mapping of employee retention techniques

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Mapping of Employee Retention Techniques

At

Reliance Anil Dhirubhai Ambani Group

Project Report Submitted In Partial Fulfillment of the Requirements of Two Year

Post Graduate Program in Management

Submitted by Jibon Jyoti Changmai (020301004)

Under the guidance of

Prof. Anjan Majumdar (Faculty Guide) & Mr. Sanjay Tiwari (Project Guide)


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Acknowledgement

It would be a great pleasure for me to take this opportunity in thanking everybody

who had been of great help in the completion of my Summer Internship Project. My sinceregratitude goes to Mr. Shubhankar Bhattacharya, AVP- Reliance HR Services & Mr. Sanjay

Tiwari, Regional Head, Reliance HR Services (Project Guide), without their help this project

would have seemed impossible.

It has been a great learning experience to be on the job cum training and doing the

project simultaneously, which enriched my knowledge and developed my outlook for

becoming a better professional anticipating with conviction that I had been of some help to

them.

At the same time I am greatly obliged to Prof. Anjan Majumdar, faculty guide of

Unitedworld School of Business. For his valuable contribution to my project.

I would like to show my greatest appreciation to Mr. Jayanta Sengupta, the Dean of

Unitedworld School of Business for providing me the opportunity to do the project

I would also like to take this opportunity to say special thanks to Miss Swati Nikhate,

Miss Jyutika Mhatre, Mr. Kuldeep Kale, Mr. Sandeep Walawalkar & Mr. Ashok Aghab, they

made me a part of their team during my tenure in their organization, for their extensive

help and for providing valuable information, suggestion and inputs at various stages of

work, who gave their full-fledged co-operation for successful completion of my project

Finally I am grateful to all the staff members at Dhirubhai Ambani Knowledge City

cooperating with me throughout the tenure of my working period.

Jibon Jyoti Changmai

Enrollment no: 020301004

AY 2011-13


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Approval of the Faculty guide


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Certificate from the Project Guide


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Declaration

I, Jibon Jyoti Changmai, student of Unitedworld School of Business, Mumbai, hereby

declare that this project report entitled Mapping of Employee Retention Techniques forReliance Human Resource Services Pvt Ltd. (a R-ADA Group of Company), Navi Mumbai, is

a bona fide record of work done by me during the course of Summer Internship project

work of PGPM and all contents and facts are prepared and presented by me without any

bias.

Jibon Jyoti Changmai


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INDEX

Contents Page Numbers

Acknowledgement 2 Approval of the Faculty Guide 3 Certificate from the Project Guide 4 Declaration By Project Trainee 5 Introduction to Human Resource Management 7-12 Employee Retention 13-24 Profile of Reliance ADA Group of Companies 25-32 About Reliance Human Resource Pvt Ltd 33-35 Design of the Study 36-39

Statement of the Problem 37 Scope & Objective of the Study 38 Research Methodology 39

Analysis & Interpretation 40-52 Summary of Findings 53-54 Conclusion 55 Suggestion 56 Bibliography 57 Annexure 58-59


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INTRODUCTION


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INTRODUCTION TO HUMAN RESOURCE MANAGEMENT

HRM can be define as planning, organizing, directing, controlling of procurement,

development, compensation, integration, maintenance and separation of human resources

to the end that individual, organizational and social objectives are achieved.

Features of HRM or characteristics or nature

1. HRM involves management functions like planning, organizing, directing and controlling.

2. It involves procurement, development, maintenance of human resource

3. It helps to achieve individual, organizational and social objectives

4. HRM is a mighty disciplinary subject. It includes the study of management psychology

communication, economics and sociology.

5. It involves team spirit and team work.

Evolution of HRM

The evolution of HRM can be traced back to Kautilya Artha Shastra where he

recommends that government must take active interest in public and private enterprise. He

says that government must provide a proper procedure for regulating employee and

employee relation.

In the medieval times there were examples of kings like Allaudin Khilji who regulated

the market and charged fixed prices and provided fixed salaries to their people. This was

done to fight inflation and provide a decent standard of living during the pre-independence

period of 1920 the trade union emerged. Many authors who have given the history of HRM

say that HRM started because of trade union and the First World War.

The Royal commission in 1931 recommended the appointment of a labour welfare

officer to look into the grievances of workers. The factory act of 1942 made it compulsory to

appoint a labour welfare officer if the factory had 500 or more than 500 workers.

The international institute of personnel management and national institute of labour

management were set up to look into problems faced by workers to provide solutions to

them. The Second World War created awareness regarding workers rights and 1940s to

1960s saw the introduction of new technology to help workers.

The 1960s extended the scope of human resource beyond welfare. Now it was a

combination of welfare, industrial relation, administration together it was called personnel

management. With the second 5 year plan, heavy industries started and professional

management became important. In the 70s the focus was on efficiency of labour wile in the

80s the focus was on new technology, making it necessary for new rules and regulations. In

the 90s the emphasis was on human values and development of people and with

liberalization and changing type of working people became more and more important there

by leading to HRM which is an advancement of personnel management.


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Scope of HRM/functions of HRM

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

These activities are as follows-

1. Human resources planning :-

Human resource planning or HRP refers to a process by which the company to identify the

number of jobs vacant, whether the company has excess staff or shortage of staff and to

deal with this excess or shortage.

2. Job analysis design :-

Another important area of HRM is job analysis. Job analysis gives a detailed explanation

about each and every job in the company. Based on this job analysis the company prepares

advertisements.

3. Recruitment and selection :-

Based on information collected from job analysis the company prepares advertisements and

publishes them in the newspapers. This is recruitment. A number of applications are

received after the advertisement is published, interviews are conducted and the right

employee is selected thus recruitment and selection are yet another important area of

HRM.

4. Orientation and induction :-

Once the employees have been selected an induction or orientation program is conducted.

This is another important area of HRM. The employees are informed about the background

of the company, explain about the organizational culture and values and work ethics and

introduce to the other employees.

5. Training and development :-

Every employee goes under training program which helps him to put up a better

performance on the job. Training program is also conducted for existing staff that have a lot

of experience. This is called refresher training. Training and development is one area where

the company spends a huge amount.

6. Performance appraisal :-

Once the employee has put in around 1 year of service, performance appraisal is conducted

that is the HR department checks the performance of the employee. Based on these

appraisal future promotions, incentives, increments in salary are decided.

7. Compensation planning and remuneration :-

There are various rules regarding compensation and other benefits. It is the job of the HR

department to look into remuneration and compensation planning.


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8. Motivation, welfare, health and safety :-

Motivation becomes important to sustain the number of employees in the company. It is

the job of the HR department to look into the different methods of motivation. Apart from

this certain health and safety regulations have to be followed for the benefits of the

employees. This is also handled by the HR department.

9. Industrial relations :-

Another important area of HRM is maintaining co-ordinal relations with the union members.

This will help the organization to prevent strikes lockouts and ensure smooth working in the

company.

Challenges before the HR manager/before modern personnel management

Personnel management which is known as human resource management has adapted itself

to the changing work environment, however these changes are still taking place and will

continue in the future therefore the challenges before the HR manager are

1. Retention of the employees:-

One of the most important challenge the HR manager faces is retention of labor force. Many

companies have a very high rate of labor turnover therefore HR manager are required to

take some action to reduce the turnover

2. Multicultural work force:-

With the number of multi-cultural companies are increasing operations in different nations.

The work force consists of people from different cultures. Dealing with each of the needs

which are different the challenge before the HR manager is integration of multicultural labor

work force.

3. Women in the work force:-

The number of women who have joined the work force has drastically increased over a few

years. Women employees face totally different problems. They also have responsibility

towards the family. The organization needs to consider this aspect also. The challenge

before the HR manager lies in creating gender sensitivity and in providing a good working

environment to the women employees.

4. Handicapped employees:-

This section of the population normally faces a lot of problems on the job, very few

organization have jobs and facilities specially designed for handicapped workers. Therefore

the challenge before the HR manager lies in creating atmosphere suitable for such

employees and encouraging them to work better.


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5. Retrenchment for employees:-

In many places companies have reduced the work force due to changing economic

situations, laborers or workers who are displaced face severe problems. It also leads to a

negative atmosphere and attitude among the employees. There is fear and increasing

resentment against the management. The challenge before the HR manager lies in

implementing the retrenchment policy without hurting the sentiments of the workers,

without antagonizing the labor union and by creating positive attitude in the existing

employees.

6. Change in demand of government:-

Most of the time government rules keep changing. While a lot of freedom is given to

companies some strict rules and regulations have also been passed. The government has

also undertaken the disinvestment in certain companies due to which there is fear among

the employees regarding their job. The challenge before the HR manager lies in convincing

employees that their interest will not be sacrificed.

7. Initiating the process of change:-

Changing the method of working, changing the attitude of people and changing the

perception and values of organization have become necessary today. Although the company

may want to change it is actually very difficult to make the workers accept the change. The

challenge before the HR manager is to make people accept change.

Significance/importance/need of HRM

HRM becomes significant for business organization due to the following reasons.

1. Objective:-

HRM helps a company to achieve its objective from time to time by creating a positive

attitude among workers. Reducing wastage and making maximum use of resources etc.

2. Facilitates professional growth:-

Due to proper HR policies employees are trained well and this makes them ready for future

promotions. Their talent can be utilized not only in the company in which they are currently

working but also in other companies which the employees may join in the future.

3. Better relations between union and management:-

Healthy HRM practices can help the organization to maintain co-ordinal relationship with

the unions. Union members start realizing that the company is also interested in the

workers and will not go against them therefore chances of going on strike are greatly

reduced.


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4. Helps an individual to work in a team/group :-

Effective HR practices teach individuals team work and adjustment. The individuals are now

very comfortable while working in team thus team work improves.

5. Identifies person for the future:-

Since employees are constantly trained, they are ready to meet the job requirements. The

company is also able to identify potential employees who can be promoted in the future for

the top level jobs. Thus one of the advantages of HRM is preparing people for the future.

6. Allocating the jobs to the right person:-

If proper recruitment and selection methods are followed, the company will be able to

select the right people for the right job. When this happens the number of people leaving

the job will reduce as the will be satisfied with their job leading to decrease in labor

turnover.

7. Improves the economy:-

Effective HR practices lead to higher profits and better performance by companies due to

this the company achieves a chance to enter into new business and start new ventured thus

industrial development increases and the economy improves.


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EMPLOYEE RETENTION

Introduction:

Have you ever phoned or revisited a client and discovered that the person you were

dealing with is no longer working for the company? Its an unfortunate and frustrating

realization. All that time and often money spent developing a relationship and sharingbusiness strategies with someone you trusted went out the window. Now recall how you

felt about the organization your client represented. Their reputation became unreliable, you

lost faith in their business practices and you probably lost interest in working with them. So

if you have felt this way about other companies, then your clients likely feel the same about

yours if you have trouble retaining your top talent.

For managers, nothing feels better than having a strong, successful, happy workforce

in place who are mutually focused on the organizations performance. Hiring top -quality

individuals is an important task on its own, but essential to any managers ongoing process

is a critical retention strategy. In fact, hiring does not end when the candidate has acceptedthe position. Advantageous initiatives and well-planned processes must be firmly in place

and consistently nurtured so that employees will have reasons to remain with your

company for growth to continue. Following a well-developed strategy will let you reduce

recruitment through retaining your top-performing talent.

Obviously, you cannot hold onto all your best people, but you can certainly minimize

the loss. Reducing employee turnover is a strategic and vital issue, beneficial to your

companys bottom line. It has taken considerable time and resources to attain a staff whom

you are proud of to replace them starves your organization of many essential success

factors (money, overall attitude, productivity, etc.) and the companys ultimate triumph.

The intent of this whitepaper is to help you discover the importance of retaining yourvaluable employees and provide you with a list of solutions.

People are valuable

Like an art collector who has spent time and research attaining that Great Masters

work which embodies the talent, skills and training of the artist, getting excellent staff

requires the same passion. The collector protects the painting with superior security and

environmental methods. In your position as a manager of people you must do whatever you

can to keep that priceless individual who works hard for your company and generates strong

results.

As an experienced business person, you have undoubtedly used, or are in the

process of using, effective hiring tools to assemble what you believe to be the best staff,

with exceptional skills and who fit well into your companys unique culture. In a competitive,

professional world, top performers are often made a variety of offers before they settle on

one career position. But once they are working for you, they need reason and motivation to

remain.


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The old adage Look after the small things and the big things look after themselves

can easily apply to your workforce. Look after your people and the business will look a fter

itself. It could not be more relevant today as when it was first said. Your staff is more than

employees. They are valuable individuals with unique competencies and characteristics who

require appreciation as much as a paycheck. In fact, people are the single most valuable

element within your organization. Without them, you simply cannot do business or generaterevenue. It is not just human resource companies that are in the people business every

business needs excellent people to prosper. Can you think of a Fortune 500 company that

reached success without top performing people who have grown and developed over time

with the company?

Each individual who performs a function at your organization no matter how junior

or senior are the puzzle pieces that fit together to create the larger picture of success.

Missing one of those pieces puts a hole in the picture and stops your company being

successful. To keep them, your company must develop a retention strategy with clearly

defined goals.

Recognizing the Problem

Who is ultimately responsible for staff retention?Retention starts at the top. Sourcing, hiring and retaining motivated employees is the

responsibility of the companys governing board and Leadership Team. Getting and keeping

good staff demands focused, formal and informal policies and procedures that make

retention a prime management outcome. Managers need to appreciate staff every day and

constantly work to keep them on board. The HR department alone cannot reduce turnover.

For significant, positive change, company leaders must establish distinct retention processes

and programs within all levels of an organization. After finding the right people, it ismanagements primary role to take responsibility for the success of their employees

including leading people towards performance goals and targets.

Why are people leaving?Take a look at a typical workplace scenario:

Kevin had grown frustrated with his current employer. He felt he was very talented in

his job and had won several key accounts as proof. Yethe hadnt had a raise in two years,

and his boss seemed incapable of saying anything nice about his work. Kevin was putting in

a lot of overtime and was stressed from the huge amount of work he was expected tocomplete with decreasing resources. Past downsizings and employee reductions had left his

department shorthanded, and yet workloads were rising rapidly. He wasnt sleeping well,

and his home life was suffering because he never had energy or time for life outside of work.

Kevin had had enough and began interviewing with other companies. But when he was

made an offer from a major competitor, he wasnt sure what to do. In some ways he liked his

existing job.


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He recalled having faith and being happy with the company before the downturn and he

liked his fellow workers although he knew that several of them were looking as well. He

couldnt help but think, maybe things would improve soon?

This scenario has become increasingly familiar in most of multinational companies.

The nature of work environments at all levels has become such that employees are faced

with increased workloads, ever-stressed bosses, lack of incentives and fear of reductions.

This has caused many talented employees to leave their current organizations. In most cases

they are not blind to the fact that things might not be better elsewhere but they are hoping

for some recognition and perhaps a bit of relief, even if temporary, from their current

situation.

According to Dr. John Sullivan, an HR advisor to Fortune 500 firms, there are a

number of factors that will contribute to a forthcoming wave of turnover. New job

opportunities are steadily rising in fields that were once underperforming. Fast online job

search resources let employees search and apply to new jobs easily. Globalization and off-

shoring have created a sense of discomfort and lack of loyalty to companies. Increasedcorporate recruitment efforts are aiming to snatch top performers and the natural shift of

age dynamics means retirement levels will soon come in waves, leaving once unattainable

roles open. Never has it been more critical to organize your companys retention programs

before high turnover takes hold and strongly impacts your business goals.

The High Cost of Employee Turnover

The costs of high staff turnover can be incredible. Some of the substantial costs that

occur when a person leaves your organization include the following:

1. Recruitment costs

From advertising to the time spent interviewing and sourcing.2. Training costs

Orientation materials and trainers time (ex. call center agents require on average 4 -6 weeks or more of classroom training).

3. Lost Productivity Costs

A new employee operates between 25%- 50% of productivity levels for the firstthree months, not including the time spent by existing employees to assist.

4. Lost sales costs

The loss of business when the role is vacant.Figures can easily reach 150% of an employees annual salary. The cost will be

significantly higher (200% to 250% of salary) for managerial and sales positions. For

example, if the average salary of employees in a given company is Rs. 5,00,000 per year, the

cost of turnover at 150% of salary, is Rs. 7,50,000 per employee who leaves the company.


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For the company of 1,000 employees who has a 10% annual rate of turnover, the annual

cost of turnover is $7.5 million.

What company can afford this? Not only are there the direct financial costs of replacing

staff but other repercussions include the loss of key skills, knowledge and experience,

disruption to operations and the negative effect on workforce morale. In addition, high

turnover represents a considerable burden both on HR representatives and managers who

are constantly recruiting and training new staff.

The Impact To Your Business

Replacing staff is obviously expensive. But in addition a companys reputation is also

at stake. No one feels confident dealing with an organization which cannot hold onto their

employees. It suggests instability, poor management and a lack of good planning. Regardless

whether an individual is let go or leaves on their own accord, more often than not the

employee leaves with a bitter taste in their mouth. That feeling is taken with them along

with the skills they learned while working for you and their sentiments are often repeated

to future employers and their personal network. Reactively losing talented individuals can

damage your companys reputation for years to come.

Lastly, constant high turnover creates unrest in present employees. Positions which

are made vacant create increased workloads for other staff members often outside their

position profiles. The sense of instability and frustration can cause work backlogs and slow

productivity. Yet, perhaps more fundamentally, the employees lack of faith in the

organization when they see their co-workers departing will effect productivity work levels in

unbelievably negative ways.

What are you doing about the problem?

Dr. Sullivan, a HR Adviser says that most firms have by now long forgotten any of the

lessons they learned about retention during the 1990s. Many managers have grown

arrogant because the last few years of high unemployment guaranteed that most

employees would have to take whatever they dished out. Over 75% of firms have no distinct

retention strategies and those with plans have let them fall into neglect.

Even if you dont have high employee turnover today, your company should look at

implementing retention strategies. Employees see retention efforts as more sincere when

managers are not being forced to act due to high turnover.

The first step to solving the employee turnover problem is to recognize that we

indeed have a turnover problem, said Bill Pollock, CEO of Drake International, a global

provider of business consulting and implementation solutions.

When seeking to resolve the problems associated with high turnover, companies

must first investigate the underlying causes. They need to have in mind an appropriate level

of attrition by setting benchmarks against similar organizations and taking into account the

entire cost of turnover to the company.


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Some issues may be addressed at a local level by placing a greater emphasis on

listening and responding to employees concerns and ideas. Yet, in general, retention

difficulties are likely to require a company leader with the ability to engage the employees -

using strategies such as job satisfaction surveys - who can also create a broader, long-term

plan.

SOLUTION

The Basic Elements of Retention Strategies

As the economy improves and firms look to build their talent strength, it is only

logical that senior leaders, managers and HR professionals will increasingly look at retention

as a major business imperative.

Expanding the Scope of Your Retention Efforts that most newly enacted retention

efforts will not only fail they do so miserably. As someone who has been designing

retention solutions for corporations for well over a decade, the reason for this is that many

firms define the goals of the retention program too narrowly. For example, if the goal isdefined as merely to keep good people, you are automatically dooming the effort by

failing to identify specifics that can be measured.

Rather, a broad set of carefully planned criteria is essential when building a strong

retention program. The solutions addressed in the following section were recognized and

created by industry professionals whose experience proves invaluable to any company, of

any size. They have helped organizations realize their productivity goals through the

retention of top performers and the reduction of recruiting. Various Consulting companies

on the philosophy that giving careful consideration to the retention of top performers

reduces the need for recruitment and saves time and money. As a result, they have helpedorganizations realize their productivity goals through the following topics:

Top Performer Profiling Orientation and On-Boarding Performance Reviews Career Pathing and The Two-Way Value Proposition Communication and Employee Engagement Morale Boosting Competitive Compensation Non-monetary Reward and Recognition Employee Surveys Exit Interviews The Boomerang Effect


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Top Performer Profiling

Knowing how to select the right people, and in fact, actually selecting them is essential to

successful performance.

It is important that both the organization and the employee know what they want to

get out of the job. Yet, unknown to most managers, retaining good staff ideally beginsduring the recruitment phase. A key challenge during recruitment is differentiating

candidates who do well in interviews and candidates who will do well in the actual position.

Often they can be mutually exclusive. The goal for any recruitment strategy should be to

attract a top performer who will stay with the company for as long as possible. In order to

hire those near perfect individuals, an ideal role profile should be created. If a company

spends quality time, energy and focus to create such a profile it becomes much easier to

source qualified candidates who will successfully fill the position.

Orientation and On-Boarding

To retain the most desirable workers, employers must first recruit them. As

mentioned above, the actual hiring technique is an important step in the process of building

relationships that encourage long-term employment relationships.

Once ideal candidates are hired, their orientation to the company and the role is

paramount. New hires are oriented to the workplace culture, trained in the role and learn

the companys expected outcomes. The orientation process must provide a clear

understanding of the role and the performance targets necessary to attain to complete the

role successfully. By establishing these targets from the outset, the employee will not be

faced with surprise expectations, instilling both confidence and reliability.

Therefore, it is the responsibility of the companys key stakeholders to develop these

expectations prior to any sourcing for a new position and communicating it to the new

employee. If the position profile incorporates these targets and is realistic in scope, new

employees will enter the position with realistic expectations of what they must achieve.

Onboarding continues far past the point where orientation programs typically end.

Some orientation experiences conclude after a couple of days of the employees first day.

Yet, a number of more enlightened companies have extended their orientations for a

number of months, conducting follow-up sessions on a periodic basis. This longer approach

often serves to deepen the bonds with the employee by providing more attention, human

interaction and information.


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Performance Reviews

Positive feedback on a regular basis does more to propel success in an individual

than any other performance related tactic. Performance reviews are a chance to formally

communicate an employees contribution to the company. A properly conducted

performance review provides the employee and their manager an opportunity to step back,look at the bigger picture of the employees performance and to discuss in broad strokes

whether the performance is below, at or above company expectations.

Performance Reviews increase the chance of an underperforming employee

improving their performance.

Career Pathing and The Two-Way Value Proposition

Employers must balance company goals with employees personal goals. It stands to

reason that a happy, content employee has an equal mix of successful professional andpersonal lives. Countless studies have determined that people who are experiencing

problems - whether illness or lack of focus on goals, etc. - generally underperform in their

jobs. After all, they are people first and employees second.

So, in order to make sure that your employees realize that the two aspects of life are

valued in the workplace, it is imperative that your organization develops a value proposition

that embodies these concerns. Essentially, this two-way value proposition is the marrying of

company goals with personal goals.

A strong career plan will provide a sense of hope in the future and comfort in the

fact that their company is concerned in them as an individual. The key to this plan is to

marry the companys goals with personal goals, in essence, the real nuts and bolts of

employee engagement. It is like envisioning a journey, the two are taking together. The

result is an employee with aspirations who will see that their current role should be

performed to the best of their abilities in order that they may continue to the next position.

The credibility this establishes with the employee will do more to solidify the intention to

stay more than any gift or bonus.

All top performers aim to accelerate their careers. Assisting individual staff membersin finding new positions within the company may be the best and most direct way to

influence them to stay. Organizations often subconsciously erect numerous bureaucratic

hurdles that make moving around tough, or they simply do not offer ways for an employee

to learn about possible openings. If employees stay challenged and in continual

development, they will generally remain with the organization.


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Organizations with low turnover generally follow several rules that guide the internal

application and transfer process:

1. Individuals should be able to interview for new positions without permission from their

present managers.

2. Individuals should not have to complete application forms and if resumes are used they

should be kept very simple.

3. Individuals should be able to leave their current position with the fewest amount of

obstacles as possible it should not be their responsibility if their previous position has not

been filled.

4. Salaries offered should be similar to those an external hire would receive.

Communication and Employee Engagement

Nurturing staff should be ongoing, a day-to-day activity. Clear and open

communication is the best foundation for nurturing staff. Nothing says respect or models

empowerment more than managers who actively listen to their employees. The active

listener appreciates the employees feelings, input and concerns which can be the most

cost-effective way to acknowledge people. Being heard builds self-esteem and employees

with high self-esteem feel trusted and valued and are less likely to feel marginalized.

People work for people, not companies, and people need to communicate

effectively to ensure that their voices are being heard and their concerns addressed. Morecompanies are devising communication plans to keep employees apprised of company

performance and business objectives. Keeping employees in the loop increases their

feelings of inclusion and helps them realize their importance to the company and its

strategies and fosters the open communication environment successful companies have

well ingrained within their culture.

Technology plays a critical role in communicating corporate messages to the ranks.

For instance, through the internet/intranet, employees can learn about employment

benefits, job openings and the latest product initiatives. They can also get a first look atannual stockholder presentations via online video presentations given by COOs and CEOs.

Morale Boosting

Whether employees are heading for the exits at an alarming rate or because

employee relations issues are becoming increasingly problematic, the issue of morale is

critical to operational success and should be the cornerstone for any retention strategy.


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Morale directly affects the bottom line through its impact on productivity, customer

service (and therefore customer loyalty), turnover, absenteeism and litigation.

Companies must be committed to investing in morale boosting initiatives to reflect

both their sincerity towards the issue and their serious approach to retaining staff. Goodies,

gimmicks etc on their own, dont lead to high morale. Nor do any other quick -fix solutions.In fact, when such events and programs contradict workers daily experience o f not being

respected, valued or appreciated, these approaches often lead to an increase in cynicism,

distrust and eventual turnover.

What does lead to high morale is an intrinsically rewarding work experience where:

employees feel respected, valued, and appreciated employees get to be players and not just hired hands employees get to make a differenceWith such a work experience, employees dont need to be bribed. They dont have to

be plied with treats to make them want to come to work and do their best. Morale

problems are experiential problems; theyre a result of a negative or dissatisfying work

experience due to the actual job itself, ones relationship with their boss, not having

adequate training or a myriad of other factors that affect morale. Since morale problems are

due to an unsatisfying work experience, the answer is in changing the work experience.

More specifically, the answer is in creating a work experience that itself is rewarding (not

always fun, but rewarding).

Competitive Compensation, Benefits and Incentive Program

Competitive compensation and benefit packages including salary, bonuses, stock

options, and the traditional health insurance and retirement packages are tools that some

companies use to help keep employees onboard.

Salary increases should be structured to stay competitive within your market sector,

geography and the position. Employers should distinguish between top and bottom

performers by ensuring that that those individuals performing in the top quartile are paid

over and above those in the bottom quartile. You may consider using 3rd party salary

surveys to benchmark your workforces salaries in your market sector and geography. Due

to the difference in cost of living in various geographic sectors, you will want to understand

how to apply salary inflators and deflators in your company to ensure salary equities

amongst your employee base.


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Carefully developed bonus or profit sharing programs provide encouraging, goal-

oriented initiatives for employees to aim towards. The goals for success set out by the

manager and the employee are more attainable if realistic and practical incentives are firmly

in place.

Benefit programs are important to employees. Benefits can extend beyond thetraditional health insurance and retirement programs and can include:

employees feel respected, valued, and appreciated employees get to be players and not just hired hands employees get to make a difference

Non-Monetary Reward Recognition

Creative non-monetary reward and recognition programs can be powerful tools.

Increasingly, companies are using informal methods for rewarding staff while financialcompensation is becoming less the norm for recognizing employee accomplishments.

Reward systems that are person-based are proving to be effective especially when

recognition is linked to personal desires or needs such as:

Time Off Flexible work hours Job-sharing Office Space Home Office Special Projects, Committee Involvement Public Acknowledgment Career development and training Company organized discounts such as fitness memberships, discounts on company

products / services, discounts on clients products / services

Community and Charity InvolvementOne of Fortunes 100 Best Companies to Work for companies has established the

Headstart for the Holidays program which matches up company employees with hundredsof needy children over the holidays. The most important part of any informal reward and

recognition system is that it is linked to organizational values and that it is given personally

from management!


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Employee Surveys

If you were a doctor, you would never prescribe a treatment or medication without

first diagnosing the problem. Well, reducing high turnover should be approached in the

same way. Implementing regular employee surveys allow employers to take the

temperature of employees and gauge a companys culture and mood. The results will alloworganizational leaders to anticipate issues in advance of turnover.

Collecting survey data and understanding concerns is only the first step. Managers

need to craft and implement policies that meet employee concerns head-on. Organize

company-wide communication sessions that feedback survey responses and associated

actions, this lets employees know they are being heard and that their issues are being

addressed. Employee surveys are best delivered by a third party consultative company

which can deliver an objective evaluation and encourage candid responses.

Exit Interviews

Facts do not cease to exist because they are ignored.

It is unrealistic to think that good people can be trapped. So, when people do leave it

is important to know why and adjust hiring profiles, policies and practices within the

company to address the concerns. A structured exit interview program can play an integral

role in employee retention. Remember it is important to learn from the information gleaned

in these interviews. By not paying attention to the results turnover will continue for the

same reasons. The information collated from these interviews is excellent for developingand adjusting job profiles and refining the position for the next candidate further improving

the chances of retention.

As you create your companys exit interview questionnaire it is important to strike

the right balance between the need for information and survey length.

There are five key guidelines that should be kept in mind to help ensure that the end

result is a useful and effective survey:

Do not focus solely on the employees reasons for leaving but also on the employeesattitudes and experiences that identify the issues and concerns which may not

surface when asking about reasons for leaving.

Ensure that there is more than one way for employees to express their reasons forleaving including several open-ended questions for them to include their own

comments to get a full perspective on their decision to leave.

Incorporate key behavioral measures such as the employees satisfaction with thejob itself, how well the employees job responsibilities were defined, perceived


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Opportunities for advancement and the employees perspective on the amount of

training, feedback and recognition received.

The Boomerang Effect/ Rehiring

The word boomerang has recently been used to describe employees who return to

an organization. Boomerang employees are usually very committed to their position and the

company and are therefore can become the some of your best recruiters for new talent and

mentors for existing employees. The time they have spent away from the organization has

given them the additional knowledge of the market, and they have personally experienced

that perhaps the grass isnt greener on the other side.


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PROFILE OF RELIANCE ADA GROUP OF COMPANIES


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INTRODUCTION TO RELIANCE ADA GROUP

Chairmans Profile:

Regarded as one of the foremost corporate leaders of contemporary India, Shri AnilD Ambani, is the chairman of all listed companies of the Reliance Group, namely, Reliance

Communications, Reliance Capital, Reliance Energy and Reliance Natural Resources.

He is also the president of the Dhirubhai Ambani Institute of Information and

Communications Technology, Gandhinagar

An MBA from the Wharton School of the University of Pennsylvania, Shri Ambani is

credited with pioneering several financial innovations in the Indian capital markets. He

spearheaded the countrys first forays into overseas capital markets with international

public offerings of global depositary receipts, convertibles and bonds. Under his

chairmanship, the constituent companies of the Reliance Group have raised nearly US$ 3billion from global financial markets in a period of less than 15 months.

Shri Ambani has been associated with a number of prestigious academic institutions

in India and abroad.

He is currently a member of:

Wharton Board of Overseers, The Wharton School, USA Board of Governors, Indian Institute of Management (IIM), Ahmedabad Board of Governors, Indian Institute of Technology (IIT), Kanpur Executive Board, Indian School of Business (ISB), HyderabadIn June 2004, Shri Ambani was elected as an Independent member of the Rajya Sabha

Upper House, Parliament of India, a position he chose to resign voluntarily on March 25,

2006.

Select Awards and Achievements:

Voted the Businessman of the Year in a poll conducted by The Times of India TNS,December 2006

Voted the Best role model among business leaders in the biannual Mood of theNation poll conducted by India Today magazine, August 2006

Conferred the CEO of the Year 2004 in the Platts Global Energy Awards Conferred 'The Entrepreneur of the Decade Award' by the Bombay Management

Association, October 2002

Awarded the First Wharton Indian Alumni Award by the Wharton India EconomicForum (WIEF) in recognition of his contribution to the establishment of Reliance as a

global leader in many of its business areas, December 2001


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Selected by Asia-week magazine for its list of 'Leaders of the Millennium in Businessand Finance' and was introduced as the only 'new hero' in Business and Finance from

India, June 1999.

About Reliance Group:

The Reliance Group is among Indias top three private sector business houses on allmajor financial parameters, with assets in excess of Rs.180,000 crore, and net worth to the

tune of Rs.89,000 crore.

Across different companies, the group has a customer base of over 100 million, the

largest in India, and a shareholder base of over 12 million, among the largest in the world.

Through its products and services, the Reliance Group touches the life of 1 in 10

Indians every single day. It has a business presence that extends to over 20000 towns and

4.5 lakhs villages in India, and 5 continents across the world.

The interests of the Group range from communications (Reliance Communications)and financial services (Reliance Capital Ltd), to generation, transmission and distribution of

power (Reliance Energy), infrastructure and entertainment.


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Reliance Capital Limited

Reliance Capital is one of Indias leading private sector financial services companies

and ranks among the top 4 private sector financial services and banking groups, in terms of

net worth.

Reliance Capital has interests in asset management and mutual funds; life andgeneral insurance; commercial finance; equities and commodities broking; investment

banking; wealth management services; distribution of financial products; exchanges; private

equity; asset reconstruction; proprietary investments and other activities in financial

services.

Website:

www.reliancecapital.co.in, www.reliancemutual.com, www.reliancelife.co.in, www.reliancegeneral.co.in, www.reliancemoney.com

Reliance Communications Limited

Reliance Communications is Indias largest information and communications service

provider with over 100 million subscribers. The company is the realisation of our founders

dream of bringing about a digital revolution that will provide every Indian with affordable

means of communication and a ready access to information.

The flagship company of the Reliance Group, Reliance Communications began

operations in 1999 and has over 50 million subscribers today. It offers a complete range of

integrated telecom services. These include mobile and fixed line telephony, broadband,

national and international long distance services, data services and a wide range of value

added services and applications aimed at enhancing the productivity of enterprises and

individuals.

Website:

www.rcom.co.inReliance Globalcom

Reliance Globalcom, a division of Reliance Communications, spearheads the Global

Telecom operations of Indias largest Integrated Telecom Service Provider. Reliance

Globalcom brings together the synergies of Reliance Communications Global Business

encompassing Enterprise Services, Capacity Sales, Managed Services and a highly successful

bouquet of Retail products & services comprising Global Voice, Internet Solutions and Value

Added Services. The company serves over 1200 enterprises, 200 carriers and 1.5 million

retail customers in 50 countries across 5 continents.


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Reliance Globalcom owns the worlds largest private undersea cable system spanning

65,000 kms seamlessly integrated with Reliance Communications over 110,000 kms of

domestic optic fiber providing a robust Global Service Delivery Platform connecting 40 key

business markets in India, the Middle East, Asia, Europe, and the U.S. With its recent

acquisition of eWave World, a pioneer in the global Wimax space, Reliance Globalcom has

the capability to launch 4G services in over 50 countries. It has also acquired the VancoGroup, enabling the company to provide managed services to over 230 countries across the

globe.

Website:

www.relianceglobalcom.comReliance Infrastructure Ltd

Reliance Infrastructure Ltd is not only Indias largest private sector enterprise in

power utility but also the largest private sector player in many other infrastructure sectors

of India. In the power sector we are involved in generation, transmission, distribution and

trading of electricity and constructing power plants as EPC partners. In the infrastructure

space the company is focused on roads, Urban infrastructure which includes MRTS, Sealink

and Airports, Specialty Real Estate which includes business districts, trade towers,

convention centre and SEZ which includes IT & ITES SEZ and non IT SEZ as well as free trade

zones.

Power Utility

Reliance Infrastructure distributes more than 28 billion units of electricity to cover

25 million consumers across different parts of the country including Mumbai and Delhi in an

area that spans over 1, 24,300 sq. kms. We also generate 941 MW of electricity, from our

power stations located in Maharastra, Andhra Pradesh, Kerala, Karnataka and Goa.

We are also emerging as one of the leading players in India in the Engineering,

Procurement and Construction (EPC) segment of the power sector with an order book of Rs

8,300 crore, having executed projects worth Rs 10000 Crores in the past 4 years.

We are also executing the first 100% private sector power transmission project for

western grid with an investment worth Rs 2,250 crores.

We are also ranked among top 5 players in power trading in the country with 1,050

MUs traded in FY2007

All this makes us a fully integrated player in the power sector.

Infrastructure

Road

We are the largest developer of road and highway projects for the National

Highways Authority of India under the build, own, transfer (BOT) scheme.


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With an investment involving Rs 3150 crores, the company is developing 5 major road

projects in Tamil Nadu totaling over 400 kms of length.

Financial closure of all the projects is done and the projects are currently under

construction

Urban Infrastructure

We are also the countrys first and only private sector builder and operator for

Metro Systems. We are already into construction of the first line of Mumbais Metro system

stretching 12 kms from Versova to Ghatkopar. Besides we have also won the Delhi Metros

airport express link stretching a length of 22.5 kms. The total investment for these two

projects is Rs 4900 crores

Specialty Real Estate

We are also the countrys first and only private sector builder to build Indias first

100 storeyed building, a trade tower and business district in 80 acres of land in Hyderabad,The total investment for this project is Rs 6,500 crores.

Special Economic Zones

We are also developing over 180 mn sq ft of SEZ for IT/ITES, retail hospitality in

Mumbai and Noida with an investment worth Rs 31,000 crores

Website:

www.rinfra.comReliance Power

Reliance Power Limited is part of the Reliance Group and is established to develop,

construct and operate power projects domestically and internationally. The Company on its

own and through subsidiaries is currently developing 13 medium and large sized power

projects with a combined planned installed capacity of 28,200 MW, one of the largest

portfolios of power generation assets under development in India.

Website:

www.reliancepower.co.inReliance Entertainment

India is standing on the threshold of an experience and entertainment economy. It is

at the cross roads of an exciting phase that will shape its cultural and social framework

forever. Reliance Entertainment has evolved out of the groups vision of meeting young

India's aspirations and assuming a leadership position in communications, media and

entertainment. Reliance Entertainment is geared to create a significant presence in

businesses across various vectors of content, internet, broadcast and retail services and

platforms for distribution. The company strives to create converged services and platforms


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for masses to access innovative, cutting-edge content. Key content initiatives include

production and strategic collaboration in areas such as gaming, movies, animation, music,

broadcast, DTH and user-generated content, amongst others.

Website:

www.rbe.co.inReliance Health

In a country where healthcare is fast becoming a booming industry, Reliance Health

is a focused healthcare services company enabling the provision of solution to Indians, at

affordable prices. The company aims at providing integrated health services that will

compete with the best in the world. It also plans to venture into diversified fields like

Insurance Administration, Health care Delivery and Integrated Health, Health Informatics

and Information Management and Consumer Health.

Reliance Health aims at revolutionising healthcare in India by enabling a healthcareenvironment that is both affordable and accessable through partnerships with government

and private businesses.

Website:

www.reliancehealth.co.in, www.kdah.in

Other Business

Reliance BPO

Reliance BPO is a premium BPO & KPO service provider offering cutting edge

solutions to global Communications, BFSI, Utility and Entertainment industries.

Website:

www.reliancebpo.comMudra Communications Pvt. Ltd.

As a part of Reliance Group Ltd., Mudra rose to become the third largest agency in

the country in a short span of 9 years. Today, the Mudra Group, with more than 125 clientsnationwide with three creative agencies, eight full service offices, seven specialised business

units and an integrated media offering, has a portfolio of some of India's biggest brand.

Website:

www.mudra.com


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NIS Sparta

NIS Sparta is a division of Mudra Communications Pvt. Ltd., a Reliance Group

organisation. NIS Sparta is Asia's leading training, education and learning solutions provider.

We partner organisations in achieving their mission critical goals through enhanced

effectiveness of their people and processes, using proven methodologies

Website:

www.nissparta.com


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ABOUT RELIANCE HUMAN RESOURCE SERVICES PVT LTD.

Reliance HR Services (RHRS), a part of the Reliance Anil Dhirubhai Ambani Group

(RADAG) that needs no introduction. RHRS has been engaged in recruiting and developing

mission-critical customer-facing and customer-interactive manpower in sales, front-office

and back-office. Today, RHRS proudly serve almost every group constituent under RDAG.

RHRS is proud to be fully compliant with all statutory government norms and policies, and is

a preferred partner to all RADAG constituents.

RHRS has created its own unique identity in its chosen domain. With an unwavering

adherence to its core values and backed by a nationwide team of highly qualified, skilled,

motivated and committed core employees, RHRS is truly equipped today to fulfill its vision.

A truly professional organization, RHRS has acquired comprehensive expertise and

experience in its domain, and has thus broadened its range and repertoire of services by

launching its permanent staffing services, catering to every position from the Executive level

to the CXO level. In the process, RHRS has now established itself as a provider of end-to-end

recruitment services. We have already been entrusted with mandates for very senior

positions by a few of the RADAG constituents, and we hope to have you with us too in order

to fulfill your staffing requirements.

Vision:

ENRICHING ORGANISATIONS GLOBALLY, THROUGH INNOVATIVE HR SOLUTIONS.

Core Values:

Integrityo We will be true to ourselves & our organization under all circumstances.

Dignityo We respect our stakeholders, valuing the diversity of people, ideas & culture.

Teamworko We are together for a common purpose complementing each other; honoring

commitments of all team members

Growth for all Stakeholderso We plan and ensure financial growth, capability building, process

improvement off all stakeholders.

Quality Orientationo We will make excellence as a way of life- shaping our thinking and action.

Passiono We work with entrepreneurial zeal for accomplishing organizing goals.


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Key Success Factors:

Job Aspirants

R-ADAG

Range of Services

Permanent staffing: Executives and beyond, up to CXO level, on client rolls. Contractual staffing: Field sales force, front-office, back-office, on RHRS rolls,

deployed at client site.

Where We Are:

Organization Reliance HR Services Pvt Ltd Established- 1st September 2007 Manpower deployed 26000 Profile of Employees:

o Graduate with 0 3 years of experienceo 90% in Sales & 10% in back end operationso Deployed in more than 250 locations in India

Focus on end to end staffing services.

RHRS

BusinessEngagement

Sourcing

Recruitment &Retention

On Boarding &Follow-up

WageManagement

Statutory


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Group Companies Servedo Reliance Communicationso Reliance Web Storeso Reliance Consumer Financeo Reliance Moneyo Reliance Life Insuranceo Reliance Energyo Reliance Big TVo Reliance Infrao Reliance Power etc.


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DESIGN OF THE STUDY


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STATEMENT OF THE PROBLEM:

Retention is the major concerning issue in many of the organizations today.

Employee Retention involves taking measures to encourage employees to remain in

the organization for the maximum period of time. Corporate is facing a lot of problems in

employee retention these days. Hiring knowledgeable people for the job is essential for an

employer. But retention is even more important than hiring.

There is no dearth of opportunities for a talented person. There are many

organizations which are looking for such employees. If a person is not satisfied by the job

hes doing, he may switch over to some other more suitable job. In todays environment it

becomes very important for organizations to retain their employees.

The top organizations are on the top because they value their employees and they

know how to keep them glued to the organization. Employees stay and leave organizationsfor some reasons. Thus it is important to know the reasons to reduce attrition in the

organization.


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SCOPE OF STUDY:

The project limits to only one location of Reliance ADA Group at Dhirubhai Ambani

Knowledge City in Navi Mumbai, Maharashtra and the project was accomplished with the

complete support of all the printed & digital materials required and the information needed

and a supportive staff.

OBJECTIVES OF THE STUDY:

To study retention strategies implemented Reliance ADA Group of Companies To analyze employee perception on retention strategies To study factors which help in employee retention To study the drawback of current strategy used To develop new retention strategies

OPERTIONAL DEFINATION OF CONCEPTS:

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.

Attrition rate:

Attrition rate/ churn rate is a measure of the number of individuals or items moving into or

out of a collection over a specific period. It is a reduction in the number of employees

through retirement, resignation or death. Thus, we can see that attrition rate and retention

rate are very closely related and loosely speaking attrition rate is inverse of retention rate.


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RESEARCH METHODOLOGY:

RESEARCH DESIGN: An exploratory research design is used for the project SAMPLE SIZE : 75 respondents SAMPLE DESIGN: A Sample design is a definite plan for obtaining a sample from a

given population. It is the procedure used by the researcher in selecting items for thesample. Thus Stratified Random Sampling technique is used.

TECHNIQUES OF DATA COLLECTION:

PRIMARY SOURCE:

Personal discussions with the employee of RHRS

Questionnaire

SECONDARY SOURCE:

Journals Books Websites Employee Handbook And other different sources

LIMITATIONS:

One constraint has been regarding the cost, as study involves the collection ofprimary and secondary data. Therefore, the cost incurred was much more.

Another constraint has been geographical area, which is confined only to DAKC Normally employees hesitate to disclose the information.


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ANALYSIS AND INTERPRETATION


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ANALYSIS AND INTERPRETATION OF DATA:

This chapter analysis the data collected with respect to the objectives of the project

and draws appropriate inferences there from

Objective 1: To study the retention strategies implemented in R-ADAG

TABLE 1:For how long have you been working in R-ADAG

NUMBER OF YEARS NUMBER OF

RESPONDENTS

3-4 YEARS 15

2-3 YEARS 251-2 YEARS 18


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TABLE 2: Are you satisfied with your current job?

OPTIONS NUMBER OF RESPONDENTS

YES 38

NO 37

Graph 2

INFERENCE:

The graph (2) shows that employees are satisfied with the job in R-ADAG as well as almost

same numbers of employees are dissatisfied also.

36.4 36.6 36.8 37 37.2 37.4 37.6 37.8 38 38.2

YES

NO


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ANALYSIS:

The company takes ample measure to retain their employees in the organization for

the company to grow in all ways.

The major issue faced by all employees in all jobs is the growth career and it is

resolved only through identification of proper adequate training needs and implementing it.

RHRS always initiates training requirements and supports the employees. The main aim

of R-ADAG is to equipping the employees to become an all round sales professional

through world class training and coaching. This training support is done through:

Product and Process training Sales Personality development Skills training Professional courses

RHRS Induction Program : It was introduced to train all the employees in Management

issues faced in the organization as their day to day activities.

In an organization every employee tends to rise to his level of incompetence thus

work is accomplished by those who have not reached their level of incompetence. In order

to incentivize each one of the employees a whole new Recruitment Rewards and

Recognition Program (R&R) should be launched.

The R&R includes Monetary and the Non-Monetary benefits such as

Free training camps Free coupons for the Month end Free service (free insurance life policy) Awards and certificates Medal of honor for the excellent performance of the yearLaunch of long term retention programmes for both managers and the employees is the

initiative taken by RHRS management.

The goal sheets have been simplified in order to provide the employees with an

opportunity to aspire for better and higher achievements. The agency structure also has

been simplified to enable faster decision making and career progression.


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R-ADAG conducts monthly all round meetings with all its employees and managers for

discussing the current issues faced by them in the organization for implementing the

transparencies in the working of the organization.

Job rotation is on employee need basis and the need for the organization for both in the

benefit of the employee as well as the managers.

The hierarchical structure is becoming quite narrow and the manager needs to handle

only 1-15 employees in a row, which speeds up the decision-making process and makes the

employees happy, as they need not report to many managers at a time.

The work is also inclusive of incentive-based structure as and when clients are increased,

the monetary benefits are raised to the next level.


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Objective 2: To analyze employee perception on retention strategies

TABLE 3: Do you think R-ADAG does consider retention issues seriously?


YES 50

NO 25

Graph 3

INFERENCE:

As shown in the graph (3) the employees feel that the managers are making ample

measures to safeguard the interest of the employees in the organization and it makes the

employees happy and satisfied to work in Reliance.

0 10 20 30 40 50 60

YES

NO


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TABLE 4: Is R-ADAG flexible when it comes to modifying its strategies?

RESPONSE NUMBER OF

RESPONDENTS

FLEXIBLE 40

NOT VERY FLEXIBLE 17RIGID 18

Graph 4

INFERENCE:

As shown in the graph (4) 40 employees feel that the strategies implemented are

quite flexible in nature and can be modified as per the results achieved by the organization

and only 18 employees feel it is rigid.

0 5 10 15 20 25 30 35 40 45

FLEXIBLE

NOT VERY FLEXIBLE

RIGID


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TABLE 5: Do you have the authority to take part in the formulation of retention strategies?


YES 6

NO 69

Graph 5

INFERENCE:

As shown in the graph (5) majority of the employees dont have the authority to have a say

in the affairs of the company rewards and recognition policy.

ANALYSIS:

R-ADAG is an organization that endeavors in little bit equal participation of

employees as well as the employers in the functioning of the company for its futureexistence and for the goodwill of the company.

This also helps the employees in building good relation between the management

and the staff in order to create a congenial atmosphere to work in.

A good relation with the manager and the peers is one of the factor which tends to

make the employees stick to the organization for a longer period of time and thus resulting

in reduction of attrition rates.

0 10 20 30 40 50 60 70

YES

NO


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Objective3: To study factors which help in employee retention

TABLE 6: Rate the factors in a scale of (1-4) for you to retain in R-ADAG (lowest to highest)

OPTIONS NUMBER OFRESPONDENTS

FLEXIBILITY 5

PAY PACKAGE 40

GROWTH OPPURTUNITY 15

RELATIONSHIP WITH PEER AND

MANAGER

5

Graph 6

INFERENCE:

As shown in the graph (6) pay package and growth opportunities are the most

important factors that motivate the employees to stay in the organization.

0 5 10 15 20 25 30 35 40 45

FLEXIBILITY

PAY PACKAGE

GROWTH OPPURTUNITY

RELATIONSHIP WITH PEER & MANAGEMENT


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ANALYSIS:

The most important factor pertaining to employees is the pay package and the

growth career in their lives. These two factors gives them satisfaction and personal growth

and development to climb the ladder in the corporate world.

The flexibility is the secondary factor that helps in maintains a balance between the

professional and the personal life of the employees. It can be possible if the work is done

from home or there is shift timings whichever is comfortable to the employees and the work

is not hampered in any of the ways.

The relationship with the manager and the peers is also a very crucial factor as the

behavior and the integrity of the employee is known and analyzed in this factor. This helps

the work to be done in a cordial and friendly manner that results in proper understanding

and avoids conflicts and chaos in an organization.

The work culture and the work behavior is maintained.


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Objective 4: To study the drawback of current strategy used

TABLE 7: Do you think the current strategies used with respect to Retention are motivating

the employees to stay in the organization?


YES 47

NO 28

Graph 7

INFERENCE:

As shown in the graph (7) majority of the employees are satisfied with the current

strategies used in the organization. Only 28 employees feel that there needs to be changed

with respect to flexibility in timing i.e. work from home can be introduced if required.

0 10 20 30 40 50

YES

NO


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TABLE 8: Do you feel there needs to be a change in the retention Policies undertaken?


YES 27

NO 48

Graph 8

INFERENCE:

As shown in the graph (8) maximum employees do not need any change in the

retention strategies in the organization, as they are able to balance their professional with

their personal life.

ANALYSIS:

The employees in R-ADAG feel that the strategies used are quite acceptable to them with

only the Growth & Competitive Pay would be alterations in the policies

0 10 20 30 40 50 60

YES

NO


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Objective 5: To develop new retention strategies

Implementation of the pay, the growth, the shift timings and the flexibility of workfrom home will be a new way to make the employees build a balance between the

personal and the professional life which will result in the reduction of attrition rate.

Fun activities, games to be organized so that employees feel the ease in the workpressure and tend to come to work happily and thus feel contended and satisfied.

No strict dress code to be implemented so that employees are free to wear theirchoice and are more adaptable to changes in a positive manner

Attainable targets to be formulated and given to the employees to be achieved. Personal counseling to be provided to all the employees so that they feel de-

stressed and relaxed to work


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SUMMARY OF FINDINGS, CONCLUSIONS AND SUGGESTIONS


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SUMMARY OF FINDINGS:

The findings include the following:

High salaries and incentives is the primary tool for employee retention. Most of thecompanies attract the employees by paying them high salaries and other incentives

time to time. Monetary packages are able to attract and retain talent, however, in

long run it becomes limiting for the organization to pay huge cash.

The best and foremost HR practice to retain employees is proper and tangiblerecognition and appreciation to employees for their individual performance. The

tools like employer of the year/month, best performer/trainee of the project etc. are

those appreciations that not only retain employees but also encourage them for

better performance.

For employee satisfaction, the most important aspect to take care by theorganization is that the job profiles offered should match with individual capabilitiesand aspirations. This makes the employee feel satisfied and glad in his job.

Better work culture is also very important where the relationship between employeeand employer is such that individual problems and conflicts are properly addressed

with time.

Excellent career growth should be provided to the employees to move on thevertical ladder of organizational hierarchy. The most common reason for leaving the

job is the expectation of higher level of responsibility and position.

Work-life balance initiatives are important. Innovative and practical employeepolicies pertaining to flexible working hours and schemes, granting compassionate

and urgency leave, providing healthcare for self, family and dependents, etc. are

Important for most people. Work-life balance policies would have a positive impact

on retaining skilled employees, as well as on attracting high-caliber recruits.

Organized training, counseling and development programmes for employees alsoused to motivate them for their work. Best performers should be encouraged to

share their experiences with others and guide others. The emphasis is to create the

desire to learn, enjoy and be passionate about the work they do.


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CONCLUSION

As identified, many issues are at stake when retention is not consciously prioritized.

From a damaged company reputation to low employee productivity, high turnover is

negative and costly. Keeping employees who outperform beyond expectation reduces the

need to recruit and cuts related hiring and training costs. Put simply - youll have asuccessful company if you treat your employees well so they want to stay with you.

Hiring top-performing and enthusiastic employees requires a certain knack. But

keeping those employees is an art. Increasing retention requires careful planning and

implementation resulting in a solid program which incorporates many or all of the solutions

mentioned above. Incorporating these techniques into your internal company planning does

not necessarily require expenditure. In fact, many of the retention strategies mentioned

above cost little or no money to implement and require nothing more than carefully

planned time dedicated to long-term goals. Companies must realize that by keeping theirturnover levels low, they are in fact improving their bottom line. The cost of replacing

employees is an excessive one which most companies cannot afford. Compared to the cost

of retaining existing top performing employees, the cost difference and time constraint is

staggering.

It is essential that every recruiter and manager should be concerned with retention

from the start of any recruiting program. The process should be conscious of the end goal:

to keep the individuals who outperform in your company. Making the new employee aware

that the intention is to keep them as long as possible encourages the employee in

committing to long-term goals and planning within the organization. No retention strategy is

static but should be constantly evolving to suit the changing needs of the workforce.


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SUGGESTIONS:

1. Following steps/ efforts should organization take to retain its employees:

Growth opportunities Implement good employment practices Maintain healthy organizational climate Proper training should be provided to employees according to their skills Proper salary structure should be there. Recruit people through Summer Internship Program. It can reduce Training &

Development cost, Hiring cost, data loss prevention etc.

2. Need to restructure companys policy and follow certain process to overcome problems.

3. Few Low Cost Retention Strategies:

Showing appreciation and recognition for a job well done.o Personalized thank-you notes from reporting managers.o Congratulatory notes sent home to spouses/familieso Personalized messages from management teamo Spot rewards (e.g., gift certificates for completion of large projects)o Recognize professional milestones: celebrate a promotion or years of serviceo Recognizing personal/family milestoneso Wedding giftso Baby giftso College survival packages for college-age childreno Get-well cards/flowerso Birthday cards, gifts, or celebrations

Providing perks: discounts through clients or local merchantso Discounts for local attractionso Retail store discountso Electronic Device purchase discounts

Providing workplace convenienceso Assistance with tax preparationo Assistance with financial planningo

Shipping services for personal items, e.g., firm Bluedart/FedEx/DTDC etc on-site pickup (cost paid by employee)

o Casual dress policies Having fun at work

o Recognize birthdays/anniversaries/retirements/promotionso Holiday parties and holiday gift certificateso Picnicso Games and competitions


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BIBLIOGRAPHY:

Books:

1. Employee Retention Reducing Recruitment By Increasing Retention

By Drake International

2. A Handbook of Human Resource Management Practice

By Michael Armstrong

3. Hiring and Keeping the Best People- The Harvard Business Essentials Series

By Richard Luecke

4. Human Resource Management

By Gary Dessler & Biju Varkkey

Websites:

1. http://www.relianceadagroup.com/ada/index.html2. http://www.citehr.com/3. http://www.google.com/4. http://www.en.wikipedia.org/5. http://www.money.cnn.com/magazines/fortune/best-companies/2012/full_list/6. http://www.greatplacetowork.com/7. http://www.greatplacetowork.in/


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ANNEXURE:

Questionnaire:

Q.1) For how long have you been working in R-ADAG?

3-4 years 2-3 years 1-2 years < 1 year

Q.2) Are you satisfied with your current job?

Yes No

Q.3) Do you think R-ADAG does consider retention issues seriously?

Yes No

Q.4) Is R-ADAG flexible when it comes to modifying its strategies?

Flexible Not very flexible Rigid

Q.5) Do you have the authority to take part in the formulation of retention strategies?

Yes No

Q.6) Rate the factors in a scale of (1-4) for you to retain in R-ADAG (lowest to highest)

Flexibility in job timing Pay package Growth opportunities Relationship with the peers and the managers


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Q.7) Do you think the current strategies used with respect to Retention are motivating the

employees to stay in the organization?

Yes No

Q.8) Do you feel there needs to be a change in the retention Policies undertaken?

Yes No


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trademarks of Reliance - ADA Group or its affiliates. Reliance - ADA Group trademarks may not be used in

connection with any product or service that is not Reliance - ADA Group product or service.

mapping of employee retention techniques

Documents