7 employee retention

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  • 1. Employee Retention Employee RetentionA Project report submitted in partial fulfillment of the requirement for the award of the degree of ‘Bachelors of Management Studies’ Mumbai University Submitted by: VARUN.A.CHHIBBER Roll no. 7720 SEMESTER: V Parle Tilak Vidyalaya Association’s Mulund College of Commerce 2005 – 2006 University of Mumbai 1
  • 2. Employee Retention DeclarationI, Varun.A.Chhibber, a student of Mulund College of CommerceT.Y.BMS (semester Vth) herby declare that I have completed this projecton “Employee Retention” in the academic year 2005-2006. Theinformation submitted is true and original to the best of my knowledge Signature of student (Varun.A.Chhibber) 2
  • 3. Employee Retention Certificate I MISS.ROOPALI.MANDLEKAR hereby certify thatVarun.A.Chhibber a student of Mulund College of Commerce TYBMS(Semester 5) has completed the project titled Employee Retention in theacademic year 2005-2006. The information submitted is true andoriginal to the best of knowledgeSignature of the Project Signature of Principal of the Coordinator College/Institution Signature of the Examiner 3
  • 4. Employee Retention Acknowledgement I take this opportunity with great pleasure to present before youthis project on “Employee Retention” which is a result ofcooperation, hard work and good wishes of many people. I would like tothank my with deep sense my project guide & BMS CoordinatorMiss.Roopali Mandlekar for her kind appreciation, friendlyguidance, constant encouragement, involvement in my project work andfor her valued guidance throughout my study. I owe the debt to our Principal Mr. D.G Deshpande for givingme an opportunity to present a creative outcome in form of a project.I express my sincere thanks to the library staff who have provided meright information and study material at the right time. No words canadequately express my debt of gratitude to all my BMS friends for theircontinuous support while the work was in process. I must also put onrecord my gratitude to my Institute Mulund College of Commerce for allthat I learnt as a student. I also wish to thank my Family Memberswhose efforts and creativity helped me in giving the final structure to theproject. Lastly needless to say I am also thankful to all those seen andunseen hands and minds, which have been of direct or indirect, help inthe completion of my project. 4
  • 5. Employee Retention Executive SummaryThe project begins with the significance of Human Resource Managementin today’s corporate world. It signifies the increasing importance of HRM.Then it leads over to the employee turn over problem faced by thecompanies. It highlights the resource for the high turnover rate and thecost that this act adds up to the company.Then the project highlights the significance of employee retention toovercome the employee turnover problem.The project briefly covers the various areas where employee retentionstrategies are implemented namely recruitment, training anddevelopment, work culture, salary negotiation, compensationmanagement, rewards and recognition and exit interviews.And at the end the report finally highlights various aspects which are tobe considered for improvement of employee retention strategies. 5
  • 6. Employee Retention Scope of studyThis project has been prepared with an intention to make one realize andunderstand the significance of employee retention.Employee retention has become a major goal of the organization.Initially recruitment was only talked about, but now in today’s corporateworld, recruitment has become just a part of HRM. Major importance isattached to employee retention.This project not only aims to present the theoretical aspects, but thepractical aspects as well. A survey has been done to understand thestrategies followed by various organizations to ensure EmployeeRetention. 7
  • 7. Employee Retention Objective of Study1) To know the importance attached to employee retention in today’s corporate world.2) Strategies employed by the company to improvise on the rate of employee turnover rates.3) General problems faced by the companies while practicing employee retention. 6
  • 8. Employee Retention Executive SummaryThe project begins with the significance of Human Resource Managementin today’s corporate world. It signifies the increasing importance of HRM.Then it leads over to the employee turn over problem faced by thecompanies. It highlights the resource for the high turnover rate and thecost that this act adds up to the company.Then the project highlights the significance of employee retention toovercome the employee turnover problem.The project briefly covers the various areas where employee retentionstrategies are implemented namely recruitment, training anddevelopment, work culture, salary negotiation, compensationmanagement, rewards and recognition and exit interviews.And at the end the report finally highlights various aspects which are tobe considered for improvement of employee retention strategies. 5