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)

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 sincere gratitude 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

Approval of the Faculty guide

Certificate from the Project Guide

Declaration

I, Jibon Jyoti Changmai, student of Unitedworld School of Business, Mumbai, hereby declare that this project report entitled Mapping of Employee Retention Techniques for Reliance 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

INDEX

Contents Acknowledgement Approval of the Faculty Guide Certificate from the Project Guide Declaration By Project Trainee Introduction to Human Resource Management Employee Retention Profile of Reliance ADA Group of Companies About Reliance Human Resource Pvt Ltd Design of the Study Statement of the Problem Scope & Objective of the Study Research Methodology Analysis & Interpretation Summary of Findings Conclusion Suggestion Bibliography Annexure

Page Numbers 2 3 4 5 7-12 13-24 25-32 33-35 36-39 37 38 39 40-52 53-54 55 56 57 58-59

INTRODUCTION

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.

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 follows1. 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.

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 sharing business 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 accepted the 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 your valuable 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 after 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 generate revenue. 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 is managements 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. Yet he 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 to complete 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 offshoring have created a sense of discomfort and lack of loyalty to companies. Increased corporate 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 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.

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 is defined 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 helped organizations 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 begins during 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 and personal 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 members in 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. More companies 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 at annual 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 of 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 difference

With 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, goaloriented 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 the traditional 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 financial compensation 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 Involvement

One of Fortunes 100 Best Companies to Work for companies has established the Headstart for the Holidays program which matches up company employees with hundreds of 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 allow organizational 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 developing and 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 employees attitudes 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 for leaving 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 the job 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 Anil D 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$ 3 billion 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), Hyderabad

In 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 the Nation 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 Economic Forum (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 Business and 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 all major 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 and general 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.in

Reliance 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 Vanco Group, enabling the company to provide managed services to over 230 countries across the globe. Website: www.relianceglobalcom.com

Reliance 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.com

Reliance 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.in

Reliance 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.in

Reliance 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 healthcare environment 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.com

Mudra 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 clients nationwide 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: Integrity o We will be true to ourselves & our organization under all circumstances. Dignity o We respect our stakeholders, valuing the diversity of people, ideas & culture. Teamwork o We are together for a common purpose complementing each other; honoring commitments of all team members Growth for all Stakeholders o We plan and ensure financial growth, capability building, process improvement off all stakeholders. Quality Orientation o We will make excellence as a way of life- shaping our thinking and action. Passion o We work with entrepreneurial zeal for accomplishing organizing goals.

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Key Success Factors: Job Aspirants

Business Engagement

Statutory

Sourcing

RHRS
Wage Management Recruitment & Retention

On Boarding & Follow-up

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 experience o 90% in Sales & 10% in back end operations o Deployed in more than 250 locations in India Focus on end to end staffing services.

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Group Companies Served o Reliance Communications o Reliance Web Stores o Reliance Consumer Finance o Reliance Money o Reliance Life Insurance o Reliance Energy o Reliance Big TV o Reliance Infra o 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 organizations for 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 the sample. 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 of primary 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 3-4 YEARS 2-3 YEARS 1-2 YEARS <1 YEAR NUMBER OF RESPONDENTS 15 25 18 17

<1 YEAR

1-2 YEARS

2-3 YEARS

3-4 YEARS
0 5 10 15 20 25 30

Graph 1

INFERENCE: The graph(1) shows that there are only 15 employees who have been working in R-ADAG for almost 4 years and 25 have joined within a time span of 1-2 years.

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TABLE 2: Are you satisfied with your current job? OPTIONS YES NO NUMBER OF RESPONDENTS 38 37

NO

YES

36.4

36.6

36.8

37

37.2

37.4

37.6

37.8

38

38.2

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.

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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 year

Launch 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? OPTIONS YES NO NUMBER OF RESPONDENTS 50 25

NO

YES

10

20

30

40

50

60

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.

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TABLE 4: Is R-ADAG flexible when it comes to modifying its strategies? RESPONSE FLEXIBLE NOT VERY FLEXIBLE RIGID NUMBER OF RESPONDENTS 40 17 18

RIGID

NOT VERY FLEXIBLE

FLEXIBLE

10

15

20

25

30

35

40

45

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.

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TABLE 5: Do you have the authority to take part in the formulation of retention strategies? OPTIONS YES NO NUMBER OF RESPONDENTS 6 69

NO

YES

10

20

30

40

50

60

70

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 future existence 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.

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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 FLEXIBILITY PAY PACKAGE GROWTH OPPURTUNITY RELATIONSHIP WITH PEER AND MANAGER NUMBER OF RESPONDENTS 5 40 15 5

RELATIONSHIP WITH PEER & MANAGEMENT

GROWTH OPPURTUNITY

PAY PACKAGE

FLEXIBILITY 0 5 10 15 20 25 30 35 40 45

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.

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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? OPTIONS YES NO NUMBER OF RESPONDENTS 47 28

NO

YES

10

20

30

40

50

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.

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TABLE 8: Do you feel there needs to be a change in the retention Policies undertaken? OPTIONS YES NO NUMBER OF RESPONDENTS 27 48

NO

YES

10

20

30

40

50

60

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

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Objective 5: To develop new retention strategies Implementation of the pay, the growth, the shift timings and the flexibility of work from 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 work pressure 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 their choice 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 destressed 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 the companies 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 tangible recognition 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 the organization is that the job profiles offered should match with individual capabilities and aspirations. This makes the employee feel satisfied and glad in his job. Better work culture is also very important where the relationship between employee and 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 the vertical 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 employee policies 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 also used 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 a successful 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 their turnover 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/families o Personalized messages from management team o Spot rewards (e.g., gift certificates for completion of large projects) o Recognize professional milestones: celebrate a promotion or years of service o Recognizing personal/family milestones o Wedding gifts o Baby gifts o College survival packages for college-age children o Get-well cards/flowers o Birthday cards, gifts, or celebrations Providing perks: discounts through clients or local merchants o Discounts for local attractions o Retail store discounts o Electronic Device purchase discounts Providing workplace conveniences o Assistance with tax preparation o Assistance with financial planning o Shipping services for personal items, e.g., firm Bluedart/FedEx/DTDC etc onsite pickup (cost paid by employee) o Casual dress policies Having fun at work o Recognize birthdays/anniversaries/retirements/promotions o Holiday parties and holiday gift certificates o Picnics o 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. 2. 3. 4. 5. 6. 7. http://www.relianceadagroup.com/ada/index.html http://www.citehr.com/ http://www.google.com/ http://www.en.wikipedia.org/ http://www.money.cnn.com/magazines/fortune/best-companies/2012/full_list/ http://www.greatplacetowork.com/ 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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The Reliance - ADA Group ' and all products and logos denoted with' or are trademarks or registered 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.

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