A STUDY ON EMPLOYEERETENTIONIN GENPACT,NOIDA

Submitted in partial fulfillment of the requirementsfor the award of the degree of

Bachelor of Business Administration (BBA)

To

Guru Gobind Singh Indraprastha University, Delhi

Guide: Submitted by:Ms. Sneha Sharma Arushi PAsst. Professor Roll No.:13624401712

Institute of Innovation in Technology & Management,New Delhi 110058Batch (2011-2014)

Certificate

I, Ms. Arushi P, Roll No. 13624401712 certify that the Project Report/Dissertation BBA-311) entitled A STUDY ON EMPLOYEE RETENTION is done by me and it is an authentic work carried out by me atGENPACT, NOIDA. The matter embodied in this project work has not been submitted earlier for the award of any degree or diploma to the best of my knowledge and belief.

Signature of the StudentDate:

Certified that the Project Report/Dissertation (BBA-311) entitled A STUDY ON EMPLOYEERETENTION done by Ms Arushi P, Roll No. 13624401712, is completed under my guidance.

Signature of the GuideName of the Guide:Designation:Date:

Countersigned(Director / Project Coordinator)

ACKNOWLEDGEMENT

I consider as a great privilege to thank all those people who helped me to complete this project work. I express my sincere thanks to the Institute of Innovation in Technology & Management. For giving me this opportunity to undertake the project work.

I am gratified to my project guide Ms. Sneha Sharma (Asst. Professor ), without her guidance and encouragement at all levels , the study wouldnt have been completed.

I express my profound thanks to, Ms. Sneha Sharma (Asst. Professor)for giving an opportunity to help me complete my project & giving me valuableadvice and guidance and sparing valuable time in clarifying various doubts raised by me.

ARUSHI P

Executive Summary

The project begins with the significance of Human Resource Management in todays corporate world. It signifies the increasing importance of HRM.Then it leads over to the employee turnover problem faced by the companies. It highlights the resource for the high turnover rate and the cost that this act adds up to the company.Then the project highlights the significance of employee retention to overcome the employee turnover problem.The project briefly covers the various areas where employee retention strategies are implemented namely recruitment, training and development, work culture, salary negotiation, compensation management, rewards and recognition and exit interviews. And at the end the report finally highlights various aspects which are To be considered for improvement of employee retention strategies.The retention of employees has been shown to be significant to the development and theaccomplishment of the organizations goals and objectives. Retention of Employees can be vital source of competitive advantage for any organization. This study attempted to explore the main factors that contribute to employee Retention existing in the private sector in Kuwait. The next paragraphs discuss the Background of the study by clarifying the theoretical framework for the main Problems with employee retention.

Chapter 1 Introduction

1. COMPANY PROFILEGenpact is a global leader in transforming and running business processes and operations, including those that are complex and industry-specific. Genpact stands for Generating Impactvisible in tighter cost management as well as better management of risk, regulations, and growth for hundreds of long-term clients including more than 100 of the Fortune Global 500 and of those, over 10 of the top 25. Our approach is distinctive: through an unbiased, agile combination of smarter process science, targeted technology and advanced analytics, we help our clients become more competitive by making their enterprises more intelligent: adaptive, innovative, globally effective, and connected to their own clients.

Genpact began in 1997 as a business unit within General Electric. This heritage has contributed to our deep understanding of process. As GE made Lean and Six Sigma pervasive, Genpact applied this same industrial engineering ethos to business processes operations for the first time. Built with single-minded passion for process science and operational excellence, Genpacts Smart Enterprise Processes (SEPSM) methodology focused on business impact while safeguarding costs and limiting initial investment igniting the global Business Process Outsourcing (BPO) services industry. In January 2005, Genpact became an independent company, bringing our process expertise and unique DNA in Lean Six Sigma to global clients. In August 2007 we became a publicly-traded company, (NYSE: G) growing rapidly from 32,000 employees and a revenue of US$823 million, to more than 65,000 employees and revenues of US$2.1 billion (2013). Bain Capital became Genpacts largest shareholder in November 2012 with the strategic objective to grow the company further.

Genpact has accumulated significant expertise over the past 16 years of specialized work with hundreds of enterprises. We remain loyal to our heritage of operational excellence as an extension of our clients business reflected by the best client satisfaction scores in the industry. Our experienced management team drives client partnerships personally and manages global operations in 25 countries around the world, with main offices in New York City where key executives and corporate functions are based.

1.1 INTRODUCTIONEmployee retention is not a question or debate but rather its the most important thing for any concern if its serious in long term business.Whats a business without people and how is it going to work if the required people arent there. The only and most important resource for any company is its people. Some people might have this misconception that this resource is less important than the other resources like money, materials and machinery. But we have all learned from all successful companies around the world that their success was and is due the most important M of all the other Ms and thats the manpower.

Well if we all know that people are the most important resource then why do we have this question that is Employee Retention required or not. I guess this question arised all around the world because of a very high figure of employee turnover.

So if we are able to stop this or at least know the answer to why there is such a high employee turnout we would know what it takes to retain the required people. I would like to put a lot of stress in the word required. This word needs to be understood by lot of people and especially the people in the top management believe who believe that there is not much difference in manpower requirement and material requirement and the irony is that in the later case, more emphasis is given to details & specifications. The reason I think why they are very particular about material specifications is because they can calculate the losses if they do not get the required material.Unfortunately and sadly they are unable to figure out the deep negative impact if they do not get the required people.

So how do we specify the required people? I think we can start with answering a few questions. What is the minimum desired output? Is it long term or short term? Are we capable of meeting his expectations or rather that his takeaway is above or below market rates? Are we ready to spend time and energy in grooming him and including him in the family? Yes, I believe that the employees of a company are like a family and it would benefit a lot of companies if they too agree. And the most important of all that, are we willing to be transparent enough for him to understand the company and its people. Are we willing to share with him the companies clear vision and mission and the long-term company strategies.

With the answers to the above questions we would be in a position to specify the required people to the HR dept. And with the present tremendous gap between demand and supply the HR dept. would not find it very difficult to find the required and right person. Well thats assuming that the HR dept. is competent enough to match the candidates long term career aspirations to the companies requirement. Well that can be a very tricky and difficult thing for the HR dept. But we all know that the HR depts. are trained and equipped with lot of tools to know the career aspirations of a candidate.2. Objectives of Study1) To know the importance attached to employee retention in todays corporate world.

2) Strategies employed by the company to improvise on the rate of employee turnover rates.

3) General problems faced by the companies while practicing employee retention.

3. Scope of the StudyThis project has been prepared with an intention to make one realize and understand the significance of employee retention.Employee retention has become a major goal of the organization. Initially recruitment was only talked about, but now in todays corporate world, recruitment has become just a part of HRM. Major importance is attached to employee retention.This project not only aims to present the theoretical aspects, but the practical aspects as well. A survey has been done to understand the strategies followed by various organizations to ensure Employee Retention.

Chapter 2 Research Methodology

RESEARCHMETHODOLOGYINTRODUCTIONThe information provided in this project has been collected from various sources. These include major informations downloaded from various articles through the Internet. And the matter was also acquired from the book Human Resource and Personal Management- 3 edition written by K. Aswathappa.The information collected has been diluted and presented in a very simple and lucid manner. This was done with an objective that even a layman should be able to understand the topics that I have dealt with.Research is the process of systematic and in-depth study or search for any particular topic, subject or area of investigation, backed by collection, compilation, presentation and interpretation of relevant details or data. Research methodology is a way to systematically solve the research problem. It may be understood as a science of studying how research is donescientifically.Research may develop hypothesis and test it. In it we study the various steps that are generally adopted by the researcher in studying his research problem along with the logic behind them. Research must be based on fact observable data forms a sound basis for researchinductive investigation lead better support to research finding for analysing facts a scientificmethodology of analysis must be developed and result interpreted logically.It is necessary for the researcher to know not only the research method or techniques but also the methodology. Thus, when we talk of research methodology we not only talk of theresearch methods but also consider the logic behind the methods we use in the context of our research study and explain why we are using a particular method or technique and why we arenot using others so that research results are capable of being evaluated either by the researcher himself or by others.Research problems would result in certain conclusions by means of logical analysiswhich the decision-maker may use for his action or solution.Research design:A research design is purely and simply the frame work plan for a study that guides thecollection and analysis of a data. In this study the researcher has adopted descriptive researchdesign.Descriptive research design:It includes surveys and fact finding enquires of different kinds. It simply describes somethingsuch as a demographic of employees. It deals with description of the state of offers as it is andthe researchers have no influence on the respondents.Data collection:Data collection is one of the most important aspects of research. For the success of any project accurate data is very important and necessary. The information collected throughresearch methodology must be accurate and relevant.

Methods of data collection:Primary Data Secondary DataPrimary Data: Data collected by a researcher is known as primary data. It is collected by a person for his own use obtained from findings. This is considered as firsthandinformation. This is that data which is collected by us to meet our own specific purpose.The data is collected by the means of questionnaire filled in by the employees at different posts of Nagpur area office. This method of data collection is very popular particularly in big organizations.Secondary Data:Secondary data means data that are already available i.e., they refer to data whichhas already been collected and analyzed by someone else. This type of data informationcan also be used by the researcher for his use as second hand information sources throughwhich secondary data can be collected. Secondary data may either be published data or unpublished data.The research approach:Survey MethodThe research instrument:QuestionnaireThe respondents:The employees of the organization.Sampling:It is the process of selecting representative subset of a total population for obtaining datafor the study of the whole population the subset is known as sample. The sample size is selectedfor the study 100 employees. The techniques of sampling unit in this study are conveniencesampling.Convenience sampling:In this method the sample units are chosen primarily on the basis of the convenience tothe researcher.Statistical tools used:A.Simple percentage analysisB.Chi-squareC. Likert Scale AnalysisA. Simple percentage analysis: Simple percentage can also be used to compare the relationship distribution of two or more items. For calculations the simple percentage the following formula used.Percentage of the respondents = Number of respondents/Total respondents*100

B. Chi-square analysis:Chi-square is anon parametric test. The chi-square method is the application of testing the significance different between observed and expected values.For calculating the value of chi-square test, the following formula used:=[(0-E) /E]E=Row total*column to/Grant totalDegree of freedom=(R-1) (C-1)Where asO-observed frequencyE-Expected frequencyP-Number of rowsC-Number of columns

C. Likert Scale AnalysisA Likert scaleis apsychometricscale commonly involved in research that employsquestionnaires.It is the most widely used approach to scaling responses in survey research, suchthat the term is often used interchangeably withrating scale,or more accurately the Likert-typescale, even though the two are not synonymous. The scale is named after its inventor, psychologistRensis Likert. Likert distinguished between a scale proper, which emerges from collective responses toa set of items (usually eight or more), and the format in which responses are scored along arange. Technically speaking, a Likert scale refers only to the former. The difference between these two concepts has to do with the distinction Likert made between the underlying phenomenon being investigated and the means of capturing variation that points to theunderlying phenomenon. When responding to a Likert questionnaire item, respondents specify their level of agreement or disagreement on a symmetric agree-disagree scale for a series of statements. Thus, the range captures the intensity of their feelings for a given item, while theresults of analysis of multiple items (if the items are developed appropriately) reveals a patternthat has scaled properties of the kind Likert identified.The format of a typical five-level Likert item is:1.Strongly disagree2.Disagree3.Neither agree nor disagree4.AgreeQuestionnaire:The questionnaire is prepared in such a way that is correct the comprehensive objectivesof the study. Open end, multiple choice of questionnaire adopted in this research.Period of study:The time period of the study is 45 days.

2 Theoretical DescriptionHUMAN RESOURCE MANAGEMENTHuman resource management (HRM) is the strategic and coherent approach to the of management an organization's most valued assets - the people working there who individually and collectively contribute to the achievement of the objectives of the business. The terms "human resource management" and "human resources" (HR) have largely replaced the term "personnel management" as a description of the processes involved in managing people in organizations. Human Resource management is evolving rapidly. Human resource management is both an academic theory and a business practice that addresses the theoretical and practical techniques of managing a workforce.The Human Resources Management (HRM) function includes a variety of activities, and key among them is deciding what staffing needs you have and whether to use independent contractors or hire employees to fill these needs, recruiting and training the best employees, ensuring they are high performers, dealing with performance issues, and ensuring your personnel and management practices conform to various regulations. Activities also include managing your approach to employee benefits and compensation, employee records and personnel policies. Usually small businesses (for-profit or nonprofit) have to carry out these activities themselves because they can't yet afford part- or full-time help. However, they should always ensure that employees have -- and are aware of -- personnel policies which conform to current regulations. These policies are often in the form of employee manuals, which all employees have.Employee RetentionEffective employee retention is a systematic effort by employers to create and foster an environment that encourages current employees to remain employed by having policies and practices in place that address their diverse needs. A strong retention strategy becomes a powerful recruitment tool.Retention of key employees is critical to the long-term health and success of any organization. It is a known fact that retaining your best employees ensures customer satisfaction, increased product sales, satisfied colleagues and reporting staff, effective succession planning and deeply imbedded organizational knowledge and learning.Employee retention matters as organizational issues such as training time and investment; lost knowledge; insecure employees and a costly candidate search are involved. Hence failing to retain a key employee is a costly proposition for an organization. Various estimates suggest that losing a middle manager in most organizations costs up to five times of his salary.Intelligent employers always realise the importance of retaining the best talent. Retaining talent has never been so important in the Indian scenario; however, things have changed in recent years. In prominent Indian metros at least, there is no dearth of opportunities for the best in the business, or even for the second or the third best. Retention of key employees and treating attrition troubles has never been so important to companies.KEis EMPLOYEE RETENTION WHEELThe first step to improving your employee retention is to understand why employees stay with their current employer. Many "experts" dwell on the reasons employees leave, which is not as important or revealing as the reasons they stay. Companies have tried many different programs and perks to hold onto good employees. However, studies show that these efforts are not enough to retain good employees when the support that is needed to achieve job success is not adequate.Don't Waste Your Money on Things That Don't Make a Difference...Among the countless inducements offered, only those identified in the center of KEi's Employee Retention Wheel are truly what give employees a consistent reason for saying "no thank you" when tempted with a "sweeter offer." After years of study and experience, KEi has determined, and presented in the Retention Wheel, what factors do have the greatest impact on keeping employees.KEi has used this information to give employers the tools to meet the core needs that keep employees successful at their jobs, thus reducing the high costs associated with unwanted employee turnover.The Importance of Retaining EmployeeThe challenge of keeping employees: Its changing face has stumped managers and business owners alike. How do you manage this challenge? How do you build a workplace that employees want to remain with and outsiders want to be hired into? Successful managers and business owners ask themselves these and other questions becausesimply putemployee retention matters: High turnover often leaves customers and employees in the lurch; departing employees take a great deal of knowledge with them. This lack of continuity makes it hard to meet your organizations goals and serve customers well. Replacing employees costs money. The cost of replacing an employee is estimated as up to twice the individuals annual salary (or higher for some positions, such as middle management), and this doesnt even include the cost of lost knowledge. Recruiting employees consumes a great deal of time and effort, much of it futile. Youre not the only one out there vying for qualified employees, and job searchers make decisions based on more than the sum of salary and benefits. Bringing employees up to speed takes even more time. And when ,youre short-staffed, you often need to put in extra time to get the work done.

Significance of Human ResourceManagement in Corporate WorldHR has always been seen as the cost centre of an organization. However studies reveal that in todays business world, HR practices does churn revenues. Its all about how you invest in your human capital.Studies suggest that not only is Human resource the most valued asset of a company, but there also proof that investing in HR does produce returns.Employee-involvement practices such as information sharing, skills training rewards programs, and empowerment efforts -- all of which fall squarely into Hrs domain -- show a significant bottom-line return.Companies who have followed the employee-involvement practices have produced a 13 percent higher return on equity.Thus its obvious that employees form an integral part. How do you select and retain talented people? How can you create an environment, which helps people thrive at work? Many such questions form an integral part of a companys HR policy. Increased global competitiveness has given way to uncertainty, which is impacting the environment within an organization. This is where the role of a HR manager is becoming even more crucial.Traditionally the HR department has played dual rolesan operational function (such as recruitment, personnel and performance management, employee relations and statutory compliances) and a human developmental role (comprising people development, culture and organization building). Both these functions have always been considered soft roles.Today the equation has changed. The HR department plays a key role in the companys overall business strategy. HR managers have a clear understanding of the business, the organization, its vision, mission, values and are given ample freedom to bring processes in place to get people aligned to these values and goals.The focus of HR today is to create an agile organization, which can innovate rapidly and exceed client expectations constantly, rather than just managing people.The basic trait required in an efficient HR manager is his ability to gauge the strengths of his employees and put them to best use. Be a supportive manager and create an environment where employees feel assured that they can fall back for support in difficult situations. He should be able to delegate responsibility, while always retaining the accountability. Lastly, personal touch plays an important factor for creating a sense of belonging with the company. The person should be very effective at understanding people, their skill sets and emotional intelligence which will help in goal setting and finally achieving the desired results.Some key points to rememberThe organization has to ensure that communication is timely and open to retain employee trust. This also means that there is continuous feedback from employees, which helps in better productivity.There has to be a common theme built relating to vision, participation, control, measurement of work processes, communication and commitment. Experts point out that if you create an environment where people truly participate. You dont need control. The employees do what needs to be done.Employee TurnoverMeasuring employee turnoverMost organizations simply track their crude turnover rates on a month by month or year by year basis. The formula is simply:Total number of leavers over period x 100Average total number employed over periodThe total figure includes all leavers, even people who left involuntarily due to dismissal, redundancy or retirement. It also makes no distinction between functional (i.e.-beneficial) turnover and that, which is dysfunctional.Crude turnover figures are used by all the major surveys of employee turnover. So they are necessary for effective benchmarking purposes. However, it is also useful to calculate a separate figure for voluntary turnover and to consider some of the more complex employee turnover indices, which take account of characteristics such as seniority and experience.Costing employee turnoverEstimating the cost of employee turnover is a useful starting point when seeking to persuade line managers and Finance Directors that money needs to be invested in order to improve retention rates. At present surprisingly few (7%) HR departments calculate the costs of turnover.It is possible to compute a not less than figure very easily by working out what it costs on average to replace a leaver with a new starter in each of the major employment categories. This figure can then be multiplied by the crude turnover rate for that staff group to calculate the total annual cost of turnover.The major categories of costs to take account of are: Administration of the resignation Recruitment costs Selection costs Cost of covering during the period in which there is a vacancy Administration of the recruitment and selection process Induction training for the new employee.Many of these costs consist of management or administrative staffs time (opportunity costs) but direct costs can also be substantial where advertisements, agencies or assessment centers are used in the recruitment process.More complex approaches to turnover costing give a more accurate and invariably higher estimate of total costs. A widely quoted method involves estimating the relative productivity of new employees during their first weeks or months in a role and that of resigns during the period that they are working their notice

Why Do People Leave Organizations?Employees resign for many different reasons. Sometimes it is the attraction of a new job or The prospect of a period outside the workforce which pulls them, on other occasions they are pushed due to dissatisfaction in their present jobs to seek alternative employment.Sometimes it is mixtures of both pull and push factors.For a fourth group reasons for leaving are entirely explained by domestic circumstances outside the control of any employer, as is the case when someone relocates with their spouse or partner.Recent research strongly suggests that push factors are a great deal more significant in most resignations than most managers appreciate. It is relatively rare for people to leave jobs in which they are happy, even when offered higher pay elsewhere. Most staff has a preference for stability.It is important to appreciate that the reason people give for their resignations are frequently untrue or only partially true. The use of exit interviews is widespread yet they are notoriously unreliable, particularly when conducted by someone who may later be asked to write a reference for the departing employee. They are reluctant to voice criticism of their managers, colleagues or the organization generally, preferring to give some less contentious reason for their departure.Recent research highlights the importance of front line managers and how their behaviour relates directly to the levels of commitment, motivation and satisfaction reported by employees.A poor relationship with a line manger can be an important reason for individuals leaving their organization, but its significance can be masked as a result of the difficulties associated with exit interviews mentioned above. A lack of training and developmental opportunities is also major reason voluntary turnover. On an average, 44% of respondents cited promotion outside the organization as a main cause of labour turnover, 40/o highlighted change of career and 37% lack of career of developmental opportunities.Early leavingIn the high turnover industries in particular, a great deal of employee turnover consists of people resigning or being dismissed in the first few months employment. Research shows that during 2003, 2O% of leavers left between 0 and 6 months service. Even when people stay for a year or more is often the case that the decision to leave sooner rather than later is effectively taken in the first weeks of employment. Poor recruitment and selection decisions, both on the part of the employee and employer, are usually to blame, along with poorly designed or non-existent induction programs.

Expectations are often raised too high during the recruitment process leading people to compete for and subsequently to accept jobs for which they are in truth unsuited. Organizations do this in order to ensure that they fill their vacancies with sufficient numbers of well-qualified people as quickly as possible. However, over the longer term the practice is counter-productive as it leads to costly, avoidable turnover and the development of a poor reputation in local labour markets.

When Does Employee Turnover Become Problematic?There is no set level of employee turnover above which effects on the employing organization becomes damaging. Everything depends on the type of labour markets in which the company competes. Where it is relatively easy to find and train new employees quickly and at relatively little cost (i.e. where the labour market is loose), it is possible to sustain high quality levels of service provision despite having a high turnover rate. By contrast, where skills are relatively scarce, where recruitment is costly or where it takes several weeks to fill a vacancy, turnover is likely to be problematic from a management point of view. This is especially true of situations in which you are losing staff to direct competitors or where customers have developed relationships with individual employees as is the case in many professional services organizations.Some employee turnover positively benefits organizations. This happens whenever a more effective employee replaces a poor performer, and can happen when a senior retirement allows the promotion or acquisition of welcome fresh blood. Moderate levels of staff turnover can also help to reduce staff costs in organizations where business levels are unpredictable month on month. In such situations when business is slack it is straightforward to hold off filling recently created vacancies for some weeks.

Employee RetentionRetaining Top Talent in a Competitive Market Successful Companies Develop Integrated Retention Programs to Keep Top Talent from Leaving for the CompetitionWith business booming, its a sellers market for job seekers. For company HR departments, retention of key employees is more important than ever, as tempting offers from competitors seeking to correct their own labour shortage increases the likelihood of key employees heading out for greener pastures. So how can companies keep employees happy and retention rates high?Research says that top talents in organizations cannot be retained merely by high salary and a wealth of perks. They demand more intangible benefits stimulating work, flexible career options, and a corporate culture which values their work. As experienced consultants in the area of Talent Retention, we offer these basic pillars of success for companies in any industry:Employ competency-based recruiting to improve selection effectiveness and increase employee retention.The company should identify the following benefits of recruiting candidates based on their competencies: improved accuracy in selecting the best candidates, better person-job fit, reduced turnover, lower hiring costs, higher levels of productivity and contribution.Offer an attractive benefits package.Talented employees are highly marketable and almost always have advanced degrees. While salary and benefits cannot substitute for deficiencies in other areas, companies must also show their appreciation for key employees contributions with substantial compensation packages. Like health care benefits in the industry, an employee stock purchase plan, and one of the largest corporate-sponsored day-care centers in the country.Establish a corporate culture that emphasizes knowledge sharing and employee feedback.Employees value a workplace in which their input is encouraged and appreciated. An open door policy encourages employees at all levels to ask questions, contribute ideas and resolve issues. This sharing atmosphere gives everyone a voice in creating the type of corporate culture in which they would like to work.Provide opportunities to explore different positions within the companyHere employees participate in different types of activities within their field of interest, new hires can explore their strengths and interest areas before selecting a job that best suits them. The variety of assignments also benefits new employees by giving them an opportunity to learn more about the companys diversity develop a company contact network and demonstrate their research capabilities to a variety of employees.Leading companies look at talent retention as an integrated process, not as isolated events.Companies that recognize the importance of long-term, dedicated employees begin the retention process during recruiting and embed retention practices in career path and employee development and processes.

Todays workers are no longer inclined to stay at one company for the duration of their careers. The most talented professionals are more likely to be courted by other businesses, and the effects of turnover can be costly. The time and money it takes to recruit, rehire and retain can quickly cut into a firms bottom line.Hiring smart is the first step to developing a loyal, motivated workforce and keeping turnover at a minimum. Other factors, such as competitive compensation and creating an employee-friendly work environment also play a role. A study commissioned by our firm among executives at the nations 1000 largest companies found that, aside from salary, job applicants inquire just as frequently about corporate culture as they do other benefits. The implication is clear: The more enriching your work environment, the more likely are to retain a staff of satisfied, productive employees.Improving employee retention Give prospective employees a realistic job preview at the recruitment stage. Take care not to raise expectations only to dash them later. Make line managers accountable for staff turnover in their teams. Reward managers whose record at keeping people is good by including the subject in appraisals, Maximize opportunities for individual employees to develop their skills and move on in their careers Ensure wherever possible that employees have a voice through consultative bodies, regular appraisals, and attitude surveys and grievance systems. Wherever possible accommodate individual preferences on working hours. Be as flexible as possible in the allocation of shifts.

Provide as much job security as possible. Employees who are made to feel that their jobs are precarious may put a great deal of effort in to impress Bend over backwards to ensure that you do not and are never seen to discriminate against employees on any unfair grounds. Defend your organization against penetration by headhunters and others seeking to poach your staff.Recruitment, Selection & InductionThe human resources are the most important assets of an organization. The success or failure of an organization is largely dependent on the caliber of the people working therein. Without positive and creative contributions from people, organizations cannot progress and prosper. In order to achieve the goals or the activities of an organization, therefore, they need to recruit people with requisite skills, qualifications and experience. While doing so, they have to keep the present as well as the future requirements of the organization in mind. Recruitment is distinct from Employment and Selection. Once the required number and kind of human resources are determined, the management has to find the places where the required human resources are/will be available and also find the means of attracting them towards the organization before selecting suitable candidates for jobs. All this process is generally known as recruitment. Some people use the term Recruitment for employment. These two are not one and the same. Recruitment is only one of the steps in the entire employment process. Some others use the term recruitment for selection. These are not the same either. Technically speaking, the function of recruitment precedes the selection function and it includes only finding, developing the sources of prospective employees and attracting them to apply for jobs in an organization, whereas the selection is the process of finding out the most suitable candidate to the job out of the candidates attracted (i.e., recruited). Recruiting SmartFinding and recruiting good people can be a challenge for any company Therefore, its crucial to have a recruiting strategy in place.Why are some recruitments successful while others are disastrous failures? The mount of time, effort and money spent in the hiring process very often comes to naught because hiring managers make some inevitable mistakes. Yes, the recruitment process is more complex than meets the eye, and it is this inability to understand the subtle factors of the system that leads to hiring the wrong person, which often becomes a calamitous situation for the company. Why is it necessary for the recruitment process to be very focused? Finding out whether the person is the right fit in the organization culturally is as important as Testing his/her skill sets. Failure to identify the exact company needs is one of the reasons that lead to wrong hiring. Adding to this is the inability to test the exact skills of the candidate. At times organizations hire out of desperation and consequently land up paying the price of inducting a candidate who is not suitably qualified or skilled to take care of the responsibilities. Blindly promoting from within and hiring because a friend referred the candidate are the other mistakes that are often repeated.The CV of a person is in fact the most common blind spot as it often exaggerates the truth and can be misleading in the selection process. Furthermore, often it is the good communication skills of the candidate that help him/her succeed in the interview without the necessary domain knowledge or skill.Rushed hiring can lead to overlooking of many factors. One has to check where The candidate comes fromfrom the perspective of suitability to work in the new culture, which could be different from the earlier organization: and from the perspective of ability to work in teams, customer-facing skills, ability to work under pressure, etc, Cost effectiveness plays an important part too.SelectionSteps in SelectionThe purpose of selection programme & technique is to choose the most suitable candidate for a given job from among the prospective employees. Selection procedures which employees systematic & scientific methods that are reliable & valid can achieve this objective & can also save cost. In order to achieve organizational objectives effectively & efficiently, it is important to place the right man on the right job at the right time at the right place. In order to avoid the pitfalls of wrong selection & placement, it is necessary to adopt the principal of scientific selection. The use of science & systematic procedure in selection is essential for finding the right man for the right job. A wrong man on a wrong job will mar the development & progress of the organization, whereas the right man on right job will contribute to organizational growth.A sound selection system based on scientific methods can go a long way in establishing an image of impartiality & thus can help to attract & retain the most qualified candidates for in/towards the organization.

InductionIntroducing the new employee who is designated as a probationer to the job, job location, surroundings, organization, organizational surroundings, and various employees is the final step of employment process. This process gains more significance as the rate of turnover is high among new employees compared to that among senior employees. This is mainly because of the problem of adjustment & adaptability to the new surroundings & environment. Further absence of information, lack of knowledge about the new environment, cultural gap, behavioural variations, different levels of technology, variations in the requirements of the job & the organization also disturb the new employee. Further induction is essential as the newcomer may feel insecure, shy, nervousness & disturbing. This situation leads to instability & turnover. Hence, induction plays pivotal role in acquainting the new employee to the new environment, company rules & regulations.

Remuneration NegotiationSalary negotiations are a critical step in the hiring process and also attach a huge significance in retention of the employees. Candidates with in-demand skill sets may already be evaluating other opportunities by the time you make an offer, so its important to handle this stage effectively. Following are some tips for successful salary negotiations.Act QuicklyOnce youve selected the prospective hire, make the offer as soon as possible. A delay can cause you to lose the best applicant.Cautiously Evaluate the Employment OfferEnter negotiations with a strong understanding of compensation trends. The offer should be fair to the candidate and in line with current standards in the industry and at your firm. Businesses that cant provide high starting salaries should consider offering other incentives such as stock options, profit sharing or extra time off.Elucidate the DetailsIf possible, make the offer in person. This allows you to explain all aspects of the salary and benefits package, and provides an opportunity for the candidate to ask questions.Provide EncouragementWhen presenting an offer, be sure to highlight the reasons someone would want to work at your company. Prospective employees are interested in hearing about staff recognition and bonus programs, advancement possibilities and unique aspects of the corporate culture.Set a Time FrameGive entry-level professionals a few days to consider the offer, and more senior level candidates up to a week. Applicants who will need to relocate may require additional time.Know When to End NegotiationsWhen faced with a candidate whos reluctant to accept an offer, try to discover the source of the hesitation. Consider the potential impact of any changes required to address these concerns or issues. For example, providing a salary that exceeds someones potential contributions can ultimately affect your firms overall compensation scale. Likewise, persuading an applicant with serious reservations can backfire if that individual has second thoughts after joining your organization.Maintain CommunicationIts important to stay in touch with the candidate after the offer is accepted. Send relevant brochures about your company and employment forms. Also, call the individual to make sure he or she has all of the information needed for a successful start at your firm.

Work EnvironmentThe top career concern of employees today involves balancing family and work demands even above earning a competitive salary according to a research study commissioned by our company. Increasingly, employees are asking for corporate programs that reflect a more flexible business environment. The challenge for businesses is responding to these concerns without sacrificing productivity.Following are some strategies followed by companies for creating a friendly working environment. Building a Worker-Friendly ReputationEncourage staff to participate in developing solutions for enhancing your companys work environment. Solicit feedback from employees by periodically conducting anonymous satisfaction surveys. Ask not only for improvements they would like to see but also practical ways of implementing these suggestions Publicizing ProgramsAccentuating out those aspects of your business that most Appeal to job candidates. Look for areas in which your company excels and emphasize them when you interview applicants. For example, if your firm is small, you may have more flexibility than larger companies when it comes to offering nontraditional benefits, relaxed business attire or a faster track to career advancement

Empowering the EmployeesMost people work harder and do a better job if they feel the company values their opinions; the management trusts them to be responsible and empower them to make their own decisions.Hire for the Long TermThe way a company hires, trains and rewards employees reveal a great deal about its values. Hiring for aptitude and then training for career advancement goes a long way toward building loyalty and increasing retention rates. Companies with worker-friendly management practices are at a distinct advantage when it comes to hiring qualified talent. These programs help create a productive, satisfying workplace where employee turnover, as well as recruitment and training costs, is kept to a minimum.Significance of Training and DevelopmentDoes training increase employee retention?IN MORE WAYS THAN ONE, employee turnover is an important consideration for managers and employers alike. For starters, the monetary cost of hiring a new worker is significantly high. It is estimated that the cost of replacing an employee could average as much as 1 years salary for that position. The estimate may be low. A pharmaceutical company recently put the cost of a single employee turnover at 1.5 times the persons annual salary.In addition to financial considerations, turnover takes its toll in other ways as well. It lowers staff morale, safety, Productivity, interdepartmental cooperation, and--most significantly--customer service.

Where training fits in, many employers believe that training boosts morale, enhances motivation, and improves personnel retention. Marriott hotels found, for example, that effective training of its entry-level workers had a profound effect on keeping these employeesLack of training to promote career development encourages ambitious employees to find new employers who will provide such educational opportunities.Inadequate training for multicultural staff results not only in hostility and increased turnover of minority groups but also in fewer applications from members of these groups. The same holds true for women when the employers fail to provide training about sexual harassment.The following statements support the belief that training is, indeed, likely to improve worker retention.Employees are trained to do things that are applicable only to jobs found in their own organizations. Someone, therefore, skilled in a highly specialized technique in forensic pathology, for instance, might have difficulty finding a similar job elsewhere (unless that skill were in short supply, in which case the worker would be highly sought after by other employers).Effective, comprehensive training provides experiences that allow workers to realize success early on in their careers, resulting in increased morale and, as a result, improved employee retention. Note: The most successful training will be that which is given during the orientation of new employees since this is when workers are most receptive to learning new things.Training in participative management, empowerment, and self-directed teams produces significantly increased job satisfaction. People who become members of semi-autonomous work teams are more resistant to turnover. (Keep in mind, however, that when such programs are first introduced, turnover may increase for a short time since some employees thrive only in paternalistic organizations and therefore will be unwilling or unable to accept more responsibility.)

Now lets look at the other side of the coin, since some people would argue that training can actually work against employers, encouraging turnover.Many employers discover--unfortunately, too late--that they have trained their people for other employers, often the competition. Case in point:Hospital A trains student nurses. Hospital B uses the money that it has saved by not supporting a training school to entice Hospital A graduates into joining Bs staff.

Bank managers are constantly complaining that they train their employees in computer operations, only to lose them as soon as they become proficient.Many people accept positions in organizations that provide high quality education or highly specialized training, knowing full well they will leave as soon as they complete that training. This is especially true in the military. In fact, judging from the recruiting messages of the armed services, this practice is actually encouraged.If training is involuntary or must be paid for by the trainee, morale may plummet. If training programs cause hardship, for example, by being offered only after work hours or at another inconvenient time, employees may not be able to synchronize their participation with personal obligations. Any of these instances spur workers to look for a new job.Employees become upset when they believe that their training agenda is inappropriate or that the quality of the training sessions leaves much to be desired. Technologists will surely become frustrated if they are taught things contrary to what they have learned in the laboratory, or if they are unable to apply what they were taught in the classroom to their work back at the bench. Hence, employee retention is once again threatened.A bigger question. Perhaps rather than pondering over whether training helps to retain employees, we should ask ourselves this question: Does training improve service? The answer is a resounding YES! The right kind of training, given to the right employees, by the light trainers, at the right time, and reinforced by their managers back on the job can have a significantly beneficial effect on customer service, productivity, safety, turnaround time, and morale.Performance AppraisalPerformance appraisal may be defined as a structured formal interaction between a subordinate & supervisor, that usually takes the form of a periodic interview (annual or semi - annual), in which the work performance of the subordinate is examined & discussed, with a view to identifying weaknesses and strengths as well as opportunities for improvement & skill development.

In many organizations but not all appraisals results are used, either directly or in directly, to help determine reward outcomes. That is, he appraisal results are used to identify the better performing employees who should get the majority of available merit pay increase, bonuses & promotions.Employee ViewpointFrom the employee view point the purpose of appraisal is four fold : 1)Tell me what you want me to do2)Tell me how well I have done it3)Help me to improve my performance4)Reward me for doing well

Organizational ViewpointFrom the organizations point of view, one of the most important reasons for having a system of performance appraisal is to establish & uphold the principle of accountabilityBefore performance appraisal one must keep the following things in mind:-

Encourage Discussion Research studies show that employees are likely to feel more satisfied with their appraisal result if they have a chance to talk freely & discuss their performance. It is also more likely that such employees will be better able to meet future performance goals.Constructive Intention It is very important that employees recognize that negative appraisal feedback is provided with a constructive intention, i.e. to help them overcome present difficulties & to improve their future performance. Employees will be less anxious about criticism, & more likely to find it useful, when they believe that the appraisers intentions are helpful & constructive.Set Performance Goals it has been shown in numerous studies that goal setting is an important element in employee motivation. Goals can stimulate employee effort, focus attention, increase persistence, & encourage employees to find new & better ways to work.Appraiser Credibility it is important that the appraiser be well informed & credible. Appraiser should feel comfortable with the techniques of appraisal & should be knowledgeable about the employees job & performance.When these conditions exist, employees are more likely to view the appraisal process as accurate & fair. They also express more acceptance of the appraisers feedback & a greater willingness to change.Motivation, Satisfaction & Retention

Performance appraisal can have profound effect on levels of employee motivation & satisfaction. Performance appraisal provides employees with recognition for their work efforts it also offers opportunity to focus on work activities & goals, to identify & correct existing problems, & to encourage better future performance. Thus, the performance of the whole organization is enhanced. The power of social recognition as an incentive has been long noted. In fact, there is evidence that human beings will even prefer negative recognition in preference of no recognition at all.

If nothing else, the existence of an appraisal program indicates to an employee that the organization is genuinely interested in their individual performance & development. This alone can have a positive influence on the individuals sense of worth, commitment & belonging.

The strength & prevalence of this natural human desire for individual recognition should not be overlooked. Absenteeism & turnover rates in some organizations might be greatly reduced if more attention were paid to it. Regular performance appraisal, at least, is a good startCompensation Management & RewardCompensation considers why organizations pay people the way they how various pay strategies influence the success of organizations. Compensation management basically starts with job analysis, job descriptions, job evaluation, salary surveys, salary ranges, and customized performance evaluationsCompensation could be briefly classified into categories namely Monetary compensations Non monetary compensations

Benefits are any form of compensation that arent part of an employees basic pay and arent tied directly to job requirements or performance levels. Specific employee benefits today take a multitude of forms from the basics that you find in every benefits package (Social Security, workers compensation and unemployment insurance) to highly specialized offerings such as tuition reimbursement, child- or elder-care assistance and in-house concierge services. Precisely which benefits the company offers and what portion of its payroll expense goes to pay for these services will depend on the companys financial health, the competition for talent within the industry and the strategic business plan.

Case StudyEvery month Sandeep Mahajan and Ramesh Boridkar eagerly wait for one thing the pay cheque. Sandeep is the director and Ramesh the office boy in the same company. Like them millions await their pay cheques every month. The pay has become a symbol of someones worth in the organization vis-a-vis the of the work being performed by the person. Figuring out how much any one is really worth has been never easy.Recently we hired a very senior executive for an IT client. After pro deliberations we offered Rs 40 lakh per annum. We thought we had done a pretty good job because the pay was equivalent to that of the managing director. Six months later the executive started raising the very issue of his perceived worth and claimed that he should be drawing Rs 50 Iakh. The managing director and other directors had never had any salary hike for the past three years. The former had in fact brought the organization from its inception to the current level. The new executive had agreed on performance target of $2 million and failed to deliver. Yet, he argued that his compensation was unfair and was not reflecting his worth.

The traditional Pay ChequeTraditional pay scales in companies reflect job characteristics like importance of the work, decision/responsibility level. The salary has been and will continue to represent the positional level in the organization. Even in companies, which attempted merit pay, the quantum was so small it failed to register any impact on the performance.Pay hikes are similarly linked to promotions. Employees expect not a jump but a big leap in pay but would not agree or even discuss how much they performance would go up in the elevated position. The HR community also spends considerable time in collecting market and industry data.

The market ultimately decides pay levels, but it also assumes that people occupying similar positions in organizations, or having similar experience or skills, must be on the same salary irrespective of contributions.The pay levels for positions go up or down, based on supply and demand levels (We have witnessed pay rates going up over $100 per hour during the Y2K crunch). The issue therefore isshould we allow the market to dictate pay, or the position or hierarchy to drive the pay, or should a good portion of the pay come from performance and contribution?

The traditional pay scale models are not viable any more. Hence, it is time for organizations to re-engineer their salary system. The meaning of pay has to change just like the economic and social orders have undergone a change. IT organizations are already on the road to change the meaning of compensation. Comparable worth is a complicated issue and hence very many organizations are defining the meaning of worth itself. The basis to determine pay is gradually shifting from position to performance, status to contribution. This will have some revolutionary consequences. Companies are working on the theory of doing more with less. They are driven hard to conserve precious human as well as financial capital. The route therefore is not far away from performance and pay cheque linkage. The new mantra must be, get paid only if there s contribution. That is remuneration according to the expected level of contribution. The guaranteed pay syndrome must now end.The new orderHaving said all the above it is worthwhile to look at merit pay system also. Merit pay is the first logical step to link performance to pay. Pay the base salary as per the job ranks, and then do annual or semi-annual raises based on performance (this is still conservative in my view). It still protects the traditional hierarchy based system.Quite often this contradicts the view that the organizations performance s team work, as pay raises here come only for individual performance.Many would agree that pay raises should come only through performance, but which performance? That of the individual or the organization?Individual performance as a determinant of pay increase has been identified as the most important internal equity. Companies must then lean towards systems wherein the better performers at least will see the linkage of raises to their contributions.

Evidence shows that there is positive association between organization performance and compensation. There is a universal agreement among lower level people that managers receive unfairly excessive amounts. The question of getting more by paying less will be answered if there is a system of thin guaranteed pay and fat variable pay that depends on the companys performance. The fixed wage cost thus can be brought down.As the compensation mode moves away from status or position price to contribution and performance, the work culture also undergoes change. Work cultures are no more authoritarian and encourage constant innovation, risk taking, quick problem solving, the status as basis for pay also must vanish soon. In conclusion we can say that there is considerable merit in linking compensation to corporate and individual performance. Successful introduction will depend on striking balance between the two.

Thus aspects to be considered while formulating the compensation planDevelop compensation strategies and policies in line with legislation and the organizations business strategy.Attach meaningful monetary values to posts in the organization ensuring that the organizations compensation is in line with market forces (this maybe cy means of traditional job evaluation or other methods such as skill or competency based pay).Develop appropriate compensation systems for the organization.Manage overall labour costs.Reward = RetentionRecruiting and retaining the staff who can deliver the strategic objectives of an organization are fundamental responsibilities of any manager. Whilst selecting individuals who match the ethos and culture is crucial, they will not join the organization if the pay and benefits package is not attractive.

Defining Total Rewards and a Rewards StrategyDesigning a reward strategy begins with the broadest view and understanding of the concept of Total Rewards. This term includes all types of rewards indirect as well direct and intrinsic as well as extrinsic. From an employees perspective, it is everything the employee takes away from his or her relationship with an employer. The operative word here is everything! Yet this definition is inconsistent with how reward plan design is generally practiced; very few companies take such a holistic view.Total RewardsTR begins with base cash the fixed and recurring wage. Building on base cash is any short-term variable pay. Short-term variable pay is compensation that s paid for the result of work measured in increments of a year or less; it typically varies from one period to the next.

Non-cash RewardsIn addition to the elements of Total Remuneration, organizations offer employees rewards in various forms that, while measurable, may or may not have a dollar value. As the dynamics of the labor market shift, these other non- cash rewards take on greater significance for several reasons.Non cash rewards are the components of the employment compact, or employer/employee relationship that matter most to todays workforce, People do not leave jobs for money they leave jobs for opportunity.

Assessing the companies assets all too often, the power of the individual a company is neglected or underrated. The fact is, without a team of individuals that are fighting with the company and for the company the company going to be in five years time? The company may have given them training, support, advice and guidance, but what about the package the pay and benefits? If the company relies on their teams knowledge and talents success, have they assessed the impact their reward system might have on their employees? After all, the companies dont want their Einstein s running off to their competitors!

It doesnt take a genius to determine the fundamentals for retaining key staff, just common sense. Good remuneration packages benefits and staff perks, However, the difficulty arises in knowing how to effectively implement and assess it. Setting salary benefits packages to attract and retain staff is all about managing reward, and managing reward is doing the things that needs to done to implement the reward strategy. The reward strategy is the means of using pay and, or other forms of reward, to assist the organization to achieve its corporate goals.

Stopping employees from leaving begins before they are recruited and continues even after they have left. It costs money to keep staff, but then recruitment can cost up to 150 per cent of the advertised posts salary and failing to deal with staff retention can potentially affect financial performance It is not a simple issue, but if the company wants to keep their best staff then they need to take action.

Typical staff rewards cover pay, benefits, training and the working environment. Getting the basic pay structure in place is of prior importance. First of all, which type of job evaluation are the companies going to use to structure their pay package? Analytical where they create the job first and then put the people in place? Non-analytical where the whole job evaluation is based on a ranking scheme? Or using pay comparisons?

The salary structure should depend on the size, type and nature of the organization, and should provide the flexibility to cope with market and skills pressures. It should also have the scope to reward high achievers and solid performers, and form the basis for career planning.In order to maintain a happy working environment, it is important for employers to identify whats important to the people that make up its workforce. For example, parents, graduates, older workers, women and specialist staff, The pay ranges can then be set in relation to age, Service, qualifications, performance and marketability. Research shows that paying extortionate rates to attract and retain talent is not necessarily the answer. Compensation becomes the weak link during uncertainty or downturns.

Salary levels have been taken to unrealistic level. Today the ratio of 1.5 : 1.0 can be seen between salary levels for similar positions between IT and non - IT sectors. This has resulted in low withstanding capacity of companies.

Other motivating factors, which attract and retain staff, are interest in the job, prospects in the organization and working conditions. Is it a nice place to work? What do the employees like about it? Whats lacking Benefits could be categorized into salary (fixed and variable), asset building, long term security, medical needs, social / family needs, education / learning of employee and family, long term association and specific superior performance awards.If the company doesnt know, why not ask their staff. Send a survey around the office; ask for feedback in appraisals, reviews, or in exit interviews. Make the staff feel valued show them that their input counts now rather than leaving it too late!

The top three reason people leave jobs all involve opportunities the opportunity to grow and develop, to learn new skills, and to be in an environment where they are appreciated. On a list of the top eight reasons why people leave jobs, pay rants at number eight. People seek the opportunity to contribute, and they want to feel their contribution is appreciated. At the same time, chief executive officers rank customer satisfaction and employee retention as the top two measurements of value creation. Customer service is a proven by-product o employee satisfaction, which in turn is directly linked to rewards and recognition.In addition, non cash rewards are the only real way to differentiate your employment offerings. Cash is a commodity, so it cannot different one companys employment compact from another; it is the intangibles that distinguish. Besides, when it comes to money, someone will always pay more.

It is by broadly defining Total Rewards to include other non-cash rewards that employers truly distinguish themselves in the labor market from the competition and earn employee commitment. It is a matter of focusing the employment compact on the rewards that matter to the workforce you are trying to create, not on the cash elements traditionally measured by companies. Organizations spend a lot of time measuring Total Remuneration. But what matters to employees is the total package the Total Rewards.

It is never advisable to wait for the inevitable to come along losing staff could have repercussions on the business, and clients could begin to doubt the ability of the company. Although some staff will eventually move on, it is important to identify the needs of the individual what benefits are attractive and how will these produce results? A strategic reward system - pay, benefits, continual training and investment can provide an excellent grounding for a successful, adept team. Spend the money, invest in your staff. If you get your strategy correct, youll be rewarded with more than ten times the amount of money invested.

Chapter 4Summary &Conclusion

Limitations:

To measure the quality of work life of an organization it takes a long time. The organization needs to be helpful and cooperative in sharing the information about its employees. We are thankful to GENPACT organization for providing us with lots of vital information about its employees but constraint of time and money were two major limitation of the project. certain information which they felt to be sensitive was not shared with us. Hence the survey won't give the real image of quality of work life of the organization.Due to security reasons the authorities did not allow 4.3 Suggestions:

The HR department of GENPACT ORGANIZATION has worked hard to create the frame work of the organization so that the Quality of Work Life there is high. Still few developments are recommended from1. Allocation of overtime benefits will reduces the grievances of the employees about their respective salary.2. The impact of technology in the service sector has affected the work life of the people. Employees have to sit for long hours (9 hrs) before the computer which could lead to ill health. So the organization needs..3. Though majority of employees are satisfied with their salary packages, quite a few are not satisfied.Organization should make sure that the dissatisfaction level does not rise.The Quality of Work Life in an organization is an indicator of the motivational level of the employees of the organization. It reflects the workers condition in the organization. A better Quality of Work Life leads to a sustained higher productivity for the organization. The job satisfaction level of the employees of GENPACT ORGANIZATION is higher. The reason could be that employees get relevant work, regular feedbacks, challenging job which brings a satisfaction from the work. This is the positive sign for the organization as satisfied employee's leads to higher productivity. Though the employees are satisfied with their job in GENPACT, but they are not satisfied with the salary packages offered to them. As money alone is not a motivating factor, hence we cannot conclude that it leads to demotivation. But the organization maintains a salary which supports the hygiene needs of the employees as mentioned by Herzberg's in his Two-factor theory. Hence the employees are not dissatisfied because it keeps them in a neutral position.Conclusion Critical human resource acts that need to be introduced and altered for effective management of employees turnover ratio.1) Employees change job for a variety of reasonsAccording to a research paper by an IIT - Mumbai professor, there is a significant gap between HR managers perception of why employees change jobs and the real reasons as cited by the employees themselves.The papers research findings show that people leave for different reasons depending on the stage in their career. For example employees new to the workforce tend to leave for more money, to work with new technology and to move from small to large companies. More senior level employees leave when the work is not challenging and when they are unhappy with the company vision.One solution presented is for companies to be careful in their hiring & selection process to find employees with the right cultural fit with the company. Employers should also avoid presenting too rosy a picture of the company without including a realistic look at the job and the work requirements

2) Perks that workJob satisfaction may be at an all time low but not for many companies that have found a way to successfully incorporate perks into their workplace culture. While some experts stress that perks are less important than interesting & challenging work organizations finding that benefits do make a difference in employee retention.3) Employees first days are critical for retention successStudies have shown that an employees experiences during his or her first few weeks on a new job are critical in the employees later decision whether to stay or leave. Lasting impressions about the companys standards, the workload, growth opportunity, the work ethic of colleagues and communication from upper management are all formed during this early time periodThe following are some tips to ensure that new employees get off to a good start with your company or organization:a) Anticipate the first day. The new employee will have lots of questions buzzing around in his mind as his first day approaches. Anticipate those questions and put the answers in a letter or handout for each employee. Questions might include things like-What is the dress code?-Where should you park?-Where do workers eat lunch?

b) Provide a warm welcome. The new employee should be welcomed on her first day by a friendly face. This can be someone assigned to greet the new employee or a friendly person whom the new employee met during interview process. Remind staff to say hello and if you want to go all out - place fresh flowers on the new employees desk.

Majority of the people working in the organization likes to have a life long association with the organization which shows the attachment and the feeling of the employees towards the organizational culture and values. This is because the organization gives its employees the recognition of the good work done by them which is a good sign from Quality of Work Life perspective.The organization does not provide its employees flexible working hours and autonomy. This show that the organization is yet to implement the modem HR policies which is being implemented world wide. The organization must rethink its HR policies on these two aspects as autonomy and flexible working hours not only increase the Quality of work but save the space cost and time cost for the organization. These costs can add up to the organization's profit.Lack of autonomy results into concentration of power in one hand, hence the information is not uniformly distributed among the employees. It affects the quality of work.The level of stress is high in the organization which adversely affects the family life of the employees. This is primarily due to result oriented promotion and recognition. In one hand it is an effective method of evaluating the employee's performance as the result shows the ability of the employee. But on the other hand the increased stress could lead to family problems which will ultimately affect the work at the work place.The overall work condition of the organization is so good that all the respondents voted in favor of it. This shows that there is integrity between the employees, a cordial relationship which is very important for the organizational development.The training and development programmes conducted by the organization help the employees for the future growth. Hence the employees feel that the organization is also responsible towards them..

References/Bibliography

Reference books:1. Kothari.C.R,Research Methodology methods and Techniques,Wishwa prakashan. 2. Prof.Memoriya,Personnel management, Narayan Publications.3. RAO VSP,Human Resource Management, Anurag Jain. 4. Tripathi.P.C,Human Resource Development,Sultan Chand and Sons. 5. Taylor Stephen, The Employee Retention Handbook,The Cromwell Press. Reference Articles: 1.Biswas.S.N,Indian Journal of individuals,Institute of Management, Volume-5, Issue-2, and February 1994.2. Manikandan.P,HRM Review,The ICFAI University, Volume-3, Issue-5, and March2007.3.Venkat.R.K,Management and Labour Studies,Institute of Management, Volume-3,Issue-2, and July 1997.4.Philips J. J,Managing Employee Retention- A Strategic Accountability Approach,Elsevier Butterworth Hethemann Publications, Volume-5, Issue-2, and 1998.5.Arthur,Effects of human resource systems on manufacturing performance andturnover,Academy of Management Journal, Volume-2, Issue-3, and June 2005.WebliographyThe following Websites have been used for reference:www.retentionsystems.comwww.Careermosaicindia.comwww.hrfolks.comwww.expressitpeople.comwww.thecallcentersschool.com