Professional Documents
Culture Documents
1. Introduction
Need of the study
Scope of the study
2. Research methodology
Objective of the study
Research methodology (Sample size, Instrument used, Methods of data
collection)
Scope of the study
limitations
7. Data Analysis
8. Suggestion and Conclusions
9. Bibliography
10. References
11. Appendices
12. Checklist of the items in the project
Introduction
Compensation
Environment
Growth
Relationship
Support
Compensation:
Compensation constitutes the largest part of the employee retention process.
The employees always have high expectations regarding their compensation
packages.
Compensation packages vary from industry to industry. So an attractive
compensation package plays a critical role in retaining the employees.
Salary and wages represent the level of skill and experience an individual has.
Time to time increase in the salaries and wages of employees should be done.
And this increase should be based on the employees performance and his
contribution to the organization. Bonus: Bonuses are usually given to the
employees at the end of the year or on a festival. Economic benefits: It includes
paid holidays, leave travel concession, etc. Long-term incentives: Long term
incentives include stock options or stock grants. These incentives help retain
employees in the organization's start up stage.
Health insurance: Health insurance is a great benefit to the employees. It
saves employees money as well as gives them a peace of mind that they have
somebody to take care of them in bad times. It also shows the employee that the
organization cares about the employee and its family.
experiences
Performance Recognition
NTPC
Learning and growth opportunities
Competitive rewards
Opportunity to grow, learn and implement
Strong social security and employee welfare performance- oriented
culture.
Johnson & Johnson
Strong values of trust, caring fairness, and respect within the organization
Freedom to operate at work
Early responsibility in career
Training and learning opportunities
Visible, transparent and accessible leaders
Competitive rewards
Innovative HR programs and practices
Tata Steel
Organization philosophy and culture
Job stability
Freedom to work and innovate
Colgate Palmolive India
Company brand
Open , transparent, and caring organization
Management according to the managing with respect to guiding
principles
Training ad development programs
Structured career planning process
Global career opportunities
Wipro
Companys brand as an employer
Early opportunities for growth
High degree of autonomy
Value compatibility
Innovative people program
TCS
The group brand equity
Strong corporate governance and citizenship
Commitment to learning and development
Best in people practices
Challenging assignments
Opportunity to work with fortune 500 clients
Organization Environment
It is not about managing retention. It is about managing people. If an
organization manages people well, employee retention will take care of itself.
Organizations should focus on managing the work environment to make better
use of the available human assets. People want to work for an organization
which provides
Culture
Values
Company reputation
Quality of people in the organization
Employee development and career growth
Risk taking
Leading technologies
Trust
Wellness
Work environment: It includes efficient managers, supportive coworkers, challenging work, involvement in decision-making, clarity of
work and responsibilities, and recognition. Lack or absence of such
environment pushes employees to look for new opportunities. The
environment should be such that the employee feels connected to the
organization in every respect.
Growth and Career Growth and development are the integral part of
every individuals career. If an employee can not foresee his path of
career development in his current organization, there are chances that
hell leave the organization as soon as he gets an opportunity. The
important factors in employee growth that an employee looks
for himself are:
Work profile: The work profile on which the employee is working
should be in sync with his capabilities. The profile should not be too low or too
high.
Personal growth and dreams: Employees responsibilities in the
organization should help him achieve his personal goals also.
Organizations can not keep aside the individual goals of employees and
foster organizations goals. Employees priority is to work for themselves
and later on comes the organization. If hes not satisfied with his growth,
hell not be able to contribute in organization growth.
Training and development: Employees should be trained and given
chance to improve and enhance their skills. Many employers fear that if
the employees are well rained, theyll leave the organization for better
jobs. Organization should not limit the resources on which organizations
success depends. These trainings can be given toimprove many skills
like:
Communications skills
Technical skills
Employees should know what the organization expects from them and what
their expectation from the organization is. Deliver what is promised. Promote an
employee based culture: The employee should know that the organization is
there to support him at the time of need. Show them that the organization cares
and hell show the same for the organization. An employee based culture may
include decision making authority, availability of resources, open door policy,
etc.
Individual development: Taking proper care of employees includes
acknowledgement to the employees dreams and personal goals. Create
opportunities for their career growth by providing mentorship programs,
certifications, educational courses, etc.
Induce loyalty: Organizations should be loyal as well as they should
promote loyalty in the employees too. Try to make the current employees
stay instead of recruiting new ones.
Support Lack of support from management can sometimes serve as a reason for
employee retention. Supervisor should support his subordinates in a way so that
each one of them is a success. Management should try to focus on its employees
and support them not only in their difficult times at work but also through the
times of personal crisis. Management can support employees by providing them
recognition and appreciation. Employers can also provide valuable feedback to
employees and make them feel valued to the organization.
The feedback from supervisor helps the employee to feel more responsible,
confident and empowered. Top management can also support its employees in
their personal crisis by providing personal loans during emergencies, childcare
services, employee assistance Programs, conseling services, etc
Employers can also support their employees by creating an environment of trust
and inculcating the organizational values into employees. Thus employers can
By providing feedback
By giving recognition and rewards
By counseling them
By providing emotional support
RESEARCH METHODOLOGY
Research Design:
The research design indicates the type of research methodology under taken to
Secondary data:
The secondary data are collected through the structured questionnaire, literature
review and also from the past records maintained by the company.
STATISTICAL TOOLS AND TECHNIQUES
PERCENTAGE ANALYSIS:
Percentage = (No. Of respondents / total no. Of respondents)*100
WEIGHTED AVERAGE METHOD:
Formula:
Mean score = total score/no of respondents.
Where total score = no of respondents*weighted average
CHI SQUARE TEST:
1. Null Hypothesis (Ho): There is no difference in attributes
2. Alternate Hypothesis(H1): There is a difference in attributes
3. Level of significance = 0.05
4. Degrees of freedom = (r-1)(c-1)
5. Expected frequency:
E = R.T C.T
6. Calculation of :
= (O-E)2
7. The tabulated value of at given level of significance with (r-1)(c-1)
important dilemma many organizations might face in the future, if not facing it
already. We believe that the leader plays a key role in employee retention and
retention management. The concept of retention management can both have a
narrow, and a broader significance. Both parts of its significance are generally
included in this thesis. The background of the thesis present a few articles that
discuss issues that makes it important for the organization, and the leaders, to
work hard with retention management. The research is based on the leaders in
the Finnish case company Tradeka. Following key questions are intended to be
answered: What are the consequences between leaders actions and employees
retention? Which is the leaders role when it comes to retaining employees?
Purpose statement: The purpose of the thesis is to investigate and analyze how
company leaders today can retain their key employees. How can the provision
of key human resources develop a long-term relationship that makes top
employees stay in the company? The study aims to establish the procedure
leaders apply to retain employees. The purpose is to compare the qualitative
study, made at the case company, with findings from the thesis theoretical
framework.
Research method: The study is a qualitative, as well as a theoretical study
where empirical findings and theories has been compared. The intention of
investigating and using the Finnish company Tradeka Limited as a case
company, is to make the information from the theories more valid, and also the
interest in how retention management works in practice. Eleven qualitative
interviews were conducted at Tradeka?
financial department, both with supervisors and employees to get a broader
view at the phenomenon retention management. Result: Leaders and their skill
in creating a culture of retention, has becoming a key in why people stay and
what usually drives them away from a company. The leader has become the
Employee turnover
affects
the whole
Feedback
managerial
satisfaction.
Positive
recognition
for
good
Category C: These are the employees who have proper, well structured
communication with their employers. Communication is also the way to win the
employees trust in the organization. Employees trust the employers who are
friendly and open to them. This trust leads to employee loyalty and finally
retention.
Employers also feel that the immediate supervisors are the most authenticated
and trusted source of information for them. So the organizations should hire
managers who are active communicators. Communication mediums.
Open door policy: Organizations should support open door policies so that the
employees feel comfortable and are able to express their doubts and feeling to
their employers. Frequent meetings and Social gatherings Emails, Newsletters,
Intranet and many more. So there should be effective communication across the
organization and this communication should be two-way. Communication alone
can lead to unimaginable heights of employee retention.
employee retention starts with recruitment. Early departures arise from the
wrong recruitment process. Here are a few ways to ensure how to hire the right
talent for a particular job. Hire appropriate candidates. Hire candidates who are
actually suitable for the job. For this the employer should understand the job
requirements clearly. Dont hire under qualified or clearly overqualified
candidates.
Provide realistic job preview at the time of hiring: Mostly employees leave
an organization because they are given the real picture of their job
responsibilities at the time of joining. Attrition rate can be reduced if a right
person is hired for a right job. Realistic preview of the job responsibilities can
be given to the employment seekers by various methods like discussions, trial
periods, internships etc.
Clearly discuss what is expected from the employee: Before joining the
organization, tell the candidate what is expected from him. Setting wrong
expectations or hiding expectations will result in early leaving of employees.
Discuss what the expectations of the employees are: Ask employees what
they expect from the organization. Be realistic. If their requirements can be
fulfilled only then promise them. Or tell them beforehand that their
requirements cannot be fulfilled.
Dont show them an unrealistic picture Culture fit: Try to judge individuals
capability to adapt to the organizations culture. A drastic change in the culture
may give a culture shock to the candidate.
Referrals: According to the research, referred candidates stay longer with the
organization. There is a fear of hampering the image and reputation of the
person who referred the candidate.
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 managers do or dont 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 for
learning have loyal and engaged employees. Therefore, managers and team
leaders 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:
Creating a Motivating Environment: Team leaders who create motivating
environments are likely to keep their team members together for a longer period
of time. Retention 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 teams 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.
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 dont
feel over burdened.
Focus on future career: Employees are always concerned about their future
career. A manager should focus on showing employees his career ladder. If an
employee sees that his current job offers a path towards their future career
aspirations, then they are likely to stay longer in the company. Therefore,
managers should play the role of career counsellors as well.
How to Improve Employee Retention?
People want to enjoy their work so make work fun and enjoyable.
Understand that employees need to balance life and work so offer flexible
starting times and core hours. Provide 360 feedback surveys and other
questionnaires to foster open communication. Consider allowing anonymous
surveys occasionally so employees will be more honest and candid with their
opinions. Provide opportunities within the company for career progression and
cross-training. Offer attractive, competitive benefits .
Organizations should target job applications for employees who have
characteristics that fit well with the organizational culture. Upon conducting an
interview, seek out traits, such as loyalty. Also, ask the potential employee what
motivates them on the job. Having more information about the potential
employees expectations can help retain them, should they get hired into the
company.
Rewards and Recognition
Employees want to be recognized for a job well done. Rewards and recognition
respond to this need by validating performance and motivating employees
toward continuous improvement. Rewarding and recognizing people for
performance not only affects the person being recognized, but others in the
organization as well. Through a rewards program, the entire organization can
experience the commitment to excellence. When the reward system is credible,
rewards are meaningful; however, if the reward system is broken, the opposite
effect will occur. Employees may feel that their performance is unrecognized
and not valued, or that others in the organization are rewarded for the wrong
behaviours. Unrecognized and no valued performance can contribute to
turnover. Recognition for a job well done fills the employees' need to receive
positive, honest feedback for their efforts.
Need for Rewards and Recognition
Recognition should be part of the organization's culture because it contributes to
both employee satisfaction and retention. Organizations can avoid employee
turnover by rewarding top performers. Rewards are one of the keys to avoiding
turnover, especially if they are immediate, appropriate, and personal. A Harvard
University study concluded that organizations can avoid the disruption caused
by employee turnover by avoiding hiring mistakes and selecting and retaining
top performers.
One of the keys to avoiding turnover is to make rewards count. Rewards are to
be immediate, appropriate, and personal. Organizations may want to evaluate
whether getting a bonus at the end of the year is more or less rewarding than
getting smaller, more frequent payouts. Additionally, a personal note may mean
more than a generic company award. Employees should be asked for input on
their most desirable form of recognition. Use what employees say when it
comes time to reward for performance.
Designing a Rewards and and Recognition Solution
In designing a rewards and recognition program, the following guidelines
should be considered.
Rewards should be visible to all members of the organization.
Rewards should be based on well-defined, credible standards that have
been developed using observable achievements.
Rewards should have meaning and value for the recipient.
Rewards can be based on an event (achieving a designated goal) or based
on a time frame (performing well over a specific time period).
Rewards that are spontaneous (sometimes called on-the-spot awards) are
also highly motivating and should also use a set criteria and standard to
maintain credibility and meaning.
Rewards should be achievable and not out of reach by employees.
Nonmonetary rewards, if used, should be valued by the individual. For
example, an avid camper might be given a 10-day pass to a campsite, or,
if an individual enjoys physical activity, that employee might be given a
spa membership. The nonmonetary rewards are best received when they
are thoughtfully prepared and of highest quality. Professionalism in
presenting the reward is also interpreted as worthwhile recognition.
Rewards should be appropriate to the level of accomplishment received. A cash
award of $50 would be inappropriate for someone who just recommended a
process that saved the organization a million dollars. Determining the amount of
money given is a delicate matter of organizational debate in which
organizational history, financial parameters, and desired results are all factors.
Recognition for a job well done can be just as valued and appreciated as
monetary awards. Formal recognition program can be used with success. First
Data Resources, a data processing services company that employees more than
6,000 individuals in Omaha, Nebraska, uses a formal recognition program
(Adams, Mahaffey, and Rick,2002). Rewards are given on a monthly, quarterly,
and yearly basis, and range from Nebraska football tickets, gift certificates,
pens, plaques, mugs, and other items.
One of the most popular awards at First Data is called the "Fat Cat Award" that
consists of: $500 gift check Professional portrait of the employee
Appreciation letter from the CEO and senior management
E-mails, phone calls, and notes from peers
In addition to nonmonetary rewards, employees can be rewarded using money
in numerous ways. Cash is a welcome motivator and reward for improving
performance, whether at formal meetings or on the spot. Variable bonuses
linked to performance are another popular reward strategy. Profit sharing and
pay-for-skills are monetary bonus plans that both motivate individuals and
improve goal achievement. Small acts of recognition are valuable for employee
daily Retention. Sometimes a personal note may mean more than a generic
company award.
In one survey, employees cited the following as meaningful rewards (Moss,
2000):
What gives meaning to rewards and recognition? What makes them effective?
First, rewards and recognition should be based on a clear set of standards, with
performance verifiable or observable. The standards for the reward should also
be achievable. If the reward is based on an unachievable result, such as a
production goal that is beyond employees' power, then those employees will not
be motivated. Meaningful rewards and recognition that are achievable have the
greatest impact.
Variables
No of respondents
No of respondents
in %
Excellent
30
60%
Good
15
30%
Average
10%
Poor
0%
CHART-1
Job environment and Working conditions
Average Poor
0%
10%
Excellent
Good
30%
Good
Excellent
60%
Average
Poor
INTERPRETATION
The above graph reveals that 60% of the employees feel that job environment
and working conditions are excellent ( i.e they are absolutely satisfied).30% of
the employees feel that job environment and working conditions are good (i.e
they are satisfied).10% of the employees feel that job environment and working
conditions are average(i.e they are partially satisfied). 0%( i.e none of the
employees feel job environment and working conditions are poor).
TABLE-2
PERCEPTION ABOUT THE GROWTH AND SECURITY OPPORTUNITIES
Variables
No of respondents
No of respondents
in %
Excellent
25
50%
Good
10
20%
Average
15
30%
Poor
0%
CHART-2
INTERPRETATION
The above graph reveals that50% of the employees feel that the
growth and security opportunities are Excellent that is they are absolutely
satisfied.20% of the employees feel that the growth and security opportunities
are Good that is they are satisfied.30% of the employees feel that the growth
and security opportunities are Average that is they are partially satisfied.0% i.e
none of the employees feel that the growth and security opportunities are Poor.
TABLE -3
OPINION ABOUT THE CAREER-PLANNING PROGRAM IN THE ORGANIZATION
Variables
No of respondents
No of respondents
in %
Excellent
20
40%
Good
20
40%
Average
10
20%
Poor
0%
CHART-3
INTERPRETATION
The above graph reveals that40% of the employees feel that the
growth and security opportunities are Excellent that is they are absolutely
satisfied.40% of the employees feel that the growth and security opportunities
are Good that is they are satisfied.20% of the employees feel that the growth
and security opportunities are Average that is they are partially satisfied.0% i.e
none of the employees feel that the growth and security opportunities are Poor.
TABLE-4
Variables
No of respondents
No of respondents
in %
Excellent
25
50%
Good
10
20%
Average
15
30%
Poor
0%
CHART-4
INTERPRETATION
The above graph reveals that50% of the employees feel that the
growth and security opportunities are Excellent that is they are absolutely
satisfied.20% of the employees feel that the growth and security opportunities
are Good that is they are satisfied.30% of the employees feel that the growth
and security opportunities are Average that is they are partially satisfied. 0% i.e
none of the employees feel that the growth and security opportunities are Poor.
TABLE-5
OPINION ABOUT THE PROMOTION SYSTEM IN THE ORGANIZATION
Variables
No of respondents
No of respondents
in %
Excellent
10
20%
Good
25
50%
Average
10
20%
10%
Poor
CHART-5
INTERPRETATION
The above graph reveals that20% of the employees feel that the
growth and security opportunities are Excellent that is they are absolutely
satisfied.50% of the employees feel that the growth and security opportunities
are Good that is they are satisfied.20% of the employees feel that the growth
and security opportunities are Average that is they are partially satisfied. 10%
i.e none of the employees feel that the growth and security opportunities are
Poor.
TABLE-6
ABLE TO LEARN AND ACQUIRE NEW SKILLS IN THE ORGANZATION
Variables
No of respondents
No of respondents
in %
Excellent
25
50%
Good
15
30%
Average
10
20%
Poor
0%
CHART-6
INTERPRETATION
The above graph reveals that50% of the employees feel that the
growth and security opportunities are Excellent that is they are absolutely
satisfied.30% of the employees feel that the growth and security opportunities
are Good that is they are satisfied.20% of the employees feel that the growth
and security opportunities are Average that is they are partially satisfied. 0% i.e
none of the employees feel that the growth and security opportunities are Poor.
TABLE-7
STEPS TAKEN FOR JOB ENRICHMENT FOR EMPLOYEES
Variables
No of
No of respondents
respondents in %
Deliberate upgrading of
responsibility
10
20%
14
28%
20
40%
12%
CHART-7
INTERPRETATION
The above graph reveals that 20% of the employees feel that Job
Enrichment will lead to deliberate upgrading of responsibility. 28% of the
employees feel that Job enrichment will widen the scope of activities.40% of the
employees feel that Job Enrichment will set challenges in work.12% of the
employees feel that Job Enrichment will give exposure to variety of jobs.
TABLE -8
PURPOSE OF JOB DESIGN AND GOAL SETTING IN THE ORGANIZATION
Variables
No of
respondents
No of respondents in
%
14%
18
36%
10%
20
CHART-8
40%
INTERPRETATION
The above graph reveals that14% of the employees feel that Job
Design and Goal setting will facilitate work flow. 36% of the employees feel that
Job
Design
and
Goal
setting
will
lead
to
effective
co-ordination
and
integration.10% of the employees feel that Job Design and Goal setting will lead
to positive impact on employee satisfaction.40% of
the employees feel that all the above three factors are important for Job Design
and Goal setting.
TABLE-9
PERCEPTION ABOUT INTEGRATION OF JOB, CAREER, FAMILY LIFE AND LEISURE
TIME
Variables
No of respondents
No of respondents
in %
Excellent
20
40%
Good
25
50%
Average
10%
Poor
0%
CHART-9
INTERPRETATION
The above graph reveals that 40% of the employees feel that the
integration of job, career, family life and leisure time are excellent that is they
are absolutely satisfied.50% of the employees feel that the integration of job,
career, family life and leisure time are good that is they are satisfied.10% of the
employees feel that the integration of job, career, family life and leisure time are
average that is they are partially satisfied.0% i.e none of the employees feel that
the integration of job, career, family life and leisure time are poor.
TABLE -10
OPINION ABOUT THE LEAVES PROVIDED BY THE ORGANIZATION
Variables
No of respondents
No of respondents
in %
Excellent
10
20%
Good
35
70%
Average
10%
Poor
0%
CHART-10
INTERPRETATION
The above graph reveals that20% of the employees feel that the
leaves provided by the organization are excellent that is they are absolutely
satisfied.70% of the employees feel that the leaves provided by the organization
are good that is they are satisfied.10% of the employees feel that the leaves
provided by the organization are average that is they are partially satisfied.0%
i.e none of the employees feel that the leaves provided by the organization are
poor.
FINDINGS
It is found out that, 40% of respondents are aware of HR Policies and 60 %
of respondents are not aware of HR Policies.
It is found out that, 76% of respondents are getting right amount of accurate
information at right time and 24% of respondents are not getting right amount
of accurate information at right time.
It is found out that, 82% of respondents are able to meet superiors
expectation and 18% respondents are not able to meet superiors expectation.
It is found out that,57% of respondents feels that there pay is on par with
compare to employees handling similar responsibilities, and 39% of
respondents feels that there pay is less with compare to employees handling
similar responsibilities.
It is found out that, 70% of respondents are satisfied with hygiene and
cleanliness of company infrastructure and 30% of respondents are not satisfied
with hygiene and cleanliness of company infrastructure.
It is found out that, 40% of respondents are satisfied with Availability of
system, storage facilities of company and 60% of respondents are not satisfied
with Availability of system, storage facilities of company.
It is found out that, 78% of respondents skills are recognized by superiors
and 22% of respondents skills are not recognized by superiors.
It is found out that, 74% of respondents feel that superiors are taking efforts
to motivate them and 26% of respondents feel that superiors are not taking
efforts to motivate them.
It is found out that, 83% of respondents feel that workload is manageable
and 10% of respondents feel that workload is very hard to manage.
It is found out that,55% of respondents feels that the field worker are able to
get updates on internal activities, and 45% of respondents feels that the field
worker are not able to get updates on internal activities.
It is found out that, 89% of respondents feel that the superiors are easily
accessible and 11% of respondents feel that the superiors are not easily
accessible.
It is found out that, 51% of respondents feel that their complaints are
resolved quickly and 49% of respondents feel that their complaints are not
resolved quickly.
From weighted Average analysis it is found that most of the respondents are
satisfied with the working hours of the organization
From weighted Average analysis it is found that roles & responsibilities are
clearly defined by the Reporting heads.
From weighted Average analysis it is found that employees feel that their
superior's commitment towards job is good.
From weighted Average analysis it is found that respondents feel that
training and orientation programs are neither good nor bad.
From weighted Average analysis it is found that most of the respondents are
satisfied with job.
From chi-square it is found that there is a significant relationship between
Work Culture of the Company and interpersonal relationship between
employees.
SUGGESTIONS
proper
training should be given.
Conclusion
Retention is an important concept that has been receiving considerable attention
from academicians, researchers and practicing HR managers. In its essence,
Retention comprises important elements such as the need or content, search and
choice of strategies, goal-directed behaviour, social comparison of rewards
reinforcement, and performance-satisfaction. The increasing attention paid
towards Retention is justified because of several reasons. Motivated employees
come out with new ways of doing jobs. They are quality oriented. They are
more productive.
Any technology needs motivated employees to adopt it successfully. Several
approaches to Retention are available. Early theories are too simplistic in their
approach towards Retention. For example, advocates of scientific Management
believe that money is the motivating factor. The Human Relations Movement
posits that social contacts will motivate workers. Mere knowledge about the
theories of Retention will not help manage their subordinates. They need to
have certain techniques that help them change the behavior of employees.One
such technique is reward. Reward, particularly money, is a motivator according
to need-based and process theories of Retention. For the behavioral scientists,
however, money is not important as a motivator. Whatever may be the
arguments, it can be stated that money can influence some people in certain
circumstance. Being an outgrowth of Herzbergs, two factor theory of
Retention, job enrichment is considered to be a powerful motivator. An enriched
job has added responsibilities. The makes the job interesting and rewarding. Job
enlargement refers to adding a few more task elements horizontally. Task
variety helps motivate job holders. Job rotation involves
shifting an incumbent from one job to another.
Recommendations
1. Develop an attractive employee value proposition.
An employee value proposition means that your company has something
attractive to offer that is perceived as valuable to an employee. as an employer,
you must understand what makes your organization attractive to potential
recruits and current employees. Branding yourself as an employer of choice is
not just a slick set of marketing tactics. The best advocates for an employers
brand are its current employees. What messages do they send to others about
their employer? Are they honestly saying and believing that, This is a great
place to work.
2. Create a total reward structure that includes more than compensation.
Every company should have all the normal compensation mechanisms common
to their type of employment. yet, total rewards packages go far beyond money.
While money might temporarily retain employees, it does not always equate
with engagement. People want a chance to make a difference and realize
themselves. That self-realization is multi-dimensional and different for each
employee. The total reward structure should include, in addition to
compensation, support for employees to attain their personal objectives aligned
with the goals of their organization.
3. Give feedback on employee performance on a regular basis.
Most managers and employees are not enamored with the performance appraisal
process in their organization. yet, an effective performance management process
serves many purposes. Ongoing performance feedback allows employees to
better know where they stand, gives them a formal means to provide input,
indicates that their managers pay attention to them and that their performance
matters. This feedback contributes to employee engagement and retention.
BIBLIOGRAPHY
BOOKS
Human Resource Management C.B.Memoria
Research methodology C.R.Kothari
Journals, Newspaper and Internet
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