Employee Retention

INDEX
Sr. No Content
Page
no
1.
Executive summary
2
2. Introduction to the study
6
3.
Company profle
9
4. Revie o! literature 13
". Research methodolo#y 44
6.
$tudy o! the topic at the
company
4%
%. &ata analysis ' interpretation 61
(. )*servations and $u##estion 6%
9. Conclusion %1
1+. ,i*lio#raphy
%3
11. -nnexure
%"
1
Employee Retention
EXECUTIVE
SUMMARY
2
Employee Retention
EXECUTIVE SUMMARY
Project details
Title of the project:
Retention of Employees
r!a"i#atio" "a$e:
The Muslim Co-operative Bank Ltd! "une
D%ratio": #$ days
r!a"i#atio"al &%ide's Na$e: %&dur Rehman Tam&oli
%dministrative offi'er
Acade$ic &%ide: "rof (o)esh*ar +asture
Na$e of the st%de"t: Ms,ano&er +han
Part I
By lookin) at the startin) of the pro-e't you *ill find.
o /&-e'tive of the study
o ,'ope of the study
Part II
%fter the theoreti'al part 0 have in'luded the 'ompany profile 0t
in'ludes.
Co$pa"( "a$e: Muslim Co-operative Bank Ltd
Date )ti$e of i"corporato": 21
th
may 12#1
A""%al t%r"o*er: +,-.+ 'rores
#
Employee Retention
Re!istered office. 3## Ravi*ar "eth! "une-42
No of e$plo(ees: 22$ employees
Net profit /0102/011: R, ##55 La's
Part III
Re*ie3 of literat%re:
Employee retention is a systemati' effort &y employers to 'reate
and foster an environment that en'oura)es 'urrent employees to remain
employed! &y havin) poli'ies and pra'ti'es in pla'e that address their
diverse needs
Part IV
Research $ethodolo!(:
My resear'h in'ludes the resear'h methodolo)y *hi'h 'ontains
the information
4
Employee Retention
Questionnaire: The questions which were used to get information from
respondents were structured in order to obtain maximum information
from them. The questions used were open & closed ended ,forced,
unforced etc.
Size of samples: 25 employees.
Method of data collection: Primary & secondary source.
Part V
Statistics:
This includes the basic data of the survey from the questionnaire. ata are
shown statistically.
Part VI
Observations:
!t includes observations made from the stress management at muslim
ban".
Part VII
S%!!estio"s:
This part in'ludes su))estions made on the &asis of data analysis
6 interpretation *hi'h the 'ompany may needs to improve the effe'tiveness
of the e7istin) system that *ould lead to motivation and development of
employees
Part VIII
1
Employee Retention
Co"cl%sio":
0t in'ludes 'on'lusion of the study
The retention *ork should not only serve the 'ompany
&ut also satisfy the employee
3
Employee Retention
INTRDUCTIN T
T4E STUDY
5
Employee Retention
56ECTIVES 7 T4E STUDY
1 To understand the nature of *ork! employment! and la&our relationships
and its impa't on *orkers
2 To identify and e7plore the shared interests to 'ounter the pree7istin)
&elief the the 8R 6 8RM are divided
# To study the &i))est 'hallen)es that 'ompanies are fa'in) for the
attra'tion and retention of )ood employees and top performers
4 The study aims to prove ho* employee retention is essential in this day
and a)e!
1 To understand the retention poli'ies of The Muslim Co-op Bank Ltd
SCPE
The study 'ondu'ted at muslim 'ooperative &ank ltd pune *as to study
the poli'ies for retention of employees
The sample si9e is 21 employees
:
Employee Retention
8IMITATINS
%s su'h! there *ere no pro&lems fa'ed *hile 'arryin) out
the pro-e't study The only pro&lems fa'ed *ere *hen there *ere no
'onta'ts and;or appointments <hen 'onta'ted! the 8R dept out ri)htly
denied dis'losin) any of the details like the &ank=s turnover! strate)ies!
attrition rate and reasons! and their retention poli'ies and pro'edures and the
mem&ers at the 8R department *ere not *illin) either to )ive detailed
information on the same
2
Employee Retention
CMPANY PR7I8E

1$
Employee Retention
CMPANY PR7I8E
The Muslim Co-op Bank Limited! "une *as esta&lished on 21
th
May
12#1 Ram9an >mer ,haikh and %&dul +adar E&rahim-ee *ere the founder
mem&ers of the or)ani9ationLi'en'e as &ankin) institute *as issued on 1:
th
?ovem&er 12:4 &y the RB0 @Reserve Bank of 0ndiaA
Before 12:1 the deposit *as of 4 'rores only and *ith total num&er
of 5 &ran'hes There are more than #$$$$ share holders of the &ank
The net profit of the &ank in the year 2$$2-2$1$ *as Rs#1111$$$;-
*hi'h in'reased &y 1:21331 Rs and *ent upto #5#53331;-Rs in the year
2$1$-2$11
The &ank is run &y %<%M0 M%8%B ,o'ial or)ani9ation headed &y Mr "
% 0namdar "arti'ipates in so'ial events like Chatrapati ,hiva-i Mahara-
Cayanti! Mahatma "hule Cayanti! Bharat Ratna Dr Ba&asahe& %m&edkar
Cayanti! Marathi ,ahitya ,ammelan! "une Eanesh Festival! et'
Edu'ational field. Formed Eolden Cu&ilee Edu'ation Trust 2: years a)o
More than 1$$ students )ettin) te'hni'al edu'ation at )olden -u&ilee and
more than 1$$$$ students passed and )ot -o&s in various fields in *hi'h
some are doin) their o*n &usiness as self employed
%*ards. The Muslim Co-op Bank Limited *as honoured &y the "une Billah
Co-operative Banks %sso'iation from last 1 'onse'utive years for Bero
"er'ent ?et ?"%
Bank has &een honoured &y ?%B%RD @?ational &ank for a)ri'ultural and
rural developmentA for its perfe'tion in mana)in) the employees as *ell as
the 'ustomers
11
Employee Retention
"ersonalities su'h as ,onia-i Eandhi! Mr + B 8idayatullah! Mr ,harad
"a*ar! Mr Gilasrao Deshmukh! Mr ,ushil +umar ,hinde! Mr %-it Dada
"a*ar also visited the &ank
The staff of the &ank is 1$$H literate The &ank offers &est salary to
the staff mem&ers Finan'ial assistan'e for medi'al treatment for staff
mem&ers and their family is provided ,u&sidy is )iven for the pur'hasin) of
laptops and 'omputers They or)ani9e pi'ni's for the staff mem&ers every
alternate year This helps in 'han)in) the environment and thus the
employees 'an *ork more effi'iently and *ith dedi'ated heart

12
Employee Retention
4IERARC4Y 7 T4E R&ANISATIN
1#
Board of Dire'tors
Eeneral Mana)er
,e'retary @CE/A
%dministrat
ive /ffi'er
Re'overy
/ffi'er
Mana)ers
%sst
Mana)er
"assin)
/ffi'er
Cr Clerk "eons
Employee Retention
REVIE9 7
8ITERATURE
14
Employee Retention
4%$a" Reso%rce Ma"a!e$e"t
4%$a" Reso%rce Ma"a!e$e"t @8RMA is the strate)i'
and 'oherent approa'h to the mana)ement of an or)ani9ationIs most valued
assets J the people *orkin) there! *ho individually and 'olle'tively
'ontri&ute to the a'hievement of the o&-e'tives of the &usiness The terms
Khuman resour'e mana)ementK and Khuman resour'esK @8RA have lar)ely
repla'ed the term Kpersonnel mana)ementK as a des'ription of the pro'esses
involved in mana)in) people in or)ani9ations 8uman Resour'e
Mana)ement is evolvin) rapidly 8uman Resour'e Mana)ement is &oth an
a'ademi' theory and a &usiness pra'ti'e that addresses the theoreti'al and
pra'ti'al te'hniLues of mana)in) a *orkfor'e
The 8uman Resour'es
Mana)ement @8RMA fun'tion in'ludes a variety of
a'tivities and key amon) them is de'idin) *hat
staffin) needs e7ist and hire employees to fulfill these needsM re'ruit and
train the &est employees! ensure they are hi)h performersM dealin) *ith
performan'e issuesM and ensurin) the personnel and mana)ement pra'ti'es
'onform to various re)ulations %'tivities also in'lude mana)in) the
approa'h to employee &enefits and 'ompensation! employee re'ords and
personnel poli'ies ,mall &usinesses should al*ays ensure that employees
have J and are a*are of J personnel poli'ies *hi'h 'onform to 'urrent
11
Employee Retention
re)ulations These poli'ies are often in the form of employee manuals
*hi'h all employees must have
Many years a)o! lar)e or)ani9ations looked to the K"ersonnel
DepartmentK mostly to mana)e the paper*ork around hirin) and payin)
people More re'ently! or)ani9ations have &e)un to 'onsider the K8R
DepartmentK as playin) a ma-or role in staffin)! trainin)! and helpin)
mana)e people so that the people and the or)ani9ation are performin) at
ma7imum 'apa&ility in a hi)hly fulfillin) manner
13
Employee Retention
9h( People Prefer to 6oi" A Co$pa"(:
8ere are a fe* reasons as to *hy people prefer to -oin a
'ompany
Could not )et a &etter -o&
Could find nothin) &etter to do
Edu'ation level doesnIt
matter
Eood *ork environment
Eood Benefits
Fle7i&ility of time
%ttra'tive life style
Transport fa'ility

15
Employee Retention
94Y ATTRITIN RATE IS INCREASIN&:
?o )ro*th opportunity;la'k of promotion
For hi)her salary
For hi)her edu'ation
Mis)uidan'e &y the 'ompany
"oli'ies and pro'edures are not
'ondu'ive
?o personal life
"hysi'al strains
>neasy relationship *ith peers or mana)ers
1:
Employee Retention
EMP8YEE RETENTIN
Employee retention is a systemati' effort &y employers
to 'reate and foster an environment that en'oura)es 'urrent employees to
remain employed! &y havin) poli'ies and pra'ti'es in pla'e that address their
diverse needs % stron) retention strate)y! therefore! &e'omes a po*erful
re'ruitment tool Employee retention refers to the a&ility of an or)ani9ation
to retain its employees
Retention of key employees is 'riti'al to the lon)-term
health and su''ess of any or)ani9ation 0t is a kno*n fa't that retainin) the
&est employees ensures 'ustomer satisfa'tion! in'reased produ't sales!
satisfied 'ollea)ues and reportin) staff! effe'tive su''ession plannin)! and
deeply em&edded or)ani9ational kno*led)e and learnin) Employee
retention matters as or)ani9ational issues su'h as trainin) time and
investment! lost kno*led)e! inse'ure employees! and a 'ostly 'andidate
sear'h are involved 8en'e! failin) to retain a key employee is a 'ostly
proposition for an or)ani9ation Garious
estimates su))est that losin) a middle mana)er
in most or)ani9ations 'osts up to five times his
salary
0ntelli)ent employers al*ays reali9e the importan'e of
retainin) the &est talent Retainin) talent has never &een so important in the
12
Employee Retention
0ndian s'enarioM ho*ever! thin)s have 'han)ed in re'ent years 0n prominent
0ndian metros at least! there is no dearth of opportunities for the &est in the
&usiness! or even for the se'ond or third &est Retention of key employees
and treatin) attrition trou&les has never &een so important to 'ompanies
0n an intensely 'ompetitive environment *here 8R
mana)ers are poa'hin) from ea'h other! or)ani9ations 'an either hold on to
their employees ti)ht or lose them to 'ompetition For )one are the days
*hen employees *ould sti'k to an employer for years for *ant of a &etter
'hoi'e ?o*! opportunities are a&ound
0n 0ndia! there are fe* se'tors *here the attrition level is
mu'h lar)er 'ompared to other se'tors! for e7ample! 0T se'tor and B"/M
whereas, there are organizations lie !ir India, "!#, $%$O, &!%' where
the attrition is much lower ( nearl) *+ or less than that
Clearly! the only *ay out is to develop appropriate
effe'tive retention strate)ies
2$
Employee Retention
The I$porta"ce of Retai"i"! E$plo(ees
The 'hallen)e of keepin) employees! its 'han)in) fa'e
has stumped mana)ers and &usiness o*ners alike 8o* do you mana)e this
'hallen)eN 8o* do you &uild a *orkpla'e that employees *ant to remain
*ith and outsiders *ant to &e hired intoN ,u''essful mana)ers and &usiness
o*ners ask them these and other Luestions &e'ause! simply put! employee
retention matters
8i)h turnover often leaves 'ustomers and employees in
the lur'hM departin) employees take a )reat deal of kno*led)e *ith them
This la'k of 'ontinuity makes it hard for the or)ani9ations to meet their
)oals and serve 'ustomers *ell
Repla'in) employee 'osts money The 'ost of repla'in)
an employee is estimated at up to t*i'e the individual=s annual salary
@hi)her for positions &ased on their level *ithin the inter-or)ani9ational
hierar'hy! su'h as middle mana)ementA and this does not even in'lude the
'ost of lost kno*led)e
Re'ruitin) employees 'onsumes a )reat deal of time and
effort! mu'h of it futile There is not -ust one or)ani9ation out there vyin)
for Lualified employees! and -o& sear'hers make de'isions &ased on more
than the sum of salary and &enefits
21
Employee Retention
Brin)in) employees up to speed takes even more time
and *hen an or)ani9ation is short-staffed! they often need to put in e7tra
time to )et the *ork done
22
Employee Retention
The + R's of E$plo(ee Rete"tio"
To keep employees and keep their satisfa'tion levels
hi)h! any or)ani9ation needs to implement ea'h of the three R=s of employee
retention. respe't! re'o)nition! and re*ards
2#
Employee Retention
Respect is esteem! spe'ial re)ard! or parti'ular
'onsideration )iven to people Re'o)nition and re*ards *ill have little
effe't if you do not respe't employees
Reco!"itio" is defined as spe'ial noti'e or attention
and the a't of per'eivin) 'learly Many pro&lems *ith retention and
morale o''ur &e'ause mana)ement is not payin) attention to people=s needs
and rea'tions
Re3ards are the e7tra perks you offer &eyond the &asi's
of respe't and re'o)nition that make it *orth people=s *hile to *ork hard! to
'are! to )o &eyond the 'all of duty <hile re*ards represent the smallest
portion of the retention eLuation! they are still an important one
(ou determine the pre'ise methods you 'hoose to
implement the three RIs! &ut in )eneral! respe't should &e the lar)est
'omponent of your efforts <ithout it! re'o)nition and re*ards seem hollo*
and have little effe't J or they have ne)ative effe'ts The ma)i' truly is in
the mi7 of the three
<hen implemented! the # RIs approa'h yields redu'ed
turnover and the follo*in) &enefits.
0n'reased produ'tivity!
Redu'ed a&senteeism!
24
Employee Retention
% more pleasant *ork environment @for &oth employees and
mana)ement;employerA!
0mproved profits
Furthermore! an employer *ho implements the three RIs
*ill 'reate a hard-to-leave *orkpla'e! one kno*n as havin) more to offer
employees than other employers 0t &e'omes a hard-to-leave *orkpla'e J
one *ith a *aitin) list of appli'ants for any position that &e'omes availa&le
J purposefully! one day at a time
Te" 9a(s to Retai" Yo%r E$plo(ee
21
Employee Retention
Retainin) key personnel is 'riti'al to lon)-term su''ess
of any or)ani9ation % sound retention strate)y thus &e'omes essential for
any or)ani9ation to &e produ'tive over time and should &e treated as an
important part of their hirin) strate)y &y attra'tin) the &est 'andidates *ho
kno* of their tra'k re'ord for 'arin) for employees 0n fa't! some
'ompanies do not have to re'ruit &e'ause they re'eive so many Lualified
unsoli'ited su&missions due to their history of e7'ellen'e in employee
retention
4o3 do (o% !et (o%r
e$plo(ees to ;fall i" lo*e; 3ith the
or!a"i#atio" a"d let the$ <sta( i" lo*e=
3ith the or!a"i#atio": This is a )reat
Luestion ,ome re'ently 'ondu'ted resear'h
lists these top ten strate)ies.
1 Treat (o%r e$plo(ees li>e (o% treat (o%r $ost *al%a?le clie"ts: 0t is
'heaper to keep your )ood employees than it is to hire and train ne*
ones (our top 2$-21H should &e 'ourted as you *ould 'ourt and then
servi'e your top 'ustomers
2 &et (o%r e$plo(ees to ;fall i" lo*e; 3ith (o%r or!a"i#atio":
Communi'ate your vision in a 'ompellin) *ay ,ho* everyone the role
they have to 'ontri&ute to this vision Create opportunities for people to
'onne't *ith ea'h other for support and to improve 'ommuni'ation in
*ork teams
23
Employee Retention
o Capture the hearts of your *orkfor'e *ith. Compellin)
vision;&alan'e;'ele&ration-fun
o /pen Communi'ation. 0nternal listenin) is a priority! multiple lines
of 'ommuni'ation @various 'hannelsA This is essential for
mana)in) 'han)e in a positive *ay *ith less an)er and fear
o Drive Learnin). KEuarantee Employa&ility!K En'oura)e Life Lon)
Learnin) @Train outside of -o& des'riptionA
o Eman'ipate %'tion. Freedom to Fail! redu'e &ureau'ra'y! and
'hallen)e the Kstatus LuoK Breathe life into your or)ani9ation Do
not let your employees sta)nate
# Stro"! rete"tio" strate!ies ?eco$e stro"! recr%iti"! ad*a"ta!es-
4 Rete"tio" is $%ch $ore effecti*e 3he" (o% p%t the ri!ht perso" i"to
the ri!ht jo?- @"o3 the jo?- @"o3 the e$plo(ee a"d their $oti*atio"s:
8alf of the Fortune 1$$ 'ompanies are no* usin) assessments to more fully
understand ea'h -o& and the soft skills that are reLuired for top produ'tion
*ithin their spe'ifi' 'ompany 'ulture These &en'hmarked skills are then
'ompared a)ainst Lualified appli'ants to help determine *ho *ill &e
su''essful in the position and fit *ell *ithin their 'ompanyIs 'ulture These
assessments are also used as a po*erful professional development tool to
enhan'e the trainin) of 'ontinuous lifelon) learnin) @*hi'h is another
po*erful retention strate)yA
25
Employee Retention
1 Mo"e( is i$porta"t ?%t it is "ot the o"l( reaso" people sta( 3ith a"
or!a"i#atio": 0f your 'ompensation plan is in the top 2$-#$H of your
industry! then money *ill often not &e the reason *hy people leave
3 E$plo(ee co$$ittees to help de*elop rete"tio" strate!ies are a *er(
effecti*e strate!(: Eet their input %sk! <hat do people like a&out
*orkin) hereN <hat *ould you like 'han)ed to make your 'ompany a
&etter pla'e to *orkN
The &ank has identified the top 21H of their staff and
'aters to these spe'ial people &y meetin) their finan'ial reLuirements and
lookin) for the &est pa'ka)e of &enefits that these people *ill find most
positive as in'entives to stay They even have employee 'ommittees that
*ork as Kfo'us )roupsK to determine *hy people stay at the &ank and
*hat they mi)ht *ant to see 'han)ed to make the &ank an even &etter
pla'e to *ork
5 8eadership $%st ?e deepl( i"*ested i" rete"tio": Mana)ement must
&e skillful 'ommuni'atin) 'ompany poli'ies in a *ay that 'reates K&uy-inK
from their staff and &e open to employee input 8elp 'reate Ko*nershipK in
your employees
The 'ompanies *ith the &est retention per'enta)es are the
same 'ompanies that are a'tively 'ommitted to retention They kno* that is
'osts less to keep )ood people than to 'ontinuously have to repla'e
unsatisfied employees and mana)ers
2:
Employee Retention
: Reco!"itio"A i" *ario%s for$sA is a po3erf%l rete"tio" strate!(: 0t
does not have to 'ost a lot Resear'h sho*s 43H of people leave their
-o&s &e'ause they feel unappre'iated
2 Re$e$?erA the ;f%" factor; is *er( i$porta"t to $a"( e$plo(ees:
Retention is often related to interpersonal 'onne'tions and amount of
fun in *ork teams The F>? Fa'tor is part of the )eneration of *orkers
that use a'tivities as stress mana)ement in hi)hly 'har)ed produ'tion
environments *here lon) hours are reLuired Thou)h not everyone 'an
parti'ipate in physi'al a'tivities! this sets the tone in a 'ulture &ased on
'ompetition! health;*ell-&ein)! and intera'tions that are in'lusive &eyond
*ork
1$@"o3 the tre"ds i" ?e"efit pac>a!es- Do (o%r ?est to offer the o"es
(o%r e$plo(ees "eed: Consider offerin) the &est of the rest
22
Employee Retention
M(ths a?o%t E$plo(ee Morale Pre*e"t Co$pa"ies
fro$ Achie*i"! Rete"tio" S%ccess
Despite years of resear'h that point to far different
solutions! many 'ompanies use the *ron) ta'ti's *hen tryin) to improve
employee morale! satisfa'tion and retention These myths prevail! in part!
&e'ause &usinesses have used these methods! ho*ever *ron)! for a very
lon) time and have &e'ome used to tryin) the same ideas
M(th 1: People $ost ofte" lea*e a co$pa"( for $ore pa(-
E7it intervie*s! 'ondu'ted to learn *hy people leave an
or)ani9ationM 'ontain some of %meri'a=s )reatest fi'tion "eople freLuently
say they=re leavin) for more money &e'ause it=s the easiest reason to )ive
More often the 'auses leadin) to departure are related to issues that *ere
unsatisfyin) in the -o& or the 'ompany
Typi'al issues that 'ause dissatisfa'tion are 'ompany
poli'ies and pro'edures! Luality of supervision! *orkin) 'onditions!
relationship *ith the immediate supervisor and salary

M(th /: I"ce"ti*e pro!ra$s prod%ce lo"!2ter$ profits a"d i$pro*e
prod%cti*it( a"d $orale-
0n'entives su'h as )ifts and 'ash &onuses for meetin)
speed and volume )oals don=t affe't employee 'ommitment They=re really a
#$
Employee Retention
thro*&a'k to outdated mana)ement &eliefs that *orkers must &e 'oer'ed in
order to *ork hard %ll the e7tras don=t add up to the real )lue that 'reates
employee 'ommitment. the 'han'e to learn and )ro*! meanin)ful *ork!
)ood supervisors and respe't and appre'iation for a -o& *ell done
M(th +: People do"'t 3a"t $ore respo"si?ilit(-
They don=t *ant more *ork if they=re already overloaded
due to lean staffin)M &ut people indeed *ant the opportunity to )ro* and
develop their skills! advan'e their 'areers and have the opportunity for
)reater variety +eep in mind *hat the resear'h 'onfirms. "eople do *ant to
try ne* thin)s! to feel skillful and to e7perien'e the personal satisfa'tion of
hi)her levels of a'hievement
M(th B: 8o(alt( is dead-
?ot at all! thou)h it is ailin) in many
or)ani9ations "eople are seekin) )reater *ork-life &alan'e than in the past!
and employers have made )reat strides in providin) more fle7i&le hours and
dress 'odes
Employees *ho 'an make Lui'k de'isions on &ehalf of
the 'ustomer and the 'ompanyM employees *ho have a &roader s'ope of
responsi&ility that allo*s them some freedom and levera)e to solve
'ustomer pro&lemsM learnin) opportunities that )ive employees the
skillfulness to address 'ustomer issuesM and supportive mana)ement and
supervisors *ho use any mistakes that o''ur as tea'hin) opportunities
#1
Employee Retention
M(th ,: I$pro*i"! e$plo(ee satisfactio" is eCpe"si*e-
Resear'h tells us the true satisfiers 'an=t even &e
&ou)ht. 'areer )ro*th! meanin)ful *ork! respe't and appre'iation and &ein)
a&le to influen'e ho* *ork )ets done 0n these leaner times employers have
the same opportunity to )ain true loyalty despite lo*ered &ud)ets
M(th D: E$plo(ee satisfactio" is <fl%ff-=
Does havin) en)a)ed *orkers make a differen'e in the
&ottom-lineN ,tudies no* sho* that lo*er turnover and )reater levels of
employee satisfa'tion have a definite positive impa't on 'ustomer
satisfa'tion and profita&ility! *hi'h are the key fa'tors in 'ompany )ro*th
and sustaina&ility
0nvestin) in people and usin) the most effe'tive
mana)ement pra'ti'es in'reases profits
M(th .: S%per*isors are the pro?le$-
0n most or)ani9ations today! supervisors have more
people reportin) to them than in the past! more demandin) 'ustomers than
ever and )reater amounts of 'han)e J all o''urrin) at the same time (et! the
amount of trainin) provided to mana)ers and supervisors in many
or)ani9ations is minimal More importantly! the amount of time that senior
mana)ers spend in dialo)ue *ith middle and line mana)ers also is minimal

#2
Employee Retention
,u''essful or)ani9ations seek to &uild team*ork
&et*een senior leaders and middle mana)ers and line supervisors @*hi'h is a
key in)redient in 'reatin) team*ork throu)hout the 'ompanyA
M(th E: M( co$pa"(Fi"d%str(Fpeople are differe"t-
(es! every 'ompany is uniLue! and every industry has its
o*n set of unusual 'hallen)es 8o*ever! a very 'ostly mistake is made *hen
*e &elieve information from other se'tors doesn=t apply to us or our
or)ani9ation


##
Employee Retention
Te" 7actors that Affect E$plo(ee Rete"tio"
Most mana)ers understand the importan'e of employee
retention and its impa't on the overall health and vitality of an or)ani9ation
The importan'e of retainin) top or)ani9ational talent *ill only in'rease over
the 'omin) years
This is another list of 1$ important fa'tors that 'an affe't
employee retention in any or)ani9ation
1 Shorte" the feed?ac> loop-
Feed&a'k does not ne'essarily need to &e s'heduled or
hi)hly stru'turedM simply stoppin) &y a team mem&erIs desk and lettin) them
kno* they are doin) a )ood -o& on a 'urrent pro-e't 'an do *onders for
morale and help to in'rease retention
2 ffer a co$petiti*e co$pe"satio" pac>a!e
%ny team mem&er *ants to feel that he or she is &ein)
paid appropriately and fairly for the *ork he or she does (ou 'an &e sure
that if your 'ompensation pa'ka)e is not 'ompetitive! team mem&ers *ill
find this out and look for employers *ho are *illin) to offer more
'ompetitive 'ompensation pa'ka)es
# 5ala"ce 3or> a"d perso"al life
Family is in'redi&ly important to team mem&ers <hen
*ork &e)ins to put a si)nifi'ant strain on oneIs family no amount of money
#4
Employee Retention
*ill keep an employee around ,tress the importan'e of &alan'in) *ork and
oneIs personal life ,mall )estures su'h as allo*in) a team mem&er to take
an e7tended lun'h on'e a *eek to *at'h his sonIs &ase&all )ame *ill likely
&e repaid *ith loyalty and e7tended employment *ith an or)ani9ation
4 5e3are of ?%r"o%t
Burnout 'an &e a leadin) 'ause of turnover Re'o)ni9e
the *arnin) si)ns and )ive employees a &reak *hen they need it
1 Pro*ide opport%"ities for !ro3th a"d de*elop$e"t
/ffer opportunities for team mem&ers to a'Luire ne*
skills and kno*led)e useful to the or)ani9ation
3 The a?ilit( to pro*ide i"p%t a"d ?e ta>e" serio%sl(
Every&ody has opinions and ideas! some are &etter than
others Creatin) a 'ulture *here input is *el'ome from all level of the
or)ani9ational 'hart *ill help your or)ani9ation )ro* and en'oura)e
employee retention
5 Ma"a!e$e"t $%st ta>e the ti$e to !et to >"o3 tea$ $e$?ers
Learn and remem&er a team mem&erIs name! *hat skills
and talents they &rin) to the ta&le! and *hat their &usiness interests are The
time spent &y mana)ement )ettin) to kno* team mem&ers is *ell invested
and 'an eliminate the heada'hes 'aused &y havin) to 'ontinually hire and re-
train ne* employees
#1
Employee Retention
: Pro*ide the tools a"d trai"i"! a" e$plo(ee "eeds to s%cceed
?othin) 'an &e more frustratin) to an employee than a
la'k of trainin) or the proper tools to su''essfully 'omplete his or her duties
2 Ma>e %se of a tea$ $e$?erGs tale"tsA s>illsA a"d a?ilities-
%ll team mem&ers have kno*led)e! skills! and a&ilities
that arenIt dire'tly related to their -o& des'ription! &ut are still useful to an
or)ani9ation >tili9in) a team mem&erIs talents in other areas provides *ork
variety and helps to &reak up the everyday )rind of *ork
1$- Ne*er threate" a tea$ $e$?erGs jo? or i"co$e
<hile threatenin) an employee *ith termination or
demotion mi)ht seem like a surefire *ay to )et the results needed from him
or her! doin) so *ill likely 'ause the employee to leave the or)ani9ation 0f a
team mem&erIs performan'e is not *hat you had hoped it *ould &e! *ork
*ith that team mem&er on *ays to improve his performan'e! savin)
termination only as a last resort
#3
Employee Retention
S8UTIN T T4E PR58EM
7i"di"! the Ca%se of Attritio"
Condu't a survey amon) employees to find the reasons
for attrition 0f possi&le! 'ondu't e7it intervie*s to kno* the reasons for
resi)nations 0f a key employee resi)ns! it should &e taken up on a priority
&asis and the senior mana)ement should meet the employee to dis'uss his
reasons for leavin) and evaluate *hether his issues &ear merit and *hether
they 'an &e resolved ,teps 'an &e taken to avoid similar reasons from
o''urrin) in the 'ase of others! in similar positions
9hat ca" ?e do"e:
Thou)h! it is impossi&le to s'rap pro&lems totally! there
are 'ertain *ays &y *hi'h B"/ mana)ements 'an ta'kle attrition ,in'e the
every or)ani9ation is uniLue! these 'ompanies need to develop innovative
*ays to ta'kle their pro&lems 8uman Resour'es department of 'ompanies
must address these issues! and alon) *ith the mana)ement need to evolve
strate)ies to retain employees at all levels
At the ti$e of Recr%it$e"t
,ele't the ri)ht people throu)h 'ompeten'y s'reenin)
>se psy'hometri' tests to )et people *ho 'an *ork at ni)ht and
handle the monotony
#5
Employee Retention
/ffer an attra'tive! 'ompetitive! &enefits pa'ka)e
Make 'lear of performan'e enhan'ed in'entives and other &enefits
+eep these promises! later
At the office
%n employee=s *ork must &e 'ommuni'ated to him 'learly and
thorou)hly The details of the -o&! its importan'e! the *ay it should &e
done! ma7imum time that 'an &e allotted to 'omplete it et'! must &e
made 'lear 0f there are 'han)es to any of these! let the employee
kno* at the earliest
Eive the employees ne'essary tools! time and trainin) The employee
must have the tools! time and trainin) ne'essary to do their -o& *ell -
or they *ill move to an employer *ho provides them
8ave a person to talk to ea'h employee at re)ular intervals Listen and
solve employee 'omplaints and
pro&lems! as mu'h as possi&le Fairness
and impartial treatment &y seniors is
important 8elp employees mana)e
stress! &oth at *ork and if possi&le! off
*ork too Eive them spe'ial
'on'essions! *hen in need Treat the
employees *ell 6 provide di)nity of
-o& "rovide the employees a stress free *ork environment "eople
#:
Employee Retention
*ant to en-oy their *ork Make *ork and *ork pla'e 'heerful and
fun-filled as possi&le
Make sure that employees kno* that their *ork is important for the
or)ani9ation Feelin) valued &y their employer is key to hi)h
employee motivation and morale
Employees must feel re*arded! re'o)ni9ed and appre'iated Eivin)
periodi'al raise in salary or position helps to retain staff
/ffer e7'ellent 'areer )ro*th prospe'ts En'oura)e 6 )room
employees to take up hi)her positions;openin)s 0f they don=t )et
opportunity for )ro*th *ithin the or)ani9ation! they *ill look
else*here for it
<ork-life &alan'e initiatives are important 0nnovative and pra'ti'al
employee poli'ies pertainin) to fle7i&le *orkin) hours and s'hemes!
)rantin) 'ompassionate and ur)en'y leave! providin) health'are for
self! family and dependants! et'! are important for most people
<ork-life &alan'e poli'ies *ould have a positive impa't on retainin)
skilled employees! as *ell as on attra'tin) hi)h-'ali&er re'ruits
0mplement 'ompeten'y models! *hi'h are *ell inte)rated! *ith 8R
pro'esses like sele'tion 6 re'ruitments! trainin)! performan'e
appraisal and potential appraisal
EMP8YEE RETENTIN STRATE&IES
#2
Employee Retention
A steadfast philosoph( that sets E$plo(ee Rete"tio" Strate!ies apart
>se only resear'h-&ased! theory-supported approa'hes to improvin)
employee en)a)ement %void )immi'ks su'h as employee of the
month! su))estion &o7es! pri9es or other 'arrots <hile 'ommonly
used! these short-term fi7es fail to produ'e )enuine employee loyalty
@more than 3$ years= of resear'h tells us soA
Employ an easy-to-understand systems approa'h to ensure the root
'auses of turnover are addressed and the potential for lastin) 'han)e
unleashed
Customi9e all a'tivities to the or)ani9ation=s uniLue history! 'urrent
pra'ti'es and strate)i' o&-e'tives %lso 'onsider 'hallen)es uniLue to
the industry se'tor! 'ompetitive marketpla'e issues and talent
shorta)es
0nvolve those responsi&le for implementin) 'han)e in a'tually
'reatin) the 'han)e! ensurin) input and improved shared
understandin) and support of all initiatives
0nte)rate hands-on! a'tion-oriented approa'hes that ena&le the
or)ani9ation to move for*ard Lui'kly and effe'tively
4$
Employee Retention
Re'o)ni9e the resear'h-proven role of no-'ost strate)ies in developin)
the )lue that &uilds employee loyalty and 'ommitment
Brin) to the or)ani9ation leadin)-ed)e or)ani9ation-development &est
pra'ti'es to effe'tively and Lui'kly &uild a retention-ri'h 'ulture
41
Employee Retention
E$plo(ee Rete"tio" Strate!ies for Red%ci"! E$plo(ee
T%r"o*er Costs
0t is *idely understood that time is money to any
or)ani9ation Every minute of every day that the employee retention
pro&lems persist! the or)ani9ation is losin) valua&le time! ener)y! and
resour'es Follo*in) are the strate)ies *ith *hi'h employee turnover 'osts
'an &e redu'ed to a )reat de)ree
0dentify top performin) team mem&ers and develop strate)ies to
ensure they stay *ith your or)ani9ation!
0dentify the reasons *hy an employee leaves &efore they are ever
hired!
,ele't and hire )reat employees *ho are *ell fit for the -o& and the
or)ani9ational 'ulture!
0mprove 'ommuni'ation and morale - t*o key elements that affe't
employee retention!
Determine )ro*th opportunities for team mem&ers and develop
'ustomi9ed trainin) that *ill improve performan'e
42
Employee Retention
E$plo(ee Reco!"itio" I"creases Rete"tio"
0t seems that no* more than ever employee re'o)nition is
limited at &est in many or)ani9ations >nfortunately! many mana)ers donIt
understand the importan'e of re'o)ni9in) a team mem&erIs hard *ork and a
-o& *ell done Many mi)ht even ask *hy they should re'o)ni9e their
employees *hen they are -ust doin) their -o&
The truth is that re'o)ni9in) employees for their hard
*ork is one of the least e7pensive and easiest *ays to improve the level of
employee retention in your or)ani9ation The return on investment for a
mana)erIs time and limited e7penses 'an &e in'redi&le
Re'o)ni9in) an employeeIs
performan'e reinfor'es positive &ehavior and
en'oura)es additional positive &ehavior 0f a team
mem&er feels that he or she is appre'iated they *ill &e
mu'h more likely to repeat their &ehaviors in the future and even put out
more effort than &efore
The follo*in) is a short list of simple *ays to re'o)ni9e
team mem&ers for a -o& *ell done and improve retention in your
or)ani9ation
4#
Employee Retention
% simple thank you or ni'e -o& )iven in re)ular freLuen'y 'an
si)nifi'antly &oost team morale /ften times a team mem&er *ill
)reatly appre'iate the time you spent to find him at his desk and
deliver the messa)e in person
,end a thank you 'ard or e-'ard %lso photo'opy the thank you and
do'ument the reason for the re'o)nition in the employeeIs file Let the
employee kno* you did this - it *ill let him;her kno* that his;her hard
*ork *ill not &e for)otten
Movie ti'kets! )ift 'ertifi'ates! or an en)raved )ift are e7'ellent
re*ards for an employee *ho has e7'elled or put in the e7tra effort to
make a pro-e't happen
Re'o)ni9e the team mem&erIs 'ontri&ution in front of mem&ers of
mana)ement This 'an redu'e the tenden'y for employees to feel that
their supervisors take all the 'redit for their hard *ork
Re'o)ni9e loyalty and e7'eedin) e7pe'tations Mention the team
mem&erIs hire anniversary! lar)e 'ontra't *on! or surpassin) of a sales
)oal in the 'ompany ne*sletter or at a staff meetin)
+no* ho* to re'o)ni9e your staff ?ot all staff mem&ers *ant to &e
sin)led out at a )atherin) of hundreds of fello* team mem&ers! *hile
for others it *ould make their *eek
44
Employee Retention
RESEARC4
MET4D8&Y
41
Employee Retention
RESEARC4 MET4D8&Y
% resear'h desi)n is the determination and statement of the )eneral
resear'h approa'h or strate)y adopted for the parti'ular pro-e't 0t is the
heart of the plannin) 0f the desi)n adheres to the resear'h o&-e'tives! it *ill
ensure that the 'lient need *ill &e served
Resear'h desi)n is a plan stru'tured and strate)ies of investi)ation
0t is the arran)ement of 'ondition and analysis of data in a manner to
'om&ine relevan'e to the resear'h purpose *ith e'onomy in pro'edure
T(pe of st%d(.
The resear'her used des'riptive type of study
Nat%re of st%d(:
Ouantitative type of resear'h has &een used &e'ause the study involves
Luantifi'ation of data
T(pe of H%estio""aire:
The Luestionnaire used in the study is *ell stru'tured! standardi9ed and
formali9ed manner 0t 'ontains &oth for'ed and unfor'ed Luestions
43
Employee Retention
,-P. O/ Q0.S,IO1S
#imited Probing:2
The questions which were used to get information from
respondents were structured in order to obtain maximum information
from them. The questions used were open & closed ended ,forced,
unforced etc.
,)pe of anal)sis:
#tatistical analysis.
%esearch techni3ue$
Primary information was collected through a survey method.
'ontact method:
Person administered survey$%
!nformation necessary to address the research problem was
gathered through as"ing questions to the respondents in person.
Sample size$
The sample si&e was 25 employees
Sample element:
The sample element was employees.
Sample e4tent:
'uslim (an" )bhawani peth ,pune5
Sample procedure:
The sampling method for the survey was convenient sampling.
Sample duration:
The duration of the sample was * month.
45
Employee Retention
STUDY 7 TPIC AT
T4E CMPANY

4:
Employee Retention
The M%sli$ Co2op 5a"> 8td E$plo(ee
Rete"tio" 9heel

The Rete"tio" 9heel
The first step for improvin) your employee retention is to
understand *hy employees stay *ith their 'urrent employer Many
Ke7pertsK d*ell on the reasons employees leave! *hi'h is not as important or
revealin) as the reasons they stay Companies have tried many different
pro)rams and perks to hold on to )ood employees 8o*ever! studies sho*
that these efforts are not enou)h to retain )ood employees *hen the support
that is needed to a'hieve -o& su''ess is not adeLuate
Do"Gt 9aste Yo%r Mo"e( o" Thi"!s that Do"Gt Ma>e a Differe"ce
%mon) the 'ountless indu'ements offered! only those
identified in the 'enter of M%sli$ 5a">s E$plo(ee Rete"tio" 9heelP are
truly *hat )ive employees a 'onsistent reason for sayin) Kno! thank youK
*hen tempted *ith a Ks*eeter offerK
%fter years of study and e7perien'e! Muslim Bank has
determined! and presented in the Retention <heel! *hat fa'tors do have the
)reatest impa't on keepin) employees
Muslim Bank has used this information to )ive employers the
tools to meet the 'ore needs that keep employees su''essful at their -o&s!
thus redu'in) the hi)h 'osts asso'iated *ith un*anted employee turnover
42
Employee Retention
The M%sli$ Co2op 5a">'s Rete"tio" 9heel
1$
,u''essful
,atisfied
Employees
Employee Retention
Usi"! the 9heel to I$pro*e E$plo(ee Rete"tio"
Muslim Banks Employee Retention ,trate)y is &ased upon t*o primary
&eliefs.
@1A 0t is diffi'ult for employers to retain )ood employees if they do not
have a pro'ess to hire the ri)ht people in the first pla'e
@2A Retention pro'esses must dire'tly support the reasons that su''essful!
satisfied employees stay
Muslim Banks 'on'entration on the 'enter of the
Employee Retention <heel provides employers *ith 0nternet-&ased tools
that )ive employees systemati'! on)oin) support to &e su''essful in their
*ork and satisfied *ith their employment
11
Employee Retention
The Ce"ter of M%sli$ 5a">s E$plo(ee Rete"tio"
9heel: Ei!ht 7actors
Defi"itio" of s%ccessf%l: My -o& is helpin) me to )ro*
personally! professionally and finan'ially
Defi"itio" of satisfied: My employer is providin) *hat 0 need
to perform my -o& su''essfully
These ei)ht 'entral pro'esses of the Employee Retention
<heel are the fa'tors that are most 'riti'al to an employeeIs -o& performan'e
su''ess
ATTITUDE 7R EMP8YIN&
% pro'ess to 'learly define the *ay supervisors are e7pe'ted to intera't
*ith employeesM a pro'ess to )ive employees a *ay to e7press *hat is
most important to a'hieve -o& su''essM and a pro'ess to )ive
employers a *ay to demonstrate KEmployin) GaluesK throu)h
employment poli'ies
This KEmployer Mission ,tatementK is a&out ho* and *ho you hire!
ho* you treat them and the or)ani9ationIs values as an employer 0t is
a&out makin) sure that the Galues for Employin) are 'ommuni'ated to
your employees and 'onsistently implemented throu)hout your
or)ani9ation 0t is a&out the total employment pa'ka)e that )oes
&eyond salary and traditional &enefits
12
Employee Retention
7INDIN& CANDIDATES
% pro'ess that )ives employers a 'omprehensive *ay to 'ommuni'ate
to -o& seekers *hat it takes to a'hieve short-term and lon)-term -o&
su''ess! and to attra't the 'andidates *ho fit this 'riteria
SRTIN& APP8ICANTS
% pro'ess that )ives employers a *ay to 'onfirm *hether the attitudes
and &ehaviors of -o& seekers are a mat'h for their *ork environment
C4SIN& EMP8YEES
% pro'ess that )ives employers a *ay to define the spe'ifi' intervie*
Luestions that prove -o& seeker a&ilities to su''essfully perform the
tar)et skillsM and a pro'ess that )ives employers a *ay to verify the
a''ura'y of resume;appli'ation data and intervie* responses
STARTIN& EMP8YEES
% pro'ess that provides a *ay for ne* employees @&efore performin)
the -o&A to understand K*hy the employers &usiness e7istsMK K*hat
makes the &usiness or)ani9ation su''essfulMK K*hy the employeeIs -o&
e7istsMK and K*hat it *ill take for the employee to a'hieve -o&
su''essK
IN7RMIN& EMP8YEES
% pro'ess that )ives employers a *ay to provide essential information
@from five 'riti'al information sour'esA that is needed &y employees to
make daily *ork de'isions
IMPRVIN& EMP8YEES
% pro'ess that )ives supervisors and employees a *ay to *ork
to)ether to &uild personali9ed plans for improvin) ea'h employeeIs
priority -o& skillsM and a pro'ess that )ives the employer a *ay to
1#
Employee Retention
Kdeliver skills-improvin) trainin) 'urri'ulumK and to Kmeasure the
learnin) effe'tivenessK from the trainin) e7perien'es
RE9ARDIN& EMP8YEES
% pro'ess that )ives employers a *ay to define and 'ommuni'ate
e7a'tly ho* individual employee salaries are determinedM and a
pro'ess that )ives employers a *ay to provide employees *ith e7tra
in'entive in'ome that is earned throu)h the a'hievement of 'ash
)eneratin) &usiness )oals

14
Employee Retention
T4E MUS8IM C2P 5AN@S RETENTIN
P8ICIES:
To retain employees it is very important to )ive them a
feelin) of &elon)in)ness in the 'ompany For this they 'ondu't many
a'tivities like.
1 There=s a *eekly meetin) of every department *here the employees
are asked *hat their e7pe'tations are from the &ank to make the
atmosphere and 'limate -oyful
2 %fter every 11 days! a one-day +,- T.!P is 'ondu'ted @*ithin 1$-5$
kilometers from the 'ompanyA at pla'es like Essel <orld! Lonavla!
%li&a)h Bea'h! Matheran 8ill ,tation! et'! *here the employee 'an
have fun and rela7 from their re)ular *ork The destination of the
+,- T.!P is de'ided &y the employee themselves The e7pense is
&orne &y the or)ani9ation
# Every employee is )iven a! Mo&ile @Rs 1$$ 'ard free every monthA or
landline phone free
4 /'0 102 3 Every *eek the employee 'an have a '0 10! ie!
for one day a *eek they 'an have their o*n time a*ay from offi'e
after 1#$ pm
11
Employee Retention
1 1nnual ay J The 1nnual ay is in the month of /'to&er Every
employee )ets a )ift vou'her! lun'h at some )ood hotel! and a fun tour
to Essel <orld or <ater +in)dom! et'
3 4ulture. /n every 0ndian festival! there=s a &i) 'ele&ration
5 #aturday 5unch$ Every ,aturday ea'h &ran'h has lun'h to)ether
Ea'h and every mem&er of that &ran'h eats and drinks to)ether This
helps in improvin) the team spirit and the feelin) of &elon)in)ness in
the department
: E$plo(ee of the 9ee>FMo"thFYear A3ard.
a Every *eek one employee is honored &ased on the
performan'e of the employee This improves their morale and
en'oura)es them to *ork hard for the 'omin) *eek
& Every month one employee is honored as Employee of the
Month
' %nnually one employee is honored as Employee of the (ear
Their names are de'lared on the ?oti'e &oard and &anks annual report
*hi'h en'oura)es others also to *ork &etter
2 ?e* employees -oinin) the 'ompany are )iven a trai"i"! of :-1$
days The trainin) 'onsists of indu'tion and orientation pro)ram!
alon) *ith a t*o-day trip This is a )ood i'e&reakin) session and
13
Employee Retention
helps them to kno* their 'ollea)ues The lasts t*o days= trainin) is
'ondu'ted at the a'tual -o& site
1$%nnually every employee )ets a 1 days paid lea*e
11 Ouarterly the MD does performan'e appraisal of every L0?E and
'he'ks *hi'h line has a'hieved its )oals as per e7pe'tation or more
than that %ll the mem&ers of the line are )ifted and their names are
displayed in their annual ma)a9ine This en'oura)es the Line
mem&ers to *ork hard and effi'iently

15
Employee Retention
E$plo(ee 5e"efits Pro*ided ?( the 5a">
%part from the le)al and mandatory &enefits su'h as
provident fund and )ratuity! the or)ani9ation avails their employees a host of
other &enefitsM they are as listed &elo*
1 &ro%p Medi2clai$ I"s%ra"ce Sche$e: This insuran'e s'heme is to
provide adeLuate insuran'e 'overa)e of employees for e7penses related
to hospitali9ation due to illness! disease or in-ury or pre)nan'y in 'ase of
female employees or spouse of male employees %ll employees and their
dependent family mem&ers are eli)i&le Dependent family mem&ers
in'lude spouse! non-earnin) parents and 'hildren a&ove three months
2 Perso"al Accide"t I"s%ra"ce Sche$e: This s'heme is to provide
adeLuate insuran'e 'overa)e for 8ospitali9ation e7penses arisin) out of
in-uries sustained in an a''ident This 'overs total ; partial disa&lement ;
death due to a''ident
# S%?sidi#ed 7ood a"d Tra"sportatio": The or)ani9ations provide
transportation fa'ility to all the employees from home till offi'e at
su&sidi9ed rates The lun'h provided is also su&sidi9ed
4 Co$pa"( 8eased Acco$$odatio": ,ome of the 'ompanies provide
shared a''ommodation for all the out station employees! in fa't the
or)ani9ation also undertakes to pay ele'tri'ity;*ater &ills as *ell as the
,o'iety 'har)es for the shared a''ommodation The purpose is to provide
to the employees to lead a more 'omforta&le *ork life &alan'e
1 Corporate Credit Card: The main purpose of the 'orporate 'redit 'ard
is ena&le the timely and effi'ient payment of offi'ial e7penses *hi'h the
1:
Employee Retention
employees undertake for purposes su'h as travel related e7penses like
8otel &ills! %ir ti'kets et'
3 Cell%lar Pho"e F 8aptop: Cellular phone and ; or Laptop are provided to
the employees on the &asis of &usiness need The employee is responsi&le
for the maintenan'e and safe)uardin) of the asset
5 Perso"al 4ealth Care IRe!%lar $edical chec>2%psJ:The or)ani9ation
provides the fa'ility for e7tensive health 'he'k-up For employees *ith
a&ove 4$ years of a)e! the medi'al 'he'k-up 'an &e done on'e a year
: 8oa"s: The Company provides loan fa'ility on three different o''asions.
Employees are provided *ith finan'ial assistan'e in 'ase of a medi'al
emer)en'y Employees are also provided *ith finan'ial assistan'e at the
time of their *eddin) %nd! the ne* re'ruits are provided *ith interest
free loans to assist them in their initial settlement at the *ork lo'ation
2 Ed%catio"al 5e"efits: The Company has this poli'y to develop the
personality and kno*led)e level of their employees and hen'e reim&urse
the e7penses in'urred to*ards tuition fees! e7amination fees! and
pur'hase of &ooks su&-e't! for pursuin) MB%! and;or other mana)ement
Lualifi'ation at 0ndiaIs top most Business ,'hools
1$Perfor$a"ce2?ased i"ce"ti*es: They have plans for! performan'e &ased
in'entive s'heme The parameters for 'al'ulation are pro'ess
performan'e ie speed! a''ura'y and produ'tivity of ea'h pro'ess The
"ay for "erforman'e 'an &e as mu'h as 22H of the salary
11 7leCi2ti$e: The main o&-e'tive of the fle7time poli'y is to provide
opportunity to employees to *ork *ith fle7i&le *ork s'hedules and set
out 'onditions for availin) this provision Fle7i&le *ork s'hedules are
initiated &y employees and approved &y mana)ement to meet &usiness
'ommitments *hile supportin) employee personal life needs The fa'tors
12
Employee Retention
on *hi'h Fle7i time is allo*ed to an employee in'lude. Child or "arent
'are! 8ealth situation! Maternity! Formal edu'ation pro)ram
127leCi?le Salar( 5e"efits: 0ts main o&-e'tive is to provide fle7i&ility to
the employees to plan a ta7-effe'tive 'ompensation stru'ture &y
&alan'in) the monthly net in'ome! yearly &enefits and in'ome ta7
paya&le 0t is appli'a&le of all the employees of the or)ani9ation The
,alary 'onsists of Basi'! D% and Conveyan'e %llo*an'e The Fle7i&le
Benefit "lan 'onsists of. 8ouse Rent %llo*an'e! Leave Travel
%ssistan'e! Medi'al Reim&ursement! and ,pe'ial %llo*an'e
1# Re!%lar !et2to!ether a"d other c%lt%ral
pro!ra$s: The 'ompany or)ani9es 'ultural
pro)ram as and *hen possi&le &ut most of the times! on'e in a Luarter! in
*hi'h all the employees are )iven an opportunity to display their talents
14-9eddi"! Da( &ift: Employee is )iven a )ift vou'her of Rs 2$$$;- to
Rs 5$$$;- &ased on their level in the or)ani9ation
11- E$plo(ee Referral Sche$e: 0n several 'ompanies employee referral
s'heme is implemented to en'oura)e employees to refer friends and relatives
for employment in the or)ani9ation
3$
Employee Retention
DATA ANA8YSIS AND
INTERPRETATIN
STATISTICS
31
Employee Retention
1- Co$pa"( faci"! the pro?le$ of attritio"
32
Yes No No response
27 8 0
Employee Retention
/- r!a"isatio" Attritio" Rate
+-E$plo(ee Satisfactio" S%r*e(
3#
Employee Retention
B- Pro?le$ of Poachi"!
,- Moti*atio" of E$plo(ees
34
Employee Retention
D- 8e*el of r!a"isatio"al 4ierarch( 3hich res%lts i"
lea*i"! their jo?s
.- Method of Calc%lati"! E$plo(ee T%r"o*er
31
Employee Retention
E- Perso" Respo"si?le to Retai" the E$plo(ee
33
Employee Retention
K- After ta>i"! *ario%s i"itiati*esA has the attritio" rate
i"creased:
35
Employee Retention
5SERVATIN )
SU&&ESTIN
5SERVATINS
1 (es! they do 'ondu't employee satisfa'tion survey and have found that
their employees are happy *ith the 'ompany
2 The reasons for attrition are lar)ely attri&uted to 'ompetitors! &etter
salaries! et' They 'ope *ith attrition &y providin) trainin)! personal
development %lso! re*ard and Re'o)nition are our main retention
strate)ies
# The 'ompany=s su''ess rate at retainin) employees is pretty )ood at :$H
3:
Employee Retention
4 The 8R department=s su))estions to top mana)ement to redu'e attrition
in'lude )ood trainin) 'alendar! salary rise as per market standards! &etter
'areer )ro*th! healthy environment at *orkpla'e! et'
1 The diffi'ulties *ith *hi'h the or)ani9ation is fa'ed in retainin)
employees are hi)h salaries of 'ompetitors! unhealthy 'ompetition! et'
8o*ever! the 'ompany is not fa'ed *ith the pro&lem of poa'hin)M they
have poli'ies in pla'e to deter poa'hin)
3 The 'ompany motivates its employees *ith the 'on'ept of &etter )ro*th!
personal development throu)h trainin)! et'
5 %lso! the middle level of the or)ani9ational hierar'hy results in leavin)
their -o&s due to various reasons
: The method of 'al'ulatin) employee turnover is num&er of the
employees at the &e)innin) of year divided &y the num&er of employees
at the 'losin) of year multiplied &y 1$$! ie
Employee turnover Q ?o of employees at &e)innin) of year7 1$$
?o of employees at the end of year
2 %fter implementin) various initiatives that the 'ompany has so far! the
attrition rate has 'ome do*n Both the 8R department and the 'on'erned
Business 8ead are the ones *ho have the responsi&ility of retainin) the
employees There is no different su&-department *ithin the 8R department
dedi'ated to employee retention
32
Employee Retention
1$ ?i)ht shift allo*an'e! 'onveyan'e allo*an'e! food 'oupons! in'entives!
transportation are some of the employee &enefits provided &y the 'ompany
SU&&ESTINS
1 0mmediate solutions need to &e derived and a'ted upon in order to 'he'k
the hi)h attrition rates and retain the employees
2 There 'ould &e a separate department for employee retention *ithin the
realm of the 8R department The 'onstant endeavor of this Isu&-departmentI
should &e to &rin) do*n employee turnover rate on an on)oin) &asis 0f the
'ompany )oes *ith this aim! they 'an surely a'hieve the )oal
5$
Employee Retention
# There are t*o thin)s that are 'riti'al in a'hievin) the o&-e'tive of keepin)
the attrition rate in 'he'k and in'reasin) the de)ree of employee retentionM
they are.
4Ri)ht people must &e hired for the ri)ht -o&! *ith an emphasis of follo*in)
the ri)ht pro'edure and fo'us on their developmental needs su'h as trainin)!
et'
1Ri)ht reason as to *hy the employees leave the or)ani9ation must &e
found out and addressed so as to prevent su'h a turnover
3 There should &e a provision for fle7i&le timin)
5 There should &e tea &reaks *henever needed &y the employees

51
Employee Retention
CNC8USIN
52
Employee Retention
CNC8USINS
Retention pro)rams often fail &e'ause mana)ers do not kno*
and! therefore! do not a't on the most important areas affe'tin) an
employee=s intention to leave %'ross the or)ani9ations! individual
development and 'areer advan'ement stand out as &oth freLuent and 'riti'al
key drivers of any employee=s intent to leave
<hile the )eneral 'on'lusions a'ross or)ani9ations may appear
similar! at a more mi'ro level! the 'omposition and orderin) of spe'ifi'
retention key drivers is uniLue to ea'h 'ompany 0n addition! the meanin)
atta'hed to spe'ifi' drivers @e)! opportunities for personal )ro*th and
developmentA and! therefore! the a'tions to &e taken may vary &y
or)ani9ation
Before implementin) tar)eted solutions to improve retention!
mana)ers need to determine *hi'h fa'tors drive retention in their
or)ani9ation as *ell as the meanin) of those drivers
5#
Employee Retention
5I58I&RAP4Y )
9E58I&RAP4Y
54
Employee Retention
5I58I&RAP4Y
5oo>s Referred
"ere ,oda), "ere ,omorrow &y Ere)ory " ,mith
678 Proven 9a)s to %etain -our &est .mplo)ees &y Ere)ory " ,mith
:eeping ;ood People &y Ro)er E 8erman

9E58I&RAP4Y
***employee-retention-hL'om
***employeeretention'onsultin)'om
***retention&en'hmarkin)'om
***mana)ementparadise'om
***'itehr'om
***employeeretention'om
***employeeretentionstrate)ies'om
***hi)hretention'om
51
Employee Retention
53
Employee Retention
ANNEXURES
55
Employee Retention
LUESTINNAIRE
1 0s your Company fa'in) the pro&lem of attritionN
(E, ?/
2 <hat=s your or)ani9ation=s attrition rateN
# 8ave you done employee satisfa'tion surveyN <hat are the findin)sN
(E,
?/
4 %''ordin) to your survey *hat are the reasons for attritionN
1 <hat are your retention strate)iesN
3 <hat is your 'ompany=s su''ess rate in retainin) employeesN
5 <hat are the steps taken &y your top mana)ement to redu'e attritionN
: <hat are the diffi'ulties you fa'e in retainin) your employeesN
2 Does the 'ompany fa'e the pro&lem of poa'hin)N
(E, ?/
1$8o* do you motivate your employeesN
%""R%0,%L 0?CE?T0GE,
"R/M/T0/?,
5:
Employee Retention
11 <hi'h level of the or)ani9ational hierar'hy results in leavin) their -o&s
due to various reasonsN
T/" LEGEL
M0DDLE LEGEL
L/< LEGEL
12<hi'h method of 'al'ulatin) employee turnover do you useN
,E"%R%T0/? MET8/D
RE"L%CEME?T MET8/D
FL>R MET8/D
1#%fter various initiatives that the 'ompany has used! do you think that the
attrition rate has in'reasedN
(E, ?/
14<ho is the one *ho has the responsi&ility to retain the employeeN
8R Mana)er Team Leader
%ny /ther
110s there a different su&-department in 8R for retentionN
(E, ?/
13<hat is your 'ompany doin) to improve retentionN
15<hi'h employee &enefits are provided &y your 'ompanyN
1:,ome ne* 8R retention poli'ies of your CompanyN
12<hat is the employee turnover rate of your 'ompanyN
52