A Seminar Presentation On RETENTION OF GENERATION Y EMPLOYEES

SUBMITTED IN PARTIAL FULFILLMENT TO THE IIS UNIVERSITY For degree of M.B.A- Human Resources Department of human Resource Management

SUPERVISED BY: Dr Ankita Gangwal Jain Head, Department of HRM & IB The IIS University

SUBMITTED BY:Ms Shweta Kadel MBA-hr (Semester II) Enroll No. ICG/20II/12758

GENERATION Y
Tech-Savvy

Family-Centric

Achievement -Oriented

TeamOriented

Optimistic AttentionCraving Fast moving Multi tasking

Confident

EMPLOYEE RETENTION
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.
.

Importance of Employee Retention

High turnover often leaves customers and employees in the

lurch Replacing employees costs money. Recruiting employees consumes a great deal of time and effort Loss of company knowledge. Turnover leads to more turnovers. Goodwill of Company. Regaining efficiency

Generation Y Employee Retention

THE CHALLENGES OF RECRUITING AND RETAINING GENERATION Y

High Expectations Lack of understanding (generation gap) Career advancement

Exposure to Career Path Opportunities

Difference of views Encourage innovation and creativity Continuing Education High aspirations Dynamic environment

Retention Strategies that Resonate With Younger Employees or Gen Y employees

Make work more meaningful and more fun. Appeal to their sense of community service and civic engagement

Find out what makes them tick

Keep them on their toes

Need Of Increasingly Innovative Human Resources Policies

Innovation can help organizations better position

themselves in terms of human resources strategies, provides innovative ideas that organizations can use to help recruit, develop, and retain top talent in the decades to come. Gen y means new generation and it demands innovation ,therefore companies should adopt new and innovative h.r policies to attract and retain employees.

INNOVATIVE IDEAS

Thought in a Sessions with some of the worlds most creative, imaginative and unconstrained college students. Ideas for recruiting and hiring GEN Y people No standard interviews hire people based on truly getting to know people and understanding their personality and long-term goals Recruit through Face book Hang out with prospective employees on college campuses to get to know them Ideas for creating an ideal (physical) work space for GEN Y people Office space with room to relax and chill out with oxygen bar, music, videos, hip dcor Fun, out of the ordinary activities available at work, like trap shooting or rock climbing Room to take a quick nap if needed

Research Methodology
Research Methodology is generally a guideline for

problem, with specific components

solving a

OBJECTIVES OF RESEARCH To find out the reason of high rate of turnover of Generation y employees To find out what exactly Generation y thinks , what is their point of view. To find out the ways or methods that would reduce employee turnover. To remove various myths about Generation y. To find out, is generation gap really a problem at work place?

Limitations of research
Limitation of scope, being a research at small scale the research

has a narrow scope and has not been able to cover all aspects related with generation y. Limitation of non representative sample , as the sample size was of just 50 people It is thereby not possibly a proper representative on the entire generation y work for of the world. Hence making it the biggest limitation. Limitation on dynamic factors of research, as the research deals with generation y employee, as per the human nature it keeps changing and hence is dynamic making research obsolete very soon making it less dependable for future preference. Limitation of experienced researcher, me being a less experienced researcher also serves as the limitation of the research.

Research design
Research design is the structure of any scientific work Types of Research Design Exploratory Research Descriptive Research Causal Research This research is basically an exploratory research which was conducted to get basic knowledge of the reasons that make the young generation employees leave the organization and to find out ways of retaining them.

Data Collection
Data collection is a term used to describe a process of preparing

and collecting data. Data source-Primary data Primary research consists in research to collect original data. -Secondary data Secondary data is data collected by someone other than the user In this research project we have basically used primary data which was collected with the help of Questionnaires which were filled 50 employees of Genpact belonging to Generation y with some secondary data which was collect from different books and websites.

GENPACT
Global leader in business process and technology process and technology management

Type : Public Industry : Business Process Outsourcing Founded in : 1997 Head Quarters : Gurgaon India Employees: 53,600 Website: Genpact.com Genpact drives process improvements to help global enterprises improve their revenue, margins, speed, and customer relationships

THEIR VALUES
WORK CULTURE A CULTURE OF TRANSPARENCY

BEING AN EMPLOYER OF CHOICE LEARN WHILE YOU EARN

Genpact

CAREER DEVELOPMENT
TRAINING & DEVELOPMENT

LEADERSHIP DEVELOPMENT

How much satisfaction are you getting at the present job?

you don't wont to work here anymore 10% its a life long career choice 12%

you will leave as soon as you get another job 38%

it's good and you would like to work here for some tim 40%

Generation Y Employees seek

A job that gives enough freedom to prove yourself 18% A good job that gives proper recognition 40% A challenging job 10% A job with very high pay 32%

How is the grievance handling mechanism of your organization?

its not good at all 4% its very prompt and non biased 37%

its ok,but biased a times 45%

Decisions are delayed 14%

 Innovation and new challenges how important do you consider these factors at work place?
They hardly You prefer matter 10% doing traditional jobs 20% Very important as monotonous jobs are boring. 40%

Its important as you get to learn new things and develop 30%

Generation y works because they want?

They want to prove them selves 14%

A luxirious life 32%

Secured future 38% Recognition in society 16%

What motivates you to work hard and be a part of the organization

Higher job role and resposibility 18% Recognition and learning oppourtunities provided by the organisation 25%

Compensation benefits 12%

Work environment and culture 45%

Findings
It was found that employees have good image of the organisation It was found that very few employees consider Genpact as life

long career option. At Genpact recreational activities are arranged very rarely . Grievance handling mechanism is biased Employees have good relationship with their superiors Proper recognition given to employees hard work. Innovation and challenges considered very important factors. It was found that majority of generation y see themselves as future entrepreneurs work environment and culture play a very important role in motivating employees to work hard

 It was found that majority of generation y employees work to

secure their future generation y employees want to dress up in business casuals It was found that generation y employees prefers flexible working hours It was found that it is a good job and proper recognition that majority of generation y employees want. It was found that generation y has concern for the environment and society and want their organization to also work for it. It was found that generation y wants career growth ,in absence of which they would prefer to leave the organization. It was found that generation gap is actually not a problem at work place for generation Y employees.

CONCLUSION
Retention is an important concept that has been receiving

considerable attention from academicians, researchers and practicing HR managers Motivated employees come out with new ways of doing jobs. Mere knowledge about the theories of Retention will not help manager with their subordinates. Make the job interesting and rewarding. Make a concerted effort to challenge your younger staff members. Make an effort to keep the lines of communication open. In simple words just consider your employees as your family member understand there problem, be there for help, understand their needs , considers their opinions and suggestions , make them feel proud and see their growth as its easy to leave a job but not a family

RECOMMENDATIONS

Be innovative as its gen y and it demands innovation Genpact should improve its grievance handling mechanism Recreational activities should be arranged on regular basis Develop an attractive employee value proposition Create a total reward structure that includes more than compensation Give feedback on employee performance on a regular basis Be flexible in terms of work-life balance Create a culture of engagement Train managers to be effective Make work more meaningful and more fun Appeal to their sense of community service and civic engagement Find out what makes them tick