employee retention in abc
TRANSCRIPT
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ABOUT
THE
COMPANY
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COMPANY PROFILE
The Bunge Pvt Ltd Rajpura is one of the leading Manufacturing Vegetables
Oils and Fats. The company is located at Rajpura -Chandigarh road in area of 36
acres and it is ISO 9001-2001certified company. This company made a humble
beginning in 1969 with inauguration of stone laying ceremony by
H.E.Dr.D.C.PAVETTE, governor of Punjab of 6 march ,1969 .its production
started on 1910-1970 with the capacity 100 MT per day of Vanaspati later of in the
year 1982-86 a separate facility to produce refined oil was set up, with a capacity is
3,000 tones. In the span of time plant has to come to be recognized as a major
venture and after has grown from strength to strength at a rapid pace adopting new
technologies, marketing strategies of business values and ethos.
It is a continuous process plant. Quality product and total customer
satisfaction are the prime concern of the company. In addition the company has
gone beyond its boundaries to meet its commitment towards the community and
environment. It is holding 42% of market share in North India with a turn over of Rs.500cr.per annum .It is group that has lived up to its name because "AMRIT"
symbolize "PURITY"
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MISSION STATEMENT OF THE COMPANY
To produce sell goods and services to achieve the highest return on sales in the
industry to satisfaction of the consumers, employees and share holders in that
order.
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ORGANIZATIONAL STRUCTURE
CMD
Executive
Director
V.P.(commercial) vacant
commodities
T.P.O.
Mr. Rameshkalia
Sr.G.M.(HR &
Admns.)
Secutity
Personnal
Liason
Mr.SubrotaBose.
DGM.(mktg.)
RSMSpeciality
CMO -Depot
A/c, Sale
Promotion,
Advertisement
& New product
RSM V&RO
Dr.S KHandoo
V.P. (R&D)
Quality
Bakers
Productdevolpmen
t (R&D)
Mr. Parveen
TarikaV.P.
(Fianance &
Account)
DGM
A/cPayment,Receipt
DGM IT
Sr. Mgr.-non-
routine
P/L A/c,Taxation,
Audit
CompanySect forBoard
Meeting
Mr.A.K. Jain
Sr. V.P.(
Works)
SupplyChain
Management
Mr.SunilBadhera
Sr.G.M.(Engg.)
Mr.S S BrarSr.
G.M(Prod.)
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PRODUCTS
Bakery Shortening (For Biscuits Gagan Gold Vanaspati
Ginni Gold Refined Sunflower Oil Ginni Nutri Delight Nuggets
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Ginni Plus Refined Oil Merrilite
Kachi Ghani Mustard Oil Refined Cottonseed Oil
Merrigold Table Margarine
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Refined Groundnut Oil Refined palm oil
Refined ricebran oil refined soyabean oil
Gagan banaspati
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ABOUT
THE
PROJECT
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INTRODUCTION
The advancement in science and technology has further influenced the business
environment globalization has made the business scenario more competitive. The
captains of the industries have to keep themselves abreast with changing
environment.
The modernization has brought in many changes in HRM and HRD
there by enhancing the scope and responsibility of HR executive/manager. The HR
is most precious asset of an organization which has direct influence on functional
as well as product ional aspect of the company. The subject as such or dealing with
the HR may appear simpler but human beings are complex creatures. Thus,
demanding a great deal of attention in dealing. There are various theories,
strategies on HRM/HRD. Accordingly there numerous function of HR executive
likes manpower planning, recruitment, selection, induction and retention of the
best employee.
The retention of suitable employee goes way in enhancesthe knowledge resource of the organization. This in the broader sense implies
motivation and retention of the talent by understanding employee‟s aspiration,
needs and providing him the opportunities for his development and prosperity.
Such employees will place any organization at the advantageous position in the
competitive market. It therefore, merits proper strategy and policy so that the entire
process of acquiring knowledge resource becomes cost effective. The different
organization may have there own ways to implement such policies but importance
of retentions is critical to every organization.
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RETENTION (Love them or loose them)
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 he‟s doing, he may switch over to some other more suitable job. In today‟s
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.
The reason may be personal or professional. These reasons should be
understood by the employer and should be taken care of. The organizations are
becoming aware of these reasons and adopting many strategies for employee
retention.
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Retention involves five following major things
Compensation
Growth and career
Support
Relationship
Environment
1.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, bonuses, benefits, prerequisites, stock
options, bonuses, vacations, 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. Itincludes
o Basic wage
o House rent allowance
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o Dearness allowance
o 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 employee‟s 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.
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2.Growth and Career
wth and development are the integral part of every individual‟s career. If an
employee can not foresee his path of career development in his current
organization, there are chances that he‟ll 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 insync 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 he‟s not
satisfied with his growth, he‟ll 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, they‟ll leave the organization for better jobs. Organization should not
limit the resources on which organization‟s success depends. These trainings can
be given to improve many skills like:
Communications skills
Technical skills
In-house processes and procedures improvement related skills
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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.
3.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:
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4.Relationship
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 employee‟s 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
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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 he‟ll 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 he‟ll 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 employee‟s dreams and personal goals. Cr eate
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.
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5. 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
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Trust
Types of environment the employee needs in an organization
1.Learning environment:
It includes continuous learning and improvement of the
individual, certifications and provision for higher studies, etc.
2.Support environment:
Organization can provide support in the form of work-life balance. Work life
balance includes:
o Flexible hours
o Telecommuting
o Dependent care
o Alternate work schedules
o Vacations
o Wellness
3.Work environment:
It includes efficient managers, supportive co-workers, challenging work,
involvement in decision-making, clarity of work and responsibilities, and
recognition.
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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.
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EMPLOYEE RETENTION
Retaining good employees is not as easy as it used to be. Companies need to be
on top of the game when it comes to keeping them, as well as motivating them.
Employee retention is simple to understand, but at the same time it can be difficult
to achieve. Knowing what employees want and need is a step in the right direction.
There are five main reasons that people tend to leave their organizations. Knowing
these reasons is crucial to help in preventing others from leaving. Once the
problems are identified, companies need to adopt several strategies that can be
used to increase retention.
Employee retention is keeping the employees that have already been hired.
When you have hired good people, trained them, built them into high-performing
teams, you don't want to loose them. Companies today invest so much time in their
employees that each time one leaves; it is like they are loosing an investment. It is
for this reason that employee retention had become a critical component of
workforce stability. Because a company invests in their employees, each time one
leaves the productivity declines. The time that is spent on training new employees
could be better spent on increasing production and profit.
Companies need to think about their image from the start. Make wise choices
when hiring. Give prospective employees a true picture of the organization. It is
important to match employee personality type to the climate and culture of the
company. Once an employee has been hired, there are several different things that
they want and need in order to remain loyal to the company. They include, "Clear
expectations and performance measurements, time to get and give performance
feedback, rewards and recognition,
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and challenge and growth opportunities for the future"("After the Hire - Retaining
Good Employees", 1999.
There are many different ingredients that go into reducing employee turnover.
There will be seven strategies focused on: money, building relationships between
employers and co-workers, a fearless culture, job satisfaction, Importance of
personal life.
Most executives believe that money is the reason employees stay put. "It isn't
that money isn't a key factor, it's just that money is merely the baseline, the
foundation upon witch the house of retention must be built"("Formula for Retention", 1999). Money has always been a big factor in retaining employees, but
now employees want more. Therefore, it is always easiest to start with money,
because other strategies are not as easy for employees to buy into.
Retention is successful when emotional bonds are built. Therefore, building
relationships between employers and co-workers is important when it comes to
employee retention. Emotional bonds are strengthened by employers paying
attention to issues that are important to their workers. If employees feel that their
employers care about what goes on in their lives, they are going to feel special.
Employees want to have caring relationships with their co-workers and employers.
"Being able to speak up and speak against the status quo would be possible only in
a culture where there was no fear of retribution"(Stum, 1998). This is what is
meant by a fearless culture. Employees should be welcomed to challenge the way
things are being done. Companies need to let them know that honest and
confrontational communication is welcome, and that they will not be punished for
it. The point of a fearless culture is to make the employees feel a part of the
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company. The first step to establishing a fearless culture is to think
communication. Establish team meetings regularly in order to exchange
information and develop new ideas about what should be being done within the
company.
Job satisfaction has been a recognized driver of organizational performance
for 25 years. Money alone does not promote loyalty and seldom retains motivated
employees. People want their work to make a difference and they want to be part
of something that matters. Just as job satisfaction affects productivity, quality and
morale, there is a strong correlation to commitment. Being placed in the right job,
with the right orientation, training, tools and resources is still a key organizational
success factor. Employees do not need much to feel satisfied. However, it is not
just tools and resources that are needed, but self-confidence and appreciation from
your co-workers and employers that aid in job satisfaction.
All employees today are interested in where the company is headed. They
want to believe in and have confidence about their company's future. Faith that all
will be well for the company and its employees is a key factor in retention.
Employees need to be sure of where the company is headed, because that gives
them some sort of security in their lives. Security is important because it will help
in retaining employees.
The factor that most significantly affecting workforce commitment is
management's recognition of the importance of personal and family life.Employees need to know that
their family and personal life are important. However, this cannot only be done
through programs such as childcare and financial planning. Companies need
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activities such as company picnics, bring your children to work day, and family
safety fairs. If employees see that the company is really making the effort, they
will start to believe that the recognition of family life is really there.
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IMPORTANCE OF EMPLOYEE RETENTION
Now that so much is being done by organizations to retain its employees, why is
retention so important? Is it just to reduce the turnover costs? Well, the answer is a
definite no. It‟s not only the cost incurred by a company that emphasizes the need
of retaining employees but also the need to retain talented employees from getting
poached.
The process of employee retention will benefit an organization in the following
ways:
1. The Cost of employee 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), industry experts often
quote 25% of the average employee salary as a conservative estimate.
2.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.
3.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.
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When an employee leaves, the relationships that
2. employee built for the company are severed, which could lead to potential
customer loss.
3. Turnover leads to more turnovers: When an employee terminates, the effect
is felt throughout the organization. Co-workers are often required to pick up
the slack. The unspoken negativity often intensifies for the remaining staff.
4. 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.
5.Regaining efficiency:
If an employee resigns, then good amount of time is lost in hiring a new employee
and then training him/her and this goes to the loss of the company directly which
many a times goes unnoticed. And even after this you cannot assure us of the same
efficiency from the new employee
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RETENTION MYTHS
The process of retention is not as easy at it seems. There are so many tactics andstrategies used in retention of employees by the organizations. The basic purpose
of these strategies should be to increase employee satisfaction, boost employee
morale hence achieve retention. But some times these strategies are not used
properly or even worse, wrong strategies are used. Because of which these
strategies fail to achieve the desired results.There are many myths related to the
employee retention process. These myths exist because the strategies being used
are either wrong or are being used from a long time. These myths prevent the
employer from successfully implementing the retention strategies. Let us learn
about some of these myths.
1. Employees leave an organization for more pay: Money may be the
motivating factor for some but for many people it is not the most important
factor. Money matters more to the low-income-employees for whom it‟s a
survival issue. Money can make an employee stay in an organization but not
for long. The factors more important than money are job satisfaction, job
responsibilities, and individual‟s skill development. The employers should
understand this and work out some other ways to make employees feel
satisfied. When employees leave, management tries to retain them by
offering more money. But instead they should try to figure out the main
reason behind it. Issues that are mainly the cause of dissatisfaction are
organization‟s policies and pr ocedures, working conditions, relationship
with the supervisor and salary, etc. For such employees, achievement,
growth, respect, recognition, is the main concern.
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Incentives can increase productivity: Incentives can surely increase
productivity but not for long term. Cash incentives, volume work targets and
speed awards are old management beliefs. They can generate work speedily
and in volumes but can‟t boost employee commitment. Rather speed can
hamper the quality of work produced. What really glues employees to their
work and organization is quality
2. work, meaningful responsibilities, recognition, respect, growth opportunities
and friendly supervisors.
3.
Employees run away from responsibilities: It is a myth that employees runfrom responsibilities. In-fact employees feel more responsible if they are
given extra responsibilities apart from their regular job. Employees look for
variety, greater control on the processes and authority to take decisions in
their present job. They want opportunities to learn and grow. Management
can assign extra responsibilities to their employees and appreciate them on
the completion of these tasks. This will induce a sense of pride in the
employee and will improve the relationship between the management and
the employee.
4. Loyalty is a thing of the past: Employees can be loyal but what they need
is an employer for whom they can be loyal. There is no reason for the
employee to hop jobs if he‟s satisfied with the employer.
5.Taking measures to increase employee satisfaction will be expensive for the
organizations: The things actually required to improve employee satisfaction like
respect, career growth and development, appreciation, etc. can‟t be bought. They
are free of cost. An employer or management that reacts well to the employee‟s
ideas and suggestions is enough for the employees to be retained.
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REASONS WHY EMPLOYEES LEAVE
1. Expectations not met:
Expectations play a large part in determining whether an employee is satisfied or
dissatisfied with the current state of affairs.
On joining the firm the individual will have a range of expectations covering areas
such as the style of management, the working hours, holidays, pay, bonus and so
on.
It is not unusual for employees to leave within the first six months when they
discover that things aren‟t quite as they imagined they would be.
Their expectations may have been unrealistic from day one, but each departure is
yet more disruption, harming productivity, adding extra unnecessary costs and
making it more difficult to reach goals for sales, revenue and profitability.
Few firms seem to appreciate the importance of expectations. They don‟t ask
candidates about their expectations, giving them the opportunity to select someonewho is unlikely to be disappointed, and therefore, more likely to stay.
2. Mismatch between the person and the role
Employees who find themselves in roles that do not suit their individual strengths,
tend not to stay around that long.
A productive employee gets promoted into a position that requires skills that they
do not possess. A role that exposes their weaknesses, and as a result, a role that
they do not enjoy.
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Faced with the prospect of having to spend many months, perhaps years, in a job
that is a struggle, a job that they find difficult, a job that is a mismatch for their
specific talents, most of them choose to leave the company and go.
3. Mismatch between person and the culture of the firm
It is not so much that there is a single ideal culture, more that cultures vary, and as
many departures show, not everyone is likely to be ideally suited to culture of your
firm.
Some workplaces are high pressured, fast paced, dynamic. Ideal for people who
thrive on adrenaline, who enjoy this tempo, constantly being on the go. Others are
caring, emotional, long discussions, shared views. Endless dialogue before action
is taken. Everyone‟s opinion counts.
Put an employee in a culture that suits their temperament and they feel at home. It
is an environment in which they can function to the best of their abilities. But put
an employee in a firm whose culture does not suit their personality, their style or
their approach and it rarely works. They don‟t settle, they under-perform, they miss
the feel of previous employers where they were able to contribute more. They
leave.
4. Insufficient opportunities for growth and advancement
Employees want to make progress, to get ahead. They want to make that next step
up the career ladder. They think about where they would like to be in 5 years time,
in 10 years time.
Their loyalty is largely to themselves, to make the most out of the natural talents,
the skills, and determination they possess.
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They recognize the importance of building new skills, refining current ones,
getting new experiences. If the opportunities aren‟t available with their current
employer, they will find look elsewhere.
5. Insufficient recognition or appreciation
The Employees that don‟t receive adequate recognition for their contribution, that
get little appreciation for their efforts, start to wonder why they bother. And it
doesn‟t take much to tempt them away.
Employees that did not feel valued, that felt that their efforts, their hard work, was
not appreciated. That their achievements, their contribution to the success of the
business, was not recognised.
Employees want to feel valued; as though their role is important, as though the
business needs them. They want someone to say thank you. Thanks for that piece
of work, thanks for helping out in a crisis, thanks for dealing with that problem.
6. Problems with direct manager
The state of the relationship between an employee and their direct manager goes a
long way towards determining whether they stay or leave.
Some employees stay far longer than might otherwise be expected because of the
relationship they have with their supervisor. Others leave jobs in the first few
months because they sense their manager is not someone that brings the best out of
them.
And they need to get away. Because the daily challenge of dealing with someone
they dislike, someone that lacks basic people skills, is just too much to bear.
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Poor relationships between employees and their managers are one of the most
common reasons for employee turnover.
7. Dissatisfaction with pay
Not receiving a fair salary, a fair pay rise, a fair bonus. Dissatisfaction with
financial rewards is complex.
Much of the dissatisfaction is due to comparisons. A previously adequate salary
starts to feel insufficient when you have just learnt that a new arrival is receiving a
higher wage for performing a similar role
Salaries rarely remain a secret. The information leaks out. If it isn‟t fair, if it isn‟t
equitable, if the procedure for determining pay settlements is tainted, employees
become dissatisfied. And in time many of them leave.
8. Stress
The stress of work, the stress from working long hours, the stress related to
pressure from above; employees can take only so much.
Stress drives employees into the arms of alternative employers. They simply want
to get away from the workplace, from the people involved, from the firm.
A stressful workplace is rarely a productive one. Attrition is high, people don‟t
matter; there will always be someone else to fill the vacancy. And in time they too
will probably leave for much the same reasons.
Stressful work environments tend to be high turnover environments. If there is an
alternative, people take it.
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9. Lack of work life balance
Employees have responsibilities to their employer, to their families, to their
friends. There are times when the demands of work require extra hours, staying
late to get things finished, working during weekends to meet deadlines.
For some employees the demands of work are no longer compatible with the needs
of their family, the needs that exist beyond the workplace. Perhaps they coped
better when they were younger, before they got married, before they had a family.
But now the arrangement just isn‟t practical.
They need a better balance. They need to have time for themselves. Time to take
care of loved ones. Free time not devoted to work.
10. Loss of confidence in the firm, particularly leadership.
Confidence matters. Companies go bust; you just need to read the papers, watch
the news, to realize the risk involved.
When employees lose confidence in the firm‟s leadership they head towards the
exit door.
They know that confidence matters, that seemingly invincible companies can
collapse in days, if not hours. They don‟t want to be left without a job, should the
company go under, or be taken over.
Other factors for Retention being a challenge are:
A robust economy
Shift in how people view their careers
Changes in the unspoken "contract" between employer and employee
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Corporate cocooning
A new generation of workers
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EMPLOYEE RETENTION STRATEGIES
The basic practices which should be kept in mind in the employee retentionstrategies are:
1. Hire the right people in the first place.
2. Empower the employees: Give the employees the authority to get things done.
3. Make employees realize that they are the most valuable asset of the
organization.
4. Have faith in them, trust them and respect them.
5. Provide them information and knowledge.
5. Keep providing them feedback on their performance.
7. Recognize and appreciate their achievements.
8. Keep their morale high.
9. Create an environment where the employees want to work and have fun.
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These practices can be categorized in 3 levels: Low, medium
and high level.
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Low Level Employee Retention Strategies
Appreciating and recognizing a well done job
Personalized well done and thank-you cards from supervisors
Congratulations e-cards or cards sent to spouses/families
Voicemails or messages from top management
Periodic days off for good performance
Rewards ( gift, certificates, monetary and non monetary rewards)
Recognizing professional as well as personal significant events
Wedding gifts
Anniversary gifts
New born baby gifts
Scholarships for employee‟s children
Get well cards/flowers
Birthday cards, celebrations and gifts
Providing benefits
Home insurance plans
Legal insurance
Travel insurance
Disability programs
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Providing perks: It includes coupons, discounts, rebates, etc
Discounts in cinema halls, museums, restaurants, etc.
Retail store discounts
Computer peripherals purchase discounts
Providing workplace conveniences
On-site ATM
On-site facilities for which cost is paid by employees
laundry facility for bachelors
Shipping services
Assistance with tax calculations and submission of forms
Financial planning assistance
Casual dress policies
Facilities for expectant mothers
Parking
Parenting guide
Lactation rooms
Flexi timings
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Fun at work
Celebrate birthdays, anniversaries, retirements, promotions, etc
Holiday parties and holiday gift certificates
Occasional parties like diwali, holi, dushera, etc
Organize get together for watching football, hockey, cricket matches
Organize picnics and trips for movies etc
Sports outings like cricket match etc
Indoor games
Occasional stress relievers
“Casual dress” day
“Green is the color” day
Handwriting analysis
Tatoo, mehandi, hair braiding stalls on weekends
Mini cricket in office
Ice cream Fridays
Holi-Day breakfast
Employee support in tough time or personal crisis
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Personal loans for emergencies
Childcare and eldercare services
Employee Assistance Programs ( Counseling sessions etc)
Emergency childcare services
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Medium Level Strategies For Employee Retention
Appreciating and recognizing a well done job
Special bonus for successfully completing firm-sponsored certifications
Benefit programs for family support
Child adoption benefits
Flexible benefits
Providing conveniences at workplace
Gymnasiums
Athletic membership program
Providing training and development and personal growth opportunities
Sabbatical programs
Professional skills development
Individualized career guidance
Dependents care assistance
Medical care reimbursement
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High Level Strategies
Promoting Work/Life Effectiveness
Develop flexible schedules
Part-time schedules
Extended leaves of absence
Develop Support Services
On-site day care facility etc.
Understand employee needs: This can be done through proper management
style and culture
Listen to the employee and show interest in ideas
Appreciate new ideas and reward risk-taking
Show support for individual initiative
Encourage creativity
Encouraging professional training and development and/or personal growth
opportunities: It can be done through:
Mentoring programs
Performance feedback programs
Provide necessary tools to the employees to achieve their professional and
personal goals
Getting the most out of employee interests and talents
Higher study opportunities for employees
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Vocational counseling
Offer personalized career guidance to employees
Provide an environment of trust: Communication is the most important and
effective way to develop trust.
Suggestion committees can be created
Open door communication policy can be followed
Regular feedbacks on organization‟s goals and activities should be taken
from the employees by:
Management communications
Intranet and internet can be used as they provide 24X7 access to the
information
Newsletters, notice boards, etc.
Hire the right people from the beginning: employee retention is not a process
that begins at the end. The process of retention begins right from the start of
the recruitment process.
The new joinees should fit with the organization‟s culture. The personality,
leadership characteristics of the candidate should be in sync with the culture
of the hiring organization.
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Referral bonus should be given to the employees for successful hires. They
are the best source of networking.
Proper training should be given to the managers on interview and
management techniques.
An internship program can be followed to recruit the fresh graduates.
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MANAGING EMPLOYEE RETENTION
The task of managing employees can be understood as a three stage process:
1. Identify the cost of employee turnover
2. Understand why employee leave
3. Implement retention strategies
1.Identify the 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
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employees feel comfortable in expressing their opinions.
3.Implement retention strategy:
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 organization‟s reward strategy reflects the employee drivers
The leaving process is managed effectively
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WAYS 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.
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employee retention can be increase by inculcating the following practices:
1. Open Communication: A culture of open communication enforces loyalty
among employees. Open communication tends to keep employees informed
on key issues. Most importantly, they need to know that their opinions
matter and that management is 100% interested in their input.
2. Employee Reward Program: A positive recognition for work boosts the
motivational levels of employees. Recognition can be made explicit by
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providing awards like best employee of the month or punctuality award.
Project based recognition also has great significance. The award can be in
terms of gifts or money.
3. Career Development Program: Every individual is worried about his/her
career. He is always keen to know his career path in the company.
Organizations can offer various technical certification courses which will
help employee in enhancing his knowledge.
4. Performance Based Bonus: A provision of performance linked bonus can
be made wherein an employee is able to relate his performance with the
company profits and hence will work hard. This bonus should strictly be
productivity based.
5. Recreation facilities: Recreational facilities help in keeping employees
away from stress factors. Various recreational programs should be arranged.
They may include taking employees to trips annually or bi-annually,
celebrating anniversaries, sports activities, et al.
6.Gifts at Some Occasions: Giving out some gifts at the time of one or
two festivals to the employees making them feel good and understand that the
management is concerned about them.
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MEASURES ADOPTED BY HR DEPT.FOR
RETENTION IN THE BUNGE PVT LTD RAJPURA
An employer has to introduce suitable measure step for reducing turnover to the
good employee which is best for the company though. It is not possible to re move
it completely. Such step should be related to the important causes responsible for
the high rate of turnover. The possible steps which company can adopt follow:-
1.Proper selection:
Right types of the people should be employed for various jobs. While assigning
work to the employees, their aptitude and interests should be duly considered. This
will make them feel interested in their jobs.
2.Proper Orientation:-
The new employees should be inducted should in such a way that their critical
attitude is reduced as possible to avoid turnover form this source.
3.Better Working Condition:-
The main cause of the employees due to hard nature of jobs and bad working
conditions. An employee can provide proper working condition so that workers
may not have industrial fatigue. Similarly, It is possible to make hard job a little
lighter by introducing suitable measures.
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4.Provision of Transport and Housing Facilities:-
The main problem of employees quit due to housing, transport and other
difficulties. It is possible for the employer to provide free or confessional transport
facility to workers from residence to factory. This will ensure regularity of worker
5. Incentives &Bonus to regular employees:
Cash prizes may be given to those who are regular throughout the year. Workers
who are regular may be given special bonus for their regularity. Regularity in
attendance is given consideration while promotion. such positive measures
encourage workers to be regular in their jobs.
6.Prevention of accidents:
Industial accidents may increase absenteeism. The management takes adequate
safety measures to minimize industrial accidents in workshops.
7.Working environment:
The workers are provided congenial atmosphere to perform their duties. The place
is properly well ventilated. The lightning system is provided, proper fans have
been provided wherever required. Proper transport facilities are given
8.Canteen facilities.
The company has provided canteen for both staff &workers. The meals &tea is
provided to all workers at nominal rates.
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9.Medical, health &hygiene :
The company has a dispensary room to provide first aid facility to the employees
in accidents cases. A well qualified doctor also visits the company 3 times in a
week. The company also provided clean washrooms, changing rooms &pure
drinking facilities to the employees.
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OBJECTIVES
OF
THE STUDY
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NEED OF THE STUDY
Retention has become a strategic priority in many organizations. “Cost reduction”
is the mantra of any contemporary successful business. As a competitive edge, a
company management is striving to identify and capture incentives that reward
expansion, production increase or investment geared to cost reduction or job
retention. Many companies have off-shored operations in order to cut cost and
increase profits. Finding and developing employees to fill critical positions has
become essential for organizations to compete in global economic market.
Company‟s today invest so much time in their employees that each time one
leaves, it is like they are losing an investment. It is for this reason employee
retention had become a critical component of workforce stability
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OBJECTIVE
To high light the necessity of retention in prevailing business environment.
Analyze the existing system of retention adopted in Bunge India Pvt Ltd.. In
relation to the objective of recruitment and selection system.
To identify the weakness in the system.
To suggest/recommend appropriate strategies changes in existing system.
To reduce employee turnover.
To reduce the cost of hiring a new employee.
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RESEARCH
METHODOLOGY
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RESEARCH METHODOLOGY
A research design is the arrangement of conditions for the collection of data and
analysis of data. Infact, reseach design is the conceptual structure within which
research is conducted.
Descriptive Research Design has been used by me
to solve each and every factor of given task. In the descriptive research
study, the main purpose is that of formulating a problem for more
precise investigation or of developing the working hypothesis forms an
operational point of view. The major emphasis is on the discovery of
ideas and in sights.
DATA COLLECTION METHOD
According to the needed research for the project is both Primary and
Secondary data collection methods. We have used company
website and some publications on the net and information related tovroucher for
secondary data collection. To ensure the accuracy of the primary data collection
used is the structured interview method.
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SAMPLING PLAN
Sample Size:- 100 employees
Sample unit:- Bunge India Pvt .Ltd
Method of sampling:- Simple random
Sampling
Method of data collection:- Primary &
secondary
Research design :- Descriptive
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ANALYSIS&
FINDINGS
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1. If you look for a new Job, (in a new company) what will be your
preference?
a) Career plan
b) Flexible Timings
c) Not improvement in position (Increase in other benefits)
d) Improvement in position
0%
10%
20%
30%
40%
50%
60%
70%
a) Career plan b) Flexible Timings c) Not improvement in
position (Increase in
other benefits)
d) Improvement in
position
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2.How much areYou satisfied with the current job?
a) Very high
b) Fairely enough
c) Moderate
d) Very less
e) Not at all
0%
10%
20%
30%
40%
50%
60%
very high Fairely enough Moderate very less Not at all
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3. To what extent do you feel quitting the present job will give you a satisfied
job?
Very high
Fairely enough
Moderate
Very less
Not at all
0%
5%
10%
15%
20%
25%
30%
35%
very high Fairely enough Moderate very less Not at all
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4.Are you satisfied with the Facilities provided by the organization?
a) Yes
b) No
0%
10%
20%
30%
40%
50%
60%
70%
Yes No
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5.Are you satisfied with the working conditions with in the company?
a) Yes
b) N
0%
10%
20%
30%
40%
50%
60%
70%
80%
yes no
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6.Do you feel that welfare measures provided by the company are
satisfied?
a) Yes
b) No
0%
10%
20%
30%
40%
50%
60%
70%
Yes No
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7. Is your work hazardous?
a) Yes
b) No
0%
10%
20%
30%
40%
50%
60%
70%
80%
Yes No
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8. What is the nature of your job?
a) Simple
b) Difficult
c) Technical
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
simple difficult technical
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9.To improve your workplace environment what would you like to see
your managers or executives do for you ?
a) Better communication b) Try new things at work
c) Show more concern d) Listen to your ideas
0%
5%
10%
15%
20%
25%
30%
35%
40%
Better communication Try new things at workShow more concern Listen to your ideas
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10.What could be done to improve retention?
a) Better benefits b) Pay more
c) Listen to employees grievances
0%
10%
20%
30%
40%
50%
60%
better benefits pay more listen to employees grievances
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FINDINGS
I have made an effort to analysis the retention system of Bunge India Pvt
Ltd.. for keeping in view the policy and objectives defined by HR
Department. Though, there are to categories of employees i.e. staff and
workers hence different categorization like highly skilled, skilled, semi
skilled and unskilled.
The best retention strategies and method remains the same. In my view
following salient:-
1 In Bunge India Pvt Ltd.. the manpower planning process insures that it has
the right member and right kind of people and at the right time doing the
work for which they are economically most useful.
2 The objectives at the spelt out as under:
To carry out accurate estimate of the number of employees
To identify skills requirement
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The above is in importance with the organization rules.
3 In Bunge India Pvt Ltd.. Ltd man power planning is based on annual
requirements and not like other corporate houses where the normal
technique for manpower planning about three to five years.
4 The basic aim is being to attract best available manpower in the market
and seek widest possible choice in selecting best candidate
5. Based on the requirements the personnel department mainly realize on
advertisement consultants or references.
6. The personnel department maintain the check list of requirements of the
position based on requisition to furnish by different department by own
quartile.
7. The entire data is maintained by personnel department and organization of
all activities like recruitment, induction is carried out by personnel
department.
8. Though there is no retention strategy in written form in Bunge India Pvt
Ltd. But certain measures like providing better working environment
monetary benefits and medical facilities etc.
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9. It has emerged from the records in Bunge India Pvt Ltd.. over a period of
three years that most of the people leave the company in the staff category
i.e. to in managers and above.
10. From the questionnaire part the following conclusion has been made by
me The employees in the Bunge India Pvt Ltd.. mostly are not very satisfied.
From the data collected 60% of the workers want to go for other carrier
opportunities due to not improvement in the position where as 28% of the
employees fell working environment is good this shows that the most of the
employees are not satisfied from there company so most of the employees
are willing to shift their job. The employees think that there is less
communication between workers and supervisors so they feel that they are
only employees but not part of the company they want that there salary
should be paid according to work and there work should be
appreciated/recognized and the employees want flexible worked hours and
more employee participation
However there are two sides of every coin in the same way if the workers
are less satisfied that doesn‟t mean they are very much willing to leave the
job. The employees are happy with the benefits provided to them like
Medical facilities,ESI leaves, formal family dinners, Low EMI on loans,
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Scholarship schemes for the wards of the employees. Last but not the least
other welfare schemes.
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CONCLUSION
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CONCLUSION
The retention of required talent is an important aspect to ensure
overall development of the organization. Such employees by remain
satisfied and committed to their job which enhances the productivity and
overall working environment providing and edge in the competitive market.
At last we can say that providing the proper facilities to the employee the
problem in the organization can be solved and then they definitely stay in
their jobs and remain regular in their work. The organization should also
provide proper working condition to the workers. When the organization
provides such facilities to the employees then the problem of attrition is
checked at a large scale.
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SUGGESTIONS
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SUGGESTIONS
Having gone through the concept of Retention .I have found that all the
aspects have been addressed to in one form or the other but still there is a
scope to improve the existing system by incorporating new methods and
strategies. I have following suggestions / recommendations to make.
For placing demand of requirements of manpower through
advertisement, public consultants. It is suggested that new methods to
find out talent / job seekers through internet etc. Personal data bank
of Bunge India Pvt Ltd.. should be created so that whenever there is
an urgent need of talented employee he / she can be contact
immediately.
The form for interview trust should also include two desire columns
i.e. high skills and soft skills and interview committee should access
the individual keeping in mind organization culture so that culturally
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fit talent is selected which will go away for long way to ensure
retention.
There is a requirement to lay down retention strategy with its
objectives well defined. it should written format so that this important
aspect is well understood by all employees in true perspective.
Salaries , bonus , incentives and allowances keep the employees
motivated and they are one of the main reasons of retention so the
employees should be paid handsome salaries
Company image should be enhanced. Regular events should be
organized and other social responsibilities of business should be
performed by company from time to time.
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LIMITATIONS
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LIMITATION OF THE STUDY
Various limitation of the study are statistic with regard
To qualification requirement used in the project may differ from
person to person.
The data taken during the project study may not represent the realistic
picture. Hence there may be margin of error.
The information collected by me may be incomplete.
Small sample size taken at convenience might have affected the result
of the study.
Existence of biases in the respondent mind.
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BIBLIOGRAPHY
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BIBLIOGRAPHY
www. Bunge India Pvt Ltd.com
www.naukrihub.com
www.wikipedia.com
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ANNEXURE
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QUESTIONNAIRE
1. If you look for a new Job, (in a new company) what will be your
preference?
e) Career plan
f) Flexible Timings
g) Not improvement in position (Increase in other benefits)
h) Improvement in position
2.How much areYou satisfied with the current job?
f) Very high
g) Fairely enough
h) Moderate
i) Very less
j) Not at all
3.To what extent do you feel quitting the present job will give you a
satisfied job?
Very high
Fairely enough
Moderate
Very less
Not at all
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4.Are you satisfied with the Facilities provided by the organization?
c) Yes
d) No
5.Are you satisfied with the working conditions with in the company?
c) Yes
d) N
6.Do you feel that welfare measures provided by the company are
satisfied?
c) Yesd) No
7.Is your work hazardous?
a) Yes
b) No
8.What is the nature of your job?
a) Simple
b) Difficult
c) Technical
9.To improve your workplace environment what would you like to see
your managers or executives do for you ?
a) Better communicationb) Try new things at work
c) Show more concern
d) Listen to your ideas
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10.What could be done to improve retention?
a) Better benefits
b) Pay more
c) Listen to employees grievances