Employee Retention Strategies at OPUS Estates

INSTITUTE OF ENGINEERING AND
MANAGEMENT
(KOLKATA)
Project Report On
“RETENTION at OPUS Estates”
Submitted By:
ANWESHA CHATTERJEE
BBA(H)-3rd
year
Roll no:071042050049
Registration no:071042050201049
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Approval form
Name of the student: Anwesha Chatterjee
Address: 99A KUMAR PARA LANE KASBA KOL-42
Institute: Institute of Engineering &Management
University: West Bengal University of Technology
Registration No: 071042050201049
University Roll No:071042050049
Project Title :Retention at “OPUS Estates”
Duration: April-May 2010.
Project Guide: Miss Shrija Bhadra
• Signature of the student: -
• Approved By:- Miss Shrija Bhadra
• Designation of the approving authority:-
Lecturer
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INDEX
TABLE OF CONTENTS
Serial
No.
Topic Page No.
1 Approval form 2
2 Acknowledgement 4
3 Preface 5
4 Details On GCJ Group 8
5 About OPUS ESTATE 12
6 Retention at OPUS 22
7 Introduction on Retention 25
8 Importance of Retention 28
9 Employee Retention strategies 33
10 Research Methodology 36
11 Analysis & Interpretation 39
12 Master Graph 60
13 Findings 61
14 Suggestions 67
15 Annexure/Questionnaire 69
16 Bibliography 72
ACKNOWLEDGEMENT
It gives me great privilege and honour to offer thanks to all those who
helped me in my project. I would like to extend my sincere thanks and
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gratitude to my project guide Miss. Shrija Bhadra for acting as a mentor
and as a catalyst during entire duration of my project. I also thank her for
providing continuous cooperation support and expert guidance
throughout my project, whenever needed.
I also thank the Managing Director of Opus Estates Mr. Ashok Jaiswal for
granting me the permission to carry out the survey on his esteemed
organization showing keen interest in the study and for giving their
valuable suggestions from time to time, as and when required and also for
rendering all possible help during the time when the study was conducted.
I express my cordial thanks and acknowledgements to all my colleagues
and employees for taking out time from their busy schedule and providing
me with relevant information, which contributed significantly in my
project analysis and increased my knowledge in a totally new sphere. It
was great interacting with the customers of various frequencies and
learning from their experiences.
PREFACE
In spite of the theoretical knowledge gained through classroom study, a
person is incomplete if not subject to practical exposure of real corporate
world and may have to face hurdles, which will be difficult to overcome
without any first hand experience of business.
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In this context a project made on any chosen topic has been inculcated
within course to make the individual aware of happening of the real
business world .The report, entitled “Retention “ has been done by me at
OPUS Estates a real estate marketing company basically functioning in
Kolkata.
The prior reason for choosing the organization was my association with it.
I have been a part of OPUS for the past 3 months and I am currently
working there as the Business Coordinator.
As employees are the bases for company so retention of employees is a
major focus for HR department. The management should identify the
important factors that affect retention and should take necessary measures
to improve these. Also, the management should take appropriate measure
to identify the reasons of employee voluntarily leave.
It is only the employees that implement and give tangibility to the
corporate mission. In other words if it is the highest rung in the corporate
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hierarchy that has ideas, it is the employees’ rung that has the chisel to
bring the vision to life. In the best of worlds, employees would love their
jobs. Like their co-workers, work hard for their employers, get paid well
for
their work, have ample chances of advancement and flexible schedules so
they could attend to personal or family needs when necessary. And never
leave.
But then there’s the real world. And in the real world, employees, do,
leave, either because they want more money, hate the working conditions,
hate their co-workers, want a change, or because their spouse gets a dream
job in another state. Unlike inanimate products and systems that subject
themselves to fine tuning without any reaction, employees would not
subject themselves to any measure taken without reaction and analysis.
Hence managing human resources, particularly retaining them, is an art
that calls for special skills and strategies.
Employee survey and exit interviews can be used for assessing the
reasons of employee voluntarily leave. HR interventions such as improving
selection process, effective orientation and training, better employee
relation, better career development programs and planning etc should be
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used to improve employee retention.
The top organizations are on the top because they value their
employees and they know how to keep them glued to the organization. So
it can be rightly concluded that all leading business houses are on the verge
of improvising their retention strategies. Thus I also wanted to endeavor
my knowledge upon “EMPLOYEE RETENTION” and grabbed the
opportunity to make a thorough study on it.
THE GCJ GROUP
The Group Dimension
Led by dynamic visionaries and entrepreneurs, the GCJ Group has
established an outstanding record in uncovering opportunities in diverse
industries. In a track record spanning five decades, the multifaceted group
has set benchmarks in business areas like iron and steel,
telecommunication, information technology, weighment, cement and real
estate.
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Proven Record In Serving Customers
In the process it is privileged to collaborate with many reputed
multinationals from Italy, France, U.K., Japan and Korea, as well as some
of the pioneering Indian companies. It has been acknowledged as a
National Strategic Partner for leading companies from France and
Italy. Since inception the guiding principle of the GCJ Group has been to
create true value for its stakeholders and to maintain a transparent and
unbiased relationship with all. The client focused business model helps
Group companies to deliver optimum solutions to customers and stay
ahead of the constantly changing consumer demands and preferences. It is
a leader and pioneer in its many fields of endeavor.
Group Strengths
The GCJ Group of companies brings together a talented professional team
backed by technology and finance. A congenial work culture encourages
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talent and innovations. Respect for individual initiative, effective
manpower utilization, smart working and the multifarious
products and environments, make working for the GCJ Group the first
choice for people with ideas.
Vision: -
To be the first preference of people with ideas
Key Assets
 Organizational goodwill.
 Land & Building assets across India.
 Good management and financial strength.
 Strong market penetration.
 Trained and qualified professionals.
 Widespread application of IT.
 Understanding of consumer behavior.
 Proficiency in time and man management.
Mission:-
To deliver superior value to their customers, shareholders,
employees and society at large.
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Values:
 Integrity
 Commitment
 Passion
 Speed
 Support
ESTEEMED CLIENTS of
GCJ Group
♠ALCATEL ♠ARCHIES
♠VODAFONE ♠BIG BAZAR
♠AIRTEL ♠COOKIE MAN
♠MOTOROLA ♠SHOPPERS STOP
♠PHILIPS ♠RAYMOND
♠SAMSUNG ♠FABINDIA
♠NOKIA ♠FRANKFINN
♠DIALOGUE ♠ANAND RATHI
♠VOXTEL ♠NIMBO BIRD
♠6 TENS ♠AGRANI
♠ VIBES ♠BARISTA
♠LEE ♠CAMS
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♠AQUA JAVA ♠RELIANCE
♠ICICI BANK ♠NIS SPARTA MANAGEMENT INSTITUTE
♠WRANGLER ♠KAYA SHIN CLINIC
♠CAFÉ COFFEE DAY ♠STATE BANK OF INDIA
♠CHANDRANI PEARLS ♠HDFC BANK
♠MAYFAIR ♠MODI CARE
♠SPENCERS ♠ADITYA BIRLA GROUP
♠AIR HOSTESS ACADEMY ♠MUTHOOT FINANCE
About OPUS
The Group has made significant investments in real estate. The experience
ranges from building steel yards to erecting shopping malls and
residential complexes. As a consequence it has also acquired expertise in
Marketing Projects, Consultancy, Strategic Advice and Portfolio
Management. Opus is the latest initiative by this aggressive,
multidimensional Group to create a positive difference in the real estate
marketing space. Opus is a multifaceted, multitalented and multitasking
professional partner.
For the real estate industry, this is an age of uncertainty. Buyers need to be
sure that they get the home they want at the right price and time. For
sellers, the rapidly evolving market dynamics is characterized by many
difficult challenges. Professional marketing expertise is the need of the
hour but it requires a mastery of many dimensions.
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Opus provides the marketing mastery. They bring together the hardware
and brain ware to turn real estate projects into marketing successes. Their
network reaches even unreachable places. Their database driven model
efficiently reaches the target buyer. Their people have the training and
experience to turn prospects into customers by effectively interpreting their
desires. They can fit the developer’s projects to customer needs with
professional last mile services. Opus is a company that believes in
relationships based on integrity, transparency, courtesy and commitment.
Whether you are a buyer or seller, they strive to be a reliable partner who
counsels and guides at every step. In Opus one can trust upon.
The Professional Dimension
In the real estate industry, paradigms have been shifting rapidly. It is
shifting from building structures to need fulfillment, from selling to
marketing. The focus today is on the customer, his dreams and aspirations.
Opus is the multifaceted, multitalented and multitasking professional
partner.
Their expertise spans from interpreting the shifting paradigms to devising
innovative marketing strategies. They specialize in exploring the many
dimensions of space marketing project planning or customer programmes,
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database marketing or mass advertising, they expertise to ensure that their
esteemed and highly respected customers or clients make the right move to
reach out to the right people at the right time in the right manner.
The Service Dimension
Opus Customer Focus
Of the many dimensions of real estate, marketing is often most esoteric. In
the prevailing market condition it requires high degree of professional
training to convert prospects into customers. For customers too, the
plethora of choice, the complexity of local conditions and the pitfalls of law
make buying fraught with uncertainties. Expert advice is the need of the
day.
Opus Estates provides the expert edge to serve the needs of buyers and
sellers. With over three decades of combined experience in the real estate
industry, they fill the gaps of reliable professional services with domain
knowledge of transactions and processes related to buying, selling,
promoting and managing properties. As a part of the GCJ Group, a 50 year
old organization with varied business interests, they have excellent
credentials in the real estate industry, as well as enviable resources and
experience to implement the service pledge. Integrity, transparency and
high ethical standards have been the guiding principles of the GCJ way of
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doing business. Their team of highly experienced marketing professionals
help developers to chalk out effective marketing programmers to deliver
time-bound results.
Aligned To Customer Needs
For Opus Estates, customer service is the principal product and they fulfill
several vital roles in real estate marketing – serving key players with
specialist knowledge, resources and support systems that set new
benchmarks for the real estate industry.
For real estate developers they serve as experienced service partners who
can be entrusted to conceive and implement marketing programmers and
advertising campaigns. As an external agency, they bring an objective
perspective to developments and markets to enable effective solutions. For
multinationals and Indian corporate, they combine a nationwide network
with local level knowledge to sterile the best commercial properties for
office and retail, as they’ll as residences for transferred executives.
Relationship with developers enables to facilitate negotiations quickly and
competently. For individual homebuyers, they provide calibrated step-by-
step support throughout the purchase process. They evaluate the
comparative merits of property options in the context of the buyers needs
to find the best fit. They also provide guidance on legal and financial issues
to make the transaction easier.
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The Service Range
Project Consultancy
{For international companies, investors and developers}
Advice on acquisition of land at strategic locations. Inter city evaluation.
Project design and phase planning. Project launch strategies.
Commercial Property
{For MNCs and Indian companies}
Research, analysis and identification of potential areas for property
acquisition, Project budgeting and planning. Advice on expansion plans.
Space search for retail, offices, warehouses, land, etc.
Home Search
{For seekers of residential property}
Information on land, flats, bungalows, penthouses, etc. in cities across
the country. International Properties. NRI services for expatriate clients.
Investment Services
{For financial investors}
Assessment of property requirements. Portfolio investment and ROI
planning.
Advisory Services
{For homebuyers and developers}
Legal compliance, insurance, project and mortgage finance.
Relocation Services
{For MNCs and Indian companies}
Accommodation for relocation of employees.
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PROJECT PORTFOLIO of
OPUS
 GODREJ
 MAYFAIR GROUP
 EMAAR MGF
 TATA HOUSING
 HILAND GROUP
 EDEN GROUP
 SIDDHA
 P S GROUP
 HERITAGE
 BENGAL SHRACHI
 DAFFODIL GROUP
 MITTAL GROUP
 URBANA
 LOHARUKA
 NPR GROUP
 KEPPEL MAGUS
 SHRESTHA GROUP
 BENGAL SHRIRAM
 AVANI GROUP
 UNITECH
 BENGAL AMBUJA ASPIRATIONS
 J.J. REALTORS
 ALPHA G CORP
 JAIPURIA GROUP
 ROSEDALE DEVELOPERS
 BENGAL SHELTER PARSVNATH
 ADYA GROUP
 MANI GROUP
 AMRAPALI GROUP-DELHI & NCR
 FORT GROUP
 MERLIN GROUP
 SALTEE GROUP
 SUREKHA GROUP
 REALTECH NIRMAN
 IDEAL
 RDB GROUP
 AMP UNIVERSAL
 BELANI GROUP
 RUCHI REALTY
 PASARI GROUP
 KHETAWAT GROUP
 KWIC/KSUC
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 GANGULY GROUP BPTP LTD.
The Resource Dimension
Synergy Of Skills And Systems
As a part of the GCJ Group, Opus Estates brings together the rich
experience of working for various sectors. Their strength lies in
understanding customers based on their interactions across markets
including the highly competitive telecom sector where total customer
satisfaction is mandatory. Marketing expertise, information systems,
database marketing, enquiry management, expert advice…
Opus consolidates many resources to make every task easier. They recruit
motivated achievers, hone their skills through regular, well-formulated
training programmes and provide personnel with ongoing support and
education needed to excel. Their proprietary computer-based systems
contribute to information handling, service efficiency and speed. Offices
across the country demarcate their resource spread. In planning marketing
programmes they focus on each property as an individual product and
tailor the plan to fit the needs of the target audience. Their marketing and
advertising specialists help developers to customize each product for its
target audience. They complement the developer’s resources in manpower
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and time to give a selling edge to their projects. For customers they offer a
variety of services to cover the property life cycle ranging from expert
advice to deal facilitation to professional management of property.
Enquiries are segregated in three categories -- Land, Residential and
Commercial -- for attention by specialized departments. Highly trained
property advisors with micro-knowledge of projects and markets spare no
effort in satisfying the customers requirements. The accent is on meeting
needs – not in coaxing customers into accepting a property that is not
suitable. They believe in building long term relationships.
The Process Dimension
Maximizing Sales Probabilities
The marketing process calls for several systematic steps to identify and
win a customer, and subsequently satisfy his investment and lifestyle
needs.
Opus Estates marketing model covers the following key steps.
Database Management
Opus Estates maintains an exclusive list of potential buyers and property
investors. The large database means considerable savings in cost and time.
To generate enquiries a regular direct mail and email programme is
undertaken with telephonic follow up.
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Advertising & PR
They provide expert advice on advertising, public relations and media
planning to ensure efficient use of advertising spends. Their experts
facilitate the creation of press ads, brochures, audio-visuals, theybsites and
other publicity materials. They also provide expert handling of project
launches, property exhibitions, road show promotions and celebrity
management.
Enquiry Handling
Their property advisors undergo weeks of rigorous training to be well
versed in the nuances of real estate. They provide courteous, clear and
informed responses to customer queries, in person or on the phone. They
understand what the customer wants and use their market knowledge to
satisfy it.
Transaction Support
Once a customer has selected his property, various legal and financial
aspects have to be dealt with. They help to arrange mortgage finance
through popular banks, handle the necessary paperwork, provide tax
planning advice and make property buying a pleasure.
Post Sales Services
They aim to build enduring relationship with customers by serving them
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throughout the property life cycle. Their value added services include
assisting customers furnishing their homes, arranging tenants and, if
necessary, maintaining the property in their absence.
Differential Advantage
Opus comprises a team of educated, committed and proven professionals
with successful record. Integrity, transparency, knowledge and
responsibility are the cornerstones of their dealings.
Manpower
Their marketing team has people from highly competitive
telecommunication, FMCG and advertising industries. Their expertise in
dealing with customers of varied segments and continuously changing
preferences along with the ability to respond to market dynamics
effectively and swiftly gives us an unbeatable edge in market planning and
execution.
Structure
Customer service is divided into various verticals such as Residential,
Commercial, Land and Exclusive Projects. Each vertical is backed by
excellent internal knowledge management systems to facilitate efficient
customer servicing. The process driven working structure is geared for
information flow among all concerned.
Support
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The robust and disciplined internal support system helps us to be highly
efficient, professional, consistent and quick on delivery. They provide
direct support of time-critical issues via help desk service. The Closing
Desk ensures clients have access to dedicated problem-solvers when
needed.
Retention at OPUS
The GCJ Group has been functioning in the Indian Industry for over
decades now and has reached new heights. It has been made possible for
the sheer dedication and unparallel efforts put in each and every employee
of this group. OPUS, their new initiative, is also moving at a fast pace
towards success. The major reason for this rapid growth lies in their
workforce and how they retain it. The employees are provided with a
comfortable working environment to work in. This motivates them to
work hard and perform. The aspects of security for the female employee
are specially taken care of.
Most of the employees have target-oriented jobs. This act as another
motivational factor. The employees strive to reach the target and thus end
performing better and better. This ultimately works in favor of the
company but the management never forgets to reward the ones who have
performed. In case of any outstanding performance they are appreciated
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through special gifts.
If someone is a consistent performer he/she is felicitated with
opportunities of growth and promotion. Permission for temporary leave is
granted as and when required based on a justified reason and overwork is
adjusted through a day off. No penalty is charged for coming late on any
day if it is priorly informed.
The employees are often involved in the business activities and fresh and
new ideas are openly praised. The management tries to maintain a
transparent work culture so that no employee fall prey to the office politics.
There is a HR manager available who looks after the issues and problems
faced by any employee and tries to redress it as soon as possible. The
employees if not satisfied may always opt for a discussion with the
management.
In such a case, when an employee is on the verge of leaving the
organization, the management arranges for the exit interview. This gets
conducted with the prior intention of knowing the reason of leaving and
then to make an effort to hold him back. Both are helpful in equal
ways. Firstly by knowing the reason of leaving, the company will be able to
rectify its mistake and secondly it may hold back a valuable employee of
the organization.
Finally it can be penned down that the rate of attrition is very low in this
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organization. There is immense job security for all of them who work hard
and honestly. Thus it is very evident that the retention strategies
formulated by the organization are praiseworthy and will ultimately result
in being helpful for the stability of its growth.
INTRODUCTION on Retention
During the past decade, employee turnover has become a very
serious problem for organizations. Managing retention & keeping the
turnover rate below target & including norms is one of the most
challenging issues facing business. All indications point toward the issue
compounding in the future and even as economic time change, turnover
will continue to be an important issue for most job groups. The causes of
turnover are not adequately identified & solutions are often not matched
with the causes, so the fail. Preventive measures are either not in place or
do not target the issue properly, and therefore have little or no effect, and a
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method for measuring progress & identifying a monetary value (ROI) on
retention does not exists in most organizations. Managing employee
retention is a practical guide for manager to retain their talented
employees. It shows how to manage & monitor turnover and how to
develop the ROI of keeping their talent using innovative retention
program.
Employees are the most important and valuable assets of an
organization. Organizations today are doing their best to hold on to their
employees. Retaining them is as important as hiring them in the first place.
Retention is the next challenge after hiring the employees. Retention is
important because to make good people stick in the organization.
Employees today are different. They are not the ones who don’t have
good opportunities in hand. As soon as they feel dissatisfied with the
current employer or the job, they switch over to the next job. It is the
responsibility of the employer to retain their best employees.
Definition
“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. Employee retention is beneficial
for the organization as they’ll as the employee”.
“Employee retention refers to policies and practices companies use to
prevent valuable employees from leaving their jobs”
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Factors that affect Employee
retention:-
 Shifting markets
 Demands for specific skills
 Business conditions
 Demographics
 Lifestyle changes
 Technology issues
 Trends in work life decision as employees needs change
What makes an Employee leave?
Employees do not leave an organization without any significant reason.
There are certain circumstances that lead to their leaving the organization.
The most common reasons can be:
Job is not what the employee expected to be: Sometimes the job
responsibilities don’t come out to be same as expected by the candidates.
Unexpected job responsibilities lead to job dissatisfaction.
No growth opportunities: No or less learning and growth opportunities
in the current job will make candidate’s job and career stagnant.
Lack of appreciation: If the supervisor does not appreciate the work, the
employee feels de-motivated and loses interest in job.
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Lack of trust and support in coworkers, seniors and management:
Trust is the most important factor that is required for an individual to stay in
the job Non-supportive coworkers, seniors and management can make office
environment unfriendly and difficult to work in.
Stress from overwork and work life imbalances: Job stress can lead to
work life imbalances which ultimately many times lead to employee leaving
the organization.
Compensation: Better compensation packages being offered by other
companies may attract employees towards themselves.
New job offer: As attractive job offer that an employee thinks is good
for him with respect to job responsibility, compensation, growth and
learning etc., can lead an employee to leave the organization.
IMPORTANCE OF EMPLOYEE
RETENTION
Now that so much is being done by organizations to retain its
employees why is retention so important? Is it just to reduce the turnover
costs? The answer is a definite no. It’s not only the cost incurred by a
company that emphasizes the need of retaining employees but also the
need to retain talented employees from getting poached. The process of
retention will benefit an organization in the following ways:
1. The Cost of Turnover: The cost of employee turnover adds hundreds
of thousands of money to a company’s expenses. While it is difficult
to fully calculate the cost of turnover, industry experts often quote
25% of the average employee salary as a conservative estimate.
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2. Loss of Company Knowledge: When an employee leaves, he takes
with him valuable knowledge about the company, customers, current
projects and past history. Often much time and money has been
spent on the employee is expectation of a future return.
3. Interruption of Customer Service: Customers and clients do
business with a company in part because of the people. Relationships
are developed that encourage continued sponsorship of the business.
When an employee leaves, the relationships that employee built for
the company are severed, which could lead to potential customer
loss.
4. Turnover leads to more turnovers: When an employee terminates,
the effect is felt throughout the organizations. Co-workers are often
required to pick up the slack. The unspoken negativity often
intensifies for the remaining staff.
5. Goodwill of the Company: The goodwill of a company is
maintained when the attrition rates are low. Higher retention rates
motivate potential employees to join the organization.
6. Regaining efficiency: If an employee resigns, then good amount of
time is lost in hiring a new employee and then training him/her and
this goes to the loss of the company directly which many a times goes
unnoticed and even after this you cannot assure us of the same
efficiency from the new employee.
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How to increase Employee Retention?
Companies have now realized the importance of retaining their
quality workforce. Retaining quality performance contributes to
productivity of the organization and increase morale among employees.
Of the basic factors that play an important role in increasing employee
retention include salary and remuneration, providing recognition, benefits
and opportunities for individual growth. But are they really positively
contributing to the retention rates of a company? Basic salary these days
hardly reduces turnover.
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Employee Retention can be increased
by involving the following practices:-
1. Open Communication: A culture of open communication enforces
loyalty among employees. Open communication tends to keep
employees informed on key issues. Most importantly, they need to
know that their opinions matter and that management is100%
interested in their input.
2. Employee Reward Program: A positive recognition for work boosts
the motivational levels of employees. Recognition can be made explicit
by providing awards like best employee of the month or punctually
award. Project based recognition also has great significance. The award
can be in terms of gifts or money.
3. Career Development Program: Every individual is worried about
his/her career. He is always keen to know his career path in the
company organizations can offer various technical certifications, which
will help employee in enhancing his knowledge.
4. Performance Based Bonus: A provision of performance linked bonus
can be made wherein an employee is bale to relate his performance with
the company profits and hence will work hard. This bonus should
strictly be productivity based.
5. Recreation facilities: Recreation facilities help in keeping employees
away from recreational programs should be arranged. They may
include taking employees to trips annually or bi-annually, celebrating
anniversaries, sports activities, etc.,
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6. Good and healthy working ambience: A good, healthy and safe
working environment always enables employees to work comfortably
and hence they get an incentive to perform better.
7. Gifts at Some Occasions: Giving out some gifts at the time of one or
two festivals to the employees making them feel good.
The picture states the latest statement that corporate believes in “Love
them or lose them”
Employees today are different. They are not the ones who don’t have good
opportunities in hand. As soon as they feel dissatisfied with the current
employer or the job, they switch over to the next job. It is the responsibility
of the employer to retain their best employees. If they don’t, they would be
left with no good employees. A good employer should know how to attract
and retain its employees.
Retention involves five major things:
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1) COMPENSATION 2) ENVIRONMENT 3) GROWTH
4) RELATIONSHIP 5) SUPPORT
Employee Retention Strategies
The basic practices that should be kept in mind in the employee
retention strategies are:
Creating a Motivating Environment: Team leaders who create
motivating environments are likely to keep their members together for a
longer period of time. Motivation does not necessarily have to come
through fun events such as parties, celebrations, team outings etc. they can
also come through serious events e.g. arranging a talk by the VP of Quality
on career opportunities in the field of quality. Employees who look
forward to these events and are likely to remain more engaged.
Standing up for the Team: Team leaders are closest to their team
members. While they need to ensure smooth functioning of their team by
implementing management decisions, they also need to educate their
managers about the realities on the ground. When agents see the team
leader standing up for them, they will have one more reason to stay in the
team.
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Providing coaching: Everyone wants to be successful in his or her
current job. However, not everyone knows how. Therefore, one of the key
responsibilities will be providing coaching that is intended to improve the
performance of employees. Managers often tend to escape this role by just
coaching their employees. However, coaching is followed by monitoring
performance and providing feedback on the same.
Delegation: Many team leaders and managers feel that they are the
only people who can do a particular task or job. Therefore, they do not
delegate their jobs as much as they should. Delegation is a great way to
develop competencies.
Extra Responsibility: Giving extra responsibility to employees is
another way to get them engaged with the company. However, just giving
the extra responsibility does not help. The manager must spend good time
teaching the employees of how to manage responsibilities given to them so
that they don’t feel over burdened.
Focus on Future career: Employees are always concerned about their
future career. A manager should focus on showing employees his career
leader. If an employee sees that is current job offers a path towards their
future career likely to stay longer in the company. Therefore, managers
should play the role of career counselors as well.
Manager role in Retention
When asked about why employees leave, low salary comes out to be a
common excuse. However, research has shown that people join companies,
but leave because of what their manager’s do or don’t do. It is seen that
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managers who respect and value employees’ competency, pay attention to
their aspirations, assure challenging work, value the quality of work life
and when asked about why employees leave, low salary comes out to be a
common excuse. However, researcher when asked about why employees
leave, low salary comes out to be a common excuse. However, research has
shown that people join companies, but leave because of what their
manager’s do or don’t do. It is seen that managers who respect and value
employees’ competency, pay attention to their aspirations, assure
challenging work, value the quality of work life and provided chances fro
learning have loyal and engaged employees. Therefore, managers and
team leader play an active and vital role in employee retention.
Managers and team leaders can reduce the attrition levels
considerably by creating a motivating team culture and improving the
relationships with team members. This can be done in a following way:
1. Hire the right people in the first place.
2. Empower the employees: Give the employees the authority to get
things done.
3. Make employees realize that they are the most valuable asset of the
organization.
4. Have faith in them, trust them and respect them.
5. Provide them information and knowledge.
6. Keep providing them feedback on their performance.
7. Recognize and appreciate their achievements.
8. Keep their morale high.
9. Create an environment where the employees want to work an have
fun.
33

RESEARCH METHODOLOGY
♦TITLE
“A STUDY ON EMPLOYEE RETENTION “
♦INTRODUCTION
This methodology includes need of the study, objectives of the study,
research design, collection of data and the limitations of the study.
♦OBJECTIVES OF THE STUDY
The objectives of the study are: -
 To study the present retention strategies adopted by the company.
 To assess the satisfaction level of employee with existing retention
strategies.
 To study the common reasons of employee voluntarily leaving or
staying in organization.
 To suggest the strategies and steps for reducing turnover and
improving retention.
 To study various career development programs offered by the
organization.
 To study the impact of induction & training programs on retention of
employees
 To determine the organizational climate.
34

♦STATEMENT OF THE PROBLEM
Employees are the most important and valuable assets of an
organization. Employees are the foundation of an organization. Retaining
them is an important as hiring them in the first place. Hence it is necessary
to know the strategies used to retain the employees in the organization.
♦NEED FOR THE STUDY
The present study is focus on the existing retention strategies in Opus
Estates Pvt Ltd and find out the satisfaction level of an employee regarding
the strategies.
♦RESEARCH DESIGN
Using research tools uses descriptive research procedure for
describing the resent situations in the organization and analytical research
to analyze the results.
♦DESCRIPTIVE RESEARCH
This research includes surveys and facts finding enquires of different
kinds. The major purpose of descriptive research is that the research can
only describe the state of affairs existing at present in the organization. The
main feature of this method is that the researcher has no control over the
extraneous variables called the respondents as they are going to interview
the employees of the organization in order to perform study. They can only
report what happened or what is happening. In social science and business
research, they quiet often use the terms “ex-post facto research” for
descriptive research studies, the researcher can discover and describe the
causes for various situations but they cannot control the situations.
35

♦RESEARCH TOOLS
 Data Source : Primary & Secondary Data
 Research Approach : Survey method
 Research Instrument : Questionnaire
 Sampling scheme : Simple random sampling
 Contact method : Personal / Direct
 Sample size : 20
♦DATA SOURCES & COLLECTION METHODS
PRIMARY DATA
Primary data are those which are colleted a fresh and for the
first time & thus happen to be original in character. Primary data is
obtained by the study specially designed to fulfill the data needs to
problem hand. Such data are original in characters generated by the way of
conducting survey.
SECONDARY DATA
Secondary data are those which have already been collected by
someone else and which have already been passed through the statistical
process. The Secondary data consist of reality available compendices
already complied statistical statements. Secondary data consists of not only
published records and reports but also unpublished records.
36

ANALYSIS AND INTERPRETATION
1. The current age of the employees working in the organization
Introduction:
This question is incorporated in the questionnaire for the purpose of identifying the
average age of the workforce in Opus Estates Pvt Ltd
Table 1
DIMENSIONS NO.OF RESPONDENTS PERCENTAGE
20-30 12 60
30-40 5 25
40-50 3 15
TOTAL 20 100.0
Graph 1
Inference:
From the above graph, it is observed that 60% of the respondents are
aged between 25-30 yrs, whereas 25% is aged between 30-40 yrs and only 15% is
between 40-50 yrs of age. This clearly signifies the workforce is fresh and dynamic at
very tender age.
2. Employees are attached to this organization for any particular factor
37

Introduction:
Each employee sticks to his or her current organization for a specific reason or
reasons. This question will help to find the reasons of the employees who are a part
of OPUS estates Pvt ltd.
Table 2
Compensation 1 5
Rewards &Recognition 1 5
Job Security 6 30
Relationship 12 60
TOTAL 20 100
Graph 2
Inference:
From the above graph, it is observed that 5% of the respondents have
accepted that they are associated to this company for the compensation they are
offered while another 5% respondents have said it is for the rewards and
recognition.6% respondents have said it is for the job security they are with the
company while the rest 60% have admitted the relationship they share within the
organization acts as a key factor of holding them back in this place.
3. The nature of the job assigned to the individuals
38

Introduction:
Employees at different levels are assigned with different kinds of work. This
question will help to get an overview of the kinds of jobs each are assigned and their
types.
Table 3
Job is challenging 10 50
Skills are effectively used 3 15
Work load is reasonable 4 20
Work environment is safe 3 15
TOTAL 20 100.0
Graph 3
Inference:
From the above graph, it is observed that 50% of respondents
strongly have accepted that the job they are assigned is challenging while 15%
respondents have accepted that their skills are effectively used. Another 20%
respondents have admitted that their workload is reasonable while the rest 15%
respondents have pointed that it is the safe working environment that has a huge
impact on the work.
4. The management includes the employees in decision-making process
39

Introduction:
Employees, being a part of the organization should be included in the work related
decisions. This question will get an overview whether it is really practiced in this
organization.
Table 4
Yes 15 75
No 5 25
TOTAL 20 100.0
Graph 4
Inference:
From the above graph it is found out that 75% of the respondents have
admitted that the organization do involve them in the decision making process while
the rest 25% have admitted that they are not involved in any decision making
process.
5. Employees are satisfied with the career development at the
organization
Introduction:
40

All the employees work and perform with the zeal to get career development
opportunities in the organizations they are currently involved with. This question
identifies such scopes in the organization.
Table 5
Very Satisfied 3 15
Satisfied 12 60
Dissatisfied 2 10
Very dissatisfied 3 15
TOTAL 20 100.0
Graph 5
Inference:
accepted that they are satisfied with the career development opportunities
that are provided in the organization But 25% respondents have pointed that they
are
dissatisfied and differs in this respect.
6. Incentives that make an employee stick to the current job profile.
Introduction:
41

There are factors that help an employee to determine whether to stay with the current
organization or consider leaving. This question will fetch an overview upon those
factors.
Table 6
Level of challenge
&responsibility
3 15
Career development
opportunities
14 70
Compensations &benefits 3 15
TOTAL 20 100.0
Graph 6
Inference:
From the above graph, it is observed that 70% of the respondents have accepted that
the employees stick to an organization for the career development opportunities that
are offered to them while another 15% have admitted it is for the level of challenge
and responsibility that make them stick to their current job profile .The rest 15%
pointed it is the compensation and benefits which work as the key factor.
7. The level of satisfaction relating to the challenge and responsibility
involved in the current job profile.
42

Introduction:
Some employees remain content with the level of challenge and responsibility they
are ushered with. But some often interpret it as overburden and it may turn out to be
a reason of their dissatisfaction. This questions rightly figures out any such
possibility.
Table 7
Very satisfied 3 15
Satisfied 12 60
Dissatisfied 2 10
Very dissatisfied 3 15
TOTAL 20 100.0
Graph 7
Inference:
From the above graph, it is clear that around 75% of the respondents
are either moderately o highly satisfied with the level of challenge and
responsibility while the rest 25% in not much satisfied.
8. The management provides opportunities for growth and promotion
Introduction:
43

Promotions and growth facilities are always motivating for the
employees in any organization. It is very important that an organization provide its
workforce with all such facilities. This question will provide an overview whether
such facilities are provided in this organization.
Table 8
Yes 14 70
No 6 30
TOTAL 20 100.0
Graph 8
Inference:
From the above graph, it is observed that 70% of the
respondents have accepted that they feel there are enough scopes of growth and
promotion provided by the organization where as the rest 30% feel alike.
9. Organization utilizes employee services effectively and efficiently.
Introduction:
44

This question is to identify whether the organization utilizes their services in an
effective and efficient manner.
Table 9
Strongly agree 3 15
Agree 14 70
Disagree 2 10
Strongly disagree 1 5
TOTAL 20 100.0
Graph 9
Inference:
45

accepted that their services are effectively and efficiently utilized while the rest
15% have not agreed upon this point.
10. The Training & Development provided by the organization help to
increase the individual performance
Introduction:
This question is to identify whether the training and development programmes
initiated by the organization are of any help to the employees.
Table 10
Strongly agree 3 15
Agree 11 55
Disagree 2 10
Strongly disagree 4 20
TOTAL 20 100.0
Graph10
46

Inference:
From the above graph, it is observed that around 70% of the
respondents have agreed upon this point whereas the rest 30% does not posses the
same notion and some strongly differ.
11. The specific retention problems in the company.
Introduction:
Retention may turn out to be a major issue in any organization. The question is
incorporated to find if there is any specific retention problem in an organization.
Table 11
Yes 2 10
No 18 90
TOTAL 20 100.0
Graph 11
47

Inference:
From the above graph, it is observed that 10% of the respondents are
accustomed to the basic retention problem that is brewing in the company
whereas the rest 90% of the respondents are clueless about such problems.
12. There is stress due to overwork
Introduction:
Burdening the employees with workload and immense pressure is strictly against the
Human Resource Norms, which also include any kind of physical or mental stress.
This question will help to figure out whether there is stress due to heavy workload or
pressure.
Table 12
YES 10 50
No 10 50
TOTAL 20 100.0
Graph 12
Inference:
48

From the above graph, it is observed that a mixed response is
obtained in this particular case.50% of the respondents have admitted to this fact
that there is stress due to overwork. While the rest 50% have denied such
possibilities.
13. Employees are recognized and praised suitably by the organization.
Introduction:
The employee recognition and praising plays an important role in motivating the
employees. So proper recognition should be given to the employees according to
their performance. This question is to identify whether they are recognized or not.
Table 13
YES 14 70
No 6 30
TOTAL 20 100.0
Graph 13
Inference:
accepted that they have been recognized and rewarded suitably by the
49

organization for their performance as per the policy. Around 30% of respondents
have not accepted the statement.
14. Employees receive adequate support while doing their job.
Introduction:
At the time when an employee is assigned with a new job or a more challenging one
it is necessary to render him support so that he can perform well and yield better.
This question will help us figure out whether such facilities are provided in the
organization.
Table 14
YES 16 80
NO 4 20
TOTAL 20 100.0
Graph 14
Inference:
From the above graph, it is observed that 80% of the respondents
have accepted that they do receive adequate support while performing their work
But the rest 20% have not agreed upon this statement.
50

15. Employees are happy with the performance appraisal system in the
company.
Introduction:
Organizations have performance appraisal system, which helps employees to
evaluate themselves hence getting a boost to better their performance. This is
truly motivating and immensely essential.
Table 15
YES 12 60
NO 8 40
TOTAL 20 100.0
Graph 15
Inference:
From the above graph, it is observed that 60% of the respondents
strongly have accepted that they are happy with the performance appraisal system in
the company while the rest 40% have not agreed upon this fact.
51

16. Proud of working with OPUS Estates
Introduction:
OPUS ESTATES is one of the major real estate marketing industries. This
question is to identify how they feel working with GCJ group and being a part of
OPUS Estates
Table 16
YES 15 75
NO 5 25
TOTAL 20 100.0
Graph 16
Inference:-
accepted that they have feel proud of working with OPUS Estates. Around 25% of
respondents have not accepted the statement.
52

17. The jobs that are assigned to the employees turned out to be the way
they had expected.
Introduction:
Many a times it may so happen that an employee is recruited for a particular job
but in practical way he or she is being asked to do something else. This question
will help identify any such probabilities in this organization.
Table 17
YES 11 55
NO 9 45
TOTAL 20 100.0
53

Graph 17
Inference:-
From the above graph, it is observed that 55% of the
respondents have accepted that the jobs they are assigned with turned out to be
like the ones they had expected. But the rest 45% begs to differ at this point.
18 Organization provides health, accident and insurance policy to the
employees
Introduction:
54

The life is not guaranteed to anyone. So every employee needs the Insurance policies.
This question is to identify whether the employees are provided with health,
accident and insurance policy.
Table 18
YES 2 10
NO 18 90
TOTAL 20 100.0
Graph 18
Inference:
accepted that they have been covered under the health and accident insurance policy
by the organization or by other insurance company. Around 90% of respondents have
not accepted the statement.
19 Organization provide leave facility according to the rules to the
employees
Introduction:
Employees are provided with appropriate leaves according to the rules of Human
Resource Department as well as in the time of any justified need.
55

Table 19
YES 6 30
NO 14 70
TOTAL 20 100.0
Graph 19
Inference:
accepted that the organization grants them leave according to the norms while
the majority 70% feels that they are not facilitated with the leave facility.
20. Organization provides medical facility as and when needed.
Introduction:
56

Employee safety and health influence the productivity of the organization. Some
well fare facilities should provide to the employees. This question is to identify
whether the organization is concerned about the health of the employees or not.
Table 20
YES 4 20
No 16 80
TOTAL 20 100.0
Graph 20
Inference:
accepted that they have received medical facilities as and when needed. Around
80% of the respondents have not accepted the statement.
21. The management employs right person for the right job.
Introduction:
Often it may so happen that a particular person recruited for a particular job is not
being able to perform it properly or may be performing some other job brilliantly.
57

This question will figure whether the management employs right person for the
right
job.
Table 21
YES 13 65
NO 7 35
TOTAL 20 100.0
Graph 21
Inference:
From the above graph it is observed that 65% of the respondents
have agreed on this fact that the management employs right kind of people for
the right job, but the rest 35 % feels that the management is not always correct in
employing the right person.
Findings
1. From the graph 1, it is observed that 60% of the respondents are aged
58

between 25-30 yrs, whereas 25% is aged between 30-40 yrs and only 15% is
between 40-50 yrs of age. This clearly signifies the workforce is fresh and
dynamic at very tender age. But a major concerning fact hidden within this
is that there is a lack of experience among them. For efficient operation
experience is essential.
2. From the graph 2, it is observed that 5% of the respondents have
accepted that they are associated to this company for the compensation
they are offered while another 5% respondents have said it is for the
rewards and recognition.6% respondents have said it is for the job security
they are with the company while the rest 60% have admitted the
relationship they share within the organization acts as a key factor of
holding them back in this place. Thus it can be figured that the company
does have grounds to hold their employees back.
3. From the graph 3, it is observed that 50% of respondents strongly have
accepted that the job they are assigned is challenging while 15%
respondents have accepted that their skills are effectively used. Another
20% respondents have admitted that their workload is reasonable while the
rest 15% respondents have pointed that it is the safe working environment
that has a huge impact on the work. Thus it can be summed up that the
employees are satisfied with their work and work environment.
4. From the graph 4, it is found out that 75% of the respondents have
admitted that the organization do involve them in the decision making
process while the rest 25% have admitted that they are not involved in any
decision making process. Since majority are accepting their association at
decision making process this can surely be advantageous for the
organization as, through this employees feel important and thus their
responsibility sense also increases.
59

accepted that they are highly satisfied and another 60% of the respondents
have accepted they are moderately satisfied with the career development
opportunities that are provided in the organization. But 15% respondents
have pointed that they are highly dissatisfied and the rest 10% are
moderately dissatisfied and differs in this respect. Though majorities are
accepting facilities of this sort but care should be taken for the rest 25%, as
all are equally important to the company.
accepted that the employees stick to an organization for the career
development opportunities that are offered to them while another 15%
have admitted it is for the level of challenge and responsibility that make
them stick to their current job profile .The rest 15% pointed it is the
compensation and benefits which work as the key factor. This question
reflects each individual’s preference.
7. From the graph 7, it is clear that around 60% of the respondents are
moderately and another 15% are highly satisfied with the level of challenge
and responsibility while the rest 15% of the respondents are highly and rest
10% are moderately dissatisfied. Again for the dissatisfied class special
attention has to be poured in.
accepted that they feel there are enough scopes of growth and promotion
provided by the organization whereas the rest 30% feel alike.
Opportunities should be provided to all in an unbiased manner.
60

accepted that their services are effectively and efficiently utilized while the
rest 15% have not agreed upon this point. The success of any depends on
proper utilization of its resources of which workforce is one. Since it is
correctly utilized it can be said that the firm is running in well. But the rest
15% should also be taken care off.
10. From the graph 10, it is observed that around 55% of the respondents
have strongly and another 15% have moderately agreed upon the point
that the training provided by the organization helps them to perform better
whereas the rest 30% does not posses the same notion and some strongly
differ. The reason for this difference in opinion has to be looked into
because this issue can lead to dissatisfaction among employees.
11. From the graph 11, it is observed that 10% of the respondents are
accustomed to the basic retention problem that is brewing in the company
whereas the rest 90% of the respondents are clueless about such problems.
12. From the graph 12, it is observed that a mixed response is obtained in
this particular case.50% of the respondents have admitted to this fact that
there is stress due to overwork. While the rest 50% have denied such
possibilities. So the 50% of the employees who have actually admitted of
having overt stress should be dealt with. Such stress related issues strikes
dissatisfaction ultimately resulting to grievance.
accepted that they have been recognized and rewarded suitably by the
organization for their performance as per the policy. Around 30% of
61

respondents have not accepted the statement. This is surely a very good
practice as such gestures contribute a lot in boosting ones self-confidence.
accepted that they do receive adequate support while performing their
work But the rest 20% have not agreed upon this statement. Any person
recruited in an organization irrespective of the designation is a fresher to
the company. Thus an individual should be provided support to make him
accustomed to the place. Moreover support is needed at every stage that
helps them to perform better.
15. From the graph 15, it is observed that 60% of the respondents strongly
have accepted that they are happy with the performance appraisal system
in the company while the rest 40% have not agreed upon this fact. This
aspect has to be taken special care off. A proper performance appraisal
system is an integral part of the concerned HR department and its perfect
presence is utterly necessary in any company.
accepted that they have feel proud of working with OPUS Estates. Around
25% of respondents have not accepted the statement. This is definitely an
achievement and one to cherish for. It also is like a reward to proper
functioning.
62

accepted that the jobs they are assigned with turned out to be like the ones
they had expected. But the rest 45% begs to differ at this point. Though the
majority have spoken for the point, this aspect has to be looked into very
soon as it is somewhat a clear indication of employee’s dissatisfaction
regarding the job profile. Employees should be made to do the jobs they
are hired for.
accepted that they have been covered under the health and accident
insurance policy by the organization or by other insurance company.
Around 90% of respondents have not accepted the statement. It is
completely clear from the analysis that the company does not provide
insurance policies. It is a prior incentive that all major business groups
provide their employees with. This practice must be included within the
system.
accepted that the organization grants them leave according to the norms
while the majority 70% feels that they are not facilitated with the leave
facility. Slogging under work pressure for the entire week, the employees
look forward to leave and holidays. Thus it’s necessary to provide them
with these because it reduces their pressure and as a result they work
better. Thus this practice should also be introduced.
accepted that they have received medical facilities as and when needed.
Around 80% of the respondents have not accepted the statement. Since
63

majorities have come up with negative response in this aspect it is strongly
recommended that such practice should be introduced soon.
21. From the graph 21, it is observed that 65% of the respondents have agreed
on this fact that the management employs right kind of people for the right
job, but the rest 35 % feels that the management is not always correct in
employing the right person. Right person is immensely required for the right
kind of job to obtain the right kind of output and for right functioning.
Suggestions
 Need to restructure company’s policy and follow certain process to
overcome problems.
 The ability of the employee to speak his or her mind freely within the
organization is a key factor in employee retention.
 Involve employees in decisions that affect their jobs and the overall
direction of the company.
 Recognize excellent performance, and especially link pay to
performance.
 Provide the opportunities within the company for cross training and
career progression.
64

 Provide opportunity for career and personal growth through training
and educations challenging assignments.
 The quality of the supervisor an employee receives is critical to
employee retention
 The ability of the employee to speak his or her mind freely within the
organization.
 Talent & skill utilization is a key factor to seek employees in
workplace.
 Select right people
 Should make a hierarchy for various positions
 Offer an attractive, Competitive, Benefits package
 Provide opportunities for people to share their knowledge via
training sessions, present actions, mentioning others & flexible house
Retention tips
 Company should follow standard SDLC process
 Implement good employment practices
 Maintain healthy organizational climate
 Proper training should be provided to employees according to their
skills
 Provide medical and insurance policies to all its employees.
 Grant leave facilities and holidays as per the HR norms.
65

Questionnaire
Personal Details:
1.Age………………
2.Sex: - Male Female
3.Marital status: Married Unmarried
1.What did you like most about this company?
Compensation Rewards and Recognition
Job Security Relationship
2. Describe about your job?
Job is challenging Skills are effectively used
Work load is reasonable Work environment is safe
66

3.Does the management include the employees in decision making process
Yes No
4.How satisfied you are with the career development at your firm?
Very satisfied Satisfied
Dissatisfied Very dissatisfied
5.Which of these is most important to you in determining whether you stay with
your current firm or consider leaving?
Level of challenge and responsibility. Communication at my firm
Career development opportunities Compensation & benefits
6.How satisfied are you with the level of challenge and responsibility in your
current role?
Very satisfied Satisfied
Dissatisfied Very Dissatisfied
7. Does the management provide opportunities for growth and promotion?
Yes No
8. Does the organization utilize employee services effectively and efficiently?
Strongly agree Agree
Disagree Strongly disagree
9. Does the training and development provided by the organization help you to
increase your performance?
Strongly agree Agree
Disagree Strongly disagree
67

10. Do you know the specific retention problems in your company?
Yes No
If yes please specify………………………………………
11. Is there any stress due to overwork?
Yes No
12. Have you received recognition or praise for doing good work?
Yes No
13. Did you receive adequate support to do your work?
Yes No
14. Are you happy with the performance appraisal system?
Yes  No
15.Are you proud of working with OPUS Estates?
Yes  No
16. Did your job duties turn out to be as you expected?
Yes No
17. Does your company provide you health, accident and insurance policies?
Yes No
18. Are you provided with the leave facility according to the rules?
Yes No
19.Does your company provide you medical facility immediately?
68

Yes No
20. Do you agree that the management employs right person for the right job?
Yes No
BIBLIOGRAPHY
(A) BOOKS
1) V.S.P.RAO, Human Resource Management Texts & Cases Part II,
Excel books Publishers.
2) S.S.KHANKA, Human Resource Management S.Chand Publishers
& Co.Ltd
3) MOHIT GUPTA, NAVDEEP AGARWAL, Social Research
Methods, Kalyani Publishers
4) C R KOTHARI, Research Methodology, New age international
publishers
(B)LINKS
69

1) http://epa.sagepub.com/cgi/content/abstract/27/4/309
2) http://erx.sagepub.com/cgi/content/abstract/21/6/423
(C) WEBSITES
1) www.google.com
2) www.yahoo.com
3) www.jomsagepub.com
70

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