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  1. 1. PROJECT REORT ON ATTRITION AND EXIT ANALYSIS MASTERS IN PERSONNEL MANAGEMENT AND INDUSTRIAL RELATIONS (2009 – 2011) AT – BAJAJ ALLIANZ LIFE INSURANCE COMPANY LTD. UNDER THE SUPPERVISION OF - ARJUN SINGH YADAV HUMAN RESOURCE (UP-2) SUBMITTED BY – TANUSHREE HELA M.P.M.I.R. (2009-2011)
  2. 2. DECLARATION
  3. 3. DECLARATION This report is based on my project topic on “ EMPLOYEE RETENTION TECHNIQUES“ as a part of summer training in PERSONNEL MANAGEMENT AND INDUSTRIAL RELATIONS course of study . This report has been prepared after deeply studying and collecting data with the help of primary and secondary data about this project topic . I hereby declare that information and data provided in this report are true to best of my knowledge .
  4. 4. NAME – TANUSHREE HELA COURSE – M.P.M.I.R. BANARAS HINDU UNIVERSITY VARANASI. 1 COURSE – M.P.M.I.R. There are no sources in the current document.1 CONTENTS S. No. CONTENTS PG. No. 1 PREFACE 2 ACKNOWLEDGEMENT 3 EXCUTIVE SUMMARY 4 INTRODUCTION 5 COMPANY PROFILE 6 CONCEPTUAL FRAMEWORK 7 RESEARCH METHODOLOGY 8 SAMPLE 9 MEASURING SCALE 10 RESULTS AND GRAPHICAL REPRESENTATION 11 DISCUSSION 12 CONCLUSION 13 REFRENCES 14 ANNEXURE
  5. 5. BANARAS HINDU UNIVERSITY VARANASI. NAME – TANUSHREE HELA
  6. 6. PREFACE
  7. 7. ACKNOWLEDGEMENT
  8. 8. ACKNOWLEDGEMENT The accomplishment of my project topic was possible due to the cooperation and coordination of different individuals. I would like to take this opportunity of expressing my gratitude towards our my external project guide Mr. ARJUN SINGH YADAV (HUMAN RESOURCE U.P.-2) without whose assistance it would not had been possible for me to be part of BAJAJ ALLIANZ LIFE INSURANCE COMPANY Ltd.(BALIC) as a summer trainee and I am also thankful to all the employees of BALIC especially our guide who provided assistance at each and every step . I am also thankful to Mr. RITESH KUMAR (HEAD – H.R. U.P. -2 ) and Mr. RAKESH KUMAR SINGH (CSR) for their guidance and support .
  9. 9. I am also thankful to our Head of department Mr. I.L. SINGH for providing a platform and without help of whom being part of BALIC as a summer trainee would not had been possible and also thankful to my internal project guide Dr. SANDEEP KUMAR for his continuous support and guidance . I would also like to express my gratitude towards all the survey respondents who gave their valuable time to respond to the questions , thus helping to collect the primary raw data without which survey would not had been possible. TANUSHREE HELA M.P.M.I.R. B.H.U.
  10. 10. EXECUTIVE SUMMARY
  11. 11. EXECUTIVE SUMMARY The corporate arena is witnessing the rapid growth rate in attrition , it is undoubted fact that attrition cannot be completely vanished from the organization but human resource management is trying its hard to reduce the attrition rate of their organizations . The degree of attrition may vary from one industry to another industry or a corporate house to another but the human resource management is putting its efforts to understand the causes of attrition , and reduce the rate of grievances of their employees to act and emerge as the organization having lowest rate of attrition . At the core of their efforts is the realization that the employee is their most valuable asset and if the organization witnesses the decrease in manpower than there is well known fact that there is decrease in the performance of the organization and also incure financial burden on the
  12. 12. organization to recruit , train , and place new employees ie; decrease in productivity , efficiency , and effectiveness of the organization . The project is a full – hearted attempt to capture a unique blend of the possible Causes of Attrition , in the industries , corporate houses ,and especially in the insurance sector . In this process , the number of causes or variables which directly or indirectly increases the rate of attrition and leads towards dump of employee’s turnover debt were sorted out on the basis of those dimensions or causes a well structured questionnaire was prepared named “ EMPLOYYEE ATTRITION RATING SCALE” , the questionnaire had its two parts ie; first part as closed – form questionnaire which was based on the dimensions sorted down , consisting of thirteen statements and second part as open- ended questionnaire which included suggestions provided by the attired employees , followed by the process of data collection by two sources ie; primary source which telephonic interview of
  13. 13. exit employees and by secondary source which included drawing from the website of BALIC and also by talking to the existing employees of BALIC to understand the current problem across the insurance sectors . The variables which were identified to understand the causes of attrition and exit in the fiscal year (2009-2010) in BALIC were the primary and statistical data provided by BALIC were divided into four basic areas of UP-2 region which is based on the basis of -  Division basis,  Tenure basis ,  Departmental basis,  Monthly work basis . The division basis basically includes the four regions of UP-2 ie ; Allahabad Gorakhpur , and Varanasi . The departmental basis included all its sales and non-sales
  14. 14. departments which marked attrition rate also including exits on the tenure and monthly basis . The variables identified to understand the causes of attrition are :- 1) Organizational Culture which includes in itself a) Relationship with colleagues, b)Leadership style, c) Flow of communication. 2) Job Satisfaction which includes in itself a) Work Motivation, b)Stress. 3) Growth and Development which includes a) Learning and development , b)Growth prospects. 4) Work –Life balance. The questionnaire was thus prepared by keeping these dimensions as basis , then followed by the process of data collection with the help of structured interview and thus data was recorded in standardized form on the basis of Likert
  15. 15. scale ie; 5-point rating scale ranging from strongly agree to strongly disagree . The questionnaire was standardized by using Factor Analysis method and then in order to draw conclusion the data was interpreted and analyzed by using systematic statistical forms and also they are represented with the help of charts and graphs. On the flip side BALIC needs to enhance the policies and advertisement in rural areas especially in area of Statistical Initiatives , enhance skills in their managers through trainings and developments , also provide positive psychological contract to their employees and many more . So all the above variables for the purpose of survey were properly taken care off , while the recommendation was also backed by the attired employees of the organization which will ideally lead to increase organizational commitment and reduction in attrition rate , to work more efficiently on the objective of every organization ie, to
  16. 16. increase productivity , efficiency and effectivity of the organization with low waste of employee turnover.
  17. 17. INTRODUCTION COMPA NY PROFI LE CONCE PTUAL FRAME WORK
  18. 18. PARICHAY BAJAJ ALLIANZ LIFE INSURANCE COMPANY LTD. HUMAN RESOURCE- LEARNING AND DEVELOPMENT
  19. 19. “ MAKING A DIFFERENCE” Acknowledgement The accomplishment of my project was possible due to the cooperation and coordination of different individuals. I would like to take this opportunity of expressing my gratitude towards the mentor Mr. Arjun Singh Yadav and Mr. Ritesh Kumar without the help of whom it would not had possible for me to be part of BALIC as a summer trainee and also who provided their assistance at each and every step.I am also thankful to Mr. Rakesh Kumar who gave us very important information about the organization I am also thankful to our Head of Department Prof. I.L.Singh who provided us such platform to be part of BALIC as a summer trainee. I would also like to express my hearty gratitude towards our Faculty members Prof. A. P. Singh ,Prof. A. K. Srivastava and Dr. Sandeep Kumar for their continuous
  20. 20. support and guidance without whose special assistance the work would had been incomplete. I am also thankful to all the survey respondents who gave their valuable time to respond to our questionnaire, thus helping to get the raw data without which the survey would not had been possible. TANUSHREE HELA M.P.M.I.R. B.H.U. VARANASI.

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