A STUDY ON EMPLOYEE RETENTION STRATEGIES AT BAJAJ ALLIANZ GENERAL INSURANCE

COMPANY LIMITED

Introduction:
Bajaj Allianz General Insurance is a private general insurance company in India. The company
is a joint venture between Bajaj Finserv Limited owned by the Bajaj Group of India and
Allianz SE, a German financial services company. In the first year of its operations the
company had 36 offices and around 100 employees. The company started its operations
with a paid up capital of ₹1.10 billion. Bajaj Finserv Limited holds 74% and the remaining
26% is held by Allianz SE. Bajaj Allianz is headquartered in Pune with offices in over 200
cities in India and more than 3,500 employees as of 2018. The Company lists 97 filed and
approved products, of which 27 are health products.

Objectives:
 To understand the factors responsible for employee attrition in business organizations,
with special reference to Bajaj Allianz General Insurance Company.
 To identify the growth opportunities for employees at Bajaj Allianz General Insurance
Company.
 To find out the compensation balance for the employees at Bajaj Allianz General
Insurance Company.
 To study the effectiveness of the retention practices adopted by Bajaj Allianz General
Insurance Company.
 To suggest the rewards and recognition which leads to job satisfaction for the
employees.

Problem Statement:
Employee Retention refers to the techniques employed by the management to help the
employees stay with the organization for a longer period of time. Employee retention
strategies go a long way in motivating the employees so that they stick to the organization
for the maximum time and contribute effectively. Employee retention has become a major
concern for corporate in the current scenario. Individuals once being trained have a
tendency to move to other organizations for better prospects. Lucrative salary, comfortable
timings, better ambience, growth prospects are some of the factors which prompt an
employee to look for a change. Whenever a talented employee expresses his willingness to
move on, it is the responsibility of the management and the human resource team to
intervene immediately and find out the exact reasons leading to the decision.

Literature Review:
 Kulshreshtha and Kumar (2005) tried to find out optimum Attrition Rate in the Indian
BPO and IT industry. The study found that the high attrition rate always considered as

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 one of the most alarming problems. The study found primary reasons for the high rates
of attrition as Job market dynamics, geographically clustered industry and ease of
movement, restrictions imposed by client countries, opening of branch offices in India
by foreign companies and effecting intra-firm transfer of services, the laws of demand
and supply and the immaturity of young professionals (and their managers). In the study
author tried to develop a simple theoretical model for employee contribution and
compensation and look at the problem of attrition from a purely economic point of
view. The model, based on the characteristics of the employee and the organizational
environment, allows us to derive a time-to stay that maximizes the net payoffs for the
employer, and in turn, the employee. Generalizing the employee characteristics to the
set of employees working in the organization, can estimate the optimum rate of attrition
for the organization, and further for the industry.
 Jain and Arora (2010) studied life insurance advisors‟ attrition and reasons behind it in
selected life insurance companies in Ludhiana, so that employees would love their jobs.
In the realistic world the study found that employees quit, either for the reason that
they wish for more riches abhor the working circumstances, hate their associates, and
fancy a switch to best of jobs. The study found that in the public eyes, the insurance
sector offered insurance agents with fresh openings and further image transformed as
“life insurance advisors”. The majority of the advisors who connect in keenly,
encouraged by dreams of “working at one‟s own hours, getting full return for the hard
slog” and other such motivational lingo, convene reality soon enough. The study
concludes that once the first round record of potential clients such as close relatives is
exhausted, the clamber for an agent is mounting. Even congregating the bare minimum
condition of bringing in two possible insurance proposals in every month proves
terrifying.

Research Methodology:
The research methodology collectively consists of data collection methods, survey
questionnaire, population targeted for survey, size of sample, location of study, research
design and sampling technique are the most important aspects of the study. The research
consist of both primary and secondary methods of data collection. The primary research
data is a collection of original data gathered by the researcher by the means of
questionnaire survey. The secondary data is the research data that have been already
collected by some researcher and readily available from the published research papers and
articles. The research design is the specification of methods and procedures for acquiring
the information needed. Sampling design refers to the process of selecting samples from a
population.
The research will be conducted on the following pattern:
1. Primary Data: The research study is mainly supported by Primary Data which will be
collected through Structured Questionnaire, with personal information.

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 2. Secondary Data: The Secondary data will be gathered from various manuals, journals,
brochures, books, magazines, newspapers, survey reports of business and academics
and through internet.
3. Research Design: The Descriptive research design will be implemented to cover the
numerous facts of the study.
4. Sampling technique: The individuals will be selected in the random manner to collect
sample. The random sampling technique will be followed in the survey method.
5. Area of study: Delhi/NCR
6. Sample Size: 75 individual respondents
7. Target Respondents: Employees of Bajaj Allianz General Insurance Company Limited.
8. Analysis and presentation of research data: The research data will be analysed by
using Microsoft Excel and presented in the forms of tables, percentile pie charts and
comparative bar graphs.

References:
 Jain, S., and Arora, D. (2010). Attrition Among Life Insurance Advisors of Selected Life
Insurance Companies in Ludhiana. International Journal of Research in Commerce and
Management, 142-153.
 B.R., A., and Rao L.N., S. (2011). Dynamics of Retention: Practices and Strategies. SCMS
Journal of Indian Management, 120-125.
 Kulshreshtha, A., and Kumar, T. K. (2005). Economic Model for Optimum Attrition Rate.
IIMB Management Review , 103-108.
 Bhatnagar, J. (2007). Talent Management Strategy of Employee Engagement in Indian
ITES Employees: Key to Retention. Employee Relations, 640-663.
 Bilginsoy, C. (2003). The Hazards Of Training: Attrition And Retention In Construction
Industry Apprenticeship Programs. Industrial and Labor Relations Review, 54-67.
 Bode, C., Singh, J., and Rogan, M. (2014). Deep Dive and Back: Social Impact Projects,
Conflicting Institutional Logics, and Employee Retention. INSEAD, 1-36.
 Holtbrugge, D., Friedmann, C. B., and Puck, J. F. (2010). Recruitment And Retention In
Foreign Firms In India: A Resource-Based View. Human Resource Management, 439-455.

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