Retention_in_It_Sector

SYNOPSIS ON “RESEARCH ON EMPLOYEE RETENTION POLICY IN INDIAN PRIVATE SECTOR” SUBMITTED TO:- SUBMITTED BY:- MR. ASHWIN ANISHA M.B.A-4 SEM HINDU INSTITUTE OF MANAGEMENT,SONEPAT (MAHARISHI DAYANAND UNIVERSITY,ROHTAK) Introduction Employee retention:- Employee retention is a process in which the employees are encouraged to remain with the organization for the maximum period of time or until the completion of the project. Employee retention is beneficial for the organization as well as the employee. Employees today are different. They are not the ones who don’t have good opportunities in hand. As soon as they feel dissatisfied with the current employer or the job, they switch over to the next job. It is the responsibility of the employer to retain their best employees. If they don’t, they would be left with no good employees. A good employer should know how to attract and retain its employees. Most employees feel that they are worth more than they are actually paid. There is a natural disparity between what people think they should be paid and what organizations spend in compensation. When the difference becomes too great and another opportunity occurs, turnover can result. Pay is defined as the wages, salary, or compensation given to an employee in exchange for services the employee performs for the organization. Pay is more than "dollars and cents;" it also acknowledges the worth and value of the human contribution. What people are paid has been shown to have a clear, reliable impact on turnover in numerous studies. Employees comprise the most vital assets of the company. OBJECTIVE OF STUDY:- To know about various tactics used by the organization to retain their efficent employees. Manager’s role in employee retention. Need of the retention strategy by the organizations in today’s scenario. To analyze the major factors affect the employee retention in an organization. To gain the knowledge about the benefit of employee retention in an organization. To analyze the reasons of employee turnover and solution of it. Need of the study:- Employee turnover is one of the largest though widely unknown costs an organization faces. While companies routinely keep track of various costs such as supplies and payroll, few take into consideration how much employee turnover will cost them. Ernst & Young estimates it costs approximately $120,000 to replace 10 professionals. According to research done by Sibson & Company, to recoup the cost of losing just one employee a fast food restaurant must sell 7,613 combo meals at $2.50 each. Employee turnover costs companies 30 to 50% of the annual salary of entry-level employees, 150% of middle-level employees, and up to 400% for upper level, specialized employees. Now that so much is being done by organizations to retain its employees. Why is retention so important' Is it just to reduce the turn over costs ' Well, the answer is a definite no. It’s not only the cost incurred by a company that emphasizes the need of retaining employees but also the need to retain talented employees from getting poached. RESEARCH METHODOLOGY RESEARCHPROBLEM:- To make a research on employee retention policy in indian private sector. RESEARCH DESIGN:- Exploratory research design- the reason of choosing exploratory research design that this design will support my research work by providing the help to explore the exsiting data on employee retention policies and generating new concepts. DATA COLLECTION:- Data type:-secondary data Data sources:- internet,megzines,articles etc. SAMPLELING:- Sampling technique:-non probabilistic sampling. Sample area:-private companies like tcs,Wipro,reliance etc. PROJECT REPORT OUTLAY * DECLARATION * ACKNOWLEDGEMENT * PREFACE 1. INTRODUCTION a. Industry Profile b. Company profile 2. CONCEPTS USED IN THE STUDY 3. FOCUS OF THE PROBLEM 4. OBJECTIVES OF THE STUDY 5. SCOPE OF THE WORK 6. RESEARCH METHODOLOGY a. Research Design b. Collection of Data c. Sample Design 7. Data Analysis 8. FINDINGS 9. RECOMMENDATIONS 10. LIMITATIONS OF THE STUDY 11. CONCLUSION 12. BIBLIOGRAPHY ANNEXURES .