INTRODUCTION

Retention is one of the important aspects of an organization. The retention deals about identification of human behaviour and indicate their personnel feeling, Employee retention is a process in which the employees are encouraged to remain with the organization for the maximum period of time or until the completion of the project. Employee retention is beneficial for the organization as well as the employee. Employees today are different. They are not the ones who dont have good opportunities in hand. As soon as they feel dissatisfied with the current employer or the job, they switch over to the next job. It is the responsibility of the employer to retain their best employees. If they dont, they would be left with no good employees. A good employer should know how to attract and retain its employees. Some organizations are on the top because they value their employees and know how to keep them glued to the organization. Personal or professional the employers should take care of employees. Employee Retention involves being sensitive to peoples needs and demonstrating the various strategies. The Environment, Relationship, Support, Growth and Compensation are the encourage employees to remain with the organization for the maximum period of time.

Employee retention refers to policies and practices companies use to prevent valuable employees from leaving their jobs. How to retain valuable employees is one of the biggest problem that plague companies in the competitive marketplace. Not too long ago, companies accepted the revolving door policy as part of doing business and were quick to fill a vacant job with another eager candidate. Nowadays, businesses often find that they spend considerable time, effort, and money to train an employee only to have them develop into a valuable commodity and leave the company for greener pastures. In order to create a successful company,

employers should consider as many options as possible when it comes to retaining employees, while at the same time securing their trust and loyalty so they have less of a desire to leave in the future. MEANING Employee retention involves taking measures to encourage employees to remain in the organization for the maximum period of time. Corporate is facing a lo of problem 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 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. DEFINITION Employee retention is define as effective employee retention is a systematic effort by employers to create and foster an environment that encourages current employees to remain employed by having policies and practices in place that address their divers needs. Also of concern are the costs of employee turnover (including hiring costs. productivity loss). Replacement costs usually are 2.5 times the salary of the individual. The costs associated with turnover may include lost customers, business and damaged morale. In addition there are the hard costs of time spent in screening, verifying credentials, references, interviewing, hiring, and training the new employee just to get back to where you started.

Retention of key employees is critical to the long-term health and success of any organisation. The performance of employees is often linked directly to quality work, customer satisfaction, increased product sales and even to the image of a company. Whereas the same is often indirectly linked to, satisfied colleagues and reporting staff, effective succession planning and deeply embedded organizational knowledge and learning.

What is retention all about?

R emunerate competitively E ncouragement and expectation T raining and development A nnual review cycles I nform and Involve N urture

Retention Factor
Career growth learning and development Exciting work and challenge Meaningful work, making a different and a contribution Great people Being part of a team Good boss Recognition for work well done Fun on the job Autonomy, sense of control over work Flexibility :- for example in work hours Fair pay and benefits Inspiring Leadership Pride in organization, its mission and quality of product Great work environment Location

Employee Retention involves five major things:

Compensation Environment Growth Relationship Support

Compensation
Compensation constitutes the largest part of the employee retention process. The employees always have high expectations regarding their compensation packages. Compensation packages vary from industry to industry. So an attractive compensation package plays a critical role in retaining the employees. Compensation includes Salary and wages, Bonus, Benefits, stock options, Health insurance, Retirement, Miscellaneous compensation etc. While setting up the packages, the following components should be kept in mind: Salary and monthly wage: It is the biggest component of the compensation Package. It is also the most common factor of comparison among employees. It includes, Basic wage House rent allowance Dearness allowance City compensatory allowance

Salary and wages represent the level of skill and experience an individual has. Time to time increase in the salaries and wages of employees should be done. And this increase should be based on the employees performance and his contribution to the organization. Bonus: Bonuses are usually given to the employees at the end of the year or on a festival. Economic benefits: It includes paid holidays, leave travel concession, etc. Long-term incentives: Long term incentives include stock options or stock
grants. These incentives help retain employees in the organization's startup stage.

Health insurance: Health insurance is a great benefit to the employees. It

saves employees money as well as gives them a peace of mind that they have somebody to take care of them in bad times. It also shows the employee that the organization cares about the employee and its family.

After retirement: It includes payments that an Employee gets after he retires

like EPF (Employee Provident Fund) etc.

Miscellaneous compensation: It may include employee assistance

programs (like psychological counseling, legal assistance etc), discounts on company products, use of a company cars, etc.

Organization Environment:
It is not about managing retention. It is about managing people. If an organization manages people well, employee retention will take care of itself. Organizations should focus on managing the work environment to make better use of the available human assets. People want to work for an organization which provides:

Appreciation for the work done Ample opportunities to grow A friendly and cooperative environment A feeling that the organization is second home to the employee Organization environment includes: Culture Values Company reputation Quality of people in the organization Employee development and career growth Risk taking Leading technologies Trust Types of environment the employee needs in an organization: Learning
studies, etc.

environment:

It

includes

continuous

learning

and

improvement of the individual, certifications and provision for higher

Support environment: Organization can provide support in the form

of work-life balance. Work life balance includes:

Flexible hours Telecommuting Dependent care Alternate work schedules Vacations Wellness Work environment: It includes efficient managers, supportive coworkers, challenging work, involvement in decision-making, clarity of work and responsibilities, and recognition.

Lack or absence of such environment pushes employees to look for new opportunities. The environment should be such that the employee feels connected to the organization in every respect.

Growth and Career:

Growth and development are the integral part of every individuals career. If an employee can not foresee his path of career development in his current organization, there are chances that hell leave the organization as soon as he gets an opportunity. The important factors in employee growth that an employee looks for himself are: Work profile: The work profile on which the employee is working should be in
sync with his capabilities. The profile should not be too low or too high.

Personal

growth

and

dreams:

Employees

responsibilities

in

the

organization should help him achieve his personal goals also. Organizations can not keep aside the individual goals of employees and foster organizations goals. Employees priority is to work for themselves and later on comes the organization. If hes not satisfied with his growth, hell not be able to contribute in organization growth.

Training and development: Employees should be trained and given chance

to improve and enhance their skills. Many employers fear that if the employees are well rained, theyll leave the organization for better jobs. Organization should not limit the resources on which organizations success depends. These trainings can be given to improve many skills like:

Communications skills Technical skills In-house processes and procedures improvement related skills C or customer satisfaction related skills Special project related skills

Need for such trainings can be recognized from individual performance reviews, individual meetings, employee satisfaction surveys and by being in constant touch with the employees.

Relationship
Importance of Relationship in Employee Retention Program: Sometimes the relationship with the management and the peers becomes the reason for an employee to leave the organization. The management is sometimes not able to provide an employee a supportive work culture and environment in terms of personal or professional relationships. There are times when an employee starts feeling bitterness towards the management or peers. This bitterness could be due to many reasons. This decreases employees interest and he becomes de-motivated. It leads to less satisfaction and eventually attrition. A supportive work culture helps grow employee professionally and boosts employee satisfaction. To enhance good professional relationships at work, the management should keep the following points in mind. Respect for the individual: Respect for the individual is the must in the
organization.

Relationship with the immediate manager: A manger plays the role of a

mentor and a coach. He designs ands plans work for each employee. It is his duty to involve the employee in the processes of the organization. So an organization should hire managers who can make and maintain good relations with their subordinates.

Relationship with colleagues: Promote team work, not only among teams
but in different departments as well. This will induce competition as well as improve the relationships among colleagues.

Recruit whole heartedly: An employee should be recruited if there is a

proper place and duties for him to perform. Otherwise hell feel useless and will be dissatisfied. Employees should know what the organization expects from them and what their expectation from the organization is. Deliver what is promised.

Promote an employee based culture: The employee should know that the
organization is there to support him at the time of need. Show them that the organization cares and hell show the same for the organization. An employee based culture may include decision making authority, availability of resources, open door policy, etc.

Individual development: Taking proper care of employees includes

acknowledgement to the employees dreams and personal goals. Create opportunities for their career growth by providing mentorship programs, certifications, educational courses, etc.

Induce loyalty: Organizations should be loyal as well as they should promote loyalty in the employees too. Try to make the current employees stay instead of recruiting new ones.

Support:

Lack of support from management can sometimes serve as a reason for employee retention. Supervisor should support his subordinates in a way so that each one of them is a success. Management should try to focus on its employees and support them not only in their difficult times at work but also through the times of personal crisis. Management can support employees by providing them recognition and appreciation. Employers can also provide valuable feedback to employees and make them feel valued to the organization. The feedback from supervisor helps the employee to feel more responsible, confident and empowered. Top management can also support its employees in their personal crisis by providing personal loans during emergencies, childcare services, employee assistance programs,

counseling services, et al. Employers can also support their employees by creating an environment of trust and inculcating the organizational values into employees. Thus employers can support their employees in a number of ways as follows: By providing feedback By giving recognition and rewards By counseling them By providing emotional support

IMPORTANCE OF EMPLOYEE RETENTION: The Cost of Turnover: The cost of employee turnover adds hundreds of thousands of money to a company's expenses. While it is difficult to fully calculate the cost of turnover (including hiring costs, training costs and productivity loss), Isagro company experts often quote 25% of the average employee salary as a conservative estimate. Loss of Company Knowledge : When an employee leaves, he takes with him valuable knowledge about the company, customers, current projects and past history (sometimes to competitors). Often much time and money has been spent on the employee in expectation of a future return. When the employee leaves, the investment is not realized. Interruption of Customer Service: Customers and clients do business with a company in part because of the people. Relationships are developed that encourage continued sponsorship of the business. When an employee leaves, the relationships that employee built for the company are severed, which could lead to potential customer loss.

 Goodwill of the company: The goodwill of a company is maintained when the attrition rates are low. Higher retention rates motivate potential employees to join the organization.

Our standard employee retention surveys cover following minor things, including:
Overall satisfaction Corporate culture Supervisor relations Training Pay and benefits Work environment Communications

Our standard employee retention surveys are comprehensively designed to identify and isolate key independent and dependent variables.

Independent Variables
Supervisor relations Pay & benefits Work environment Corporate communications

Dependent Variables
Overall satisfaction Likelihood to recommend Likelihood to stay Employee loyalty

Why Employee retention The High Cost of Employee Turnover :[Link] 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 first three months, not including the time spent by existing employees to assist. 4. Lost sales costs the loss of business when the role is vacant.

The Impact on 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 themalong with the skills they learned while working for youand 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.

Employee Retention Strategies

The basic practices which should be kept in mind in the employee retention strategies are:

 Hire the right people in the first place. Empower the employees: Give the employees the authority to get things done. Make employees realize that they are the most valuable asset of the organization. Have faith in them, trust them and respect them. Provide them information and knowledge. Keep providing them feedback on their performance. Recognize and appreciate their achievements. Keep their morale high. Create an environment where the employees want to work and have fun. These practices can be categorized in 3 levels: Low, medium and high level. 1) Low Level Appreciating and recognizing a well done job. Recognizing professional as well as personal significant events. Providing benefits Providing perks Providing workplace conveniences Fun at work Occasional stress relievers Employees support in tough time orb personal crisis. 2) Medium level Appreciating and recognizing a well done job. Benefit programs for family support Providing conveniences at workplace. Providing training and development and personal growth opportunities.

3) High level Promoting work/ life Understand employee needs Encouraging professional training and development and/or personal growth opportunities. Provide an environment of trust Hire the right people from the beginning.

Managing Employee Retention

The task of managing employees can be understood as a three stage process: 1. Identify cost of employee turnover. 2. Understand why employee leave. 3. Implement retention strategies

1. Identify cost of employee turnover:The organizations should start with identifying the employee turnover rates within a particular time period and benchmark it with the competitor organizations. This will help in assessing the whether the employee retention rates are healthy in the company. Secondly, the cost of employee turnover can be calculated. According to a survey, on an average, attrition costs companies 18 months salary for each manager or professional who leaves, and 6 months pay for each hourly employee who leaves. This amounts to major organizational and financial stress, considering that one out of every three employees plans to leave his or her job in the next two years.

2. Understand why employees leave:Why employees leave often puzzles top management. Exit interviews are

an ideal way of recording and analyzing the factors that have led employees to leave the organization. They allow an organization to understand the reasons for leaving and underlying issues. However employees never provide appropriate response to the asked questions. So an impartial person should be appointed with whom the employees feel comfortable in expressing their opinions.

3. Implement retention strategies:Once the causes of attrition are found, a strategy is to be implemented so as to reduce employee turnover. The most effective strategy is to adopt a holistic approach to dealing with attrition. An effective retention strategy will seek to ensure: Attraction and recruitment strategies enable selection of the right candidate for each role / organization. New employees initial experiences of the organization are positive. Appropriate development opportunities are available to employees, and that they are kept aware of their likely career path with the organization. The organizations reward strategy reflects the employee drivers.

How To Increase Employee Retention

Companies have now realized the importance of retaining their quality workforce. Retaining quality performers contributes to productivity of the organization and increases morale among employees. Four basic factors that play an important role in increasing employee retention include salary and remuneration, providing recognition, benefits and opportunities for individual growth. But are they really positively contributing to the retention rates of a company? Basic salary, these days, hardly reduces turnover. Today employees look beyond the money factor .

EMPLOYEE RETENTION TOOLS

Communication: Communication has become so heavily stressed in the workplace that it almost seems clich. However communication couldnt be more important in the effort to retain employees. Be sure that team members know their rules, job description, and responsibilities within the organization. Communicate any new company policies or initiatives to all employees to be sure that everyone is on the same page. Nobody wants to feel that they are being left out of the loop.

Include employees in decision making: It is incredibly important to include team members in the decision making process, especially when decision will effect an individuals department or work team. This can help to create of employee involvement and will generate new ideas and perspectives that top management might never have thought of.

Allow team members to share their knowledge with others: The highest percentage of information retention occurs when on shares that information with others. Having team members share when they have learned at a recent conference or training workshop will not only increase the amount is information they will retain, but also lets a team member know that he is a valuable member of the organization. Facilitating knowledge sharing through an employee mentoring program can be equally beneficial for the team member being mentored as well as mentor. Balance work and personal life: Family is incredibly important to team members. when work begins to put a significant strain on ones family no amount of money will keep an employee around. stress the importance of balancing work and ones personal life. Small gestures such as allowing a team member to take an extended lunch once a week to watch his sons baseball game will likely be repaid with loyalty and extended employment with an organization.

Provide opportunities for growth and development : Offer opportunities for team members to acquire new skills and knowledge useful to the organization. If an employee appears to be bored or burned out in a current position offer to train this individual in another facet of the organization where he or she would be a good fit. Nobody wants to feel stuck in their position will no possibility for advancement or new opportunities.

Clearly define what is expected of team members: Nothing can be more frustrating or discouraging for an employee than the lack of a clear understanding of what is expected of him on the job. In a performance driven workplace a lack of clarity regarding job duties and expectations can cause fear and anxiety among employees who are unclear of what is expected of them. Even worse outright anger can occur when a team member receives a negative performance evaluation based on expectations and job duties that he or she was unaware of or unclear about.

The quality of supervision and mentorship: It has been said so often that it is almost clich, but people leave, not their jobs. Supervisors play the largest role in a team members development and ultimate success within an organization. All employees want to have supervisors who are respectful, courteous, and friendly that is a given. But more importantly team member want supervisors who se clear performance expectations, deliver timely feedback on performance, live up to their word and promises, and provide an environment where the employee can grow and succeed. Failure by supervisors and management to provide this can cause an employee to start looking for greener pastures. Fair and equitable treatment of all employees: One of the surest ways to create animosity and resentment in an organization is to allow favoritism and preferential treatment of individual team members. The so-called good ole boys club can create a noxious organization culture and foster resentment among team members. This culture will only get worse and can

create a devastating exodus of valued team members.

Best employee reward programs: If these rewards are in terms of money, by dividing it into two parts and giving the first half parts with the initial months salary and the remaining after six months helps in retaining the employee for six months.

Career development program: Conditional assistance for certain courses should be provided within the company in which the company will bear the expenses only if he/she scores a certain aggregate of marks.

Performance based bonus: To get more work out of the employees, remuneration in the form of bonus helps to retain individuals who are highly productive. It doesnt add extra pressure on the companys budget. It can be arranged by cutting a part of the salary hikes.

Employee referral plan: Introducing employee referral plans and giving referral bonus after six to nine months of continuous working of the new employee as well as existing employee reduces the hiring cost of new employee as well as helps retention of the existing ones for a longer period of time. Loyalty bonus: After successful completion of a specified period of time in an organization rewarding employees with money or position gives recognition and satisfaction to them. It also gives encouragement to the fellow employees.

Giving voice to the knowledge banks: The important intellectual assets of the company is the workforce. The company should retain it through involving I in some of the important decisions.

Employee recreation: Involvement of top management along with the lower and middle level management in some recreational activities makes the employees feel that they are very close to the management and are treated equality.

Gifts on some occasions: Giving some gifts on festivals and special occasions to the employees makes them feel good and realize that the management is concerned about them.

Accountability: Creation of an environment that demands accountability and transparency helps employees to feel that they are as superiors. This helps in emotional bonding of the employees.

Surveys: Conducting regular surveys, feedbacks from superiors as well as other issues like morale, development plans, etc. This make them feel important and understand that the company really cares for them.

Fun and laughter at workplace: Fun and laugher in a workplace lend a competitive advantage to an organization through its human recourses. The presence of humor in a workplace enables the employees to work with interest and enthusiasm that reduce the work pressure and attrition levels. It instills a sense of joy among the employees that can go a long way in creating a bond between the employees and the employer and thereby deceasing the rate of employee attrition. in a nutshell, creating a fun and laughter filled wok environment in an organization will pave the way for its success in the marketplace. such a company is sure to emerge as an employer of choice.

10 Reasons why Employees leave

Expectations not met Mismatch between the person and the role Employees who find

themselves in roles. Insufficient opportunities for growth and advancement. Insufficient recognition or appreciation. Problems with direct manager. Dissatisfaction with pay . Stress Lack of work life balance Loss of confidence in the firm.

What Makes Employee Leave?

Employees do not leave an organization without any significant reason. There are certain circumstances that lead to their leaving the organization. The most common reasons can be: Job is not what the employee expected to be: Sometimes the job responsibilities dont come out to be same as expected by the candidates. Unexpected job responsibilities lead to job dissatisfaction. Job and person mismatch: A candidate may be fit to do a certain type of job which matches his personality. If he is given a job which mismatches his personality, then he wont be able to perform it well and will try to find out reasons to leave the job. No growth opportunities: No or less learning and growth opportunities in the current job will make candidates job and career stagnant. Lack of appreciation: If the work is not appreciated by the supervisor, the employee feels de-motivated and loses interest in job.

Lack of trust and support in co-workers, seniors and management: Trust is the most important factor that is required for an individual to stay in the job. Non-supportive co-workers, seniors and management can make

office environment unfriendly and difficult to work in. Stress from overwork and work life imbalance: Job stress can lead to work life imbalance which ultimately many times lead to employee leaving the organization. Compensation: Better compensation packages being offered by other companies may attract employees towards themselves. New job offer: An attractive job offer which an employee thinks is good for him with respect to job responsibility, compensation, growth and learning etc. can lead an employee to leave the organization.

Types of Employee Retention

Provide Perks Offering employees perks that help them achieve a better work-life balance can significantly increase the desire to keep their jobs. For instance, allowing employees to occasionally work from home helps them if they need to care for a sick child. Benefit packages that include health and life insurance and retirement plans keeps employees on the job as well. Yet such plans need to be useful to employees to have an impact on retention. Offering a health plan with numerous exclusions that causes employees to pay for most of their healthcare expenses out of pocket won't help retain them.

Promote Advancement Focus on employee development and advancement to prevent workers from feeling trapped in dead-end jobs, which usually leads to a high turnover rate. Educational opportunities offered by employers and on-thejob training not only helps workers learn new skills to advance their careers,

but also helps to improve job performance. Let employees know you're willing to promote from within when possible. Employees often leave to pursue better job opportunities when they don't see a chance for advancement within the company structure. Offer Financial Rewards Financial rewards can help retain employees and boost their job performance. Create a bonus system that rewards workers who reach a specified job-performance goal. This retention method likely won't be effective if the bonus offered is a paltry amount of money. It also won't be effective if it's not an equal-opportunity bonus from which employees at all levels can benefit. For example, subordinates usually won't be motivated to step up their job performance so that their manager can get a bonus. Encourage Communication Employee-retention tips from the Wall Street Journal suggest that employers establish open-communication policies with employees. That includes hosting company meetings where workers can ask questions about the company's future and share ideas on improving performance or working conditions. Many employers conduct exit interviews with employees who resign to determine why they're quitting, but the Journal suggests engaging in "stay interviews" as well. Such interviews should be conducted with longtime employees to determine why they've stayed with the company and what they see as deal-breakers that would cause them to leave.

The Advantages of Employee Retention

Acquiring Talent

When organizations retain their employees, they avoid hiring costs. These are often hidden costs. The cost to post on job boards can be annual or a one-time expense. Agencies charge a percentage of an employee's annual wages. Larger companies may have staffing departments whose sole responsibility is screening and interviewing talent. Other companies may assign this task to department heads or other individuals in the organization. The time an individual spends screening and reviewing resumes takes him away from his main job responsibilities. The hiring process is risky. Background checks, personality testing and aptitude testing can predict a candidate's capability, but there is still a risk. Training and Development Retaining workers reduces training costs. Recruits need to be trained in business practices specific to the employer's software, culture and office practices. Training requires one or more current employees to take time away from their job responsibilities to educate the new employee on the organization's way of doing business. Two or more people are on the company payroll producing the results of one person. In the first 90 days, a new hire costs the company money. When companies retain employees, training dollars can be used to further develop the work force. Long-term associates have the experience to review what has worked before and apply that knowledge to future situations. Skilled Labor Force Employment retention develops a strong staff. Working individually or in teams these individuals share knowledge and expertise. The future managers of an organization come from this work pool. These employees are the historians of an organization's successes and challenges, and provide mentoring to new hires They are committed to the continued growth of the origination and its work force. These individuals have finessed the inner workings of an organization. As they continue to develop their skills, the organization benefits.

Impact on Customer Service

Employee retention has a positive impact on customer service. Turnover brings disruption in customer service, loss of business and possible negative business impacts. An organization's customer base expects consistent and reliable service. There is a learning curve with new hires and thus the potential for error or poor communication with a client. This can impact business relationships. Long-term employees develop relationships with customers. They know the clients' preferences and can anticipate future needs. This knowledge develops over time.

Keys Solution for Employee Retention

Growth Opportunities Attractive Package

 Personnel Training Recreation Organization Environment Grievances

1. Growth Opportunities : Growth is everyones prime objective. Therefore it is implicit to offer growth opportunities. The vital factor that ensures a majority of senior level employees remain associated with your organization. This is more crucial in an industry like BPO, which has the highest churn rate because of the prolonged boom in the industry. 2. Attractive Package : Remuneration package is the driving force of any employment. Handsome package as a platform for people to take new initiatives. Besides basic package, there can also be performance-based incentives-relating to targets achieved, accuracy and productivity.

3. Personnel Training : An organization should also take due care of the training and development needs of its employees. Besides helping them improve their skills and enhance their performance, it should also foster a faster growth rate in their career path. 4. Recreation : Recreation is an important as any other tool. It helps in creating a conducive environment making fun for everyone.

 Thus, it is necessary to introduce consistent recreation initiatives like Sports, Activities, family get together and unwinding zones at the workplaces Besides this, cultural programmes and Birthday celebrations break the monotony of everyday work pressure. 5. Organization Environment:It is not about managing retention. It is about managing people. If an organization manages people well, employee retention will take care of itself. Organizations should focus on managing the work environment to make better use of the available human assets. People want to work for an organization which provides: Appreciation for the work done Ample opportunities to grow A friendly and cooperative environment A feeling that the organization is second home to the employee Organization environment includes: Culture Values Company reputation Quality of people in the organization Employee development and career growth Risk taking Leading technologies Trust Types of environment the employee needs in an organization: Learning environment: It includes continuous learning and improvement of the individual, certifications and provision for higher studies, etc.

 Support environment: Organization can provide support in the form of work-life balance. Work life balance includes: Flexible hours Telecommuting Dependent care Alternate work schedules Vacations Wellness Work environment: It includes efficient managers, supportive coworkers, challenging work, involvement in decision-making, clarity of work and responsibilities, and recognition. Lack or absence of such environment pushes employees to look for new opportunities. The environment should be such that the employee feels connected to the organization in every respect. 6. Grievances: In order to create a supportive work atmosphere, ensure a prompt atmosphere; ensure a prompt redressal of grievances. This reinforces an employees belief in the management and in the fact, that no stone will be left unturned to identify and solve their grievances and quickly as possible. The unbridled growth of the new economy, the emergences of the knowledge worker and the high demand for talent in the domestic and global markets have rewritten the rules of the game. Though hiring good employees is a nightmare, it is more difficult to retaining good employees. The talent management is the key area in every organization worth its HR department and CEOs are more worried about intellectual capital than working capital. To add to the problems are the huge packages being doled out at all levels.

LITERATURE REVIEW
The literature clearly indicated that there are six keys to retaining personnel. They are recruiting, communications, training, job satisfaction, pay and benefits. Recruiting The effort to retain the personnel begins with recruiting. Attracting and retaining the best people are not two different things, but are the same thing, Both require creating and maintaining a positive reputation, internally as well as externally. Employers must be honest with the recruit about the beliefs, expectations, organizational culture, demands and opportunities within the organization. By representing the organization realistically, a department will attract those who will be content working within the culture. Denton follows this up by stating that, the better the match between recruits and the organization the more likely you are to retain them Lynn believes that you must take time during the hiring process to make wise decisions. The employer must be candid about the working condition, Responsibilities, opportunities and other details to reduce the chances of making hiring mistakes. Taylor and Cosenza strengthen this thought by noting that it is imperative that company give prospective employees a true picture of the organization, if they hope to match the personality type with the climate and culture of the organization. The literature was clear in pointing out that if departments want to increase retention they must start with a solid recruiting process.

Communications Carney (1998) believes that the key to employee retention is quite simple : communicate, communicate, communicate. Communication with the employees must begin early on in the relationship. He believes that the imprinting period of a new employee is probably less than two weeks. Employers must engage the employee early on by sharing how important the job they do is. Lynn follows this up by starting that early on an atmosphere of fairness and openness must be created by clearly laying out company policies. Taylor and Consenza (1997) indicate that it is important to communicate the values of the organization to its employees in order to increase their level of consent, participation and motivation. Lynn, this thought by pointing out that the vision of the organization must be shared with the employee as well as the importance the employees play in helping fulfill it. Lack of communication may result in gaps between management's perceptions of quality employment and the employee desired and perceives quality of employment. There must be a common purpose and trust among employees. People want to feel as if they are a vital piece of something larger (Carney, 1998). As Denton (1992) points out, managers must make sure employees know what they should do and why it is important. Lynn (1997) notes that communications must be a two way street to be effective. Employers must listen to what employees have to say. An atmosphere must be created in which employees feel comfortable making suggestions and trying our new ideas. The literature revealed that communication must begin early in the employer/ employee relationship. Organizational values and culture must be made clear to all employees and their importance within the organization must be continually emphasized.

Training As was noted earlier it is important that the employee feel like a valued member of the organization. Training helps underscore this message. Training personnel is a way to show you respect them and want them to grow. The department is making an investment in the employee by offering training. Good training can be de-emphasize salaries and benefits, in part by building a positive work environment and by giving employees advancement opportunities (Lynn, 1997). Lynn goes on to say that training helps strengthen employee loyalty. Training can help revitalize personnel. For an increasing number of people, the chance to learn new skills is a significant personal goal for both the career opportunities education can provide and for the chance to do something a little different (Mendonsa,1998). Training emphasizes to the employee that they are valued and respected. This in turn to increased loyalty and retention.

Job satisfaction While an organization must be competitive in terms of compensation and benefits, it is the relationship with the supervisor that is often a crucial factor in determining whether a person stays or goes(Mendonsa,1998). Employees want more interaction with management, more self-satisfaction on the job, more responsibility and more control over decisions affecting them. They want their work to make a difference and want to be part of something that matters (Taylor,1997). Department should encourage innovation by soliciting the advice and input of their staff members, followed by responses to ideas, complaints or question (Taylor,1997). It is difficult to keep people on the job if they no say in how to do it (Spragins,1992). People need to be recognized for their accomplishments in the workplace.

In most organizations the feeling of under-recognition is the most pervasive feeling in the workplace . (Mendasa,1998) Provide a great deal of personal and team recognition (carney,1998). Recognize achievements with memos, mentions in staff meetings or articles in the newspapers(Lynn,1997). To retain employees, departments must offer career advancement opportunities. Departments failing to offer employees career opportunities, room for advancement and enhancement of skill and knowledge may find it difficult to retain qualified employees (Taylo, 1997). Marx(1995) concludes this by pointing out that promoting from within is one of the proven methods of employee retention. Promoting from within shows that there is truly room for advancement and growth within the department. Employee involvements, recognition, importance of work and career advancement opportunities are all important, when dealing with employee retention. Pay and Benefits In general people think that money and benefits or lack thereof, are the main reasons people leave their jobs, but this is not the case. While compensation and benefits may be a key factor in the final decision-making process, a money shortage is usually not what cause people to look in the first place (Mendonsa, 1998). Money may be the reason they give when they resign, but it's like White noise. They are conscious of it for a while but if they are bored on the job, Money alone is not going to keep them there . Although traditional benefits such as vacation and health are still important, today's workers are also looking for more non-traditional benefits. Benefits such as flexible work hours, availability of child care tuition assistance programs and discounts on services now top the list of desired benefits.

The literature clearly indicates while still factors, Money and benefits are not as important as job satisfaction in terms of employee retention.

Summary
The purpose of this topic was to identify why personnel were leaving PGL and to suggest ways to improve Employee Retention. The Literature was helpful in pointing out that employees stays or leave a department based on sox key reasons, they were: Poor recruiting practices Communications Training Job satisfaction Pay and Benefits

1) Are you satisfied in this company? 90 Yes 10 No

Employees satisfied in the company.

No 10%

Yes

No

Yes 90%

90% employees are satisfied in this company because employee satisfy the good welfare facility, good salary, give good motivation, good canteen facility, good working condition, transportation facility etc.., and 10% employees are not satisfied in this company because of low salary, dis-satisfy of management, dis-satisfy of area, dis-satisfy of the department, working condition etc.

2) Have you ever tried for you job change in other industry? 30 70

Yes

No

Yes 30%

Yes

No

No 70%

30% employees have tried for job change in other industry because of best salary purpose or packages or job purpose, better satisfaction in other company, for having better prospects, to best transportation facility , try to career better growth, better profit, job satisfaction etc and 70 % employees havent tried for job change in other industry because of general ship, provide the good facility, less work load in the company & cooperative of boss, no need the other company, satisfy in this company.

3) Are you satisfied for the co-operation between you & your boss? 95 Yes 5 No

Employees are satisfied for co-operation between you & your boss.

No 5%

Yes

No

Yes 95%

95% Employees are satisfied for co-operation between you & your boss and 5% employees are satisfied for co-operation between you & your boss.

4) Have you ever discussed about your dissatisfaction with your boss?

80

Yes

20

No

Employees have discussed about your dissatisfaction with your boss.

No 20%

Yes

No

Yes 80%

80% Employees have discussed about your dissatisfaction with your boss and 20% Employees havent discussed about your dissatisfaction with your boss.

5). Are you aware of any retention efforts in this company? 25 Yes 75 No

Yes 25%
Yes No

No 75%

25 out of 100 employee are aware of retention effort in this company but 75% employee arent aware of retention efforts in this company.

6). Do you know of specific retention problems in this company 90 Yes 10 No

No 10%

Yes

No

Yes 90%

90 out of 100 employee knows of retention problem in this company but 10 out of 100 employee dont know of retention problems in this company.

7). Do you think management is taking care of you fully? 95 Yes 5 N0

No 5%

Yes

No

Yes 95%

Employees do think management is taking care of fully 95% means 95 outs of 100 & employees dont think management is taking care of fully 5% means 5 outs of 100.

8). Did they discuss with you specific reasons why they were leaving? 5 Yes 95 N0

Yes 5%

Yes

No

No 95%

I 5% employee discussed specific reason why they were leaving the job like work load, Responsibility, Relation with colleagues, people care, freedom, compensation, transparency etc but 95% employees arent discussed specific reason why they were leaving the job.

9). What did you dislike about your job in PGL? Please tick the following factor/ wherever applicable.

[Link]
1 2 3 4 5 6 7

Employees Disliking in the Organization

Work load Responsibility Relation with colleagues People care Freedom Compensation Transparency 30

Frequency
13 4 6 10 10 30 27
27

35 30 25 20 15 10

13 10 6 10

Employee

5 0

/w or kl oa d Re sp Re on la t sib ion ilit wi y th co lle ag ue s/ Pe op le ca re

pe ns at ion

Fr ee do m

Co m

Tr

an sp a

re nc y

This graph shows about the dislikes of 80 Respondents related to their job in Piramal Glass ltd. KOSAMBA. Among 100 Respondents 13 of them disliked work load, 4 of them disliked Responsibility, 6 of them Dislike Relations with colleagues, 27 of them disliked Transparency, 30 of them disliked Compensation, 10 them disliked Freedom, 10of them disliked People Care of PIRAMAL GLASS [Link]. 10). Are you satisfied with the facilities provided by the management company?

85

Yes

15

No

No 15%

Yes

No

Yes 85%

85% employees are satisfied with the facilities provided by the management company and 15% employees are not satisfied with the facilities provided by the management company.

11) What is the factor which affects to continue your job? [Give rate up from 5 (best) to 1 (lowest)]

Welfare

30

Increment

10

Transport

25

Canteen Others

25

10

35 30

30

25

25

25

20 Employee 15 10 10

10

0
rt cr em ca nt ee n we lfa ot he rs en t in re sp o tra n

 Welfare 30% means 30 outs of 100 Increment 15% means 15 outs of 100 Transport 25% means 25 outs of 100 Canteen 20% means 20 outs of 100 Other 10% means 10 outs of 100

12). Do you want extra facility?

20

Yes

80

No

Yes 20%

Yes

No

No 80%

This chart shown how many respondent of here 20% means 20 out of 100 employees have wants extra facility and 80% means 80 out of 100 have not want extra facility.

13). If yes, then which type of facility do you want? Employee want extra facility like, Traveling Facility Giving Overtime when provide traveling Facility Sport meditation Loan Facility Tour Facility Education loan Any other facility which covered in company rules & regulation

14). Does management give proper authority to you against your job responsibility?

90

Yes

10

No

No 10%

Yes

No

Yes 90%

This chart shown how many respondent of here management does give proper authority to you against your job responsibility 90%means 90 out of 100 and 10% means 10 0ut of 100 management doesnt give proper authority to you against your job responsibility.

15) Reasons for leaving the Organization. Sr. No. 1 2 3 4 5 6 7 8 9 10 11 12 13 Reasons for leaving the organisation Better career Opportunities Compensation Relocation Higher Studies Lack of role clarity & Responsibility Family/Personal Reasons Dissatisfaction related to recognition Stagnancy Shift In Industry Bureaucracy Retirement Workload Improper Communication Frequency 14 15 10 7 6 15 8 5 9 2 3 3 3

16 14 12 10 8 6 4 2 0 14

15

15

10 9 8 7 6 5 3 2 3 3 Employee

Be tte r

pp Co ortu n m pe ities ns Re a tio l n Hi gh oca t io er Re stu n Fa spo die ns s Di m il ss i ati y Re bilit y sfy a re son cg s Sh St nit i ag o if t na n in co nc y m Bu pa n re ac y Im R pr e t rac op ire y er m co wo e n r t m mu k l o ad ni ca t io n

ca r

ee ro

From the data analysis and interpretation shown above research has

to come on to the following findings:1) It is found that 95% employees are Satisfied in this company because employee satisfy them with good welfare facility, good salary, give good motivation, good canteen facility, good working conditions, transportation facility etcbut 5% employees are dis-satisfied in this company because of low salary, dis-satisfied of management, dis-satisfied of area, dis-satisfied of the department etc. 2) It is found that, 30% employees have tried for job change in other industry because of high salary purpose or packages or job purpose, better satisfaction in other company, for having better prospects, to get best transportation facility, try to get better career growth, job satisfaction etc. and 70% employees havent tried for job change in other industry because of general shift, provide the good facility, less work load in the company & co-operativeness of boss etc. 3) It is found that, 95% Employees are satisfied for co-operation between them & their boss and 5% employees arent satisfied for co-operation. 4) It is found that, 55% Employees have discussed about your dissatisfaction with your boss but 45% Employees havent discussed about your dissatisfaction with your boss. 5) Employees do think management is taking carefully 95% means 95 out of 100 & employees dont think management is taking carefully 5% out of 100%. 6) It is found that, 85% employees are satisfied with the facilities provided by the management and 15% employees are not satisfied with the facilities provided by the management.

7) It is found that, 20% employees want extra facility like sport, Meditation.

Loan Facility, Tour facility, Education loan etc and 80% employees have not want extra facility. 8) Management does give proper authority to you against your job responsibility 90% means 90 out of 100 and 10% means 10 out of 100 responded that management doesnt give proper authority to them against job responsibility. 9) It is found that, 5% employee discussed specific reason why they were leaving the job like work load, Responsibility, Relation with colleagues, people care, freedom, compensation, transparency etc but 95% employees arent discussed specific reason why they were leaving the job. 10) It is found that, 13% disliked work load, 4% disliked responsibility, 6% dislike relations with colleagues, 27% dislike transparency, 30% disliked compensation, 10% disliked freedom, 10% disliked people care of disliked about job in PGL. 11) It is found that, welfare 30%, Increment 10%, Transport 25%, canteen 25% & other 10%. 12) It is found that, among 100 respondents, 14% of better career opportunities, 15% of Compensation, 10% of relocation, 7% of higher studies, 6% responsibility, 15% Family reasons, *% dissatisfaction related to recognition, 5% of Stagnancy,9% of shift in industry, r% of Bureaucracy, 3% of retirement, 3% of workload, 3% of Improper communication , reasons for leaving the organization.

Recommendation
1) Satisfaction level is high but company should try to make employee more satisfied by improving welfare facility, increment in salary, improve canteen facility, working condition, provide future scope & opportunity, etc. 2) Company should try to retain employee in the organization.

3) The relationship between employees & boss is good but company should try to improve it. 4) The organization should increase the number of awards so employee gets more motivated towards work. 5) Organization may facilities provided to the employees like Traveling Facility Giving Overtime when provide traveling Facility Sport meditation Loan Facility Tour Facility Education loan, fees facility. 6) Employee should attend each and every training program related to Employee retention. 7) Organization should visit or training to competent of employee at national and international level. 8) Organization should give facility to employees children like education loan, education allowance, education fees etc

. [Link] Human Resource Management [Link] Research methodology [Link]

 Internet,[Link] . magazine HRM REVIEW Changing Role Of HR

QUESTIONNAIRE Sir, I am Dipika modi.I am a student of MBA (sem-2 nd ), I need your cooperation to complete my project on Employee Retention provided to the employees of PIRAMAL GLASS LIMITED,KOSAMBA. I request you to fill up the questionnaire given below.

Thank You. NAME:AGE :ADDRESS:QUALIFICATION:1) Are you satisfied in this company? a) Yes b) No, Why ___________________________________________ 2) Have you ever tried for your job change in other industry? Yes / No Why: - ________________________________________________ 3) Are you satisfied for the co-operation between you & your boss/peers? a) Yes b) No 4) Have you ever discussed about your dissatisfaction with your boss? a) Yes b) No 5) Are you aware of any retention efforts in this company? a) Yes b) No 6) Do you know of specific retention problems in this company? a) Yes b) No 7) Do you think your management is taking care of you fully? a) Yes

b) No 8) Did they discuss with you specific reasons why they were leaving? a) Yes b) No 9) What did you dislike about your job in PGL? Please tick the following factor/ wherever applicable. Responsibility / Work load Relation with collegues / senior People care Freedom Compensation Transparency 10)Are you satisfied with the facilities provided by the management /company? a) Yes b) No

11)What is the factor which affects to continue your job? Give rate up from 5(best) to 1(lowest) welfare increment Transport canteen others

12)Do you want any extra facility? a) Yes b) No 13)If yes, then which type of facility do you want? ______________________________________________________ ______________________________________________________ ______________________________________________________ 14)Does management give proper authority to you to perform and achieve the required result? a) Yes b) No 15) What is your Primary reason for leaving company?( Piease Tick) Better career opportunity Compensation Underable impact on health / stress Discrimination related to Compensation Work Load Recognition Other (Specify)

Relations at work place Lack of clarity in Roles & Responsibility Relocation higher studies Family, personal Reasons Dissatisfaction related to Compensation Work Load

Recognition Other

Job insecurity improper communication in Dept Bureaucracy Retirement