Retention In Information Technology Industry Final

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Retention In Information Technology Industry Final

  1. 1. RETENTION IN INFORMATION TECHNOLOGY INDUSTRY Presented By: Akshatha D Salian
  2. 2. <ul><li>To verify whether Compensation is the main factor for employee retention </li></ul><ul><li>Factors causing employee turn over </li></ul><ul><li>The importance of retention </li></ul><ul><li>Methods adopted by IT companies to retain people </li></ul>RESEARCH OBJECTIVE
  3. 3. <ul><li>Survey Sample - 46 employee responded to the survey </li></ul><ul><li>The questionnaires have been answered by employees of </li></ul><ul><ul><ul><ul><li>Infosys </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Wipro </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Cognizant </li></ul></ul></ul></ul>RESEARCH METHODOLOGY
  4. 4. <ul><li>Hewitt ‘Attrition and Retention’ survey - ‘external inequity of compensation’ </li></ul><ul><li>27 per cent of the employees in their exit interviews mentioned compensation as the primary reason </li></ul>LITERATURE REVIEW
  5. 5. <ul><li>Compensation </li></ul><ul><li>No growth opportunities </li></ul><ul><li>Job is not what the employee expected to be </li></ul><ul><li>Lack of appreciation </li></ul><ul><li>Lack of trust and support in coworkers, seniors and management </li></ul><ul><li>New job offer </li></ul><ul><li>Stress from overwork and work life imbalance </li></ul> WHAT MAKES EMPLOYEES LEAVE
  6. 6. <ul><li>The Cost of Turnover </li></ul><ul><li>Loss of Company Knowledge </li></ul><ul><li>Interruption of Customer Service </li></ul><ul><li>Goodwill of the company </li></ul> IMPORTANCE OF EMPLOYEE RETENTION
  7. 7. KEY FACTORS IN RETENTION
  8. 8. <ul><li>The growth of the Indian IT Software & Services and ITES-BPO sector has a perceptible multiplier effect on the Indian economy </li></ul><ul><li>Players -Indian software industry has a mix of a large companies and several small to medium sized companies. Some of the key players in the industry are Infosys, Wipro, TCS, Patni so on </li></ul> INFORMATION TECHNOLOGY SECTOR
  9. 9. <ul><li>Company Attrition rate (FY 06) </li></ul><ul><li>Wipro 13% </li></ul><ul><li>Infosys 10% </li></ul><ul><li>Cognizant 11% </li></ul>ATTRITION IN IT INDUSTRY IN INDIA
  10. 10. <ul><li>Higher Education Support policy (HES) </li></ul><ul><li>Payouts to all employees, based on the revenues and profitability of the company </li></ul><ul><li>Employees voice heard through annual survey as well as feedback in several communications Forums </li></ul><ul><li>Cultural programs, transport, food etc. </li></ul><ul><li>Quarterly reward and recognition events in all units across Infosys </li></ul><ul><li>Employee Stock option plan </li></ul>INFOSYS
  11. 11. <ul><li>Performance based reward system </li></ul><ul><li>Rotating employees between different projects as well as technologies </li></ul><ul><li>Open work culture - togetherness events, Annual day celebrations, or opinion polls conducted across the organization as inputs for policy decisions </li></ul><ul><li>Opportunities to learn and grow through a proactive training program </li></ul>COGNIZANT
  12. 12. <ul><li>wings within - an internal job posting system </li></ul><ul><li>Employee survey -employees provide inputs on the health of the workplace </li></ul><ul><li>HR review in the planning cycle - Company does succession planning for individuals wherein it identify the best talents </li></ul>WIPRO
  13. 13. <ul><li>What according to you is the best strategy to retain Employees </li></ul>ANALYSIS
  14. 14. <ul><li>Salary is not the single most important factor employees are looking at </li></ul><ul><li>Employee satisfaction and exit interviews are the most commonly used methods for finding turnover </li></ul><ul><li>Best methods adapted by organization to retain employees are </li></ul><ul><ul><ul><ul><li>Compensation </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Career growth </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Work Environment </li></ul></ul></ul></ul><ul><ul><ul><ul><li>ESOPs </li></ul></ul></ul></ul>FINDINGS
  15. 15. <ul><li>Employees are valuable investment so organization should ensure they have </li></ul><ul><ul><ul><ul><li>clear job roles </li></ul></ul></ul></ul><ul><ul><ul><ul><li>supervision and skills to perform the job </li></ul></ul></ul></ul><ul><ul><ul><ul><li>opportunity for growth </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Compensation as per their job responsibility </li></ul></ul></ul></ul>RECOMMENDATIONS

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