Poject on Retention

8/9/2019 Poject on Retention

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INSTITUTE OF ENGINEERING

AND MANAGEMENT

(KOLKATA)

Project Report On

RETENTION at OPUSEstates

Submitted By:

ANWESHA

CHATTERJEE

BBA(H)-3rd year

Roll no:071042050049

Registration no:071042050201049

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Approval form

Name of the student: AnweshaChatterjee

Address: 99A KUMAR PARA LANE KASBAKOL-42Institute: Institute of Engineering&Management

University:West Bengal University of

TechnologyRegistration No: 071042050201049

University Roll No:071042050049

Project Title :Retention at OPUS

Estates

Duration: April-May 2010.

Project Guide: Miss Shrija Bhadra

Signature of the student : -

Approved By :- Miss Shrija Bhadra

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Designation of the approvingauthority:-Lecturer

INDEXTABLE OF CONTENTS

Serial

No.Topic Page

No.1 Approval form 22 Acknowledgement 43 Preface 54 Details On GCJ Group 85 About OPUS ESTATE 126 Retention at OPUS 227 Introduction on Retention 258 Importance of Retention 289 Employee Retention strategies 33

10 Research Methodology 3611 Analysis & Interpretation 3912 Master Graph 6013 Findings 6114 Suggestions 6715 Annexure/Questionnaire 6916 Bibliography 72

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ACKNOWLEDGEMENT

It gives me great privilege and honour to offer thanks to all thosewho

helped me in my project. I would like to extend my sincere thanksand

gratitude to my project guide Miss. Shrija Bhadra for acting asa 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. AshokJaiswal for

granting me the permission to carry out the survey on his

esteemed

organization showing keen interest in the study and for givingtheir

valuable suggestions from time to time, as and when requiredand also for

rendering all possible help during the time when the study was

conducted.I express my cordial thanks and acknowledgements to all mycolleagues

and employees for taking out time from their busy schedule andproviding

me with relevant information, which contributed significantly inmy

project analysis and increased my knowledge in a totally newsphere. It

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was great interacting with the customers of various frequenciesand

learning from their experiences.

PREFACE

In spite of the theoretical knowledge gained through classroomstudy, 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.

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.

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As employees are the bases for company so retention ofemployees is a

major focus for HR department. The management should identifythe

important factors that affect retention and should take necessary

measuresto improve these. Also, the management should take appropriatemeasure

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 thecorporate

hierarchy that has ideas, it is the employees rung that has thechisel to

bring the vision to life. In the best of worlds, employees would

love their

jobs. Like their co-workers, work hard for their employers, getpaid well for

their work, have ample chances of advancement and flexibleschedules so

they could attend to personal or family needs when necessary.And never

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leave.

But then theres the real world. And in the real world,employees, do,

leave, either because they want more money, hate the workingconditions,

hate their co-workers, want a change, or because their spousegets a dream

job in another state. Unlike inanimate products and systems thatsubject

themselves to fine tuning without any reaction, employees wouldnot

subject themselves to any measure taken without reaction andanalysis.

Hence managing human resources, particularly retaining them, isan art

that calls for special skills and strategies.

Employee survey and exit interviews can be used forassessing the

reasons of employee voluntarily leave. HR interventions such as

improving

selection process, effective orientation and training, betteremployee

relation, better career development programs and planning etcshould be

used to improve employee retention.

The top organizations are on the top because they valuetheir

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employees and they know how to keep them glued to theorganization. So

it can be rightly concluded that all leading business houses are on

the vergeof improvising their retention strategies. Thus I also wanted toendeavor

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

established an outstanding record in uncovering opportunities indiverse

industries. In a track record spanning five decades, themultifaceted group

has set benchmarks in business areas like iron and steel,

telecommunication, information technology, weighment, cementand real

estate.

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Proven Record In Serving

Customers

In the process it is privileged to collaborate with many reputed

multinationals from Italy, France, U.K., Japan and Korea, as well as

some

of the pioneering Indian companies. It has been acknowledged as

a

National Strategic Partner for leading companies from France and

Italy. Since inception the guiding principle of the GCJ Group has

been to

create true value for its stakeholders and to maintain a

transparent and

unbiased relationship with all. The client focused business model

helps

Group companies to deliver optimum solutions to customers and

stay

ahead of the constantly changing consumer demands and

preferences. It is

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a leader and pioneer in its many fields of endeavor.

Group StrengthsThe GCJ Group of companies brings together a talentedprofessional team

backed by technology and finance. A congenial work cultureencourages

talent and innovations. Respect for individual initiative, effective

manpower utilization, smart working and the multifarious

products and environments, make working for the GCJ Group thefirst

choice for people with ideas.

Vision: -

To be the first preference of people with ideas

Key Assets

Organizational goodwill.

Land & Building assets across India.

Good management and financial strength.

Strong market penetration.

Trained and qualified professionals.

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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

ESTEEMED CLIENTS of

GCJ GroupALCATEL ARCHIES

VODAFONE BIG BAZAR

AIRTEL COOKIE MAN

MOTOROLA SHOPPERS STOP

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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 MANAGEMENTINSTITUTE

WRANGLER KAYA SHIN CLINIC

CAF COFFEE DAY STATE BANK OF INDIA

CHANDRANI PEARLS HDFC BANK

MAYFAIR MODI CARE

SPENCERS ADITYA BIRLA GROUP

AIR HOSTESS ACADEMY MUTHOOT FINANCE

About OPUSThe Group has made significant investments in real estate. Theexperience

ranges from building steel yards to erecting shopping malls and

residential complexes. As a consequence it has also acquiredexpertise in

Marketing Projects, Consultancy, Strategic Advice and Portfolio

Management. Opus is the latest initiative by this aggressive,

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multidimensional Group to create a positive difference in the realestate

marketing space. Opus is a multifaceted, multitalented and

multitaskingprofessional partner.

For the real estate industry, this is an age of uncertainty. Buyersneed 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 bymany

difficult challenges. Professional marketing expertise is the needof the

hour but it requires a mastery of many dimensions.

Opus provides the marketing mastery. They bring together thehardware

and brain ware to turn real estate projects into marketingsuccesses. Their

network reaches even unreachable places. Their database drivenmodel

efficiently reaches the target buyer. Their people have thetraining and

experience to turn prospects into customers by effectivelyinterpreting their

desires. They can fit the developers projects to customer needswith

professional last mile services. Opus is a company that believesin

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relationships based on integrity, transparency, courtesy andcommitment.

Whether you are a buyer or seller, they strive to be a reliablepartner who

counsels and guides at every step. In Opus one can trust upon.

The ProfessionalDimensionIn the real estate industry, paradigms have been shifting rapidly.It is

shifting from building structures to need fulfillment, from sellingto

marketing. The focus today is on the customer, his dreams andaspirations.

Opus is the multifaceted, multitalented and multitaskingprofessional

partner.

Their expertise spans from interpreting the shifting paradigms todevising

innovative marketing strategies. They specialize in exploring themany

dimensions of space marketing project planning or customerprogrammes,

database marketing or mass advertising, they expertise to ensurethat 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.

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The Service Dimension

Opus Customer Focus

Of the many dimensions of real estate, marketing is often mostesoteric. In

the prevailing market condition it requires high degree ofprofessional

training to convert prospects into customers. For customers too,the

plethora of choice, the complexity of local conditions and thepitfalls of law

make buying fraught with uncertainties. Expert advice is the needof the

day.

Opus Estates provides the expert edge to serve the needs ofbuyers and

sellers. With over three decades of combined experience in thereal 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

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credentials in the real estate industry, as well as enviableresources and

experience to implement the service pledge. Integrity,transparency and

high ethical standards have been the guiding principles of the GCJway of

doing business. Their team of highly experienced marketingprofessionals

help developers to chalk out effective marketing programmers todeliver

time-bound results.

Aligned To Customer Needs

For Opus Estates, customer service is the principal product andthey fulfill

several vital roles in real estate marketing serving key players

withspecialist knowledge, resources and support systems that set new

benchmarks for the real estate industry.

For real estate developers they serve as experienced servicepartners who

can be entrusted to conceive and implement marketingprogrammers and

advertising campaigns. As an external agency, they bring anobjective

perspective to developments and markets to enable effectivesolutions. For

multinationals and Indian corporate, they combine a nationwidenetwork

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with local level knowledge to sterile the best commercialproperties for

office and retail, as theyll as residences for transferredexecutives.

Relationship with developers enables to facilitate negotiationsquickly and

competently. For individual homebuyers, they provide calibratedstep-by-

step support throughout the purchase process. They evaluate the

comparative merits of property options in the context of thebuyers needs

to find the best fit. They also provide guidance on legal andfinancial issues

to make the transaction easier.

The Service Range

Project Consultancy{For international companies, investors and developers}

Advice on acquisition of land at strategic locations. Inter cityevaluation.Project design and phase planning. Project launch strategies.

Commercial Property

{For MNCs and Indian companies}

Research, analysis and identification of potential areas forpropertyacquisition, Project budgeting and planning. Advice on expansionplans. Space search for retail, offices, warehouses, land, etc.

Home Search{For seekers of residential property}

Information on land, flats, bungalows, penthouses, etc. in citiesacross

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the country. International Properties. NRI services for expatriateclients.

Investment Services

{For financial investors}

Assessment of property requirements. Portfolio investment andROI 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.

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

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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.

The Resource Dimension

Synergy Of Skills And Systems

As a part of the GCJ Group, Opus Estates brings together the rich

experience of working for various sectors. Their strength lies in

understanding customers based on their interactions acrossmarkets

including the highly competitive telecom sector where totalcustomer

satisfaction is mandatory. Marketing expertise, information

systems,database marketing, enquiry management, expert advice

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Opus consolidates many resources to make every task easier.They recruit

motivated achievers, hone their skills through regular, well-

formulatedtraining programmes and provide personnel with ongoing supportand

education needed to excel. Their proprietary computer-basedsystems

contribute to information handling, service efficiency and speed.

Officesacross the country demarcate their resource spread. In planningmarketing

programmes they focus on each property as an individual productand

tailor the plan to fit the needs of the target audience. Theirmarketing and

advertising specialists help developers to customize each productfor its

target audience. They complement the developers resources inmanpower

and time to give a selling edge to their projects. For customersthey offer a

variety of services to cover the property life cycle ranging fromexpert

advice to deal facilitation to professional management ofproperty.

Enquiries are segregated in three categories -- Land, Residentialand

Commercial -- for attention by specialized departments. Highlytrained

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property advisors with micro-knowledge of projects and marketsspare no

effort in satisfying the customers requirements. The accent is on

meetingneeds not in coaxing customers into accepting a property that isnot

suitable. They believe in building long term relationships.

The Process Dimension

Maximizing Sales Probabilities

The marketing process calls for several systematic steps toidentify and

win a customer, and subsequently satisfy his investment andlifestyle

needs.

Opus Estates marketing model covers the following key steps.

Database Management

Opus Estates maintains an exclusive list of potential buyers andproperty

investors. The large database means considerable savings in costand time.

To generate enquiries a regular direct mail and email programmeis

undertaken with telephonic follow up.

Advertising & PR

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They provide expert advice on advertising, public relations andmedia

planning to ensure efficient use of advertising spends. Theirexperts

facilitate the creation of press ads, brochures, audio-visuals,theybsites and

other publicity materials. They also provide expert handling ofproject

launches, property exhibitions, road show promotions andcelebrity

management.

Enquiry Handling

Their property advisors undergo weeks of rigorous training to bewell

versed in the nuances of real estate. They provide courteous,

clear andinformed responses to customer queries, in person or on thephone. They

understand what the customer wants and use their marketknowledge to

satisfy it.

Transaction Support

Once a customer has selected his property, various legal andfinancial

aspects have to be dealt with. They help to arrange mortgagefinance

through popular banks, handle the necessary paperwork, providetax

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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 servicesinclude

assisting customers furnishing their homes, arranging tenantsand, if

necessary, maintaining the property in their absence.

Differential Advantage

Opus comprises a team of educated, committed and provenprofessionals

with successful record. Integrity, transparency, knowledge and

responsibility are the cornerstones of their dealings.

Manpower

Their marketing team has people from highly competitive

telecommunication, FMCG and advertising industries. Theirexpertise in

dealing with customers of varied segments and continuouslychanging

preferences along with the ability to respond to market dynamics

effectively and swiftly gives us an unbeatable edge in marketplanning and

execution.

Structure

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Customer service is divided into various verticals such asResidential,

Commercial, Land and Exclusive Projects. Each vertical is backed

byexcellent internal knowledge management systems to facilitateefficient

customer servicing. The process driven working structure isgeared for

information flow among all concerned.

Support

The robust and disciplined internal support system helps us to behighly

efficient, professional, consistent and quick on delivery. Theyprovide

direct support of time-critical issues via help desk service. The

ClosingDesk ensures clients have access to dedicated problem-solverswhenneeded.

Retention at OPUSThe GCJ Group has been functioning in the Indian Industry for

over

decades now and has reached new heights. It has been madepossible for

the sheer dedication and unparallel efforts put in each and everyemployee

of this group. OPUS, their new initiative, is also moving at a fast

pace

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towards success. The major reason for this rapid growth lies intheir

workforce and how they retain it. The employees are providedwith a

comfortable working environment to work in. This motivates themto

work hard and perform. The aspects of security for the femaleemployee

are specially taken care of.

Most of the employees have target-oriented jobs. This act asanother

motivational factor. The employees strive to reach the target andthus end

performing better and better. This ultimately works in favor of the

company but the management never forgets to reward the oneswho have

performed. In case of any outstanding performance they areappreciated

through special gifts.

If someone is a consistent performer he/she is felicitated with

opportunities of growth and promotion. Permission for temporaryleave is

granted as and when required based on a justified reason andoverwork is

adjusted through a day off. No penalty is charged for coming lateon any

day if it is priorly informed.

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The employees are often involved in the business activities andfresh and

new ideas are openly praised. The management tries to maintaina

transparent work culture so that no employee fall prey to theoffice politics.

There is a HR manager available who looks after the issues andproblems

faced by any employee and tries to redress it as soon as possible.The

employees if not satisfied may always opt for a discussion withthe

management.

In such a case, when an employee is on the verge of leaving the

organization, the management arranges for the exit interview.This gets

conducted with the prior intention of knowing the reason ofleaving 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 willbe able to

rectify its mistake and secondly it may hold back a valuableemployee of

the organization.

Finally it can be penned down that the rate of attrition is very lowin this

organization. There is immense job security for all of them who

work hard

and honestly. Thus it is very evident that the retention strategies26


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formulated by the organization are praiseworthy and willultimately result

in being helpful for the stability of its growth.

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 thecauses, so the fail. Preventive measures are either not in place or

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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

dont have good opportunities in hand. As soon as they feel

dissatisfied with the current employer or the job, they switch over

to the next job. It is the responsibility of the employer to retain

their best employees.

Definition

Employee retention is a process in which the employees areencouraged 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 theyll as the

employee.

Employee retention refers to policies and practices

companies use to prevent valuable employees from leaving their

jobs

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Factors that affectEmployee retention:- Shifting markets

Demands for specific skills

Business conditions

Demographics Lifestyle changes

Technology issues

Trends in work life decision as employees needs change

What makes an Employee

leave? Employees do not leave an organization without any significant

reason. There are certain circumstances that lead to their leaving

the organization.

The most common reasons can be:

Job is not what the employee expected to be: Sometimes

the job responsibilities dont come out to be same as expected by

the candidates. Unexpected job responsibilities lead to job

dissatisfaction.

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No growth opportunities: No or less learning and growth

opportunities in the current job will make candidates 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.

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 EMPLOYEERETENTION

Now that so much is being done by organizations to retain

its employees why is retention so important? Is it just to reduce

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the turnover costs? The answer is a definite no. Its 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 companys 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,

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 aresevered, 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. Theunspoken negativity often intensifies for the remaining staff.

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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.

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, providingrecognition, 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 involvingthe 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 inLove

them or lose them

Employees today are different. They are not the ones who donthave good

opportunities in hand. As soon as they feel dissatisfied with thecurrent

employer or the job, they switch over to the next job. It is theresponsibility

of the employer to retain their best employees. If they dont, theywould be

left with no good employees. A good employer should know howto 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 RetentionStrategies

The basic practices that should be kept in mind in the employee

retention strategies are:

Creating a Motivating Environment: Team leaders who

create motivating environments are likely to keep their members

together for a longer period of time. Motivation does notnecessarily 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 theyshould. 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 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

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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 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 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 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 limitationsof 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.

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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 thatthe research can only describe the state of affairs existing at

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present in the organization. The main feature of this method is

that the researcher has no control over the extraneous variables

called the respondents as they are going to interview the

employees of the organization in order to perform study. They

can only report what happened or what is happening. In social

science and business research, they quiet often use the terms

ex-post facto research for descriptive research studies, the

researcher can discover and describe the causes for various

situations but they cannot control the situations.

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.

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SECONDARY DATA

Secondary data are those which have already been

collected by someone else and which have already been passed

through the statistical process. The Secondary data consist ofreality 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 PERCENTAGE

20-30 12 6030-40 5 25

40-50 3 15

TOTAL 20 100.0

Graph 1

Inference:

From the above graph, it is observed that 60% of the

respondents are aged between 25-30 yrs, whereas 25% is aged

between 30-40 yrs and only 15% is between 40-50 yrs of age. This

clearly signifies the workforce is fresh and dynamic at very tender

age.

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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


Compensation 1 5

Rewards &Recognition 1 5

Job Security 6 30

Relationship 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 rest 60% have admitted the relationship they

share within the organization acts as a key factor of holding them

back in this place.

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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


Job is challenging 10 50

Skills are effectively used 3 15

Work load is reasonable 4 20

Work environment is safe 3 15

TOTAL 20 100.0

Graph 3

Inference:

From the above graph, it is observed that 50% of

respondents strongly have accepted that the job they are

assigned is challenging while 15% respondents have accepted

that their skills are effectively used. Another 20% respondents

have admitted that their workload is reasonable while the rest

15% respondents have pointed that it is the safe working

environment that has a huge impact on the work.

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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


Yes 15 75

No 5 25TOTAL 20 100.0

Graph 4

Inference:

From the above graph it is found out that 75% of the

respondents have admitted that the organization do involve them in

the decision making process while the rest 25% have admitted that

they are not involved in any decision making process.

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5. Employees are satisfied with the career development at theorganization

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


Very Satisfied 3 15Satisfied 12 60

Dissatisfied 2 10

Very dissatisfied 3 15

TOTAL 20 100.0

Graph 5

Inference:

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

accepted that they are satisfied with the career developmentopportunities

that are provided in the organization But 25% respondents havepointed that they are

dissatisfied and differs in this respect.

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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


Level of challenge

&responsibility3 15

Career development

opportunities 14 70

Compensations &benefits 3 15

TOTAL 20 100.0

Graph 6

Inference:

From the above graph, it is observed that 70% of the respondents

have accepted that the employees stick to an organization for the

career development opportunities that are offered to them while

another 15% have admitted it is for the level of challenge and

responsibility that make them stick to their current job profile .The

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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 andresponsibility 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 outany such

possibility.

Table 7


Very satisfied 3 15

Satisfied 12 60

Dissatisfied 2 10

Very dissatisfied 3 15

TOTAL 20 100.0

Graph 7

Inference:

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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 forthe

employees in any organization. It is very important that anorganization provide its

workforce with all such facilities. This question will provide anoverview whether

such facilities are provided in this organization.

Table 8

DIMENSIONS NO.OF RESPONDENTS PERCENTAGEYes 14 70

No 6 30

TOTAL 20 100.0

Graph 8

Inference:

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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


Strongly agree 3 15

Agree 14 70

Disagree 2 10Strongly disagree 1 5

TOTAL 20 100.0

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Graph 9

Inference:


respondents have accepted that their services are effectively andefficiently utilized while the rest 15% have not agreed upon this

point.

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10. The Training & Development provided by the organization help to

increase the individual performance

Introduction:

This question is to identify whether the training and development

programmes initiated by the organization are of any help to the

employees.

Table 10


Strongly agree 3 15

Agree 11 55Disagree 2 10

Strongly disagree 4 20

TOTAL 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.

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11. The specific retention problems in the company.

Introduction:

Retention may turn out to be a major issue in any organization.

The question is incorporated to find if there is any specific

retention problem in an organization.

Table 11


Yes 2 10

No 18 90

TOTAL 20 100.0

Graph 11

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.

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12. There is stress due to overwork

Introduction:

Burdening the employees with workload and immense pressure isstrictly against the

Human Resource Norms, which also include any kind of physical ormental stress.

This question will help to figure out whether there is stress due toheavy workload or

pressure. Table 12


YES 10 50

No 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

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respondents have admitted to this fact that there is stress due to

overwork. While the rest 50% have denied such possibilities.

13. Employees are recognized and praised suitably by the organization.

Introduction:

The employee recognition and praising plays an important role in

motivating the employees. So proper recognition should be given to

the employees according to their performance. This question is to

identify whether they are recognized or not.

Table 13


YES 14 70

No 6 30

TOTAL 20 100.0

Graph 13

Inference:


respondents have accepted that they have been recognized and

rewarded suitably by the organization for their performance as

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

statement.

14. Employees receive adequate support while doing their job.

Introduction:

At the time when an employee is assigned with a new job or a morechallenging one

it is necessary to render him support so that he can perform welland yield better.

This question will help us figure out whether such facilities are

provided in the

organization. Table 14


YES 16 80

NO 4 20

TOTAL 20 100.0

Graph 14

Inference:


respondents have accepted that they do receive adequate

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

agreed upon this statement.

15. Employees are happy with the performance appraisal system in the

company.

Introduction:

Organizations have performance appraisal system, which helps

employees to evaluate themselves hence getting a boost to

better their performance. This is truly motivating and immensely

essential.

Table 15


YES 12 60

NO 8 40

TOTAL 20 100.0

Graph 15

Inference:

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From the above graph, it is observed that 60% of

the respondents strongly have accepted that they are happy with

the performance appraisal system in the company while the rest

40% have not agreed upon this fact.

16. Proud of working with OPUS Estates

Introduction:

OPUS ESTATES is one of the major real estate marketing

industries. This question is to identify how they feel working

with GCJ group and being a part of OPUS Estates

Table 16


YES 15 75

NO 5 25

TOTAL 20 100.0

Graph 16

Inference:-

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Graph 17

Inference:-From the above graph, it is observed that 55% of

the respondents have accepted that the jobs they are assigned

with turned out to be like the ones they had expected. But the

rest 45% begs to differ at this point.

18 Organization provides health, accident and insurance policy to the

employees

Introduction :61


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The life is not guaranteed to anyone. So every employee needs the

Insurance policies. This question is to identify whether the

employees are provided with health, accident and insurance policy.

Table 18


YES 2 10

NO 18 90

TOTAL 20 100.0

Graph 18

Inference:


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.

19 Organization provide leave facility according to the rules to theemployees

Introduction:

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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


YES 6 30

NO 14 70

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.

20. Organization provides medical facility as and when needed.

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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


YES 4 20

No 16 80

TOTAL 20 100.0

Graph 20

Inference:


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.

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Introduction:

Often it may so happen that a particular person recruited for aparticular 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 rightperson for the right

job.Table 21


YES 13 65

NO 7 35

TOTAL 20 100.0

Graph 21

Inference:

From the above graph it is observed that 65% of the

respondents have agreed on this fact that the management

employs right kind of people for the right job, but the rest 35 %

feels that the management is not always correct in employing the

right person.

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Findings1. From the graph 1, it is observed that 60% of the respondentsare aged

between 25-30 yrs, whereas 25% is aged between 30-40 yrs andonly 15% is

between 40-50 yrs of age. This clearly signifies the workforce isfresh and

dynamic at very tender age. But a major concerning fact hiddenwithin this

is that there is a lack of experience among them. For efficientoperation

experience is essential.

2. From the graph 2, it is observed that 5% of the respondentshave

accepted that they are associated to this company for thecompensation

they are offered while another 5% respondents have said it is forthe

rewards and recognition.6% respondents have said it is for the jobsecurity

they are with the company while the rest 60% have admitted the

relationship they share within the organization acts as a keyfactor of

holding them back in this place. Thus it can be figured that thecompany

does have grounds to hold their employees back.

3. From the graph 3, it is observed that 50% of respondentsstrongly have

accepted that the job they are assigned is challenging while 15%

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respondents have accepted that their skills are effectively used.Another

20% respondents have admitted that their workload is reasonablewhile the

rest 15% respondents have pointed that it is the safe workingenvironment

that has a huge impact on the work. Thus it can be summed upthat the

employees are satisfied with their work and work environment.

4. From the graph 4, it is found out that 75% of the respondents

haveadmitted that the organization do involve them in the decisionmaking

process while the rest 25% have admitted that they are notinvolved in any

decision making process. Since majority are accepting theirassociation at

decision making process this can surely be advantageous for the

organization as, through this employees feel important and thustheir

responsibility sense also increases.

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

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

respondentshave accepted they are moderately satisfied with the careerdevelopment

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. Thoughmajorities are

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accepting facilities of this sort but care should be taken for therest 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 individuals

preference.

7. From the graph 7, it is clear that around 60% of therespondents are

moderately and another 15% are highly satisfied with the level ofchallenge

and responsibility while the rest 15% of the respondents arehighly and rest

10% are moderately dissatisfied. Again for the dissatisfied classspecial

attention has to be poured in.


have accepted that they feel there are enough scopes of growthand promotion provided by the organization whereas the rest

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

unbiased manner.

9.From the graph 9, it is observed that 85% of the respondents

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

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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 therespondents have strongly and another 15% have moderately

agreed upon the point that the training provided by the

organization helps them to perform better whereas the rest 30%

does not posses the same notion and some strongly differ. The

reason for this difference in opinion has to be looked into because

this issue can lead to dissatisfaction among employees.

11. From the graph 11, it is observed that 10% of the

respondents are accustomed to

the basic retention problem that is brewing in the company

whereas the rest 90% of the respondents are clueless about such

problems.

12. From the graph 12, it is observed that a mixed response is

obtained in this particular case.50% of the respondents have

admitted to this fact that there is stress due to overwork. While

the rest 50% have denied such possibilities. So the 50% of the

employees who have actually admitted of having overt stress

should be dealt with. Such stress related issues strikes

dissatisfaction ultimately resulting to grievance.


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

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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

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

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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 employees 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

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 its 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.

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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. 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.

Suggestions Need to restructure companys policy and follow certainprocess 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 theoverall direction of the company.

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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 viatraining sessions, present actions, mentioning others &

flexible house Retention tips

Company should follow standard SDLC process

Implement good employment practices

Maintain healthy organizational climate

Proper training should be provided to employees according

to their skills

Provide medical and insurance policies to all its employees.

Grant leave facilities and holidays as per the HR norms.

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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?

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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?

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?

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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?

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?

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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

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

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3) MOHIT GUPTA, NAVDEEP AGARWAL, Social ResearchMethods, Kalyani Publishers

4) C R KOTHARI, Research Methodology, New ageinternational 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.com2) www.yahoo.com3) www.jomsagepub.com
http://epa.sagepub.com/cgi/content/abstract/27/4/309http://erx.sagepub.com/cgi/content/abstract/21/6/713http://www.google.com/http://www.yahoo.com/http://www.jomsagepub.com/http://epa.sagepub.com/cgi/content/abstract/27/4/309http://erx.sagepub.com/cgi/content/abstract/21/6/713http://www.google.com/http://www.yahoo.com/http://www.jomsagepub.com/

Poject on Retention

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