This document is a student project report on employee retention submitted to Mumbai University in 2005-2006. It includes declarations, certificates, acknowledgements, an executive summary, scope of study, and objectives. The executive summary notes the importance of employee retention in reducing turnover costs. It also outlines strategies like recruitment, training, compensation, and exit interviews that companies use to improve retention. The scope and objectives focus on understanding the significance of retention and strategies to decrease turnover rates.

1. Employee Retention
Employee Retention
A 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
Declaration
I, Varun.A.Chhibber, a student of Mulund College of Commerce
T.Y.BMS (semester Vth) herby declare that I have completed this project
on “Employee Retention” in the academic year 2005-2006. The
information 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 that
Varun.A.Chhibber a student of Mulund College of Commerce TYBMS
(Semester 5) has completed the project titled Employee Retention in the
academic year 2005-2006. The information submitted is true and
original to the best of knowledge
Signature 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 you
this project on “Employee Retention” which is a result of
cooperation, hard work and good wishes of many people. I would like to
thank my with deep sense my project guide & BMS Coordinator
Miss.Roopali Mandlekar for her kind appreciation, friendly
guidance, constant encouragement, involvement in my project work and
for her valued guidance throughout my study.
I owe the debt to our Principal Mr. D.G Deshpande for giving
me an opportunity to present a creative outcome in form of a project.
I express my sincere thanks to the library staff who have provided me
right information and study material at the right time. No words can
adequately express my debt of gratitude to all my BMS friends for their
continuous support while the work was in process. I must also put on
record my gratitude to my Institute Mulund College of Commerce for all
that I learnt as a student. I also wish to thank my Family Members
whose efforts and creativity helped me in giving the final structure to the
project.
Lastly needless to say I am also thankful to all those seen and
unseen hands and minds, which have been of direct or indirect, help in
the completion of my project.
4

5. Employee Retention
Executive Summary
The project begins with the significance of Human Resource Management
in today’s corporate world. It signifies the increasing importance of HRM.
Then it leads over to the employee turn over problem faced by the
companies. It highlights the resource for the high turnover rate and the
cost that this act adds up to the company.
Then the project highlights the significance of employee retention to
overcome the employee turnover problem.
The project briefly covers the various areas where employee retention
strategies are implemented namely recruitment, training and
development, work culture, salary negotiation, compensation
management, rewards and recognition and exit interviews.
And at the end the report finally highlights various aspects which are to
be considered for improvement of employee retention strategies.
5

6. Employee Retention
Scope of study
This project has been prepared with an intention to make one realize and
understand 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 corporate
world, recruitment has become just a part of HRM. Major importance is
attached to employee retention.
This project not only aims to present the theoretical aspects, but the
practical aspects as well. A survey has been done to understand the
strategies followed by various organizations to ensure Employee
Retention.
7

7. Employee Retention
Objective of Study
1) 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 Summary
The project begins with the significance of Human Resource Management
in today’s corporate world. It signifies the increasing importance of HRM.
Then it leads over to the employee turn over problem faced by the
companies. It highlights the resource for the high turnover rate and the
cost that this act adds up to the company.
Then the project highlights the significance of employee retention to
overcome the employee turnover problem.
The project briefly covers the various areas where employee retention
strategies are implemented namely recruitment, training and
development, work culture, salary negotiation, compensation
management, rewards and recognition and exit interviews.
And at the end the report finally highlights various aspects which are to
be considered for improvement of employee retention strategies.
5