21300960 Employee Retention Project Report | Employee Retention | Turnover (Employment)

For more Notes, Presentations, Project Reports visit a2zmba.blogspot.com hrmba.blogspot.com mbafin.

Executive Summary Employee retention is a process in which the employees are encouraged to remain with the organization for the maximum period of time or until the completion of the project. Employee retention is beneficial for the organization as well as the employee. Employees today are different. They are not the ones who don t have good opportunities in hand. As soon as they feel dissatisfied with the current employer or the job, they switch over to the next job. It is the responsibility of the employer to retain their best employees. If they don t, they would be left with no good employees. A good employer should know how to attract and retain its employees. Most employees feel that they are worth more than they are actually paid. There is a natural disparity between what people think they should be paid and what organizations spend in compensation. When the difference becomes too great and another opportunity occurs, turnover can result. Pay is defined as the wages, salary, or compensation given to an employee in exchange for services the employee performs for the organization. Pay is more than "dollars and cents;" it also acknowledges the worth and value of the human contribution. What people are paid has been shown to have a clear, reliable impact on turnover in numerous studies. Employees comprise the most vital assets of the company. In a work place where employees are not able to use their full potential and not heard and valued, they are likely to leave because of stress and frustration. In a transparent environment while employees get a sense of achievement and belongingness from a healthy work environment, the company is benefited with a stronger, reliable work-force harboring bright new ideas for its growth Blog Online And Earn Money Introduction Employee turnover is one of the largest though widely unknown costs an organization faces. While companies routinely keep track of various costs such as supplies and payroll, few take into consideration how much employee turnover will cost them: Ernst & Young estimates it costs approximately $120,000 to replace 10 professionals. According to research done by Sibson & Company, to recoup the cost of losing just one employee a fast food restaurant must sell 7,613 combo meals at $2.50 each. Employee turnover costs companies 30 to 50% of the annual salary of entry-level employees, 150% of middle-level

employees, and up to 400% for upper level, specialized employees. Now that so much is being done by organizations to retain its employees, why is retention so important? Is it just to reduce the turnover costs? Well, the answer is a definite no. It s not only the cost incurred by a company that emphasizes the need of retaining employees but also the need to retain talented employees from getting poached.

Resume Writing Tips Employee Retention Retention involves five major things: Ø Compensation Ø Environment Ø Growth Ø Relationship Ø Support Compensation Compensation constitutes the largest part of the employee retention process. The employees always have high expectations regarding their compensation packages. Compensation packages vary from industry to industry. So an attractive compensation package plays a critical role in retaining the employees. Compensation includes salary and wages, bonuses, benefits, prerequisites, stock options, bonuses, vacations, etc. While setting up the packages, the following components should be kept in mind: Salary and monthly wage: It is the biggest component of the compensation package. It is also the most common factor of comparison among employees. It includes Basic wage House rent allowance Dearness allowance City compensatory allowance Salary and wages represent the level of skill and experience an individual has. Time to time increase in the salaries and wages of employees should be done. And this increase should be based on the employee s performance and his contribution to the organization. Bonus: Bonuses are usually given to the employees at the end of the year or on a festival. Economic benefits: It includes paid holidays, leave travel concession, etc.Long-term incentives: Long term incentives include stock options or stock grants. These incentives help retain employees in the organization's startup stage. Health insurance: Health insurance is a great benefit to the employees. It saves employees money as well as gives them a peace of mind that they have somebody to take care of them in bad times. It also shows the employee that the organization cares about the employee and its family. After retirement: It includes payments that an

Employee gets after he retires like EPF (Employee Provident Fund) etc. Miscellaneous compensation: It may include employee assistance programs (like psychological counseling, legal assistance etc), discounts on company products, use of a company cars, etc. Employers And Their Key Drivers To Attract And Retain Talent Employers Key Drives To Attract And Retain Talent Procter and Gamble India Early responsibilities in career Flexible and transparent organizational culture Global opportunities through a variety of exposure and diverse experiences Performance Recognition American Express (India) Strong global brand Value-based environment Pioneer in many people practices NTPC Learning and growth opportunities Competitive rewards Opportunity to grow, learn and implement Strong social security and employee welfare performance- oriented culture Johnson & Johnson Strong values of trust, caring fairness, and respect within the organization Freedom to operate at work Early responsibility in career Training and learning opportunities Visible, transparent and accessible leaders Competitive rewards Innovative HR programs and practices Glaxo Smith Kline Consumer Healthcare Performance-driven Rewards Its belief in Growing our own timber Comprehensive development and learning programs Flat organization, where performance could lead to very quick progression Challenging work context Competitive rewards Exhaustive induction and orientation program

transparent. If an organization manages people well. It is about managing people.Tata Steel Organization philosophy and culture Job stability Freedom to work and innovate Colgate Palmolive India Company brand Open .People want to work for an organization . and caring organization Management according to the managing with respect to guiding principles Training ad development programs Structured career planning process Global career opportunities Wipro Company s brand as an employer Early opportunities for growth High degree of autonomy Value compatibility Innovative people program Indian Oil Corporation Company brand image Work ethics Learning and growth opportunities Challenging work assignments Growing organization TCS The group brand equity Strong corporate governance and citizenship Commitment to learning and development Best in people practices Challenging assignments Opportunity to work with fortune 500 clients Organization Environment It is not about managing retention. Organizations should focus on managing the work environment to make better use of the available human assets. employee retention will take care of itself.

which provides Ø Appreciation for the work done Ø Ample opportunities to grow Ø A friendly and cooperative environment Ø A feeling that the organization is second home to the employee Organization environment includes Culture Values Company reputation Quality of people in the organization Employee development and career growth Risk taking Leading technologies Trust Types of environment the employee needs in an organization Learning environment: It includes continuous learning and improvement of the individual. certifications and provision for higher studies. Work life balance includes: Flexible hours Telecommuting Dependent care Alternate work schedules Vacations Wellness Work environment: It includes efficient managers. supportive co-workers. Growth and Career Growth and development are the integral part of every individual s career. there are chances that he ll leave the organization as soon as he gets an opportunity. Organizations can not keep aside the individual goals of employees and foster organizations goals.The important factors in employee growth that an employee looks for himself are:Work profile: The work profile on which the employee is working should be in sync with his capabilities. Training and . he ll not be able to contribute in organization growth. etc. If an employee can not foresee his path of career development in his current organization. The environment should be such that the employee feels connected to the organization in every respect. involvement in decision-making. challenging work. Employees priority is to work for themselves and later on comes the organization. Lack or absence of such environment pushes employees to look for new opportunities. and recognition. If he s not satisfied with his growth. Personal growth and dreams: Employees responsibilities in the organization should help him achieve his personal goals also. clarity of work and responsibilities. The profile should not be too low or too high. Support environment: Organization can provide support in the form of work-life balance.

He designs ands plans work for each employee. employee satisfaction surveys and by being in constant touch with the employees. There are times when an employee starts feeling bitterness towards the management or peers. Otherwise he ll feel useless and will be dissatisfied. It is his duty to involve the employee in the processes of the organization. Importance of Relationship in Employee Retention Program Sometimes the relationship with the management and the peers becomes the reason for an employee to leave the organization. certifications. Employees should know what the organization expects from them and what their expectation from the organization is. These trainings can be given to improve many skills like: Communications skills Technical skills In-house processes and procedures improvement related skills C or customer satisfaction related skills Special project related skills Need for such trainings can be recognized from individual performance reviews. availability of resources. This will induce competition as well as improve the Relationship among collegues. It leads to less satisfaction and eventually attrition. An employee based culture may include decision making authority. The management is sometimes not able to provide an employee a supportive work culture and environment in terms of personal or professional relationships. Induce loyalty: . they ll leave the organization for better jobs. So an organization should hire managers who can make and maintain good relations with their subordinates. Relationship with the immediate manager: A manger plays the role of a mentor and a coach. Recruit whole heartedly: An employee should be recruited if there is a proper place and duties for him to perform. open door policy. To enhance good professional relationships at work. not only among teams but in different departments as well. etc. Relationship with colleagues: Promote team work. Deliver what is promised. Show them that the organization cares and he ll show the same for the organization. Create opportunities for their career growth by providing mentorship programs. educational courses. This decreases employee s interest and he becomes de-motivated. individual meetings. A supportive work culture helps grow employee professionally and boosts employee satisfaction. the management should keep the following points in mind. Organization should not limit the resources on which organization s success depends. This bitterness could be due to many reasons. Many employers fear that if the employees are well rained. etc. Respect for the individual: Respect for the individual is the must in the organization.development: Employees should be trained and given chance to improve and enhance their skills.Promote an employee based culture: The employee should know that the organization is there to support him at the time of need. Individual development: Taking proper care of employees includes acknowledgement to the employee s dreams and personal goals.

Support Lack of support from management can sometimes serve as a reason for employee retention. The researcher used both descriptive and analytical type of research design for his research study. confident and empowered. The researcher used descriptive research to discover the characteristics of customers. employee assistance Programs. conseling services. Employers can also provide valuable feedback to employees and make them feel valued to the organization. The researcher also used analytical research design to analyze the existing facts from the data collected from the customer. Descriptive research also includes demography characteristic of consumer who use the product. The main objective of using descriptive research is to describe the state of affairs as it exits at present. etc Employers can also support their employees by creating an environment of trust and inculcating the organizational values into employees. It mainly involves surveys and fact finding enquiries of different kinds. Area of study . Management can support employees by providing them recognition and appreciation.Organizations should be loyal as well as they should promote loyalty in the employees too. Management should try to focus on its employees and support them not only in their difficult times at work but also through the times of personal crisis. childcare services. Supervisor should support his subordinates in a way so that each one of them is a success. Try to make the current employees stay instead of recruiting new ones. Thus employers can support their employees in a number of ways as follows: Ø By providing feedback Ø By giving recognition and rewards Ø By counseling them Ø By providing emotional support RESEARCH METHODOLOGY Research Design The research design indicates the type of research methodology under taken to collect the information for the study. Top management can also support its employees in their personal crisis by providing personal loans during emergencies. The feedback from supervisor helps the employee to feel more responsible.

The area of study is confined to employees of GEMINI COMMUNICATION LTD. Questionnaire Design The questionnaire framed for the research study is a structured questionnaire in which all the questions are predetermined before conducting the survey. The questionnaire was designed in such a way that the questions are short and simple and is arranged in a logical manner. Neither Satisfied nor dissatisfied. Sampling Technique: The researcher adopted simple random sampling for the study. Sample size Sample size=125 samples. The scales used to evaluate questions are: Dichotomous scale (Yes or No) Likert 5 point scale (Highly satisfied. R2. The form of question is of both closed and open type. Highly dissatisfied) Category scale (Multiple items) Ranking type (R1. Sampling design A Sample design is a definite plan for obtaining a sample from a given population. variance and confidence methods are used for determining sample size. Pilot study It is appropriate to conduct pilot survey to check the reliability of the questionnaire. It is the procedure used by the researcher in selecting items for the sample. So pilot study was conducted on 5 respondents which is a 10% of the sample. R3 ) The questionnaire for the research was framed in a clear manner such that it enables the respondents to understand and answer the question easily. satisfied. Chennai. Dissatisfied. Research instrument The Structured questionnaire is used as the research instrument for the study. DATA COLLECTION METHOD .

Secondary data The secondary data are collected through the structured questionnaire. of respondents)*100 WEIGHTED AVERAGE METHOD: Formula: Mean score = total score/no of respondents. STATISTICAL TOOLS AND TECHNIQUES PERCENTAGE ANALYSIS: Percentage = (No. The tabulated value of at given level of significance with (r-1)(c-1) Degrees of freedom ONE RUN TEST Null hypothesis (H0): There is a no significant relationship between the variables . literature review and also from the past records maintained by the company. Alternate Hypothesis(H1): There is a difference in attributes 3. Degrees of freedom = (r-1)(c-1) 5.T × C.T G. Expected frequency: E = R. Where total score = no of respondents*weighted average CHI SQUARE TEST: 1. of respondents/ total no.05 4.T 6. Null Hypothesis (Ho): There is no difference in attributes 2. Calculation of : = (O-E)² E 7.Primary data Primary data is the new or fresh data collected from the respondents through structured scheduled questionnaire. Level of significance = 0.

6. The findings of the study are subjected to bias and prejudice of the respondents.58) Upper limit = µr + (2. Time factor can be considered as a main limitation. The accuracy of findings is limited by the accuracy of statistical tools used for analysis.n1. 2. demography. Analysis and Interpretation of data PERCENTAGE ANAYLSIS AWARENESS OF HR POLICIES Chi-Square Test . 5.58) KENDALL S COEFFICIENT OF CONCORDANCE: Null hypothesis (H0): There is a difference in attributes Alternate hypothesis (H1): There is no difference in attributes Rj = (Rj-Rj)2 S= Rj = Rj LIMITATIONS OF THE STUDY 1. age condition of economy etc. Findings of the research may change due to area.n1 r = 2 n1n2 (n1+ n2)2 (n1+ n2-1 ) Lower limit = µr + (2. Area of the study is confined to the employees in Chennai only. 3. The findings of the study are solely based on the information provided by the respondents. 4.Alternate hypothesis (H1): There is significant relationship between the variables µr = 2 n1 n2 + 1 n1 + n2 2 n1 n2.

Calculated value is more than table value therefore accept H0 Result: There is a significant relationship between overall satisfaction and aspects of job. Ranking Based on Satisfaction K=20 Salary Superior Role Team Coordination Work responsibilities Rules and Policies Physical work environment Training Calculated value : S= 5815. H0: There is a no significant relationship between Work Culture of the Company and interpersonal relationship between employees. KENDALL S COEFFICIENT OF CONCORDANCE Null hypothesis (H0): There is a no significant difference in the rank assigned by respondents towards the attributes that gives them satisfaction in the company.714 Table value : 1158 Calculated value is more than table value therefore reject H0 . H1: There is a significant relationship between Work Culture of the Company and interpersonal relationship between employees.To find whether there exists a significant relationship between Work Culture of the Company and interpersonal relationship between employees. Alternate hypothesis (H1): There is a significant difference in the rank assigned by respondents towards the attributes that gives them satisfaction in the company.

Table:2. How can the provision of key human resources develop a long-term relationship that makes top employees stay in the company? The study aims to establish the procedure leaders apply to retain employees. made at the case company. and a broader significance. The purpose is to compare the qualitative study. Alternate hypothesis (H1): The samples are taken randomly. Following key questions are intended to be answered: What are the consequences between leaders actions and employees retention? Which is the leader s role when it comes to retaining employees? Purpose statement: The purpose of the thesis is to investigate and analyze how company leaders today can retain their key employees. as well as a theoretical study where empirical findings and theories has been compared. Eleven qualitative interviews were conducted at Tradeka?s financial department.5. and also the interest in how retention management works in practice. and the leaders. The leader s relation to the employees . as the leader plays a key role in retention management is: trust builder. both with supervisors and employees to get a broader view at the phenomenon retention management. We believe that the leader plays a key role in employee retention and retention management. Result: Leaders and their skill in creating a culture of retention. For organizations to keep its key employees their number one priority should be to look at their management.1 EMPLOYEE S SATISFACTION REGARDING MONETARY BENEFITS PROVIDED BY THE COMPANY. Research method: The study is a qualitative. with findings from the thesis theoretical framework. talent developer and coach. because people leave managers and not companies. to work hard with retention management. The intention of investigating and using the Finnish company Tradeka Limited as a case company. The concept of retention management can both have a narrow. Retention Management Abstract: Background: retention management is a highly topical subject and an important dilemma many organizations might face in the future. Characteristics in a leader that are of importance. Both parts of its significance are generally included in this thesis. The research is based on the leaders in the Finnish case company Tradeka.Result: There is a significant difference in the rank assigned by respondents towards the attributes that gives them satisfaction in the company. The background of the thesis present a few articles that discuss issues that makes it important for the organization. is to make the information from the theories more valid. if not facing it already. has becoming a key in why people stay and what usually drives them away from a company. The leader has become the main factor in what motivates people s decision to stay or leave. esteem builder. ONE RUN TEST Null hypothesis (H0): The samples are not taken randomly. communicator. and talent finder.

Empower the employees: Give the employees the authority to get things done. . etcy Discounts in cinema halls. because employees need to feel involvement. and that their presence count. etc. 9. 2.Create an environment where the employees want to work and have fun. When retention is a core value. restaurants. celebrations and gifts Providing benefitsy Home insurance plans Legal insurance Travel insurance Disability programs Providing perks: It includes coupons. Have faith in them. trust and respect them 5. These practices can be categorized in 3 levels: Low. monetary and non monetary rewards)y Recognizing professional as well as personal significant eventsy Wedding gifts Anniversary gifts New born baby gifts Scholarships for employee s children Get well cards/flowers Birthday cards. certificates. discounts. Employee Retention Strategies The basic practices which should be kept in mind in the employee retention strategies are: 1. 6. good things happen for customers.plays a central role in retaining employees. Low Level Employee Retention Strategies Appreciating and recognizing a well done joby Personalized well done and thank-you cards from supervisorsy Congratulations e-cards or cards sent to spouses/familiesy Voicemails or messyages from top management Periodic days off for good performancey Rewards ( gift. Provide them information and knowledge. Make employees realize that they are the most valuable asset of the organization. rebates. 4. Hire the right people in the first place. employees. and the company. 8. 7. Recognize and appreciate their achievements. 3. Keep their morale high. museums. Keep providing them feedback on their performance. medium and high level.

mehandi.Retail store discounts Computer peripherals purchase discounts Providing workplace conveniencesy On-site ATM On-site facilities for which cost is paid by employees laundry facility for bachelors Shipping services Assistance with tax calculations and submission of forms Financial planning assistance Casual dress policies Facilities for expectant mothers Parking Parenting guide Lactation rooms Flexi timings Fun at worky Celebrate birthdays. hockey. retirements. holi. cricket matches Organize picnics and trips for movies etc Sports outings like cricket match etc Indoor games Occasional stress relieversy Casual dress day Green is the color day Handwriting analysis Tatoo. etc Holiday parties and holiday gift certificates Occasional parties like diwali. dushera. anniversaries. hair braiding stalls on weekends Mini cricket in office Ice cream Fridays Holi-Day breakfast Employee support in tough time or personal crisisy Personal loans for emergencies Childcare and eldercare services Employee Assistance Programs ( Counseling sessions etc) Emergency childcare services . promotions. etc Organize get together for watching football.

Promoting Work/Life Effectivenessy Develop flexible schedulesy Part-time schedulesy Extended leaves of absencey Develop Support Servicesy On-site day care facility etc.google_render_ad().Medium Level Strategies for Employee Retention Appreciating and recognizing a well done job Special bonus for successfully completing firm-sponsored certifications Benefit programs for family support Child adoption benefits Flexible benefits Dependents care assistance Medical care reimbursement Providing conveniences at workplacey Gymnasiumsy Athletic membership programy Providing training and development and personal growth opportunitiesy Sabbatical programs Professional skills development Individualized career guidance High Level Strategies window.y Understand employee needs: This can be done through proper management style and culturey Listen to the employee and show interest in ideasy Appreciate new ideas and reward risk-taking Show support for individual initiative Encourage creativity Encouraging professional training and development and/or personal growth opportunities: It can be done through:y Mentoring programs Performance feedback programs Provide necessary tools to the employees to achieve their professional and personal goals Getting the most out of employee interests and talents Higher study opportunities for employees Vocational counseling Offer personalized career guidance to employees .

More importantly. they leave mainly because of work related stress and dissatisfactions. Proper training should be given to the managers on interview and management techniques. etc. which gradually builds up trust and pride. y Hire the right people from the beginning: employee retention is not a process that begins at the end.Related apathy and frenzy. It induces responsibility among employees and accountability towards other peers. An internship program can be followed to recruit the fresh graduates.Provide an environment of trust: Communication is the most important and effective way to develop trust. These companies are severely affected when employees check out. Closed doors work culture can serve as a deterrent to communication and trust within employees which are potential causes for work. Referral bonus should be given to the employees for successful hires. . Although employees most often prefer to stay with the same company and use their time and experience for personal growth and development. A transparent work environment can serve as one of the primary triggers to facilitate accountability. The process of retention begins right from the start of the recruitment process. It is believed that in a transparent work culture employees rigorously communicate with their peers and exchange ideas and thoughts before they are finally matured in to full-blown concepts. communication. leadership characteristics of the candidate should be in sync with the culture of the hiring organization. notice boards. They are the best source of networking. trust. The personality. pride and so on. especially in the middle of some big company project or venture.Companies invest very many hours and monies in training and educating employees.y Suggestion committees can be created Open door communication policy can be followed Regular feedbacks on organization s goals and activities should be taken from the employees by: Management communications Intranet and internet can be used as they provide 24X7 access to the information Newsletters. transparency in work environment discourages work-politics which often hinders company goals as employees start to advance their personal objectives at the expense of development of The company as a single entity.More and more companies have now realized the importance of a healthy work culture and have a gamut of people management good practices for employees to have that ideal fresh work-life. Retention Success Mantra Transparent Work Culture In today s fast paced business environments where employees are constantly striving to achieve business goals under time restrictions. The new joinees should fit with the organization s culture. open minded and transparent work culture plays a vital role in employee retention. responsibility.

Organizations need to be more flexible so that they develop their talented workforce and gain their commitment. but also it enhances a company's competitiveness. Providing quality at work not only reduces attrition but also helps in reduced absenteeism and improved job satisfaction. organizations are required to retain employees by addressing their work life issues. The basic objectives of a QWL program are improved working conditions for the Employee and increase organizational effectiveness. aware of their risks and rights. Supporting Employees Organizations these days want to protect their biggest and most valuable asset and they want to do this in a way that best suits their organizational culture. The management can support employees directly or indirectly. Quality Of Work The success of any organization depends on how it attracts. People also conceive of QWL as a set of methods. Retaining employees is a difficult task. Common beliefs support the contention that QWL will positively nurture amore flexible. The work should not pose a health hazard for the person. Providing quality work life involves taking care of the following aspects:Occupational health care: The safe work environment provides the basis for the person to enjoy working. QWL consists of opportunities for active involvement in group working arrangements or problem solving that are of mutual benefit to employees or employers. such as autonomous work groups. loyal. Providing support to the employees acts as a mantra for retraining them. administrative system and relationship between life on and off the job. It requires employee commitment to the organization and an environment in which this commitment can flourish. job enrichment. Employers can also support their employees by creating an environment of trust and inculcating the organizational values into employees. the physical work environment. The employer and employee. they provide support in terms of . and motivated workforce. The elements that are relevant to an individual s quality of work life include the task. which are essential in determining the company's competitiveness. motivates. Thus. could achieve a lot in Their mutually beneficial dialogue. recruits. Suitable working time: Organizations are offering flexible work options to their employees wherein employees enjoy flexi-timings for dedicating their efforts at work. Appropriate salary: The appropriate as well as attractive salary has always been an important factor in retaining employees. based on labor management cooperation. Directly. Providing employees salary at par with the other counterparts of above that what competitors are paying motivates them to stick With the company for long. and retains its workforce. social environment within the organization.. and high-involvement aimed at boosting the satisfaction and productivity of workers. Not only does QWL contribute to a company's ability to recruit quality people.

A proactive approach can be adopted to reduce attrition.Positive feedback communicates managerial satisfaction. Positive recognition for good performance boosts up morale of employees and results in performance improvement to a higher productivity level. hence. It is a dialog between a manager and an employee which acts as a way of sharing information about the performance. Management can support employees. Optimize employee engagement: An organization s productivity is measured not in terms of employee satisfaction but by employee engagement. The amount of information employees receive about how well or how poorly they have performed is what we call feedback. managing stress and personal development. organizations should aim to maximize the engagement among employees. Employee satisfaction also comes with high engagement levels. Employees are said to be engaged when they show a positive attitude toward the organization and express a commitment to remain with the organization. Keeping them engaged is an important task. Planed coaching sessions help an individual to work through issues. Coaching and mentoring: Employees whose work performance suffers due to poor interpersonal relationships or because of lack of interpersonal skills should be provided proper coaching by their superiors. . Feedback Feedback acts as a channel of communication between the employee and his manager. becomes an important task. However. Strategies should be framed in advance and implemented when the times arrives. Engage the new recruits: The newly hired employees are said to be least engaged in the organization. It suggests where the employee performance is effective and where performance has to improve. indirectly. Moreover this improvement is short term. This feedback helps the employee assess his performance and identify the improvement areas. negative feedback sometimes make employee to put more efforts to improve his performance. in a number of ways as follows: Manage employee turnover: Employee turnover affects the whole organization in terms of productivity. Managing the turnover. maximize his potential and return to peak performance. It is believed that positive feedback is the only type of feedback that generates performance above the minimum acceptable level. So. Become employer of choice: What makes a company an employer of choice? Is the benefit it offers or the compensation packages it gives away to its employees? Or is it measured in terms of how they value their employees or in terms of customer satisfaction? Becoming an employer of choice involves following a road map which tells where to go as a brand. The fresh talent should be utilized to maximum before they start feeling bored in the organization. Turnover costs should also be taken into consideration while framing these strategies. Negative feedback obviously communicates manager s dissatisfaction.personal crises. But such times are very rare.Managers can provide either positive feedback or negative feedback to employees.

well structured communication with their employers.Communication is also the way to win the employees trust in the organization. Input from manager s side is necessary as it help employees to improve their performance and increase productivity.Category C: These are the employees who have proper. It gives managers and employees a way to identify and discuss skills and strengths. It acts as an opportunity to enhance performance by identifying resources for skill development. So there is a need to encode and decode the message in the process. Communication Between Employee and Employer Communication is a process in which a message is conveyed to the receiver by the sender. Studies reveal the performance tends be same or even decreases if no feedback is provided. Same applies to employee retention also. It helps employees to understand the effectiveness of their performance and contributes to their overall knowledge about the work Managers have tendency to ignore good performances of their employees. The message may be or may not be in a common format or language that both the sender and receiver understand. Straight-from-the-shoulder communication is what the employees need from their employers. Communication is the solution to almost everything in this world. Employees look for organizations where communication and process are transparent. It helps in identifying performance areas that need improvement and specific ways to improve them. So the organizations should hire managers who are active communicators. Employees trust the employers who are friendly and open to them. Due to no feedback. Encoding and decoding also helps in the security of the message. Employers also feel that the immediate supervisors are the most authenticated and trusted source of information for them. Providing no feedback may demotivate employees and may lead to employee absenteeism. This trust leads to employee loyalty and finally retention. employees may assume that they are performing productively or they may feel that the manager is satisfied with their performance.Some managers do not provide any kind of feedback to their employees. The process of communication is incomplete without the feedback.Thus. Nothing is hidden and shared with the employees.Communication mediums . There are 3 categories of employees: A: Who will leave their current employer in 3 years of their employment B: Who have a probability of leaving their current employer in next 3 years C: Who will stay with their current employer in the next 3 years Category A: These are the employees who lack communication with their employers. Positive feedback leads to employee retention and Retention. feedback is necessary because: It builds trust and enhances communication between manager and employee. It is an opportunity for managers and employees to assess and identify career and advancement opportunities.

There are certain circumstances that lead to their leaving the organization. Relationships are developed that encourage continued sponsorship of the business. The unspoken negativity often intensifies for the remaining staff. Importance Of Employee Retention The process of employee retention will benefit an organization in the following ways:1. Turnover leads to more turnovers: When an employee terminates. Interruption of Customer Service: Customers and clients do business with a company in part because of the people. Often much time and money has been spent on the employee in expectation of a future return. The Cost of Turnover: The cost of employee turnover adds hundreds of thousands of money to a company's expenses. Regaining efficiency: If an employee resigns. When an employee leaves. If he is given a job . Higher retention rates motivate potential employees to join the organization. Newsletters. Frequent meetings and Social gatherings Emails. which could lead to potential customer loss. the relationships that employee built for the company are severed.Open door policy: Organizations should support open door policies so that the employees feel comfortable and are able to express their doubts and feeling to their employers. the effect is felt throughout the organization. customers. While it is difficult to fully calculate the cost of turnover (including hiring costs. Loss of Company Knowledge: When an employee leaves. then good amount of time is lost in hiring a new employee and then training him/her and this goes to the loss of the company directly which many a times goes unnoticed. training costs and productivity loss). And even after this you cannot assure us of the same efficiency from the new employee What Makes Employee Leave? Employees do not leave an organization without any significant reason. The most common reasons can be: Job is not what the employee expectedy to be: Sometimes the job responsibilities don t come out to be same as expected by the candidates. When the employee leaves. industry experts often quote 25% of the average employee salary as a conservative estimate. the investment is not realized. Job and person mismatch: A candidate may be fity to do a certain type of job which matches his personality. Co-workers are often required to pick up the slack. Unexpected job responsibilities lead to job dissatisfaction. Goodwill of the company: The goodwill of a company is maintained when the attrition rates are low. he takes with him valuable knowledge about the company. Intranet and many more So there should be effective communication across the organization and this communication should be two-way. current projects and past history (sometimes to competitors). Communication alone can lead to unimaginable heights of employee retention.

growth and learning etc. This amounts to major organizational and financial stress. the cost of employee turnover can be calculated. Non-supportive coworkers. seniors and management: Trust is the most important factor that is required for an individual to stay in the job. They allow an organization to understand the reasons for leaving and underlying issues. . Secondly. compensation. attrition costs companies 18 months salary for each manager or professional who leaves. Stress from overwork and work life imbalance: Job stress can lead to work life imbalance which ultimately many times lead to employee leaving the organization.which mismatches his personality. the employee feels de-motivated and loses interest in job. seniors and management can make office environment unfriendly and difficult to work in. and 6 months pay for each hourly employee who leaves. New job offer: An attractive job offer which an employee thinks is good for him with respect to job responsibility. considering that one out of every three employees plans to leave his or her job in the next two years. So an impartial person should be appointed with whom the employees feel comfortable in expressing their opinions. Compensation: Better compensation packages being offered by other companies may attract employees towards themselves. can lead an employee to leave the organization. Lack of appreciation: If the work is not appreciated by the supervisor. Managing Employee Retention The task of managing employees can be understood as a three stage process: 1.Understand why employee leave. on an average. Exit interviews are an ideal way of recording and analyzing the factors that have led employees to leave the organization. According to a survey. Understand why employees leave : Why employees leave often puzzles top management.Implement retention strategies The organizations should start with identifying the employee turnover rates within a particular time period and benchmark it with the competitor organizations. 2. Lack of trust and support in coworkers. then he won t be able to perform it well and will try to find out reasons to leave the job. This will help in assessing the whether the employee retention rates are healthy in the company. 3. However employees never provide appropriate response to the asked questions. No growth opportunities: No or less learning and growth opportunities in the current job will make candidate s job and career stagnant. Identify cost of employee turnover.

According to a survey. some companies pay in installments as on when the business cycle completes. the employees who have worked hard on it are entitled to receive the retention bonus. Retention Bonus Higher attrition rates within a particular industry have forced companies to use some innovative strategies to retain employees. benefits and opportunities for individual growth. and that they are kept aware of their likely career path with the organization The organization s reward strategy reflects the employee drivers How To Increase Employee Retention Companies have now realized the importance of retaining their quality workforce. while management and top-level supervisors earn an additional 50 percent of their annual salaries. Retention bonuses are generally vary from position to position and are paid in one lump sum at the time of termination. the .A retention bonus plan is not a panacea. some companies choose to pay a flat figure. Retention bonuses are becoming more common in the corporate world because companies are going through more transitions like mergers and acquisitions. Retention Bonus is one of the important tools that are being used to retain employees.Implement retention strategy : Once the causes of attrition are found. Retaining quality performers contributes to productivity of the organization and increases morale among employees/ Four basic factors that play an important role in increasing employee retention include salary and remuneration. As long as the project gets completed. providing recognition. But are they really positively contributing to the retention rates of a company? Basic salary. In some companies. They need to give key people an attractive incentive to stay on through these transitions to ensure productivity. depending on position. non-management employees generally receive about 10 percent of their annual salaries in bonuses. Employees are chosen for retention bonuses based on their contributions to management and the generation of revenue. employees look beyond the money factor. For example. hardly reduces turnover. Retention bonuses have proven to be a useful tool in persuading employees to stay. A project has its own life span. Retention bonus is an incentive paid to an employee to retain them through a critical business cycle. Today. these days. While bonuses based on salary percentages are the generally used. It can also run for a particular project. A retention period can run somewhere between six months to three years. bonuses range from 25 percent to 50 percent of annual salary. tenure and other factors. However. The most effective strategy is to adopt a holistic approach to dealing with attrition. a strategy is to be implemented so as to reduce employee turnover. An effective retention strategy will seek to ensure: Attraction and recruitment strategies enable selection of the right candidate for each role/organization New employees initial experiences of the organization are positive Appropriate development opportunities are available to employees.

Hire Right Talent employee retention starts with recruitment. followed by financial service providers and manufacturing firms. Retail/wholesale companies are the most appropriate to implement stay-pay bonuses. Hire candidates who are actually suitable for the job. Hire appropriatey candidates. Or tell them before hand that their requirements can not be fulfilled. pay attention to their aspirations. If their requirements can be fulfilled only then promise them. Companies of all sizes use retention bonus plans to keep knowledge employees retained in the company. Referrals: According toy the research.Realistic preview of the job responsibilities can be given to the employment seekers by various methods like discussions. Provide realistic job preview at the time of hiring: Mostly employees leave any Organization because they are given the real picture of their job responsibilities at the time of joining. This is mainly to retain good employees and provide them a cash incentive to keep them motivated. A drastic change in the culture may give a culture shock to the candidate. To retain its key senior employees post merger with EDS Corporation. Attrition rate can be reduced if a right person is hired for a right job. trial periods. Although retention bonuses are becoming more common everywhere. Don t show them an unrealistic picture. However. internships etc. but leave because of what their managers do or don t do. Culture fit: Try to judge individual s capability toy adapt to the organization s culture. some industries are more likely than others to offer them.implementation of a system may take 18 months. Don t hire under qualified or clearly overqualified candidates. Mphasis is providing cash component based retention bonus plan for its employees. tell the candidate what is expected from him. assure challenging work. managers and team leaders play an active and vital role in employee retention. It is seen that managers who respect and value employees competency. referred candidates stay longer with the organization. There is a fear of hampering the image and reputation of the person who referred the candidate. For this the employer should understand the job requirements clearly. Setting wrong expectations or hiding expectations will result in early leaving of employees. . y Discuss what the expectations of the employees are: Ask employees what they expect from the organization. Early departures arise from the wrong recruitment process. so a retention bonus will be offered after 20 months. Clearly discuss whaty is expected from the employee: Before joining the organization. Manager Role in Retention When asked about why employees leave. Therefore. research has shown that people join companies. low salary comes out to be a common excuse. Be realistic. value the quality of work life and provided chances for learning have loyal and engaged employees. Here are a few ways to ensure how to hire the right talent for a particular job.

Focus on future career: Employees are always concerned about their future career. Standing up for the Team: Team leaders are closest to their team members. Extra Responsibility: Giving extra responsibility to employees is another way to get them engaged with the company. just giving the extra responsibility does not help. How to Improve Employee Retention People want to enjoy their work so make work fun and enjoyable. However. Provide 360 feedback surveys and other questionnaires to foster open communication. A manager should focus on showing employees his career ladder. Employees who look forward to these events and are likely to remain more engaged. . one of the key responsibilities will be providing coaching that is intended to improve the performance of employees. arranging a talk by the VP of Quality on career opportunities in the field of quality. window. they also need to educate their managers about the realities on the ground. Delegation: Many team leaders and managers feel that they are the only people who can do a particular task or job. they will have one more reason to stay in the team. Offer attractive. If an employee sees that his current job offers a path towards their future career aspirations. Managers often tend to escape this role by just coaching their employees. coaching is followed by monitoring performance and providing feedback on the same.google_render_ad(). When agents see the team leader standing up for them. competitive benefits and 401(k)s.g. However. They can also come through serious events e. Providing coaching: Everyone wants to be successful in his or her current job. not everyone knows how. The manager must spend good time teaching the employees of how to manage responsibilities given to them so that they don t feel over burdened. Retention does not necessarily have to come through fun events such as parties. Provide opportunities within the company for career progression and cross-training. Consider allowing anonymous surveys occasionally so employees will be more honest and candid with their opinions. team outings etc. However. Therefore. celebrations. Therefore.Managers and team leaders can reduce the attrition levels considerably by creating a motivating team culture and improving the relationships with team members. managers should play the role of career counselors as well. Understand that employees need to balance life and work so offer flexible starting times and core hours. they do not delegate their jobs as much as they should. Delegation is a great way to develop competencies. This can be done in a following way: Creating a Motivating Environment: Team leaders who create motivating environments are likely to keep their team members together for a longer period of time. Therefore. then they are likely to stay longer in the company. While they need to ensure smooth functioning of their teams by implementing management decisions.

Rewards and Recognition Employees want to be recognized for a job well done. seek out traits. credible standards that have been developed using observable achievements. such as loyalty. Organizations may want to evaluate whether getting a bonus at the end of the year is more or less rewarding than getting smaller. Recognition for a job well done fills the employees' need to receive positive. honest feedback for their efforts. . Rewards should have meaning and value for the recipient. appropriate. more frequent payouts. especially if they are immediate. 2000). Need for Rewards and Recognition Recognition should be part of the organization's culture because it contributes to both employee satisfaction and retention. A Harvard University study concluded that organizations can avoid the disruption caused by employee turnover by avoiding hiring mistakes and selecting and retaining top performers.Organizations should target job applications for employees who have characteristics that fit well with the organizational culture. Rewards are to be immediate. When the reward system is credible. Designing a Rewards and and Recognition Solution In designing a rewards and recognition program. Amour. Employees should be asked for input on their most desirable form of recognition. and personal. Having more information about the potential employee s expectations can help retain them. Unrecognized and nonvalued performance can contribute to turnover. Upon conducting an interview. Organizations can avoid employee turnover by rewarding top performers. Employees may feel that their performance is unrecognized and not valued. Also. rewards are meaningful. but others in the organization as well. and personal. Rewards that are spontaneous (sometimes called on-the-spot awards) are also highly motivating and should also use a set criteria and standard to maintain credibility and meaning. Rewarding and recognizing people for performance not only affects the person being recognized. Use what employees say when it comes time to reward for performance (St. however. appropriate. the following guidelines should be considered. ask the potential employee what motivates them on the job. Rewards should be achievable and not out of reach by employees. the entire organization can experience the commitment to excellence. Rewards and recognition respond to this need by validating performance and motivating employees toward continuous improvement. or that others in the organization are rewarded for the wrong behaviors. Through a rewards program. Rewards are one of the keys to avoiding turnover. Additionally. One of the keys to avoiding turnover is to make rewards count. the opposite effect will occur. a personal note may mean more than a generic company award. if the reward system is broken. Rewards should be based on well-defined. Rewards can be based on an event (achieving a designated goal) or based on a time frame (performing well over a specific time period). Rewards should be visible to all members of the organization. should they get hired into the company.

a data processing services company that employees more than 6. Meaningful rewards and recognition that are achievable have the greatest impact. Mahaffey. Recognition for a job well done can be just as valued and appreciated as monetary awards. Sometimes a personal note may mean more than a generic company award. The nonmonetary rewards are best received when they are thoughtfully prepared and of highest quality. such as a production goal that is beyond employees' power. In one survey. Case Studies . or. and notes from peers In addition to nonmonetary rewards. Rewards are given on a monthly.Nonmonetary rewards. If the reward is based on an unachievable result. and other items. whether at formal meetings or on the spot. Profit sharing and pay-for-skilis are monetary bonus plans that both motivate individuals and improve goal achievement. then those employees will not be motivated. 2002). gift certificates. mugs. Professionalism in presenting the reward is also interpreted as worthwhile recognition. For example. if an individual enjoys physical activity. Formal recognition program can be used with success. Nebraska. uses a formal recognition program (Adams. Variable bonuses linked to performance are another popular reward strategy. employees cited the following as meaningful rewards (Moss. an avid camper might be given a 10-day pass to a campsite. rewards and recognition should be based on a clear set of standards. A cash award of $50 would be inappropriate for someone who just recommended a process that saved the organization a million dollars. The standards for the reward should also be achievable. that employee might be given a spa membership. Determining the amount of money given is a delicate matter of organizational debate in which organizational history. and yearly basis. should be valued by the individual. and Rick.000 individuals in Omaha. 2000): Employee of the month awards Years of service awards Bonus pay (above and beyond overtime) for weekend work Invitations for technicians to technical shows and other industry events Meaningful and Retentional Rewards What gives meaning to rewards and recognition? What makes them effective? First. employees can be rewarded using money in numerous ways. financial parameters. Cash is a welcome motivator and reward for improving performance. pens. and desired results are all factors. with performance verifiable or observable. First Data Resources. if used. Rewards should be appropriate to the level of accomplishment received. and range from Nebraska football tickets. One of the most popular awards at First Data is called the "Fat Cat Award" that consists of: $500 gift check Professional portrait of the employee Appreciation letter from the CEO and senior management E-mails. Small acts of recognition are valuable for employee daily Retention. phone calls. quarterly. plaques.

engage. such as an individua-lized reward system and communication between managers and employees. in-ternal labor market and career. keeping employees for longer periods is an imp-ortant challenge for firms. which consist of four categories: the hiring process. EMM (Entrepreneurskap. and finally culture and leader-ship. public or nonprofit) is its capacity to attract. Linda Lindgren. We have compared the findings to our chosen theory. Auditing Company X seems to have incorporated this into their practices successfully. What keeps you awake at night? and you will get a response that relates to people management issues. Yet. [2008] Abstract: Introduction: Companies today are forced to function in a world full of change and complexity. the employee needs to have a Swedish university degree. Maja Cassel. Firstly. Due to these statements the challenge of retaining and motivating valuable em-ployees is crucial for the auditing firms. Elina Armanto. neither employees nor employers seem to take for granted that a person will stay with the same firm until retirement. the changing values about work and the high cost of turnover. [2008] Abstract: Today. private. motivation and performance. the person needs practical experience for a specific period of time. at Auditing Company X. remuneration and elements towards job satisfaction University essay from Växjö universitet/Ekonomihögskolan Author: Sanna Paulsson. How Auditing Company X Works with Retaining Valuable Employees : Swedish Case study University essay from Högskolan i Jönköping/IHH. Research and human resource practices provide us with a number of recommendations to increase employee retention. These four categories are initially based on Leigh Branham?s book: ?Keeping the people who keep you in business: 24 ways to hang on to your most valuable talent? (Bran-ham. the scarcity of talent with relevant work skills for today s jobs. a main concern for any organization (whether small or large. 2001). Retention: An explanatory study of Swedish employees in the financial sector regarding leadership style. this because certain requirements are needed to become an auditor. such as having a holistic and long-term orientation. There are some areas that need further attention from the company. which is why we have chosen to do a case study at Auditing Company X to see how they work with employee retention. Marknadsföring. we have been able to conclude that the firm s retention practices are to a great extend in line with the theoretical framework. Even though there are some parts to work on the most important aspects of retention.In our conducted case study. Furthermore. and retain the right people.Employee Retention Best Practices in Keeping and Motivating Employees By LisBeth Claus Ask any CEO of an organization. Management) Author: Josip Bogic. The problem of retention is compounded by the predicted talent shortage resulting from the upcoming retirement of the baby boomers. including specific courses within au-diting/accounting. One industry where retention is interesting is the auditing industry in Sweden. and it is more important than ever to have the right employees in order to survive the surrounding .

Object: The main objective is to increase the understanding regarding employee s retention in relation to leadership style. autonomy. The background of the thesis present a few articles that discuss issues that makes it important for the organization. But also non financial factors such as participation. is to make the information from the theories more valid. responsibility. feedback.competition. fairness. The research is based on the leaders in the Finnish case company Tradeka. fairness. development and work-atmosphere is important for job satisfaction and retention. The intention of investigating and using the Finnish company Tradeka Limited as a case company. with findings from the thesis theoretical framework. responsibility. and the leaders. Research method: The study is a qualitative. insurance and finance companies. How can the provision of key human resources develop a long-term relationship that makes top employees stay in the company? The study aims to establish the procedure leaders apply to retain employees. remuneration and elements such as participation. and a broader significance. Research told us that leadership. fairness. The concept of retention management can both have a narrow. if not facing it already. to work hard with retention management. responsibility. feedback. as well as a theoretical study where empirical findings and theories has been compared. remuneration and elements like participation. [2007-09-03T08:22:31Z] Abstract: Background: retention management is a highly topical subject and an important dilemma many organizations might face in the future. and also the interest in how retention management works in practice. Maria Helnius. development and work-atmosphere in the Swedish financial Sector. When looking at this problem area we found that there may be actions and tools that companies could use to come to terms with this problem. feedback. More money was the most common reason for wanting to change jobs. and when asking how the remuneration system should be designed. base pay with additional bonus and benefits were preferred. autonomy. The purpose is to compare the qualitative study. financial as well as nonfinancial remuneration and research done in later years regarding participation. Eleven qualitative interviews . feedback. development and workatmosphere must be taken in consideration to satisfy since they seem to increase employees? Willingness to stay in the company.Retention Management University essay from Göteborgs universitet/Företagsekonomiska institutionen Author: Lisa Hedberg. The survey has a quantitative approach with a web based questionnaire and includes 129 respondents from banks. Both appreciations from the closest manager as well as the company management influences employee job satisfaction in a positive way. Both parts of its significance are generally included in this thesis. The theoretical framework includes leadership and leadership style. and how they consider and react to the chosen areas. What leaders can do to keep their key employees . responsibility. made at the case company. Following key questions are intended to be answered: What are the consequences between leaders actions and employees retention? Which is the leader s role when it comes to retaining employees? Purpose statement: The purpose of the thesis is to investigate and analyze how company leaders today can retain their key employees. It is a fact that a too high turnover rate affects companies in a negative way and retention strategies should therefore be high on the agenda. fairness. Method: We wanted to investigate how employee of the Swedish financial sector prefers to be retained. Conclusion: The result shows that regarding leadership the respondents prefer leadership based on relations were they feel appreciation. autonomy. autonomy. We believe that the leader plays a key role in employee retention and retention management. development and work-atmosphere connected to retention.

were conducted at Tradeka?s financial department. · It is found out that. and talent finder. . · It is found out that. · It is found out that. · It is found out that.55% of respondents feels that the field worker are able to get updates on internal activities. For organizations to keep its key employees their number one priority should be to look at their management. · It is found out that. 40% of respondents are aware of HR Policies and 60 % of respondents are not aware of HR Policies. good things happen for customers. storage facilities of company and 60% of respondents are not satisfied with Availability of system. Result: Leaders and their skill in creating a culture of retention. 89% of respondents feel that the superiors are easily accessible and 11% of respondents feel that the superiors are not easily accessible. and that their presence count. · It is found out that. talent developer and coach. · It is found out that. · It is found out that. 40% of respondents are satisfied with Availability of system. The leader has become the main factor in what motivates people s decision to stay or leave. 78% of respondents skills are recognized by superiors and 22% of respondents skills are not recognized by superiors. The leader s relation to the employees plays a central role in retaining employees. communicator.57% of respondents feels that there pay is on par with compare to employee s handling similar responsibilities. · It is found out that. 76% of respondents are getting right amount of accurate information at right time and 24% of respondents are not getting right amount of accurate information at right time. both with supervisors and employees to get a broader view at the phenomenon retention management. · It is found out that. When retention is a core value. 70% of respondents are satisfied with hygiene and cleanliness of company infrastructure and 30% of respondents are not satisfied with hygiene and cleanliness of company infrastructure. has becoming a key in why people stay and what usually drives them away from a company. and the company. esteem builder. as the leader plays a key role in retention management is: trust builder. and 39% of respondents feels that there pay is less with compare to employee s handling similar responsibilities. Characteristics in a leader that are of importance. because people leave managers and not companies. because employees need to feel involvement. storage facilities of company. employees. 82% of respondents are able to meet superior s expectation and 18% respondents are not able to meet superior s expectation. 74% of respondents feel that superiors are taking efforts to motivate them and 26% of respondents feel that superiors are not taking efforts to motivate them. · It is found out that. and 45% of respondents feels that the field worker are not able to get updates on internal activities. 83% of respondents feel that workload is manageable and 10% of respondents feel that workload is very hard to manage. 51% of respondents feel that their complaints are resolved quickly and 49% of respondents feel that their complaints are not resolved quickly. FINDINGS · It is found out that.

· From chi-square it is found that there is a no significant relationship between overall satisfaction and Commitment towards Company. The Human Relations Movement posits that social contacts will motivate workers. social comparison of rewards reinforcement. · From chi-square it is found that there is a significant relationship between Work Culture of the Company and interpersonal relationship between employees. · From chi-square it is found that there is a significant relationship between overall satisfaction and aspects of job. Early theories are too simplistic in their approach towards Retention. They are quality oriented. and performance-satisfaction. · From Kendall s coefficient of concordance it is found that there is a significant difference in the rank assigned by respondents towards the attributes that gives them satisfaction in the company. SUGGESTIONS Employee should be provided with proper training. Any technology needs motivated employees to adopt it successfully. Mere knowledge about the theories of Retention will not help manager their subordinates.· From weighted Average analysis it is found that most of the respondents are satisfied with the working hours of the organization · From weighted Average analysis it is found that roles & responsibilities are clearly defined by the Reporting heads. The increasing attention paid towards Retention is justified because of several reasons. Retention comprises important elements such as the need or content. They are more productive. · From weighted Average analysis it is found that respondents feel that training and orientation programs are neither good nor bad. is a motivator according to need-based and process theories of Retention. For the behavioral scientists.One such technique is reward. Several approaches to Retention are available. Reward. They need to have certain techniques that help them change the behavior of employees. search and choice of strategies. goal-directed behavior. For example. Conclusion Retention is an important concept that has been receiving considerable attention from academicians. In its essence. Whatever may be the arguments. · From weighted Average analysis it is found that most of the respondents are satisfied with job. advocates of scientific Management believe that money is the motivating factor. · From One Run Test it is found that the samples are taken randomly. Motivated employees come out with new ways of doing jobs. Employee should be motivated to welcome the change. Employee should be appreciated for good work. money is not important as a motivator. · From weighted Average analysis it is found that employees feel that their superior's commitment towards job is good. however. researchers and practicing HR managers. it can be stated that money can influence some people in certain . particularly money. If any changes are brought in to software or any module is added then proper training should be given.

The makes the job interesting and rewarding. 4. 3. yet. People want a chance to make a difference and realize themselves. Task variety helps motivate job holders. What messages do they send to others about their employer? Are they honestly saying and believing that. total rewards packages go far beyond money. two factor theory of Retention. That self-realization is multi-dimensional and different for each employee.circumstance. Employees have become more connected with others in the organization (and the broader supply-and- . support for employees to attain their personal objectives aligned with the goals of their organization. as an employer. 5. An employee value proposition means that your company has something attractive to offer that is perceived as valuable to an employee. Being an outgrowth of Herzberg s. Create a total reward structure that includes more than compensation. The total reward structure should include. Ongoing performance feedback allows employees to better know where they stand. While money might temporarily retain employees. Recommendations 1. This is a great place to work. The best advocates for an employer s brand are its current employees. yet. Workers more and more value a balance between work and life. They want more flexible ways to engage with their employer. an effective performance management process serves many purposes. Most managers and employees are not enamored with the performance appraisal process in their organization. indicates that their managers pay attention to them and that their performance matters. gives them a formal means to provide input. Give feedback on employee performance on a regular basis. Every company should have all the normal compensation mechanisms common to their type of employment. Branding yourself as an employer of choice is not just a slick set of marketing tactics. job enrichment is considered to be a powerful motivator. productivity and quality. It calls for a different managerial mindset and practices that involve letting go of old ways of controlling workers time and attendance in favor of result criteria such as output. Be flexible in terms of work-life balance. it does not always equate with engagement. To attract and retain workers with different work and career expectations. Create a culture of engagement. in addition to compensation. organizations have to be more flexible in structuring work and its expectations. you must understand what makes your organization attractive to potential recruits and current employees. An enriched job has added responsibilities. This feedback contributes to employee engagement and retention. Job enlargement refers to adding a few more task elements horizontally. 2. Job rotation involves shifting an incumbent from one job to another. Develop an attractive employee value proposition.

is famous among MBA students and alumni for his Connorisms. recently retired after teaching 25 years at the atkinson Graduate school of Management. what employees expect of their managers is fairly simple: Can I trust you? are you committed to excellence? Do you care about me? What people constantly ask of their organization is: Do you tell the truth? Do you keep promises? Do you act fairly? Do you respect me? Managers and organizations that keep these questions in mind will have a competitive advantage over others in retaining their employees. 6. Exit interviews consistently show that poor and bad management practices greatly contribute to an employee s decision to leave a company. Engaged employees are more likely to stay with their employer.B.customer chain) through project-based team work and process management activities. Newspaper and Internet For more Notes.blogspot.Kothari · Journals. When I teach my students about managing organizations. processes and projects to become fully connected and engaged with one another.com . I have them reflect on what really matters to employees and what they are constantly asking of their managers and their organizations. It is imperative to provide supervisors and managers with adequate tools to become effective managers since we cannot assume that these competencies are innate.blogspot.blogspot.com hrmba. your employees do not work for you. It is organizations that create the culture and climate that allow people.Memoria · Research methodology C. BIBLIOGRAPHY BOOKS · Human Resource Management C. Employees are shifting their loyalty to people. they work for themselves.com mbafin. Professor Patrick Connor. teams and projects and away from company loyalty. Train managers to be effective. He told them. Project Reports visit a2zmba. Presentations. In the end.R.

Sign up to vote on this title
UsefulNot useful

Master Your Semester with Scribd & The New York Times

Special offer for students: Only $4.99/month.

Master Your Semester with a Special Offer from Scribd & The New York Times

Cancel anytime.