EFFECTIVENESS OF RETENTION MANAGEMENT MEASURES IN INDIA PISTON LTD.,CHENNAISRI KRISHNA ENGINEERING SUBMITTED BY COLLEGE R.GOMATHI MBA II
INTRODUCTION EMPLOYEE RETENTION Employee retention is a process in which the employees are encouraged to remain with the organization for the maximum period of time or until the completion of the project. Effective employee retention is a systematic effort by employers to create and foster an environment that encourages current employees to remain employed by having policies and practices in place that address their diverse needs. A strong retention strategy becomes a powerful recruitment tool.
Employees comprise the most vital assets of the company. In a work place where employees are not able to use their full potential and not heard and valued, they are likely to leave because of stress and frustration. Employee retention matters as organizational issues such as training time and investment; lost knowledge; insecure employees and a costly candidate search are involved. Hence failing to retain a key employee is a costly proposition for an organization. Intelligent employers always realise the importance of retaining the best talent. 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. Sincere efforts must be taken to ensure growth and learning for the employees in their current assignments
PRIMARY OBJECTIVE: To study the Effectiveness of Retention Management Measures In India Piston Ltd.,Chennai.SECONDARY OBJECTIVE: To identify the factors that affect employee retention in the study area. To formulate strategies through which employee retention rate can be achieved. To know the satisfactory level of employees towards their job and working conditions.
NEED OF THE STUDY The main purpose behind this project is to know about the effective measures taken by the company to retain their employees. This study needs the information about number of employees appointed in the beginning of the year and number of employees relive from the company. The attrition rate of the company is 11.4%. So this study focused on why the Attrition occurs and the possible ways to reduce it. This study can be helpful in knowing, why the employees prefer to change their job and which factors make employee dissatisfy.
RESEARCH METHODOLOGY The type of research used in this project is descriptive in nature. Data was collected using Questionnaire.In this study both the primary and secondary data are used. Sampling method: The Sampling method used in this study is Convenience Sampling. Population: The total population in the study area is 800 employees. Sample Size: The total amount of sample taken for study is100 respondents.THE STATISTICAL TOOLS USED IN THIS RESEARCH PROJECT ARE:1. Percentage Method2. Chi-Square3. Correlation4 .Weighted average method
FINDINGS Overall 41% of respondents have good relationship with reporting manager in this company. 37% of respondents have partially agreed that their opinions and feedback is taken into consideration. 53% of respondents feel that they are unable to apply their innovative skills in current job profile. 50% of respondents are ready to work with the same company, whenever they are transferred to other cities while remaining employees not ready to work in other branches of the company. 68% of respondents said that employee satisfaction survey is occasionally conducted. 60% of respondents said that there is no exit interview is conducted for leaving
SUGGESTIONS From the study it is evident that only few employees have good relationship in reporting manager, so the company have to create a chance for all level of employees to feel free of reporting their managers. Peers cooperation can be achieved by conducting activities, team-out since employees can mingle with each other. Enhancing innovative skills, so more employees can take responsibility for them and work more effectively as part of a team. Personnel counselling can be conducted whenever there is a decrease in employee performance in their work life
CONCLUSION Attrition is generally characterized by satisfaction in terms of monetary, personnel, social factor, career etc. It is most important that each organization conduct frequent study to understand the requirement of the employees and satisfy them to the maximum extent. In order to retain employees and reduce turnover, managers must meet the goals of employees without losing sight of the organizations goals, thereby creating a "win-win" situation.