectiveness of the engagement activities

Sl. No. Opinion of Employees Number of Percentage


Respondents
1. Motivating 30 60%

2. Relaxing 13 26%

3. Boring 07 14%

4. Irritating 00 0

Total number of respondents 50 100%

Analysis:

From the above table we can analyze that, out of 50 respondents, 30 employees found the
engagement activities to be motivating, 13 employees find it relaxing and a minimum of 7
employees rated these activities as boring.

Seshadripuram First Grade College Page 69


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

4.15 Graph showing employee opinion about the effectiveness of the engagement activities

70

60

50

40

30

20

10

0
Motivating Relaxing Boring Irritating

Interpretation:

From the above graph, we can infer that 60% of the employees at Raymond Limited find the
engagement activities motivating. 26% of the employees find these activities relaxing and a
minority of 14% find these activities boring.

Seshadripuram First Grade College Page 70


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

4.16 Table showing Employee opinion about the workplace at Raymond Limited

Sl. No. Opinion of Employees Number of Percentage


Respondents
1. Agree 38 76%

2. Disagree 12 24%

3. Total number of 50 100%


Respondents

Analysis:

From the above table, we can analyze that, out of the 50 respondents, 38 employees find the
workplace of Raymond Limited safe and conducive. On the other hand the remaining 12
employees disagree with the above statement.

Seshadripuram First Grade College Page 71


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

4.16 Graph showing Employee opinion about the workplace at Raymond Limited

Employee opinion whether the workplace is


safe and conducive

24%

Agree
Disagree

76%

Interpretation:

From the above graph we can infer that 76% of the employees at Raymond Limited find the
workplace to be safe and conducive and the remaining 24% disagree that the workplace is not
safe and conducive.

Seshadripuram First Grade College Page 72


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

CHAPTER 5

SUMMARY OF FINDINGS, SUGGESTIONS AND CONCLUSIONS

5.1 Findings:

From a comprehensive study on the employee engagement and retention strategies at Raymond
Limited, the following are the findings that are listed below:

 A majority of the employees have been working at Raymond Limited for a span of 1-3
years which indicates that the company prefers selection of new candidates with potential
for suitable job descriptions.

 48 out of 50 employees feel that they have the necessary skills to contribute to the
organization’s continuous improvement indicating that the employees are sufficiently
trained and inculcated with a sense of confidence towards their job. This signifies their
level of engagement in the work processes.

 Most employees at Raymond Limited. agree to having made changes in their work to
improve persistence and completion, which leads to a possibility that the employees are
flexible in their approach to work and do not mind changing their work pattern or
strategy in accordance with the varying situations.

 A clear majority of 42 employees, out of 50, agree that their job makes good use of their
skills and abilities at work. This shows the company’s effective and efficient ability to
select the right employee for the right job.

Seshadripuram First Grade College Page 73


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

 Out of 50 respondents, a majority of 38 employees agreed that they are satisfied with
their experience working at Raymond Limited. This indicates the ability of the
organization to accommodate it’s employees with a comfortable and good corporate
culture.

 A majority of the employees at Raymond Limited. feel comfortable in taking thoughtful


risks at works to attain success. On the other hand, only a few employees are neutral
towards risk- bearing ideas at the workplace indicating that the employees feel confident
in their respective job profiles and work effectively to attain overall success.

 Most employees are of the opinion that the mission of the Organization does indeed
makes them feel important about their job. This is a positive indication of the fact that the
organization’s mission is clear and well defined and provides for a sense of integrity
among the employees.

 Raymond Limited has an effective retention policy, voted as a good by the majority of
the employees with efficient working conditions and a healthy corporate environment.

 The organization has good infrastructure facilities and this helps the employees to have
easy accessibility to the various facilities provided by the organization.

 Raymond Limited has a good system of rewarding employees and providing recognition
for their achievements. Most of the employees are frequently recognized for the progress
they make in course of their employment in the organization.

 Out of 50 employees, 36 employees acquiesce that their work is acknowledged and


valued in Raymond Limited. This not only helps the organization to succeed but also
motivates the employees to perform better.

Seshadripuram First Grade College Page 74


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

 Most of the employees do not know what role their job plays towards decision making in
the organization. Only a minimum of 14 employees agree that their job plays a role in the
decision making process.

 A majority of 37 employees out of 50 employees agreed that they receive useful feedback
about their performance from the supervisor so that they can perform better. This
highlights effective flow of feedback among different organizational levels.

 A majority of the employees at Raymond Limited prefer fun based engagement activities
instead of educational based activity.

 60% of the employees at Raymond Limited find the engagement activities to be


motivating.

 Most of the employees at Raymond Limited find the workplace safe and conducive. This
is a major advantage to the organization.

Seshadripuram First Grade College Page 75


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

5.2 Suggestions:

After my extensive research on the study of “employee engagement and retention strategies” at
Raymond Limited, I would like to make the following suggestions so as to make the work
processes more effective:

 The organization could try to retain senior most employees as their vast
experience and knowledge helps in efficient functioning of the organization.

 Encouragement to be provided to employees who are more of an introvert mindset


so that they tap their own potential to work towards organizational goal.

 The Company could update the skills and knowledge of the employees who need
the extra skill sets with special training and development sessions.

 The Organization should conduct extensive interviews from time to time in order
to find out untapped potential in certain employees and provide them an
opportunity to prove the best in them.

 The organization has a majority of employees who are satisfied with their
experience working and in order to keep this constant, the company should
maintain the same consistency and strive towards better results.

 The Organization could minimize the fear of risk in the employees so that they
feel confident in taking small scale decisions at work.

Seshadripuram First Grade College Page 76


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

 The organization can improve its retention strategy by introducing better


incentives and ideas.

 The organization can strike a balance by conducting equal number of fun based
and educational activities. They could make the educational activities more
interesting and interactive to promote flow of knowledge and information at all
levels.

 The organization has to ensure that adequate feedback is provided to the


employees at all levels so that they know and understand the requirements of their
respective jobs and fulfill it.

Seshadripuram First Grade College Page 77


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

5.3 Conclusion:

On an overall note, the study of “Employee Retention Strategies” at Raymond Limited is a very
comprehensive and effective research. The organization provides for a very favorable study. The
existing retention strategies and engagement activities are good and would be more effective
with certain changes made in course of time. The employees are driven by the clear cut
organizational mission to work with efficiency towards the organizational goal. The
organizational culture is very open, honest and communication is seen at all levels in a very
conducive manner.

The engagement level of the employees is positive as they are well motivated and are eager to
work towards organizational progress. The organization also inculcates a sense of environmental
awareness in the employees and the customers .

The organization also believes in innovative strength as one of the success factors and upholds
long term sustained co-operation.

Seshadripuram First Grade College Page 78


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

Bilbliography:
Company website:

 www.raymondltd.com
 www.citehr.com
 www.google.com

Books:
 Human Resource Management by Shashi K. Gupta, Rosy Joshi.
Himalaya Publications.
Edition: 2011.

Seshadripuram First Grade College Page 79


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

ANNEXTURE

Questionnaires
My name is Ramu, student of Seshadripuram First College and I am doing a project
report on the study of “Employee Retention Strategies” at Raymond Limited Kindly provide
some of your valuable time to read the following questionnaire and answer accordingly by
ticking the option of your choice so as to help me in my research. Your contribution is of great
value for my project work. Thank You.

1. How long have you been working at Raymond Limited.?


a. 0-1 years
b. 1-3 years
c. 3-5 years
d. more than 5 years

2. Do you have the necessary skills to contribute to the organization’s continuous


improvement?
a. Agree
b. Don’t know.
c. Neutral.
d. Disagree.

3. Have you made changes in your work during the last year in order to improve
persistence and completion?
a. Agree.

Seshadripuram First Grade College Page 80


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

b. Don’t know.
c. Disagree.

4. Does your job make good use of your skills and abilities?
a. Agree
b. Disagree
c. Don’t know.

5. Are you satisfied with your experience working at Raymond Limited?


a. Yes
b. No
c. Neutral.

6. Are you comfortable taking thoughtful risks at work?


a. Yes.
b. No.
c. Neutral.

7. Does the mission of the organization make you feel that your job is important?
a. Yes.
b. No.
c. Don’t Know.
8. How do you find the retention strategy of Raymond Limited?
a. Excellent.
b. Good.

Seshadripuram First Grade College Page 81


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

c. Satisfactory.
d. Poor.

9. How do you rate the infrastructure and facilities provided?


a. Excellent
b. Good.
c. Satisfactory.
d. Poor.

10. Do you have Rewards and Recognition on your achievements?


a. Yes.
b. No.

11. Dou you feel that your work is valued at Raymond Limited?
a. Yes.
b. No.
c. Don’t Know.

12. Are you involved in the decisions that impact your work?
a. Agree.
b. Neutral.
c. Disagree.

13. Does your supervisor provide useful performance feedback so that you can do better?
a. Yes.
b. No.

Seshadripuram First Grade College Page 82


A STUDY ON RETENTION STRATAGY AT RAYMOND LTD

14. What kind of engagement activities are conducted at Raymond Limited?


a. Fun based.
b. Educational.

15. What is your opinion on the effectiveness of these engagement activities?


a. Relaxing.
b. Motivating.
c. Boring.
d. Irritating.

16. Is the workplace safe and conducive at Raymond Limited?


a. Agree.
b. Disagree.
c. Neutral.

Seshadripuram First Grade College Page 83