Blackbook project on_retention

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

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Signature of the student : -

Approved By :- Miss Shrija Bhadra

Designation of the approving authority:-Lecturer

INDEX

TABLE OF CONTENTS

Seria

l 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

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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

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

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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.

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.

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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

hierarchy that has ideas, it is the employees’ rung that has the chisel to

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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

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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

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 DimensionLed by dynamic visionaries and entrepreneurs, the GCJ Group has

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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.

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

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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 StrengthsThe GCJ Group of companies brings together a talented professional team

backed by technology and finance. A congenial work culture encourages

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: -

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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.

Values:

Integrity

Commitment

Passion

Speed

Support

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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

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

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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.

Opus provides the marketing mastery. They bring together the hardware

and brain ware to turn real estate projects into marketing successes. Their

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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 DimensionIn 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.14

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,

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.

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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

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

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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.

The Service Range

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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 acrossthe 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 GANGULY GROUP BPTP LTD.

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The Resource DimensionSynergy 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

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advertising specialists help developers to customize each product for its

target audience. They complement the developer’s resources in manpower

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

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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.

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

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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

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 AdvantageOpus comprises a team of educated, committed and proven professionals

with successful record. Integrity, transparency, knowledge and

responsibility are the cornerstones of their dealings.

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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

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

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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

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company but the management never forgets to reward the ones who have

performed. In case of any outstanding performance they are appreciated

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

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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

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.

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INTRODUCTION on

RetentionDuring 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 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

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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”

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

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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.

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.

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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.

2. Loss of Company Knowledge : When an employee leaves,

he takes with him valuable knowledge about the company,

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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

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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.,

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.

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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:

1) COMPENSATION 2) ENVIRONMENT 3) GROWTH

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4) RELATIONSHIP 5) SUPPORT

Employee Retention StrategiesThe 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

Retention38

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 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.

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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.

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.

40

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.

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

41

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.

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

42

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.

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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 PERCENTAGE20-30 12 6030-40 5 2540-50 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

44

clearly signifies the workforce is fresh and dynamic at very tender

age.

2. Employees are attached to this organization for any particular

factor

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

DIMENSIONS NO.OF RESPONDENTS PERCENTAGECompensation 1 5

Rewards &Recognition 1 5Job Security 6 30Relationship 12 60

TOTAL 20 100

Graph 2

Inference:


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

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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

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

DIMENSIONS NO.OF RESPONDENTS PERCENTAGEJob is challenging 10 50

Skills are effectively used 3 15Work load is reasonable 4 20

Work environment is safe 3 15TOTAL 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

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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

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

DIMENSIONS NO.OF RESPONDENTS PERCENTAGEYes 15 75No 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

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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: 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

DIMENSIONS NO.OF RESPONDENTS PERCENTAGEVery Satisfied 3 15

Satisfied 12 60Dissatisfied 2 10

Very dissatisfied 3 15TOTAL 20 100.0

Graph 5

Inference:

From the above graph, it is observed that 75% of the respondents have

accepted that they are satisfied with the career development opportunities

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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:

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

DIMENSIONS NO.OF RESPONDENTS PERCENTAGELevel of challenge

&responsibility3 15

Career development opportunities

14 70

Compensations &benefits 3 15TOTAL 20 100.0

Graph 6

Inference:

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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.

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

DIMENSIONS NO.OF RESPONDENTS PERCENTAGEVery satisfied 3 15

Satisfied 12 60Dissatisfied 2 10

Very dissatisfied 3 15TOTAL 20 100.0

Graph 7

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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:

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


TOTAL 20 100.0

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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:

This question is to identify whether the organization utilizes their

services in an effective and efficient manner.

Table 9

DIMENSIONS NO.OF RESPONDENTS PERCENTAGEStrongly agree 3 15

Agree 14 70Disagree 2 10

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Strongly disagree 1 5TOTAL 20 100.0

Graph 9

Inference:


respondents have 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

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DIMENSIONS NO.OF RESPONDENTS PERCENTAGEStrongly agree 3 15

Agree 11 55Disagree 2 10

Strongly disagree 4 20TOTAL 20 100.0

Graph10

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:

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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


TOTAL 20 100.0 Graph 11

Inference:


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

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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

DIMENSIONS NO.OF RESPONDENTS PERCENTAGEYES 10 50No 10 50

TOTAL 20 100.0

Graph 12

Inference:

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.

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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

DIMENSIONS NO.OF RESPONDENTS PERCENTAGE

YES 14 70No 6 30

TOTAL 20 100.0

Graph 13

Inference:


respondents have accepted that they have been recognized and

rewarded suitably by the 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:

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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

DIMENSIONS NO.OF RESPONDENTS PERCENTAGEYES 16 80NO 4 20

TOTAL 20 100.0

Graph 14

Inference:


respondents have accepted that they do receive adequate

support while performing their work But the rest 20% have not

agreed upon this statement.

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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


TOTAL 20 100.0

Graph 15

Inference:


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.

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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


TOTAL 20 100.0

Graph 16

Inference:-


respondents have accepted that they have feel proud of working with

OPUS Estates. Around 25% of respondents have not accepted the

statement.

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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


TOTAL 20 100.0

Graph 17

Inference:-


the respondents have accepted that the jobs they are assigned

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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 :

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


TOTAL 20 100.0

Graph 18

Inference:


respondents have accepted that they have been covered under the

health and accident insurance policy by the organization or by other

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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.

Table 19


TOTAL 20 100.0

Graph 19

Inference:


respondents have 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.

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20. Organization provides medical facility as and when needed.

Introduction:

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

DIMENSIONS NO.OF RESPONDENTS PERCENTAGEYES 4 20No 16 80

TOTAL 20 100.0

Graph 20

Inference:

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respondents have 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.

This question will figure whether the management employs right person for the right

job. Table 21


TOTAL 20 100.0

Graph 21

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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.

Findings1. From the graph 1, 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. 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

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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.

5. From the graph 5, it is observed that 15% of the respondents have

accepted that they are highly satisfied and another 60% of the respondents

have accepted they are moderately satisfied with the career development

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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.

6. From the graph 6, 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. 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.


have accepted that they feel there are enough scopes of growth

and promotion provided by the organization whereas the rest

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30% feel alike. Opportunities should be provided to all in an

unbiased manner.


have 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

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should be dealt with. Such stress related issues strikes

dissatisfaction ultimately resulting to grievance.


respondents have accepted that they have been recognized and

rewarded suitably by the organization for their performance as

per the policy. Around 30% of respondents have not accepted the

statement. This is surely a very good practice as such gestures

contribute a lot in boosting ones self-confidence.


respondents have 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.


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

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department and its perfect presence is utterly necessary in any

company.


respondents have 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.


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. 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.


respondents have 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.


respondents have accepted that the organization grants them

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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.


respondents have accepted that they have received medical

facilities as and when needed. Around 80% of the respondents

have not accepted the statement. Since majorities have come up

with negative response in this aspect it is strongly recommended

that such practice should be introduced soon.


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.

Suggestions72

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.

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

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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.

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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

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?

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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

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?

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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?

Yes No

20. Do you agree that the management employs right person for the right job?

Yes No

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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

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

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http://www.jomsagepub.com/

http://www.yahoo.com/

http://www.google.com/

http://erx.sagepub.com/cgi/content/abstract/21/6/713

http://epa.sagepub.com/cgi/content/abstract/27/4/309

Blackbook project on_retention

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