THEORETICAL FRAMEWORK

JOB RETENTION
Employee retention is the organizational goal of keeping talented employees and reducing
turnover by fostering a positive work atmosphere to promote engagement, showing
appreciation to employees, and providing competitive pay and benefits and healthy work-life
balance. Employers are particularly interested in retaining employees during periods of low
unemployment and heightened competition for talent. To retain employees, organizations use
human resources technology for recruiting, onboarding, engaging and recognizing workers
and offer more work flexibility and modern benefits like physical and financial wellness
programs.

ASPECTS OF EMPLOYEE RETENTION

Employee engagement and employee experience are seen as among the most important
strategies in retaining valued employees and maintaining a positive employer-employee
relationship.

Organizations' HR departments can deploy employee engagement software to do pulse, or

instant, surveys about employees' feelings toward the organization and take action to remedy
areas in which employees have low job satisfaction. Such surveys are usually anonymous and
brief to make employees more likely to participate.

Employees' feelings about belonging to and having their voices heard in the organization are
considered a key aspect of employee retention. Employees often cite the importance of
having managers who support them, and frequent surveys are a way to gauge their feelings
about their supervisors.

Employers also use corporate wellness technology that promotes organization-wide cohesion
using a variety of techniques including fun competitions and group volunteer projects.
Promoting physical and psychological well-being is sometimes a key aspect of corporate
wellness. Organizations can provide incentives or discounts on health insurance for
employees who use wearable and mobile devices to track their physical activity or other
metrics, including those related to chronic health conditions.

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EMPLOYEE RETENTION STRATEGIES

Organizations that are focused on retaining employees usually start with the employee hiring
and onboarding process by giving new workers adequate training and orientation in the
culture of the organization. They also give new employees an opportunity to ask questions
and engage in dialogue with supervisors about their work.

Some organizations use systematic recognition and rewards strategies to show they value
employees. Some employers rely on employee engagement software that uses gamification
and other techniques to recognize workers and provide rewards and perks such as retail
discounts. Employers also focus on competitive pay using employee compensation
management software that compares pay rates against benchmarks for given regions, job
titles and performance ratings.

Employers seek to distinguish themselves in the hiring arena by offering slates of varied
benefits offerings, both voluntary benefits, or employee-paid, and those paid for or subsidized
by the organization. Newer types of benefits include lower premium high-deductible health
insurance plans, pet insurance, education debt repayment programs and legal counseling.

To foster work-life balance, organizations offer flexible work schedules, time off and
telecommuting, and they train managers to encourage employees to take vacations.

Employers increasingly provide office amenities such as ergonomic and standing desks,
subsidized meals, free refreshments and relaxation hubs offering games such as ping-pong
and pool.

WHY EMPLOYEE RETENTION IS IMPORTANT

High rates of employee turnover can harm organizations' ability to carry out their mission
because of impairments to continuity, loss of institutional knowledge, and high costs of
replacing departing workers. Diminished productivity and competitive advantage are among
the biggest losses caused by employees leaving an organization.

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Employee departures can also lower morale and spur more employees to leave the
organization. Employee retention is also important to team building and cohesion in the
workplace, so workers can come to trust and depend on each other.

JOB RETENTION IN VARIOUS SECTOR

IT SECTOR
employee retention has become major concern for corporate now days. The retention of the
precious IT workers become difficult day by day due to complex nature and demands of the
work and inability of management to understand their need leading them to change their
jobs. work environment, family problems, compensation, relation with superiors are the
prominent factors that may be considered while planning a job change by an IT professional.
Every company wants to retain its employees but when they get trained have tendency to
move to other organization for better prospects. companies felt the importance of retention
strategies and accepted that without it they won’t be able to survive in competitive market.
Some benefits like lucrative salary, flexible timing, better work environment and better
career growth helps in retention. If any employee is leaving organization then HR department
should intervene and know the exact reason for leaving. Organization should aim at
developing effective retention practices and policies which increase employee retention.

HEALTHCARE SECTOR

The healthcare sector is witnessing the highest attrition rates making retention of critical
manpower resources a key challenge. Any effort to strengthen healthcare service quality must
concentrate on building and promoting the professional culture of healthcare professionals
and should create a conducive environment for working that meets both professional and
organization goals. This will increase the job satisfaction, commitment of the professionals
towards their organization and promote their intention to stay. The healthcare industry is
increasingly influenced by the use of information technology in various forms from record
maintenance to patient monitoring, communication and treatments. They can enable
healthcare professionals to confidently access, interpret and apply organizational knowledge,
patient care procedures, best practices and other skills in a manner that improves patient
satisfaction, achieves positive clinical outcomes and maximizes cost savings for the
organization. HIT is viewed by healthcare professionals to promote professional ethos and

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commitment and to strengthen their perception of self-efficacy. But, they cannot compensate
for many other factors prevalent at both the macro and micro level, which seriously impinge
staff retention, such as staff and supply shortages, difficult working conditions and migration
pull factors originating from developed countries.

EDUCATION SECTOR

The job satisfaction level and working conditions in the education sector for employee
retention are quite good. Career opportunities, Superior support, rewards and recognition are
considered to be the most important factors for the job satisfaction level in this sector, which,
are quite high.

The retention of academics with regard to their views on the factors that keep them with their
current employer. The study revealed that job satisfaction, salary, promotion is important
among the academics who took part in this study. There are intrinsic, as well as extrinsic,
factors that affect the academic retention process. Amongst other elements, salary disparities
were also identified as one of the main reasons causing academics to leave their profession.

This is because the academic staffs see job satisfaction as the most important aspect; job
satisfaction was regarded as an intrinsic element that motivates staff to stay within their job.
Another element was the fact that academic staff did not have confidence in their academic
leaders; this resulted in dissatisfaction in their current job with regard to their growth and
development. In support of the intrinsic element, there are also the extrinsic aspects that have
an impact, either positively or negatively, on the job environment. Academic staff felt that
salaries, academic promotion, and development were the main aspects and with regard to
these factors, the respondents felt that their expectations are not met. While academic staff
mobility and career progression were the highest priority amongst teaching and research staff,
policies and regulations supporting promotions were not clear.

BANKING SECTOR

In today’s scenario Banking sector have emerged as most employment generating industry
and contributing a large portion in Indian economy. The success of an organization depends
upon several factors but the most essential factor that affects the organization performance is
its employee. Human resources play a vital role in achieving an innovative and high-quality

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product/ service and to fulfil the Vision and mission of that organization. The present study is
an attempt to examine and analyse the impact of human resource management practices on
job satisfaction of bank employees. Besides the fact, that Banks are emerging as the highest
job generating agency, the banking sector is also facing employee retention problem. As
retention is directly related to job satisfaction, which is to be monitored by the HR
department. This study identified that the HRM practices like Workforce planning,
Recruitment, Promotion, Transfers, Training and development, Performance Appraisal, Team
Work and Compensation has significant impact on job satisfaction.

E-COMMERCE SECTOR

The e-commerce industry is expected to contribute 4% of GDP by 2020. With more

consumers flocking to the online markets in India and abroad, the E-commerce industry is a
booming industry with immense potential set to scale on a much larger platform. It not only
leads to huge present and future opportunities, but also presents a genuine and vivid problem-
that of finding the right people for the jobs. This industry is on the rise as consumers who opt
for the convenience of shopping online over the time and energy spent on going to a store in-
person. One definite thing we can observe in recent years with e-commerce is that people
value convenience and options to fulfil their shopping needs.

While it’s a booming industry with lots of potential, the competition for Top Talent is very
high, making it very difficult to hire high caliber candidates. E-commerce companies’ jobs
tend to remain in large metropolitan areas which require fewer workers to reach higher
productivity margins. Also, e-commerce companies pay 26% more on average than their
general retail counterparts.

Retention is a combination of finding the ideal candidate and the hiring company is equally
responsible to make sure the candidate is onboarded properly and makes the candidate is
aware of the do’s and don’ts and the company culture. Every candidate sourced and
shortlisted by Multi Recruit is appraised in detail about the hiring company and work culture
to ascertain if the candidate is keen to work in that environment. Similarly, the hiring
company mentions the attributes they need which Multi Recruit validates and assesses if the
candidate is an ideal fit for the company hiring.

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THEORY OF STATISTICAL TOOLS.

Frequency Distribution

A frequency distribution is a list, table or graph that displays the frequency of various
outcomes in a sample. Each entry in the table contains the frequency or count of the
occurrences of values within a particular group or interval.

Uses Frequency Distribution

You can use frequency distribution charts in any situation where you need to observe how
often certain things occur. These charts can help you count the frequency of events to find
patterns in when they occur or who's involved in them. This can be a useful visual and makes
it easier to calculate data like the mean, median and average of occurrences. While most areas
of research can use a frequency distribution to observe data, here are some specific instances
in which you may use this type of chart, graph or table:

Statistical analysis

Sales and marketing trend research

Medical research

Behavioral studies

Sociological experiments

Customer, employee or student satisfaction Weather research and predictions.

Formula Of Frequency Distribution

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