Professional Documents
Culture Documents
A Study of Employee Retention at Reliance Industries'
A Study of Employee Retention at Reliance Industries'
RELIANCE INDUSTRIES'
A Project submitted to
By
SUSANNAH WILLIAM FERNANDES
_____________________________________
SUSANNAH WILLIAM FERNANDES
Certified by
_________________________
PROF.SWEEDAL ALMEIDA
CERTIFICATE
_______________________ ______________________
PRINCIPAL (CO-ORDINATOR)
(DR. SOMNATH VIBHUTE) (PROF. RUBINA D’MELLO)
_______________________ _______________________
PROJECT GUIDE EXAMINER EXTERNAL
(PROF. SWEEDAL ALMEIDA)
ACKNOWLEDGEMENT
Employee retention refers to the organisational policies and practises that aim to
encourage employees to stay with the organisation.
CHAPTER
EMPLOYEE RETENTION SECTION A 01
01
02
1.1 Introduction to Human Resource Management
1.2 Introduction to Employee Retention 03
1.3 History of Company 04
1.4 SWOT analysis of Reliance Industries 05-07
1.5 Needs for Employee Retention 08
1.6 Employee Retention & Five Keys of Employee Retention 09-11
1.7 Importance of Retaining Employees 12
1.8 the 3r's of Employee Retention 13-14
1.9 Introducing the Rethinking Retention
15
1.10 Principle of Rethinking Retention Model
16
1.11 the Strategies of Rethinking Retention Model
17-18
1.12 Mis in Hrm
1.11 Employee Retention Strategies for Job Satisfaction 19
CHAPTER
LITERATURE REVIEW 58-59
02
CHAPTER
RESEARCH METHODOLOGY 60-66
03
CHAPTER
DATA ANALYSIS & DATA INTERPRETATION 67-71
04
CHAPTER
FINDINGS 72-73
05
CHAPTER
CONCLUSION 74-75
06
CHAPTER
SUGGESTION & RECOMMENDATION 76-78
07
CHAPTER
BIBLIOGRAPHY & WEBLIOGRAPHY 79-81
08
CHAPTER
APPENDIX 82-85
09
EMPLOYEE
RETENTION
SECTION A
The four areas of personnel responsibility and any associated functions share
a common aim: to have enough competent employees with the skills, abilities,
knowledge, and experience needed to achieve further organizational
objectives.
Employee retention is not just a matter that can be dealt with through records and
reports. It purely depends upon how the employers understand the various
concerns of the employees and how they help them resolve their problems when
they are in need.
Every organization spends time and invests money in grooming new employees
and making them corporate-ready. The organization will be at a complete loss if
such employees quit after they are fully trained. The HR department has to provide
the line managers with the right tools to retain talented employees.
The retain policy should be designed with flexible schemes that can be changed
according to the prevailing conditions. It is the manager who can influence the
employee, but the Human Resources department has to provide the managers with
the required tools and channels to influence the employees effectively.
Company With Low Debt: We already knew that in 2020, when the world was
experiencing its darkest moment ever, Reliance Industries, with huge funding from
top companies like Google, Facebook, Intel, and so on, with a total investment of
over Rs 1.8 lakh crore, lit up the sunlight. which helped the company pay off its
debt.
Strong Promoter: The whole world knows Tesla only for his Superman promoter
Elon Musk for his crazy things. Likewise, Reliance Industries has known for
Mukesh Ambani for his bold, risky moves, and his love of the country.
Strong Brand: RIL is the first Indian private company to be included in the
Fortune 500 Global. Reliance Industries is a fundamentally stronger company no
matter what sector it is in. For example, Jio has gained 400 million subscribers in
just 5 years.
Legal Actions: Reliance Industries is more vulnerable to legal action because it runs
an oil company that many social activists are suing for environmental damage.
The decline in Productions: Reliance Industries’ main gas production comes from
two of its key assets, one from the KG -D6 project and the other from Tapti Fields,
which is declining due to various natural and operational issues. A decline in
production affects the supply chain and operating margins.
Acquisition: Reliance Industries can buy up startups or companies that are close to
their products. For instance, Reliance Industries recently acquired Justdial to integrate
it with JioMart to increase its presence in the retail sector.
Partnerships: RIL should partner with global oil companies and technology
companies to increase its exposure to international markets.
EV Industry: RIL can produce chemicals used in batteries which is easy for them as
they are already in the petrochemical sector.
Improving Jio: RIL should focus on bug fixes and improvements to avoid common
bugs that are reported across the country.
CBM as unconventional natural gas: CBM is a natural gas extracted from coal
seams. RIL has two CBM blocks and is ready to exploit CBM as an unconventional
natural gas resource.
New offerings in Reliance Jio: Reliance Jio has already emerged as one of the
largest telecom networks in the country. Reliance Jio will have to come up with new
offers and retention strategies to retain customers who could also leave Jio for another
offer from another telecom giant.
made on canva.com
1. A positive office environment can boost your morale, while a negative one might
demotivate you.
2. Understanding this critical workplace attribute can assist you in identifying a
healthy atmosphere.
The challenge of keeping employees, and its changing face has stumped
managers and business owners alike. How do you manage this challenge?
How do you build a workplace that employees want to remain with and
outsiders want to be hired into? Successful managers and business owners
ask themselves these and other questions because, simply put, employee
retention matters.
High turnover often leaves customers and employees in the lurch;
departing employees take a great deal of knowledge with them. This lack
of continuity makes it hard for organizations to meet their goals and serve
customers well. Replacing an employee costs money. The cost of
replacing an employee is estimated at up to twice the individual’s annual
salary (higher for positions based on their level within the inter-
organizational hierarchy, such as middle management) and this does not
even include the cost of lost knowledge.
Recruiting employees consumes a great deal of time and effort, much of it
futile. There is not just one organization out there vying for qualified
employees, and job searchers make decisions based on more than the sum
of salary and benefits.
Bringing employees up to speed takes even more time and when an
organization is short-staffed, they often need to put in extra time to get the
work done.
REWARD
RECOGNIZE
RESPECT
To keep employees and keep their satisfaction levels high, any organization needs to
implement each of the three R’s of employee retention: respect, recognition, and
rewards.
Rewards are the extra perks you offer beyond the basics of respect and
recognition that make it worth people’s while to work hard, to care, and to go
beyond the call of duty. While rewards represent the smallest portion of the
retention equation, they are still an important one.
You determine the precise methods you choose to implement the three R's, but in
general, respect should be the largest component of your efforts.
Without it, recognition and rewards seem hollow and have little effect – or they have
negative effects.
Increased productivity,
Reduced absenteeism,
It's time to rethink retention. We all wish turnover solutions were as simple as
tweaking co-pays for employees' health insurance, but unfortunately, retention is
more vexing and much more complex. Rather than pulling on one rope, it
requires pulling many strings.
Here's a graphic representation of an organization-wide model for keeping your
best workers longer. Follow this map and employee retention will improve and
drive all other key metrics in your favour.
Point 1: Employees quit jobs because they can. Workplace demographics leave
employees with too many job choices, even in down economies. Avoid the dead-
end road of basing retention solutions on exit surveys and other reasons you
believe employees leave. Instead, build a proactive solution you can control.
Point 2: Employees stay for things they get uniquely from you. Who are you as an
employer? What does your organization offer that others do not? Identify it and
build hiring, training, and all other processes on the things that are uniquely you.
Once you've grasped the principles, the following strategies will help you
improve retention, productivity, and all other important metrics.
Point 3: Narrow the front door to close the back door. New hires must align with
who they are—your jobs, values, and standards—and give clear indications they
intend to stay.
Point 4: Script employees' first 90 days. First impressions predict how long
employees stay, so early activities must be scripted to present your company in
positive and truthful ways.
Point 5: Challenge policies to ensure they drive retention. Blow the dust off last
decade's thinking and drive your rules toward retention.
Point 7: Drive retention from the top, because executives have the greatest impact
on achieving retention goals. Think about how your company manages sales,
service, quality, and safety and then build those same methods for retention.
The core ingredient of the Rethinking Retention model is the shared responsibility
of operations management and staff support. In most organizations, operations
management drives sales, service, quality, and safety, with various staff
departments providing tracking, training, and other services. With retention,
however, HR tends to manage on its own.
Despite a very tight job market in some industries and regions, candidates with in-
demand skills will likely find work quickly. In recent months, many companies
have resumed hiring after picking up the pace during the pandemic.
The key to retaining top talent is to move fast if you feel your business is at risk of
losing these people.
These 14 areas can increase employee job satisfaction and help you retain valued
employees:
1. ONBOARDING AND ORIENTATION
Every new hire should be set up for success from the start. Your onboarding process
should teach new employees not only about the job but also about the company
culture and how they can contribute to and thrive in it. Don’t skimp on this critical
first step. The training and support you provide from day one, whether in person or
virtually, can set the tone for the employee’s entire tenure at your firm
2. MENTORSHIP PROGRAMS
Pairing a new employee with a mentor is a great component to add to your extended
onboarding process, especially in a remote work environment. Mentors can welcome
newcomers into the company, offer guidance and be a sounding board. And it’s a
win-win: New team members learn the ropes from experienced employees, and, in
return, they offer a fresh viewpoint to their mentors.
But don’t limit mentorship opportunities to new employees. Your existing staff —
and your overall employee retention outlook and team’s job satisfaction — can
significantly benefit from mentor-mentee relationships.
3. EMPLOYEE COMPENSATION
It’s essential for companies to pay their employee's competitive compensation,
which means employers need to evaluate and adjust salaries regularly. Even if your
business can’t increase pay right now, consider whether you could provide other
forms of compensation, such as bonuses. Don’t forget about improving health care
benefits and retirement plans, which can help raise employees’ job satisfaction, too.
5. WELLNESS OFFERINGS
Keeping employees fit — mentally, physically and financially — is just good
business. Many leading employers expanded and improved their wellness offerings
during the pandemic to help employees feel supported and prioritize their well-being.
Stress management programs, retirement planning services and reimbursement for
fitness classes are just some examples of what your business might consider
providing to employees
6. COMMUNICATION
The shift to hybrid and remote work has underscored the importance of good
workplace communication. Your direct reports, whether they work on-site or
remotely, should feel they can come to you with ideas, questions and concerns at any
time. And as a leader, you need to make sure you’re doing your part to help promote
timely, constructive and positive communication across the entire team. Make sure
you proactively connect with each team member on a regular basis, too, to get a
sense of their workload and job satisfaction.
COST REDUCTION:
Employers spend hundreds of millions of dollars every year recruiting and training new
workers. Those costs are sunk if an employee leaves prematurely. Productivity, team
cohesiveness and morale also take a hit — which also has a financial impact. Total
replacement costs for each employee can range from 90% of a worker’s salary for an entry-
level employee to 200% or more for tenured professionals and leaders.
INCREASED PRODUCTIVITY:
Employee turnover sets back productivity because it takes time for new workers to get up to
speed and produce at a comparable level as their predecessors. It also takes a toll on the
remaining staff, who have to take on additional work and may produce lower-quality output
as a result. Conversely, high-retention workplaces tend to have more engaged workers who,
as a result, are more productive.
EXPERIENCED EMPLOYEES.
It stands to reason that the longer employees remain at an organization, the more engaged,
knowledgeable and skilful they are. They have also forged valuable relationships with
customers and co-workers. When an employee departs, the company incurs an opportunity
cost in the potential value the employee could have delivered.
INCREASED REVENUE.
Employee retention is not just about cutting costs; anecdotal evidence shows it can
have a positive impact on revenue as well. Employers with better retention rates
deliver a better customer and employee experience, hold on to experienced top
talent and are more productive — each of which can boost growth.
A certain amount of turnover will always exist in an organization, and some may be
beneficial as it makes way for new talent. Industries that tend to employ many first-time,
part-time, seasonal and student workers are naturally prone to extreme or fluctuating
attrition.
However, high turnover takes a toll. Companies with higher turnover lose what they’ve
invested in recruiting, onboarding and training employees who leave. For those
remaining, morale and quality of work can take a hit. In addition, organizations that
experience higher attrition must focus more attention on replacing talent and addressing
issues related to lost productivity, burnout among employees who pick up the slack and
decreased employee engagement. Those negative effects can lead to even greater
turnover and hinder the company’s overall success.
PERSONAL REASONS:
There are a number of reasons for leaving a job that has nothing to do with
the employer, such as relocating for a spouse, family issues, a career
change or health reasons.
WORK-LIFE BALANCE:
Issues related to long hours or rigidity about work styles or location can
drive employees to seek more flexible or less demanding alternatives.
INCOMPATIBILITY:
Incompatibilities between employer and employee, which can often be
traced back to poor hiring processes and decisions, are a common and
largely avoidable reason for turnover.
WORK RELATIONSHIPS:
Individuals may have issues or conflicts with their managers, co-workers
or organizational leadership.
LACK OF OPPORTUNITY:
Employees who see a lack of workplace development, career path or
opportunity to gain new experiences may leave for a business with better
mobility.
FINANCIAL REASONS.
Better pay and benefits available elsewhere are always a strong lure for
employees to leave an organization.
27
EMPLOYEE RETENTION MODELS
MOTIVATION-HYGIENE THEORY:
Two primary factors impact job satisfaction, according to psychologist Fredrick
Herzberg: Motivators also called job satisfiers, include recognition, meaningful
work and personal growth. Hygiene, also called job dissatisfiers, include salary,
benefits and job security. Of note, proper management of hygiene factors can
prevent employee dissatisfaction but are not considered sources of satisfaction
or motivation.
29
MEASURING & MONITORING EMPLOYEE RETENTION
These metrics provide a more thorough picture of employee retention, which may
be used to influence recruiting and hiring tactics, address cultural and managerial
challenges, and boost employee happiness and engagement.
Analyzing these retention numbers from many perspectives also allows the
company to focus its retention efforts on top people.
Certain firms that see big, expected changes in departures, such as those with
considerable seasonal or contingent workforces, may make adjustments to their
retention calculations to account for those expected employee exoduses.
As with retention rates, HR and business management can study specific elements
of their turnover rates, such as calculating data by manager, tenure, and high and
low performers.
Employee retention and leadership practices go hand-in-hand. A leader is more important than
a manager for any organization. It is up to the senior leadership to set the tone for the company
culture, either good or bad leadership practices, which could lead to good or bad culture. A
good culture binds the talented employees, whereas, a lousy culture tends to drive away the
most talented employees.
Employers must understand their workers’ mindset to create effective retention strategies that
will help keep their top talent around year after year.
The role played by a leader in employee retention is very important than the role played by a
manager. Employee retention includes various steps taken to satisfy the employees so that they
stay with the organization for a longer duration.
It is essential to retain talented employees who are loyal towards the organization and can
contribute effectively. Strong measures must be taken to retain the high-potential employees
who have spent a good amount of time in the organization and know it in and out.
It is the responsibility of the team leader to ensure that the team members are contented with
their work and share a good rapport amongst themselves. An employee quits his job whenever
he faces problems at the workplace and is not satisfied with his work. The job must be
challenging enough and the employees should learn something new every day for them to stick
to it for a long time.
It is the responsibility of the team leader to notice the hard work of the team member and
should be appreciated for their performance. The top performers of the organization must
be motivated with a special treatment and the result obtained will be the same from them
every time.
Every employee should be treated equally. The rules and regulations should be same for
every employee. It is better to avoid partiality and granting special favor to anyone.
The work assignments to the team members must be as per their qualification,
specialization, interests as well as experience. The team members must enjoy their work
and should find their job interesting for achieving the organization goals.
Every employee should have the accessibility to their team leader, whenever they are in
need. The team members get demotivated, if their queries remain unsolved and there is no
one to listen to them. If the team leader does not have time for his/her team members, the
employees crib among themselves and wish to move on to other organizations.
It is the responsibility of the team leader to distribute the work equally among all the
members of the team. The leader of the team, should be always partial to anyone and
equally treat all his/her team members. An employee who is overburdened will never
finds his/her job interesting and would always prefer to change his/her job.
The leader of the team should be a role model for his/her team members. None of the
employee should fear of his/her boss. In the present scenario, Hitler approach will not
work. The team leader should allow the team members to participate in decision making
of any process. Team leaders should never be arrogant and never misuse of their position.
The leaders should maintain transparency in communication with their employees. The
way of communication should satisfy the employees, which will make the employees
remain loyal towards the organization.
It is the responsibility of the team leader to bind his/her team members together. The team
leader must promote healthy competition at the workplace. The work environment should
be good to work for a longer duration of time, which helps in employee retention.
Employees are typically drawn to a business because of the attractiveness of the role.
Yet, finding applicants is only half the battle; keeping staff is the other. Knowing what
your employees are searching for in a position while also ensuring that your
expectations are correct are both critical elements to consider during the hiring
process.
When high-performing employees are offered realistic job previews, they are more
likely to be kept. Companies who seek to oversell the position or company are only
hurting themselves when employees discover a discrepancy between the position and
what they were initially told. Employers should mitigate any initial conflicts of
misunderstanding in order to prolong the employee's tenure with the organisation
when assessing and maintaining retention.
New-hire surveys can assist in identifying trust breaches that occur early on when
employees realise that the job is not what they expected.
The most common reasons for why employees leave are better pay, better hours
and better opportunity. These typical answers for leaving, often signal a much
deeper issue that employers should investigate further into. By asking relevant
questions and perhaps utilizing a neutral third party provider to conduct the
interview, employers can obtain more accurate and quantifiable data. Contrary to
what most organizations believe, employees often leave due to relationships with
manager and/or treatment of employees and not compensation, as this is often a
response that employees are uncomfortable expressing to their organization
directly.
Retention Diagnostic is a rapid benchmarking process that identifies the costs and
can help uncover what affects employee loyalty, performance and engagement.
Recruitment – Presenting applicants with realistic job previews during the recruitment process
has a positive effect on retaining new hires. Employers that are transparent about the positive and
negative aspects of the job, as well as the challenges and expectations, are positioning themselves
to recruit and retain stronger candidates.
Selection – There are a plethora of selection tools that can help predict job performance and
subsequently retention. These include both subjective and objective methods and while
organizations are accustomed to using more subjective tools such as interviews, application and
resume evaluations, objective methods are increasing in popularity. For example, utilizing
biographical data during selection can be an effective technique. Biodata empirically identifies life
experiences that differentiate those who stay with an organization and those who quit. Life
experiences associated with employees may include tenure on previous jobs, education
experiences, and involvement and leadership in related work experiences.
Compensation and rewards – Pay levels and satisfaction are only modest predictors of an
employee's decision to leave the organization; however, organizations can lead the market with a
strong compensation and reward package as 53% of employees often look elsewhere because of
poor compensation and benefits. Organizations can explicitly link rewards to retention (i.e.
vacation hours to seniority, offer retention Bonus payments or Employee stock options, or define
benefit plan payouts to years of services) Research has shown that defined compensation and
rewards as associated with longer tenure. Additionally, organizations can also look to intrinsic
rewards such as increased decision-making autonomy.
Employee engagement – Employees who are satisfied with their jobs enjoy their work and
the organization, believe their job to be more important, take pride in the company and feel
their contributions are impactful are five times less likely to quit than employees who were not
engaged.[19] Engaged employees give their companies crucial competitive advantages,
including higher productivity and lower employee turnover.
Employee benefits - Benefits are a critical piece of the equation in retaining employees.
Employees are looking for benefits that span more than the core basics. With a robust rewards
and benefits package and an effective benefits communication plan, employee engagement
and retention can improve. Nurturing your employee's understanding of the total value of their
benefits package and how to strategically use it will enhance their experience and total well-
being.
Turnover costs can have a major negative influence on a company's success. Turnover
costs can amount to more than 12% of pre-tax income for the average company and nearly
40% for enterprises in the 75th percentile for turnover rate.
• SUPERVISION - Managers and other leaders more frequently than others feel a need
to teach, coach, and develop others. In addition, these individuals would seek to
influence the organization’s goals, objectives and strategies designed to achieve the
mission of the organization.
• FEEDBACK - Individuals prefer to have timely and open feedback from their
supervisors. This feedback should be an ongoing process during the year and not
limited to formal performance reviews once or twice per year. In addition, the
feedback should be from both the employee and the supervisor
Employee attrition occurs when the size of your workforce diminishes over time
due to unavoidable factors such as employee resignation for personal or
professional reasons.
Employees are leaving the workforce faster than they are hired, and it is often
outside the employer’s control. For example, let’s say that you have opened a new
office designated as the Sales Hub for your company. Every salesperson must
work out of this office – but a few employees cannot relocate and choose to leave
the company. This is a typical reason for employee attrition.
But there are other reasons for attrition as well, including the lack of professional
growth, a hostile work environment, or declining confidence in the company’s
market value. Weak leadership is another factor that often drives attrition among
employees.
Although similar, employee attrition and employee turnover are not the same.
The biggest difference between employee attrition and employee turnover is that
turnover takes into account all terminations. This includes positions that are
refilled.
On the other hand, employee attrition includes all long-term vacancies and
position eliminations.
For this reason, it’s possible to have high employee turnover rates and still have a
growing company. But if your attrition rates are consistently high, your company
is likely shrinking in size.
2. VOLUNTARY ATTRITION
This is the most common type of attrition, where employees decide to simply
quit their jobs. There can be many reasons for voluntary attrition (more on that
later) and most of them are in your control.
You should proactively try to curb voluntary attrition among high-value talent,
as this can bring down your productivity over time. For example, if a company
sees its marketing experts moving out of different business units, it’s a clear
cause for concern.
3. INVOLUNTARY ATTRITION
In this scenario, it is the company and not the employee that initiates the exit.
For example, the employee may have shown instances of misconduct in the
workplace – a common reason for involuntary attrition. Structural reasons could
also cause attrition. Mergers and acquisitions are often followed by a wave of
involuntary attrition.
5. DEMOGRAPHIC-SPECIFIC ATTRITION
This is a significant concern for progressive companies trying to build an equal-
opportunities workplace. Demographic-specific attrition means that employees from a
single group – women, ethnic minorities, people with disabilities, veterans, or older
professionals – are leaving the company in droves.
You need to immediately deploy employee surveys to identify the root cause of
demographics-based attrition before it affects your workplace culture. A positive culture
can be the antidote to the quitting epidemic.
1. To start, find the average number of employees. We’ll use 95 people for the
purpose of our example.
2. Next, let’s work on an average by month.
3. Now, consider the number of employees who left unfilled positions over the
course of the particular month. For our example, we will use 8. Now divide 8 by
95 to reach the average headcount: 0.0842.
4. Next, multiply this average by 100 = 8.42%.
It’s important to consider this percentage within the context of your own
organization. Take into consideration how this rate has developed when
compared year-on-year or month-to-month.
You can also consider attrition rates by specific departments. Even though a
company may have a low overall attrition rate, one specific department could be
losing employees while another keeps on growing.
Even the biggest and best companies in the world experience some degree of
employee attrition. It’s a natural evolution that will always be present. It’s estimated
that, on average, a company will lose 18% of its workforce annually.
In the wake of the COVID-19 pandemic and The Great Resignation, record turnover
rates have been reported across a number of sectors.
This doesn’t bode well for businesses, especially in light of the war for talent that’s
starting to emerge. Many employees have recognized their worth and are prepared to
jump ship for better opportunities. They also won’t settle for working conditions that
no longer benefit them.
For businesses, there’s another side to attrition. The phasing out of a job role doesn’t
always have to mean the loss of an employee. Valued, loyal talent with institutional
knowledge might welcome new training opportunities.
The key is to look down the pipeline well in advance and inform employees of
potential opportunities.
Schneider Electric is a great example of a company that looked inward and created
its own talent marketplace for employees. They use their company as a talent
network and focus on retaining staff and reskilling them to fill new roles.
The argument for reducing employee attrition and turnover is multifaceted, but the
cost is a major factor. When an employee leaves, the cost implication can be
enormous.
CONSUMER
RETENTION
SECTION B
You do not need to spend big on marketing, advertising or sales outreach. It is easier to
turn existing customers into repeat ones since they already trust your brand from
previous purchases. New customers, however, often require more convincing when it
comes to that initial sale. Customer loyalty will not just give you repeat business.
Loyal customers are more likely to give free recommendations to their colleagues,
friends and family. Creating that cycle of retained customers and viral marketing is one
way your company can cultivate customer loyalty for long-term success.
KEY
CUSTOMER
RETENTION
METRICS
The customer retention rate is the percentage of previous customers who remained
loyal to your business over a period of time. To calculate it, pick a period of time you
want to measure and then identify the following:
Then, you can calculate your customer retention rate (X) with the following formula:
Low retention rates or high attrition rates could be bad signs. They may signal that
something about your customer experience is not going well. But do not panic—there
are several changes you can make to turn the attrition around.
LITERATURE REVIEW
RESEARCH
METHODOLOGY
The project was carried out in steps that included the collection of both primary and
secondary data. The secondary data was first gathered. This data was gathered via reading a
variety of publications such as books, journals, periodicals, newspaper stories, and so on, as
well as searching for similar stuff online (i.e., on the Internet).
As a result, the project work was carried out using the data gathered.
The present study is descriptive in nature, as it seeks to discover ideas and insights to bring
out new relationships. Research design is flexible enough to provide opportunity for
considering different aspects of the problem under study. It helps in bringing into focus some
inherent weaknesses in enterprise regarding which in-depth study can be conducted by
management.
Sample size
20 employees of Reliance Store
The time for research is very limited, so it is very difficult to find out everything.
Because filling out questionnaires and interviews requires special attention, the
staff did not coordinate with me.
The information collected through the questionnaire depends on the willingness
of the respondents to answer.
I printed out the questionnaire and distributed it to the staff members
it was expensive to pass it on to them.
CASE STUDY
Meritrust Credit Union Uses Surveys to Understand Employee
Retention Drivers
This proved that culture and career growth are imperative for retention and
engagement–something leaders at Meritrust had been trying to improve all
along.
In recent years, the insurance and financial services industries have become
increasingly competitive for talent. Mutual of Omaha was having a hard time
recruiting for technology roles—and was seeing high turnover within the first
two years of employee tenure.
The company knew that having the right insights would help them
understand and troubleshoot turnover effectively—so they turned to
Quantum Workplace’s employee engagement platform.
DATA ANALYSIS
&
DATA INTERPRETATION
The data represents different segments, which include work culture, workplace
hygiene, compensation, training and development activities, resource management,
diversity and acceptance. The blue colour represents a lower rating, the red colour a
two-star rating, the yellow colour a three-star rating, the green colour a four-star rating
and the dark pink colour a five-star rating. the data evaluation of the different
employers revealed different situations, some found good to best remuneration and
others not, some employees found good resource management and diversity; the few
newcomers received the best training and were not yet acceptance in the company
Interpretation: the employees in the organisation said that 16.2% of the people
strongly agreed, 27% of the employees agreed with their values and considered
by their opinion the next 48.6%&8.1% of the employees in the organisation are
considered neutral & disagree respectively
Interpretation: The employees of the company said that 8.1% of them strongly
agreed & 45.9% of them agreed on timely promotion in the job&27% of them
gave neutral feedback on timely promotion in the job & 13.5% disagreed on
timely promotion in the last segment 5.4% strongly disagreed
FINDINGS
It was found that the majority of the employees attach great importance to
supervision, guidance and leadership in the organisation.
The majority of respondents believe that benefits such as health and welfare
benefits, retirement plans and paid time off opportunities promote work-life
balance.
CONCLUSION
To conclude my research project, I would like to say that human resources are complex
and not easy to understand. They are the assets that can make an organisation both
succeed and fail. Retaining them contributes to the long-term growth of an organisation
and also enhances its reputation. But the most difficult task facing an organisation
today is to retain and satisfy these resources. Although the research paper has done its
best to highlight the various research works and contributions of different researchers in
the field of employee retention, there is still a lot of scope for further research in the
field of employee retention and considering factors like compensation practises,
leadership and supervision, career planning and development, alternative working
hours, working conditions, flexible working hours, etc. Conducting research is difficult
because there are many obstacles to overcome when conducting surveys. It is important
to have effective communication to help workers recognise the organisation and
generate openness and religion. Engaged employees not only seem to be committed to a
lot of performance, but also influence a better work culture for a longer period of time.
This helps to develop a kind of loyalty and is very economical and effective. As a
conclusion, I would say that you should try to communicate with your staff and
employers and make them aware of higher efficiency
SUGGESTION
&
RECOMMENDATION
77
RECOMMENDATION
BIBLIOGRAPHY
&
WEBLIOGRAPHY
APPENDIX
Thank you.
Name *
Email *
Workplace hygiene
Compensation
Resource management
Diversity
Acceptance
Strongly Agree
Agree
Neutral
Disagree
Strongly Disagree
Strongly Agree
Agree
Neutral
Disagree
Strongly Disagree
Strongly Agree
Agree
Neutral
Disagree
Strongly Disagree
Strongly Agree
Agree
Neutral
Disagree
Strongly Disagree
Strongly Agree
Agree
Neutral
Disagree
Strongly Disagree
Strongly Agree
Agree
Neutral
Disagree
Strongly Disagree
Could you tell me a little bit about the company that I could not ask in my retention survey?