Professional Documents
Culture Documents
Employee Retention Strategies Adopted by Big Bazaar: Project Report ON
Employee Retention Strategies Adopted by Big Bazaar: Project Report ON
ON
Session 2009-11
1
RESEARCHED BY:-
ACKNOWLEDGEMENT
First of all I would like to express my profound thanks & gratitude to our
Dean Prof. Arun Kumar for his encouragement and support.
Prof. Dr. Anjali Sharma & Mr. Pallav Dubey (HR Dept., Big Bazaar) my
project mentors for his understanding and assistance, assisting in the
collection of the topics for the project, contribution & foresights. His
guidance has helped me significantly.
2
CERTIFICATE
This is to certify that Mr. Ashish Kumar Kashyap Roll. No. PG-RM-09-
20005 has successfully completed the project on the topic “Employee Retention
Strategies Adopted by Big Bazaar” under the guidance of Prof. Dr. Anjali
Sharma.
Under Guidance
3
CONTENTS
Sl. No. Topics Covered Pg. No.
1. Introduction of Company 5
2. Executive summary 7
3. Research Objectives 8
7. Retention Strategies 17
8. Conclusion 25
9. References 27
4
INTRODUCTION
Kishore Biyani-led Pantaloon Retail India Limited (PRIL) will hive-off its value
segments “Big Bazaar and Food Bazaar” into a separate company called
Future Value Retail from January 1.
The company operates 120 Big Bazaar stores, 170 Food Bazaar stores, among
other formats, in over 70 cities across the country, covering an operational retail
space of over 6 million square feet. As a focused entity driving the growth of
the group's value retail business, Future Value Retail Limited will continue to
deliver more value to its customers, supply partners, stakeholders and
communities across the country and shape the growth of modern retail in India.
The company has plans to open 140 Big Bazaars and Food Bazaars over the
next 4-5-years in addition to the 120 stores it already operates across the
country.
5
Big Bazaar is not just another hypermarket. It caters to every need of a
family. Where Big Bazaar scores over other stores is its value for money
proposition for the Indian customers. At Big Bazaar, one can get the best
products at the best prices – that is what they guarantee. With the ever
increasing array of private labels, it has opened the doors into the world of
cutlery, sports goods and much more at prices that will surprise you. And this is
just the beginning. Big Bazaar plans to add much more to complete the
shopping experience. Food is the main shopped for category in this store.
6
EXECUTIVE SUMMARY
Project Title
“Employee Retention Strategies Adopted by BIG BAZAAR”
“Have you ever phoned or revisited a client and discovered that the
person you were dealing with is no longer working for the company?” It’s an
unfortunate and frustrating realization. All that time – and often money – spent
trusted went out the window. Now recall how you felt about the organization
your client represented. Their reputation became unreliable, you lost faith in
their business practices and you probably lost interest in working with them. So
if you have felt this way about other companies, then your clients likely feel the
same about yours if you have trouble retaining your top talent.
is truly engaging its employees, there is no good reason for the unexpected loss
of quality staff members. Many companies already know that wages and
keep the highly skilled, motivated and experienced workforce your business
needs to excel.
7
OBJECTIVES OF THE STUDY
8
Employee Retention
For managers, nothing feels better than having a strong, successful, happy
does not end when the candidate has accepted the position. Advantageous
nurtured so that employees will have reasons to remain with your company for
growth to continue. Following a well developed strate gy will let you reduce
Obviously, you cannot hold onto all your best people, but you can
certainly minimize the loss. Reducing employee turnover is a strategic and vital
issue, beneficial to your company’s bottom line. It has taken considerable time
and resources to attain a staff that you are proud of – to replace them starves
productivity, etc.) and the company’s ultimate triumph. The intent of this
9
10
PEOPLE ARE VALUABLE
“Look after your people and the business will look after itself”.
Like an art collector who has spent time and research attaining that Great
Master’s work which embodies the talent, skills and training of the artist,
getting excellent staff requires the same passion. The collector protects the
a manager of people you must do whatever you can to keep that priceless
individual who works hard for your company and generates strong results.
the process of using effective hiring tools to assemble what you believe to be
the best staff, with exceptional skills and who fit well into your company’s
made a variety of offers before they settle on one career position. But once they
are working for you, they need reason and motivation to remain.
The old adage “Look after the small things and the big things look after
11
Your staff is more than employees. They are valuable individuals with
paycheck. In fact, people are the single most valuable element within your
organization.
recession.
These companies will emerge from the recession stronger and healthier
12
RECOGNIZING THE PROBLEM
Leadership Team. Getting and keeping good staff demands focused, formal and
outcome. Managers need to appreciate staff every day and constantly work
13
The High Cost of Employee Turnover
The costs of high staff turnover can be incredible. Some of the substantial costs
that occur when a person leaves your organization include the following:
1. Recruitment costs
2. Training costs
● Orientation materials and trainers’ time (ex. call center agents require on
first three months, not including the time spent by existing employees to assist.
14
Some common retention strategies:
• Encourage your workers to share their concerns with you and in turn
share your concerns with them. This fosters openness and trust between
• When the recession is over you will need to replace these workers and at
what cost?
• Instead, shift these workers to other areas that are still performing well.
15
• Doing so will ensure that not only will the employee/manager match the
manager's expectations.
• In a nutshell, champion them and they will champion you and the
company.
• Your employees are your company's best asset and you must protect and
nurture them.
• Whether you know it or not, you are in the business of growing people.
• Let them know how valuable their contributions are to the company.
16
Retention Strategies of BIG BAZAAR
Top Performer Profiling
Orientation and OnBoarding
Performance Reviews
Career Pathing and The Two-Way Value Proposition
Communication and Employee Engagement
Morale Boosting
Competitive Compensation
Non-monetary Reward and Recognition
Employee Surveys
Exit Interviews
The Boomerang Effect
“Knowing how to select the right people, and in fact, actually selecting
Everything”
It is important that both the organization and the employee know what they
The goal for any recruitment strategy should be to attract a top performer who
will stay with the company for as long as possible. In order to hire those “near
17
spends quality time, energy and focus to create such a profile it becomes much
easier to source qualified candidates who will successfully fill the position.
Once ideal candidates are hired, their orientation to the company and the role is
paramount. Orientation is the critical “fitting in” phase of the training process.
New hires are oriented to the workplace culture, trained in the role and learn the
complete the role successfully. By establishing these targets from the outset, the
Onboarding continues far past the point where orientation programs typically
18
sessions on a periodic basis. This longer approach often serves to deepen the
bonds with the employee by providing more attention, human interaction and
information.
3. Performance Reviews
individual than any other performance related tactic. Performance reviews are a
Clear and open communication is the best foundation for nurturing staff.
actively listen to their employees. The active listener appreciates the employee’s
19
feelings, input and concerns which can be the most cost-effective way to
acknowledge people.
Being heard builds self-esteem and employees with high self-esteem feel trusted
People work for people, not companies, and people need to communicate
effectively to ensure that their voices are being heard and their concerns
addressed.
5. Morale
Whether employees are heading for the exits at an alarming rate or because
morale is critical to operational success and should be the cornerstone for any
retention strategy. Morale directly affects the bottom line through its impact on
dissatisfying work experience due to the actual job itself, one’s relationship with
their boss, not having adequate training or a myriad of other factors that affect
morale. Since morale problems are due to an unsatisfying work experience, the
20
creating a work experience that itself is rewarding (not always fun, but
rewarding).
stock options, and the traditional health insurance and retirement packages are
tools that some companies use to help keep employees onboard. Salary
goal-oriented initiatives for employees to aim towards. The goals for success set
out by the manager and the employee are more attainable if realistic and
Increasingly, companies are using informal methods for rewarding staff while
as:
21
Time Off
Flexible work hours
Job-sharing
Office Space
Home Office
Special Projects, Committee Involvement
Public Acknowledgment
Career development and training
Company organized discounts such as fitness memberships, discounts on
company products / services, discounts on client’s products / services
Community and Charity Involvement
8. Employee Surveys
Collecting survey data and understanding concerns is only the first step.
Managers need to craft and implement policies that meet employee concerns
survey responses and associated actions, this lets employees know they are
being heard and that their issues are being addressed. Employee surveys are best
22
9. Exit Interviews
“Facts do not cease to exist because they are ignored.” Aldous Huxley
It is unrealistic to think that good people can be trapped. So, when people do
leave it is important to know why and adjust hiring profiles, policies and
these interviews. By not paying attention to the results turnover will continue
There are five key guidelines that should be kept in mind to help ensure that the
Do not focus solely on the employee’s reasons for leaving but also on the
employee’s attitudes and experiences that identify the issues and concerns
which may not surface when asking about reasons for leaving.
Ensure that there is more than one way for employees to express their
reasons for leaving – including several open-ended questions for them to
include their own comments – to get a full perspective on their decision
to leave.
Incorporate key behavioral measures such as the employee’s satisfaction
with the job itself, how well the employee’s job responsibilities were
defined, perceived opportunities for advancement and the employee’s
perspective on the amount of training, feedback and recognition received.
23
Recognize that exit interview practices need to be implemented
consistently and in such a way as to encourage employees to share their
opinions honestly.
Incorporate the ability to examine results not only on the basis of
individual results but for the organization as a whole.
The word ‘boomerang’ has recently been used to describe employees who
their position and the company and are therefore can become the some of your
best recruiters for new talent and mentors for existing employees. The time they
have spent away from the organization has given them the additional knowledge
of the market, and they have personally experienced that perhaps the grass isn’t
24
CONCLUSION
Put simply - you’ll have a successful company if you treat your employees
well so they want to stay with you.
Employers who are able to minimize their employee turnover during the
recession period are going to emerge from it stronger and healthier than
Do everything you can to make sure that you keep your employees
keeping their turnover levels low, they are in fact improving their bottom
line.
25
It is essential that every recruiter and manager should be concerned with
retention from the start of any recruiting program. The process should be
Making the new employee aware that the intention is to keep them
as long as possible.
that our organization has the best possible practices in place to reduce costly
quantifiable results to your retention problem and, ultimately, your bottom line,
26
REFERENCES
Wikipedia
Scribd.com
Slideshare.com
www.drakeintl.com
www.citehr.com
27