Employee Retention

Published: 2021-07-24 02:55:06
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In today’s competitive environment retaining of employees has become a very challenging work for the HR department of any company. The study focused on S & P Capital IQ emphasizes employee-welfare practices in order to establish a long term relationship with the employees. It suggests that by improving HR policies, employees feel more committed and encouraged to remain with the company rather than look for a job elsewhere. In the era of global business, quality of human resources, skilled and knowledgeable employees are highly essential.
It is frequently noted that quality human resources act as a prerequisite for competitive advantage and competitive edge of any business. S& P Capital IQ also engages many activities to retain talented employees by enhancing their career, personal growth, and organizational well-being, team day-outs, team lunches, and annual day occasion so-on- so-forth to retain the best with them. Retention seems to be a simple term but when it comes to action it is one of the most critical strategic aspects for any concern.
The Report covers the following theoretical aspects- ? Why Retention? ? Measures of Employee Retention ? Employee Turnover ? Causes of Employee Turnover ? Cost of Employee Turnover ? Employee Retention practices at Capital IQ TABLE OF CONTENTS |Chapter No. |Context |Page No. | |i. |Company Letter | | |ii. |Declaration | | |iii. Abstract | | |iv. |Letter from Institution | | |v. |Acknowledgement | | |vi. |Table of Contents | | | | | | |I. INTRODUCTION: | | | | | | | |Introduction of Study | | | |Need & Importance of the Study | | | |Objectives of the Study | | | |Research Methodology | | | |Limitations of the Study | | |II. THEORITICAL FRAMEWORK | | | | | | | |2. 1 Review of Literature | | |III. |PROFILES: | | | | | | | |3. 1 Company Profile | | |IV. DATA ANALYSIS & INTERPRETATION: | | |V. |FINDINGS, CONCLUSIONS & SUGGESTIONS | | | | | | | |5. 1 Findings | | | |5. 2 Conclusions | | | |5. 3 Suggestions | | |VI. ANNEXURE | | | | | | | |6. 1 Questionnaire | | | |6. 2 Bibliography | | 1. 1 INTRODUCTION Employee retention refers to policies and practices companies use to prevent valuable Employees, from leaving their jobs. Employee retention Practices involves taking measures to encourage employees to remain in the organization for the maximum period of time. Employees are the means through which an organization can achieve its goals.
To a larger extent the success of an organization depends on its Human Resource, ultimately as every innovative idea comes from the human mind itself. These day’s employees are treated as the valuable assets and they are the real talent pools of an organization. It is the employees who implements and give tangibility to the corporate mission and vision. Hence, employees especially the high performers in an organization have to be retained Recruiting the best and talented employees is one of the most important HR function but the major duty is of any HR manager is to retain their organization’s high performers and it is also a great challenge to all the HR managers. Especially in this Globalization era retaining the Human Resource calls for special skills and strategies.
Hence, retaining employees is the key for any Business success. According to Get Les McKeon’s employee retention is define as “ effective 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. 1. 2 NEED OF THE STUDY In today’s environment it becomes very important for organization to retain their employees. Employees stay and leave their organization for various reasons. The reasons may be personal or professional; most of the organizations are facing the problem of higher employee turnover rate.
Therefore it necessitates a greater need for a study on employee retention practices in organizations. The following are the few factors which have made the Retention of Employees as a major HR issue and calls for an immediate action. • Rise in the employee’s turnover rates in each sector and costs associated with those turnovers has been increased. • Due to the onset of globalization job opportunities has been enormously increased, especially talented people are being focused and they are benefited much. • Increase in the cost to fill up the vacancy in an organization, cost associated to train the employees is high. IMPORTANCE OF EMPLOYEE RETENTION Why is retention so important? Is it just to reduce the turnover costs?
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 coached. The process of employee retention will benefit an organization in the following ways 1. The Cost of Turnover: The cost of employee turnover adds hundreds of thousands of money to a company’s expenses. While it is difficult to fully calculate the cost of turnover (including hiring costs, training costs and productivity loss), 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 (sometimes to competitors).
Often much time and money has been spent on the employee in expectation of a future return. When the employee leaves, the investment is not realized. 3. Interruption of Customer Service: Customers and clients do business with a company in part because of the people. Relationships are developed that encourage continued sponsorship of the business. When an employee leaves, the relationships that employee built for the company are severed, which could lead to potential customer loss. 4. Turnover leads to more turnovers: When an employee terminates, the effect is felt throughout the organization. Co-workers are often required to pick up the slack.
The unspoken negativity often intensifies for the remaining staff. 5. Goodwill of the company: The goodwill of a company is maintained when the attrition rates are low. Higher retention rates motivate potential employees to join the organization. 6. Regaining efficiency: If an employee resigns, then good amount of time is lost in hiring a new employee and then training him/her and this goes to the loss of the company directly which many a times goes unnoticed. And even after this you cannot assure us of the same efficiency from the new employee OBJECTIVES OF THE STUDY 1. To study the activity carried in the organization for employee retention and their impact on job. 2.
To find out the reasons for the employees’ stay for a long tenure/not stay in this organization. 3. To study major factor influencing the employee retention in the organization. 4. To study the relative factors like job satisfaction, job stress, incentives and the work on job with respect to job retention. 5. To study the capacity building opportunity in the organization for job retention 6. To study the environmental strategies and the working place. 7. To study the relationship among the employee in the organization. 8. To study the growth i. e. personal and professional of the employees. 9. To study the compensation strategies of the employees. 10.
To study the effectiveness of existing retention system in the organization and suitable recommendations given to make the system more effective. RESEARCH METHODOLOGY DATA COLLECTION: Primary Source: Primary source includes the data collected from the employees of Capital IQ. Sampling method: Convenient Sampling Sample Size:50 Methodology: The required information is collected in the following ways. • Administered a structured questionnaire. • On the basis of observation. • By holding talks with concerned employees. Secondary Source: • Company’s Hand book. • The Exit Interview reports. • Websites and other Search engines. • Books & Journals.
For further information a structured questionnaire consisting of 21 questions has been prepared concentrating on the core concept of retention and the retention system. Few exit interview reports were also examined for the data collection and few employees were interviewed. LIMITATIONS OF THE STUDY ? The study was undertaken for a short period as such time becomes the limiting factor and the data presented is limited. ? The data collected will be valid for certain period of time i. e. only 45 days. As after completion of study there is a possibility in the occurrence of any change in organization. ? The feedback of 50 employees was taken. Hence the responses may vary from one employee to another. ? Response could be biased may be due to an influence of the Superior or Peer. In spite of taking all the necessary measures there is a chance in occurrence of minor errors due to the lack of experience on the part of researcher. THEORITICAL FRAMEWORK “People don’t leave their jobs, they leave their managers. ” Employee retention involves taking measures to encourage employees to remain in the organization for the maximum period of time. Corporate is facing a lot of problem in employee retention these days. Hiring knowledgeable people for the job is essential for an employer. But retention is even more important than hiring. There is no dearth of opportunities for talented person. There are many organizations which are looking for such employees. If a person is not satisfied by the job he’s doing, he may switch over to some other more suitable job.
In today’s environment it becomes very important for organizations to retain their employees. DEFINITION According to Jill Cotter, a recruiting program specialist defines Retention as “a part of keeping good employees in an organization and continuously benefiting in achieving the organizational goals. ” Retention can also be defined as “process of making employees loyal towards the organization and making them not to leave the organization. ” Talented people not only keep developing their skills but they also help in increasing the value of the organization and customers. Hence, retaining these employees is the key to any business success. 1.
The total human resource is divided into 2 species namely, the ‘loyal’ who are prepared to stick to the employer and the ‘rolling stone’ that are poised to roll out for a variety of reasons and this phenomena is known as ‘Attrition’ which highlights the urgent necessity for the formulation of suitable strategies aimed at retaining the employees by installing in them a general sense of loyalty. 2. Retaining best employees ensures customer satisfaction, product sales, satisfied co-workers, etc. 3. Effective succession planning can be done by the organization. BENEFITS OF EMPLOYEE RETENTION. Every company should understand that people are their best commodity.
Without qualified people who are good at what they do, any company would be in serious trouble. In the long run, the retention of existing employees saves companies money. As Beverly Kaye and Sharon Jordan- Evan stated in Training and Development: “Studies have found that the cost of replacing lost talent is 70 -200 percent of that employee’s annual salary. There are advertising and recruiting expenses, orientation and training of the new employee, decreased productivity until the new employee is up to speed, and loss of customers who were loyal to the departing employee. Finding, recruiting, and training the best employees represents a major investment.
Once a company has captured talented people, the return-on-investment requires closing the back door to prevent them from walking out. ” When an employee leaves a company for a direct competitor, there is always a chance that they will take important business strategies and secrets with them to be explained by the competition. This is yet another reason why the retention of employees is so crucial to some businesses. While this practice seems a bit unscrupulous, it skills happens quite frequently. As Bill Leonard stated in HR Magazine: “Because employers know that the best-qualified applicants will come directly from competitors, recruiting and hiring employees away from mother of inventive and sometimes controversial business practices.
Recruiting and hiring from your competitors is probably as old as business itself. But what is new—and a hot topic among employers – is how to attract and retain qualified candidates in a highly competitive labor market while also preventing their own intellectual capital from winding up in the hands of competitors. One way for a company to prevent employees from giving valuable information to competitors is to make it a policy to enforce strict none compete and confidentiality agreements amongst its employees. The existence of such agreements could in fact deter a competitor from hiring a valuable employee because they might not want to risk possible legal entanglements with the other company.
Of course, all this could possibly lead to animosity with the employee who could feel that his or her options are being limited. Many employees don’t always remember signing such a document, so a copy of it should always be kept on file for the employee to refer to. This area could prove to be a highly sensitive one between employer and employee, so extreme caution is suggested in all instances. EMPLOYEE RETENTION TOOLS Hiring individuals who are truly fit to succeed in the position for hire will dramatically increase the chances of that employee being satisfied with his or her work and remaining with the company for extended period of time. By far, we have found this to be the biggest predictor of future employee retention.
Communication: Communication has become so heavily stressed in the workplace that it almost seems cliche. However communication couldn’t be more important in the effort to retain employees. Be sure that team members know their rules, job description, and responsibilities within the organization. Communicate any new company policies or initiatives to all employees to be sure that everyone is on the same page. Nobody wants to feel that they are being left out of the loop. Include employees in decision making: It is incredibly important to include team members in the   decision making process, especially when decision will effect an individual’s department or work team.
This can help to create of employee involvement and will generate new ideas and perspectives that top management might never have thought of. Allow team members to share their knowledge with others: The highest percentage of information retention occurs when on shares that information with others. Having team members share when they have learned at a recent conference or training workshop will not only increase the amount is information they will retain, but also lets a team member know that he is a valuable member of the organization.. Shorten the feedback loop: Do not wait for an annual performance evaluation to come due to give feedback on how an employee is performing.
Most team members enjoy frequent feedback about how they performing. Shortening the feedback loop will help to keep performance level high and will reinforce positive behavior. Feedback does not necessarily need to be scheduled or highly structured; simply stopping by a team member’s desk and letting them know they are doing a good job a current project can do wonders for morale and help to increase retention. Balance work and personal life: Family is incredibly important to team members. When work begins to put a significant strain on one’s family no amount of money will keep an employee around. Stress the importance of balancing work and one’s personal life.
Small gestures such as allowing a team member to take an extended lunch once a week to watch his son’s baseball game will likely be repaid with loyalty and extended employment with an organization. Provide opportunities for growth and development: Offer opportunities for team members to acquire new skills and knowledge useful to the organization. If an employee appears to be bored or burned out in a current position offer to train this individual in another facet of the organization where he or she would be a good fit. Nobody wants to feel stuck in their position will no possibility for advancement or new opportunities. Recognize team members for their hard work and let them know they are appreciated: This can be one of the single greatest factors affecting employee retention.
Everybody, in the all levels of an organization, wants to know that their efforts are appreciated and recognized. This can be as simple or as extravagant as a supervisor may desire. Often time a short e-mail or quickly stopping by a team member’s desk and saying “thanks” can do wonder for morale. Other options might include a mention in the company newsletter for outstanding performance or gift certificates to a restaurant of movie theatre – the possibilities are endless. Clearly define what is expected of team members: Nothing can be more frustrating or discouraging for an employee than the lack of a clear understanding of what is expected of him on the job.
In a performance driven workplace a lack of clarity regarding job duties and expectations can cause fear and anxiety among employees who are unclear of what is expected of them. Even worse outright anger can occur when a team member receives a negative performance evaluation based on expectations and job duties that he or she was unaware of or unclear about. The quality of supervision and mentorship: It has been said so often that it is almost cliche, but people leave, not their jobs. Supervisors play the largest role in a team member’s development and ultimate success within an organization. All employees want to have supervisors who are respectful, courteous, and friendly – that is a given.
But more importantly team member want supervisors whose clear performance expectations, deliver timely feedback on performance, live up to their word and promises, and provide an environment where the employee can grow and succeed. Failure by supervisors and management to provide this can cause an employee to start looking for greener pastures. Fair and equitable treatment of all employees: One of the surest ways to create animosity and resentment in an organization is to allow favoritism and preferential treatment of individual team members. The so-called “good ole’ boys club” can create a noxious organization culture and foster resentment among team members. This culture will only get worse and can create a devastating exodus of valued team members.
Best employee reward programs: If these rewards are in terms of money, by dividing it into two parts and giving the first half parts with the initial month’s salary and the remaining after six months helps in retaining the   employee for six months. Career development program: Conditional assistance for certain courses should be provided within the company in which the company will bear the expenses only if he/she scores a certain aggregate of marks. Performance based bonus: To get more work out of the employees, remuneration in the form of bonus helps to retain individuals who are highly productive. It doesn’t add extra – pressure on the company’s budget. It can be arranged by cutting a part of the salary hikes.
Employee referral plan: Introducing employee referral plans and giving referral bonus after six to nine months of continuous working of the new employee as well as existing employee reduces the hiring cost of new employee as well as helps retention of the existing ones for a longer period of time. Loyalty bonus: After successful completion of a specified period of time in an organization rewarding employees with money or position gives recognition and satisfaction to them. It also gives encouragement to the fellow employees. Giving voice to the knowledge banks: The important intellectual assets of the company are the workforce. The company should retain it through involving in some of the important decisions  Employee recreation: Involvement of top management along with the lower and middle level management in some recreational activities makes the employees feel that they are very close to the management and are treated equality.
Gifts on some occasions: Giving some gifts on festivals and special occasions to the employees makes them feel good and realize that the management is concerned about them. Accountability: Creation of an environment that demands accountability and transparency helps employees to feel that they are as superiors. This helps in emotional bonding of the employees. Surveys: Conducting regular surveys, feedbacks from superiors as well as other issues like morale, development plans, etc. This make them feel important and understand that the company really cares for them Fun and laughter at workplace: Fun and laugher in a workplace lend a competitive advantage to an organization through its human recourses.
The presence of humor in a workplace enables the employees to work with interest and enthusiasm that reduce the work pressure and attrition levels. It instills a sense of joy among the employees that can go a long way in creating a bond between the employees and the employer and thereby decreasing the rate of employee attrition. in a  nutshell, creating a fun and laughter – filled wok environment in an organization will pave the way for its success in the marketplace. such a company is sure to emerge as an ‘employer of choice’. For every company, workforce is an intellectual capital which is the source of its competitive advantage and helps achieve the bottom line.
Hence, retaining a well trained, skilled and contented workforce can lead a company to dizzy heights while the lack of it can hamper its growth badly. So, every resignation saved is every dollar earned. RETENTION CHALLENGES FOR HR MANAGERS The following are the few challenges where HR analysts have to face in retaining their employees: 1. HR analysts have to know exactly the reasons that prompt an employee to seek the exit door. 2. HR analysts have to know whether the reply given by the employee reflects the true cause for quitting the organization. 3. The reply coming almost in the end, it will be too late to serve any useful purpose. 4. It is not an easy task for HR managers to ascertain the real reason for departure of employee. 5.
HR analysts have to handle the intangible complex factors ‘psychology’ factor with a velvet glove of the employees in order to retain them. EMPLOYEES TURN OVER Employee turnover is a concern facing everyone in the service industry. As staff come and go employers are wondering what can be done to stem the tide. This revolving door forces employers to try to get a clear understanding of the real costs of turnover in their companies and most important, seek ways to avoid it. Turnover is becoming a serious problem in today’s corporate environment. The employment culture is changing as well. It is now relatively common to change jobs every few years, rather than grow with one company throughout the employment life as was once commonplace.
In addition, employees are increasingly demanding a balance between work and family life. While staff turnover is down in all sectors, there has been a dramatic increase in the costs associated with recruiting and training new staff. The largest of costs, due to the highest turnover and biggest industry wide growth are in the service sector. Finding workers that are punctual, friendly, and trustworthy is essential to the success of industries that cater to the public. Employers are looking for stamina, good management and people skills when recruiting workers in the service industry. Retaining good workers should be at the top of every manager’s agenda.
Turnover costs for many organizations are very high and can significantly affect the financial performance of an organization. Drivers of Employee Retention and Turnover Devising effective employee retention strategies requires organizations to understand both why employees leave organizations and why they stay. Why employees leave ? Employees leave organizations for all sorts of reasons—some find a different job, some go back to school, and some follow a spouse who has been transferred to a different location. Some retire, get angry about some work-related or personal issue and quit on impulse, while others simply decide they no longer need a job (these categories of departure are referred to as “voluntary turnover”).
Still others get fired or laid off by the organization (referred to as “involuntary turnover”). Generally, an individual will stay with an organization as long as the inducements it offers (i. e. , pay, good working conditions and developmental opportunities) are equal to or greater than the contributions (e. g. , time and effort) required of the person by the organization. These judgments are affected both by the individual’s desire to leave the organization as well as the ease with which he or she could depart. Studies have shown that employees typically follow four primary paths to turnover, each of which has different implications for an organization. These include: Employee dissatisfaction: Attack this with traditional retention strategies such as monitoring workplace attitudes and managing the drivers of turnover. ? Better alternatives: Ensure that the organization is competitive in terms of rewards, developmental opportunities and the quality of the work environment. Be prepared to deal with external offers for valued employees. ? Following a plan: Some employees may have a predetermined plan to quit (e. g. , if their spouse becomes pregnant, if they get a better job, if they are accepted into a degree program, etc. ). However, increasing rewards tied to tenure may alter the plans of some employees. ? Leaving without a plan: Employees sometimes leave on impulse, without any plan for the future.
Generally, this is the result of a negative response to a specific action (e. g. , being passed over for a promotion, difficulties with a supervisor, etc. ). Analyze the types and frequencies of work-related issues that are driving employees to leave. Provide training to minimize prevalent negative interactions (e. g. , harassment, bullying or unfair and inconsistent treatment) and provide support mechanisms to deal with those problems (e. g. , conflict resolution procedures, alternative work schedules or employee assistance programs). Additional predictors of turnover that merit careful attention include: • Organizational commitment and job satisfaction. • Quality of the employee-supervisor relationship. Role clarity. • Job design. • Workgroup cohesion. Why employees stay As important as it is to understand the reasons that drive employees to leave an organization, it is just as important to understand why valuable employees stay. Some recent studies have suggested that employees become embedded in their jobs and their communities. As they participate in their professional and community life, they develop a web of connections and relationships, both on and off the job. Leaving a job would require severing or rearranging these social and value networks. Thus, the more embedded employees are in an organization, the more likely they are to stay.
Companies can increase an employee’s embeddedness by providing mentors, designing work in teams, fostering team cohesiveness, encouraging employee referrals and providing clear socialization and communication about the company’s values and culture, as well as financial incentives based on tenure or unique incentives that may not be common elsewhere Key Retention Strategies and Best Practices Practices that contribute to retention arise in all areas of HR. This makes it critically important for professionals specializing in various HR Disciplines within organizations to work together under HR leadership to develop and implement multifaceted retention strategies. Broad-based and targeted strategies, or a combination of both, may be appropriate to the circumstances. Effective practices
Evidence suggests that effective practices in a number of areas can be especially powerful in enabling an organization to achieve its retention goals. Recruitment: Evidence suggests that recruitment practices strongly influence turnover. Considerable research shows that presenting applicants with a realistic job preview during the recruitment process has a positive effect on retention of those new hires. • Selection: The use of biographical data (biodata) is an especially effective technique for handling the selection process. Biodata empirically identifies life experiences that tend to differentiate those who stay with an organization and those who quit.
Life experience associated with people who stay may include significant tenure on previous jobs, educational experience, involvement and leadership in career-related clubs and organizations, and early work experiences. Assessing “fit” for the organization (with the job and the organization and its culture) can also shed light on the compatibility of an individual with the work environment. [pic] ? Socialization: Turnover is often high among new employees. Research has shown that socialization practices—delivered via a strategic on boarding and assimilation program—can help new hires become embedded in the company and, thus, more likely to stay.
These practices include shared and individualized learning experiences, formal and informal activities that help people get to know one another, and the assignment of more seasoned employees as role models for new hires. • Training and development: If people are not given opportunities to continually update their skills, they are more inclined to leave. However, training and development is a double-edged sword as training may make employees more marketable, increasing the ease with which they can be recruited by rival organizations. ? Compensation and rewards: Pay levels and satisfaction are only modest predictors of an employee’s decision to leave the organization; however, a company has three possible strategies: 1. Lead the market with respect to compensation and rewards. 2. Tailor rewards to individual needs in a person-based pay structure. 3.
Explicitly link rewards to retention (e. g. , tie vacation hours to seniority, offer retention bonuses or stock options to longer-term employees, or link defined benefit plan payouts to years of service). ? Supervision: Several studies have suggested that fair treatment by a supervisor was the most important determinant of retention. This would lead a company to focus on supervisory and management development and communication skill building. ? Employee engagement: Engaged employees are satisfied with their jobs, enjoy their work and the organization, believe that their job is important, take pride in their company, and believe that their employer values their contributions.
One study found that highly engaged employees were five times less likely to quit than employees who were not engaged. Broad-based strategies Broad-based strategies are directed at the entire organization or at large subsystems and are intended to address overall retention rates. Examples include providing across-the-board market-based salary increases, changing the hiring process to incorporate retention-related criteria and improving the work environment. The data to help a company determine which broad-based strategies to implement typically come from retention research, best— or effective— practice review and benchmarking surveys. • Retention research can shed valuable light on the primary drivers of turnover.
Attendance at conferences and membership in professional associations such as SHRM can also provide access to the latest research on turnover and retention. • Best/effective practices encompass the strategies that other organizations are using and are finding effective or ineffective. • Benchmarking surveys can provide information about where a company stands on issues such as pay, benefits, bonus plans and the like •  Targeted strategies Targeted strategies are based on data from several key sources, including organizational exit interviews, post-exit interviews, employee focus groups, predictive turnover studies and other qualitative studies.
This information can lead an organization to determine more specifically where a problem exists and develop highly relevant and linked strategies to address the issue (e. g. , if female professionals are departing the organization in significant numbers, a company could review common reasons that women give for leaving a company and develop strategies to specifically deal with this group of employees). Implementation: A company’s HR department typically is the linchpin of effective and efficient administration of the employee retention strategy. Having an HR team that is educated about employee motivation, retention strategies and benchmarking and best practices research is critical to the success of the program. Laying the groundwork
HR typically would be responsible for taking the following steps that together would yield the information that an organization needs to determine the extent of its problem and to help shape the retention strategies that are implemented in response. • Determine whether turnover is a problem. This can be accomplished through turnover analysis, benchmarking and a needs assessment (both external and internal). • Determine the best way to proceed. After reviewing the turnover analysis, benchmarking data and needs assessment, a company should be prepared to determine the extent to which turnover is a problem. Then broad-based or targeted strategies (or a combination) should be considered and identified for implementation. • Implementing the retention plan. This step involves actually putting into place the strategies that have been identified as appropriate for the specific problem. Evaluating the results. After implanting the plan, it will be important to evaluate the results to assess their impact relative to their cost. Benchmarking Establishing appropriate benchmarks—both external and internal—is a key first step in preparing to implement an employee retention strategy. • External Benchmarking. Is a 15% annual turnover rate too high? This question is impossible to answer in isolation. Benchmarking and needs assessment can provide valuable information for determining whether turnover is a problem for an organization. Through external benchmarking, a company compares its turnover rates against industry and competitor rates.
These data represent annual and monthly quit rates as a percentage of total employment for all non-farm employment across the United States, broken down by industry, geographic location, public or private, etc. Another source of external benchmarking data can be found in private organizations such as the Attrition & Retention Consortium, a members-only group of 25 Fortune 500 companies that provide quit-rate statistics to a third party, which compiles the data and circulates benchmark statistics. ? Internal Benchmarking. With this form of benchmarking, an organization tracks its turnover rates across time. If the rate increases, overall or among particular groups, this can be a “red flag” that a potential problem may exist. Dealing with some common problems:
As with all strategic initiatives, there are some common problems associated with employee retention programs. These include: • Lack of Top Management Support. If senior management does not send a message to managers and supervisors emphasizing that employees are critical to the company’s long-term success, they are likely not to focus on people-related issues. Unless senior management actively participates in the retention process and takes primary responsibility for it, managers and employees will remain unsure of the true value of employees, both to senior management and the organization. • Perception of the Program as Time-Consuming “Busywork. Similarly, without an organizational commitment to the initiative and a clear understanding of how it is strategically contributing to the organization’s successful long-term performance, managers will view a focus on people as “nice” or “just busywork” and a huge waste of time that takes them away from the more important demands of their “real job. ”  Costs and return on investment Because there are so many different actions a company can take to improve its employee retention rate, it is not feasible to quantify the “typical” costs—hard and soft—of designing and implementing a program. However, this does not mean that an organization should not try to budget its own initiative carefully. The payback in financial terms can be estimated by reviewing a number of HR metrics, including turnover data, promotions/transfers from within vs. utside recruiting, the number of grievances filed, absenteeism, discrimination complaints, etc. Auditing and evaluating Any HR initiative or program—especially one designed to retain an organization’s key talent—needs to be continuously evaluated to determine if it is effective and to identify opportunities for improving it. A good way to determine whether the employee retention program is working is to conduct an independent audit of the way the program is affecting various groups of employees. For example, are certain types of employees (e. g. , low-skilled, highly skilled, technical, professional, managerial, executive or those with varying degrees of tenure) leaving the organization at more significant levels than others?
If so, that group can be targeted for specific interventions. Global approaches and perspectives Increases in cultural differences within the workforce raise critical issues for HR practitioners. Employee retention efforts have proven to be very difficult in some parts of the world due to differing expectations for pay, work assignments, benefits and the like. If a company is global in scope or simply has a highly diverse employee population, both cultural and national differences must be taken into account at the outset of the development of any new HR-related program, including employee retention strategies. REVIEW OF LITERATURE Retention Factors for all Employees
Agrela, et al (2008) states the need to focus on the factors that affects retention leading To growth and success of organizations. Studies suggests that retention strategies, which effectively satisfy the needs of all employees consequently enhances the ability for companies to adapt more effectively to ongoing Organizational change (Gale Group, 2006). Research shows that trends redefining modern retention strategies Go beyond the traditional salary and benefits package (Gale Group, 2006) and compensation (Feldman, 2000) embracing employee motivation (Thomas, 2000), As one of the key factors to cater to the diversity and long stay of the workforce in the organization.
Retention factors incorporating the needs and desires of employees At any age enhance levels of individual job satisfaction, loyalty, and commitment (Boomer Authority, 2009). Cunningham (2002) states that employees rank employee recognition, flexibility and training as top priorities for prolonging individual employment, while Walker (2001) and others call for establishing a supportive Learning and working climate for employee retention. Further, career development (Boomer Authority 2009), organizational commitment (Patrick Owens, 2006), communication (Gopinath and Becker, 2000) and superior-subordinate relationship (Zenger, Ulrich, Smallwood, 2000) are also the factors known for prolonged stay of the employees in the organization.
The list of retention factors and literature review is not Meant to be exhaustive of all possible theories or variables related to employee retention and turnover (Griffiths et al. , 2000). Rather, the emphasis in this study is placed on testing the relative frequency with which various retention factors emerge when analyzing employees’ versions for why they stay. A brief introduction and review of the 12 retention factors working towards the preservation of an organization most Valuable asset – employees (Yazinski, 2009), examined in this study are provided in the following section. 2. 1. 1 Skill recognition: Providing skill recognition of personal job accomplishments is an effective retention Strategy for employees at any age (Yazinski, 2009).
Studies indicate fulfilling peoples need for acceptance by acknowledging individual work accomplishments prolongs employment of employees (Redingote, 2007). A Study by Yazinski (2009) show trends of an increased number of job applicants seeking out companies that encourage employee input, growth, education, and teamwork, beyond the traditional compensation/benefit packages offered by employers. The Gale Group (2006) states organizational benefits of personal recognition are priceless, yet statistics supports that the impact of verbal praise has the ability to enhance company loyalty, motivation, and perseverance at no extra charge. Individual skill recognition is restricted by age, and motivates positive behavior, ethics, teamwork, confidence, and growth in all employees (Redington, 2007).
Thus; both skill recognition (ranging from verbal praise to incentives/rewards) and learning opportunities (growth/development) enhance individual performance, effectiveness, and retention (Agrela, et al. , 2008). 2. 1. 2 Learning & Working Climate: Since learning and development opportunities appear crucial for the retention of talented employees (Arnold, 2005; Hytter, 2007; Walker, 2001), an organization must establish a supportive learning and working Climate. The concept “learning and working climate” is derived from previous research (Abrams et al. , 2008 etc). In general it refers to the environment wherein employees both learn and work.
More specifically, the concept could be described by referring to: guidance and appreciation at work; pressure of work; the amount of empowerment and the responsibility that employees experience; choice in job tasks and development; provision of challenging and meaningful work; and advancement and development opportunities. Results from previous research show that the appreciative approach,Operationalised through an appreciative learning and working climate, positively influences employee retention (Abrams et al. , 2008; Christiansen et al. , 2009; Kyndt et al. , 2009; Van Hamme, 2009; Visser, 2001; Verheijen and Dewulf, 2004). 2. 1. 3 Job Flexibility: Job flexibility is vital for retaining employees of any age(Boomer Authority, 2009).
Researchers describe the importance of employment flexibility such as scheduling variations that better accommodate individual work times, workloads, responsibilities, and locations around family responsibilities (Cunningham, 2002; Pleffer, 2007). Studies show that “flexibility” empowers individuals to facilitate a healthier balance between work and personal obligations, something that appeals to all ages of employees (Eyster, et al. , 2008; Scheef & Thielfodt, 2004). Prenda & Stahl (2001) say that employee’s havingjob flexibility options report having higher levels of individual commitment, concentration, satisfaction, productivity, loyalty, and mental capacity at any age. 2. 1. 4 Cost Effectiveness:
Studies supports the conclusion that organizations providing cost effective job flexibility options benefit from satisfying the needs of all employees, independent of age, which allows for the reallocation of expenses related to recruitment, work space changes, sick time, absenteeism, and commuting costs (Agrela, et al. , 2008; Boomer Authority, 2009; Cunningham, 2002). Consequently, studies indicate that there is a link between cost-effective “flexibility” choices and advanced levels of job satisfaction, accuracy, productivity, recruitment, and employee retention (Boomer Authority, 2009;Cunningham, 2002; Prenda & Stahl, 2001. Eyster, et al (2008) state organizations can cost-effectively fulfill the needs for job flexibility options to promote employee retention.
Thus, the provision of cost-effective”flexibility” options is critical in the retention of all employees despite disparity in age, position,skill/knowledge level, and duration of employment (Eyster, et al. , 2008; McIntosh, 2001). 2. 1. 5 Training: Training is a key retention factor for employees at any age. Statistical evidence indicates job training is a critical factor for personal (behavioral) and professional (technical) development (United StatesDepartment of Labor, 2009). The availability for all employees having access to training and development programs is critical in facilitating organizational growth, particularly with performance and technological improvements (Boomer Authority, 2009).
Research supports that both the organizational benefits and cost savings associated with training programs outweigh the initial cost it incurs (Prenda & Stahl, 2001). Eisen (2005) states that training programs available to all employees correlate with a 70% increase in employee retention rates. Research indicates training methods that engage workers with career challenges,advancement opportunities, work incentives, competitive wages/benefits, and supportive work environments are effective retention strategies for employees of any age (Eisen, 2005). Evidence supports the conclusion that access to regular training programs enhances growth, prosperity, and retention for both employees and employers (Amble, 2006).
Research provided by Berryman & Vaughan (1989) and McIntosh (2001) indicate a relationship between enhanced training foundations (competencies, efficiencies, and intelligence) and advanced development of best practices, cross training, mentoring, and technology changes for all employees. Training benefits (tangible or intangible) correlate with higher levels of consistency, competency, productivity, adaptability, independence, and loyalty in employees at any age (Agrela, et al. ,2008; Boomer Authority, 2009; Yazinski, 2009). 2. 1. 6 Benefits: The relationship of benefits with retention is another aspect of making people stay is often investigated by researchers.
Maccoby (1984) identified the job satisfaction of employees and supervisors of Bell System over a five-year period and found that the employees and supervisors were satisfied with their pay and benefits and were also motivated to work productively 2. 1. 7 Career Development: The purpose of career planning as part of an employee development program is not only to help employees feel like their employers are investing in them, but also help people manage the many aspects of their lives and Deal with the fact that there is not a clear promotion track. Employers can no Longer promise job security, but they can help people maintain the skills they need to remain viable in the job market (Moses, 1999). Eyster, et al. 2008) state that job flexibility along with embracing career and life options, is a critical incentive for all employees. Research shows growing trends of employers providing greater job flexibility that includes flexible career options (i. e. training, mentoring, workstation accommodations, job mobility, and reduced work hours) and life options (i. e. counseling services, health and wellness programs) (Boomer Authority, 2009; Eyster, et al. , 2008). The challenge to organizations is that they must accept that this process may lead some employees to leave the company and pursue outside opportunities (O’Herron and Simonsen, 1995). 2. 1. 8 Superior-Subordinate Relationship:
Employee development programs cannot exist without a culture that supports them. Any effective program must have strong support from people in senior management positions, and these people must also serve as positive role models to subordinates (Zenger, Ulrich, Smallwood, 2000). Managers and supervisors take on a new role when an organization gets into the business of employee development. They must become coaches to help people manage their careers and support their development efforts. Managers at Sears actually go through a workshop called “Managing Career Development” to prepare them to work with employees under their career planning system (O’Herron andSimonsen, 1995).
Coaching employees is valuable in helping them meet their goals, but it is also important for managers to simply show that they care. It is an intangible incentive that can make a big difference in employee motivation (Moses, 2000). 2. 1. 9 Compensation: Creating a compensation structure that supports an employee development program is a distinct challenge for companies. Many organizations claim to base pay raises on performance, but that is not actually the case. Some companies try to emphasize a team environment, but continue to reward people for individual achievement (Feldman, 2000). These inconsistencies can cause frustration and cynicism by employees.
It is especially difficult when employees are not seeing significant pay raises, yet company leaders are richly rewarded (Feldman, 2000). The entire organization must buy into the culture of employee development. Sears created a new compensation system when they got into the business of employee development. Whereas they used to only offer pay increases to employees who were promoted, they have moved to a system where people may see a pay increase for lateral moves that are appropriate for their own development (O’Herron and Simonsen, 1995). 2. 1. 10 Organizational Commitment: Studies have concluded that committed employees’ remains with the organization for longer periods of time than those which are less committed.
Steers (1977) suggest that the more committed an employee is, the less of a desire they have to terminate from the organization. These“highly committed” employees were found to have a higher intent to remain with the company, a stronger desire to attend work, and a more positive attitude about their employment. Steers (1977) concluded that “commitment was significantly and inversely related to employee turnover. ” According to Arthur (1994) when organizations seek to foster a philosophy of commitment, then the likelihood of an employee searching for employment elsewhere is lowered. Owens (2006) had a similar finding that employees that had a higher level of commitment also had a higher level of “turnover cognitions”.
A higher score in “turnover cognitions “indicated that the employee had a more favorable attitude and was less likely to consider turnover representing an inverse relationship of commitment and turnover. The aforementioned studies are representative of much of the research available relating to commitment and turnover. Commitment has a significant and positive impact on job performance and on workforce retention. The underlying belief is that a more committed employee will perform better at their job (Walton, 1985). 2. 1. 11 Communication: Studies have indicated that effective communications improve employee identification with their agency and build openness and trust culture.
Increasingly, organizations provide information on values, mission, strategies, competitive performance, and changes that may affect employees enthuse (Gopinath and Becker 2000; Levine 1995). Many companies are working to provide information that employees want and need in better way of communication, through the most credible sources (e. g. , CEO and top management strategies) on a timely and consistent basis. COMPANY PROFILE S&P Capital IQ is a leading global investment and financial information solutions provider. The S&P Capital IQ Platform, our unique combination of global private and public market data and software applications, is used by over 4200 leading financial institutions to draw deep market insights, generate better ideas, optimize relationships, and simplify workflow.
The Hyderabad Research team powers the platform with all the required data and the tech team develops the tools that help research and workflow management. ABOUT STANDARD & POOR’S: Standard & Poor’s, a division of The McGraw-Hill Companies (NYSE:MHP), is the world’s foremost provider of independent credit ratings, indices, risk evaluation, investment research, data and valuations. With 6,450 employees located in 20 countries, Standard & Poor’s is an essential part of the world’s financial infrastructure and has played a leading role for more than 140 years in providing investors with the independent benchmarks they need to feel more confident about their investment and financial decisions. S&P CAPITAL IQ, HYDERABAD HISTORY • 1994: Started as Smart Software in Hyderabad Operations was set up with 8 employees at prime business vicinity of Hyderabad and very soon ramped up to 100 employees by 1996 • 1997: Smart Software was merged with Simply Stocks Inc. , of San Diego • 2003: Capital IQ Inc. , acquired Simply Stocks o – CIQ became clear that they needed to own data so Acquired Simply Stocks (a fundamental data provider) • Sep 2004: Capital IQ acquired by Standard & Poor’s/McGraw-Hill • Sep 2010: Acquired TheMarkets. com (TMC) S&P CAPITAL IQ HYDERABAD: • The Hyderabad operations are the backbone of the fundamental data on the platform. • The research teams at Hyderabad primarily collect data that populates the Capital IQ applications. The data sets delivered out of Hyderabad include company fundamental data (as presented and standardized), supplemental information (general and industry specific), securities information (shares out, earnings and dividends per share, equity and debt capital structure, corporate actions), analyst estimates (including actual and guidance), business relationships and key developments, corporate governance, ownership, business descriptions and compensation data. • The organization of the process also includes teams that manage the sourcing and tracking of documents used as inputs to the process, entity management, data integration, generation and delivery. In addition, there are few smaller teams working on key client requirements such as financial modeling using the Capital IQ Excel tool. COMPANY STRUCTURE [pic] [pic] S&P CAPITAL IQ MISSION & CORE VALUES • Our Mission – To change the way global professionals gather and analyze information, so they can work faster, better, and smarter • We Are a True Team – Honest, Respectful, Teamwork, Have Fun • We Exceed Client Expectations – Highly Responsive, Straightforward, Build Relationships with Mutual Trust & Respect – Engage with Clients to Understand their Challenges • We Are Driven to Win – Passionate, Resourceful, Succeeding with Integrity S&P CAPITAL IQ HEAD QUARTER: CIQ head quarter is in New York. REGIONAL OFFICE: • Operations: 1. NY 2. Boston. 3. Denver . Bunes Aires (Argentina) 5. Hyderabad (India 6. Gurgoan (India 7. Manila (Philippines • Sales and Client Development. 1. San Francisco. 2. Chicago. 3. Los Angeles. 4. Houston. 5. London. Our Organization 5500+ people globally in New York, Boston, Buenos Aires, Chicago, Denver, Gurgoan, Hong Kong, Hyderabad, London, Manila, & Sydney • Technology (500+) • NY- primarily builds the Capital IQ client-facing applications • HYD – Builds the tools for Capital IQ Content Collection • Client Development (200+) • Based in NYC with satellite offices across the US and around the world • Includes our sales team and 24/7 client support • Research (3,200+) Primarily in Hyderabad, India (2215+), and Gurgoan, India (540+) • Other offices in Denver (225+), Manila (120+), and Buenos Aires (90+) • Collect the data that populates the Capital IQ applications S&P CAPITAL IQ CLIENTS [pic] FUNCTIONALITY USAGE: [pic] S&P CAPITAL IQ HYDERABAD BUSINESS UNITS 1. Financials – Main Table 2. Financials – Earnings Estimate 3. Financials – Securities Data 4. Financials – Supplemental Data 5. Business Intelligence Governance & Profiles 6. Business Intelligence Relationship Development 7. Data Inputs 8. External Quality Assurance 9. Financial Analytics Data Integrity & Modeling 10. Technology 11. Corporate Human Resources 12. Corporate Finance & Admin 13.
Risk Solutions 14. Regulated Content [pic] S&P CAPITAL IQ COMPETITION & MARKET • Competitors Include: [pic][pic][pic] [pic] We are a fast-growing piece of a $10bn+ market Industry continues to integrate vertically Many of our key projects are building and integrating data We present data and technology in a unified, usable interface We are succeeding through innovation, better technology, and superior customer service DATA ANALYSIS AND INTERPRETATION Title no 1: This question was inferred to know that “since when employees have been associated with S&P CIQ. ” Response is noted upon the terms….. (a) < 2years (b) 2-4 year (c) 4-6 years (d) > 6years TABLE NO 1:NO OF EMPLOYEES ASSOCIATED WITH S&P CIQ | |S NO |RESPONSE TERMS |PERCENTAGE OF RESPONSE | |(a) |6 years |40% | | SOURCE : Primary data | CHART NO: 1 [pic] INTERPRETATION: 1. It is observed that 40% of the employees associated with S&P CIQ from > 6 years 2. It is observed that 30% of the employees associated with S&P CIQ from 4-6years 3. It is observed that 20% of the employees associated with S&P CIQ from 2-4years 4. It is observed that 10% of the employees associated with S&P CIQ from < 2years Title no 2: This question was inferred to know that “ Opinion of employees on working conditions at S&P CIQ. ” Response is noted upon the terms….. (a) Excellent (b) Good (c) Average (d) poor TABLE NO 2:NUMBER OF EMPLOYEES OPINION ON WORKING CONDITIONS | |S NO |RESPONSE TERMS |PERCENTAGE OF RESPONSE | |(a) |Excellent |50 | |(b) |Good |30 | |(c) |Average |20 | |(d) |Poor |0 | | SOURCE : Primary data | CHART NO: 2 [pic] Interpretation: 1.
It observed that 50% of the employees opinion on working conditions at S&P CIQ is excellent 2. It observed that 30% of the employees feel good about the S&P CIQ working conditions 3. It observed that 20% of the employees opinion on working conditions at S&P CIQ is average 4. It observed that no one feels poor about the S&P CIQ working conditions i. e. it is 0% TITLE 3: This inferred to know that “the career development in S&P CIQ. ” Response is noted upon the terms….. (a) Excellent (b) good (c) satisfactory (d) bad |TABLE NO 3: NUMBER OF EMPLOYEES CAREER DEVELOPMENT IN S&P | |S.
NO |RESPONSE TERMS |PERCENTAGE OF RESPONSE | |(a) |Excellent |50% | |(b) |Good |20% | |(c) |Satisfactory |20% | |(d) |Bad |10% | | Source: primary data | Chart no: 3 [pic] Interpretation: 1.
It is observed that 50% of the employees career development is excellent in S&P CIQ 2. It is observed that 20% of the employees feel good about their career development in S&P CIQ 3. It is observed that 20% of the employees are satisfied with their career development in S&P CIQ 4. It is observed that only 5% of the employees feel bad about their career development in S&P CIQ 4. This is inferred to know that “Are the concerns HR policies consistent and satisfactory”. Response is noted upon the terms………. (a) Yes (b) No (c) To some extent (d) No response |TABLE NO 4: NUMBER OF EMPLOYEES CONCERNS HR POLICIES CONSISTENT AND SATISFACTORY | |S.
NO |RESPONSE TERMS |PERCENTAGE OF RESPONSE | |(a) |Yes |56% | |(b) |No |14% | |(c) |To some extent |20% | |(d) |No response |10% | | Source: primary data |
Chart no: 4 [pic] Interpretation: 1. It is observed that 56% of the employees are agreed with their concerns Hr policies are consistent & satisfactory 2. It is observed that 514% of the employees not agreed with their concerns Hr policies are consistent & satisfactory 3. It is observed that to some extent i. e. 20% of the employees are agreed with their concerns Hr policies are consistent & satisfactory 4. It is observed that 5% of the employees not responded to this 5. This is inferred to know that “ how well the employees satisfied with benefits provided by S&P CIQ”. Response is noted upon the terms…… (a) Yes (b) No (c) To some extent TABLE NO 5: NUMBER OF EMPLOYEES SATISFACTION FOR THE BENEFITS PROVIDED BY S&P CIQ | |S. NO |RESPONSE TERMS |PERCENTAGE OF RESPONSE | |(a) |Yes |52% | |(b) |No |10% | |(c) |To some extent |38% | | SOURCE: PRIMARY DATA | CHART NO: 5 [pic] Interpretation: 1.
It is observe that 52% of the employees are satisfied with the benefit provided by S&P CIQ 2. It is observe that 38% of the employees are satisfied to some extnt with the benefit provided by S&P CIQ 3. It is observe that 10% of the employees are not satisfied with the benefit provided by S&P CIQ 6. This is inferred to know that, “How well the employees efforts appreciated. ” Response is noted upon the terms…………. (a) Highly satisfied (b) Satisfied (c) Neutral (d) dissatisfied (e) highly dissatisfied |TABLE NO 6: NUMBER OF EMPLOYEES EFFORTS APPRECIATED | |S.
NO |RESPONSE TERMS |PERCENTAGE OF RESPONSE | |(a) |Highly satisfied |36% | |(b) |Satisfied |20% | |(c) |Neutral |20% | |(d) |Dissatisfied |16% | |(e) |Highly dissatisfied |8% | | SOURCE: PRIMARY DATA | CHART NO: 6 |[pic] | Interpretation: 1. It is observed that 36% of the employees are highly satisfied for their efforts appreciated 2.
It is observed that 20% of the employees are satisfied for their efforts appreciated 3. It is observed that 20% of the employees are neutral 4. It is observed that 16% of the employees are dissatisfied for their efforts not appreciated 5. It is observed that 8% of the employees are highly dissatisfied for their efforts not appreciated 7. This is inferred to know that, “is there spirit of cooperation among staff at S&P CIQ. ” Response is noted upon the terms……… (a) Strongly agree (b) Neutral (c) Disagree (d) No response |TABLE NO 7: NUMBER OF EMPLOYEES SPIRIT OF COOPERATION AMONG STAFF AT S&P CIQ | |S.
NO |RESPONSE TERMS |PERCENTAGE OF RESPONSE | |(a) |Strongly agree |40% | |(b) |Neutral |34% | |(c) |Disagree |20% | |(d) |No response |6% | | SOURCE: PRIMARY DATA | CHART NO: 7 [pic] Interpretation: 1.
It I observed that 40% of the employees strongly agree that, Yes there is spirit of cooperation among the staff at S&P CIQ 2. It is observed that 34% of the employees are neutral 3. It I observed that 20% of the employees disagree that, there is no spirit of cooperation among the staff at S&P CIQ 4. It is observed that 6% of the employees not responded to this 8. This is inferred to know that “On what priorities the retention of employees is done in S&P CIQ. ” Response is noted upon the terms………. (a) Experience (b) Age (c) Skills & abilities (d) Conduct (e) No response |TABLE NO 8: NUMBER OF EMPLOYEES PRIORITIES ON THEIR RETENTION IN S&P CIQ | |S.
NO |RESPONSE TERMS |PERCENTAGE OF RESPONSE | |(a) |Experience |40% | |(b) |Age |20% | |(c) |Skills & abilities |20% | |(d) |Conduct |20% | |(e) |No response |0% | | SOURCE: PRIMARY DATA | CHART NO: 8 [pic] Interpretation: 1. It is observed that 40% of the employees have given priority to the experience for their retention in S&P CIQ. 2. It is observed that 20% of the employees have given priority to the age for their retention in S&P CIQ 3. It is observed that 20% of the employees have given priority to the skills and abilities for their retention in S&P CIQ 4. It is observed that 20% of the employees are retained in S&P CIQ depending on their conduct 5.
It is observed that 0% of the employees not responded 9. This is inferred to know that, “What all the things employees like most about the company. ” Response is noted upon the terms……………. (a) Compensation (b) working hours (c) Recognition (d) Nature of work (e) No response |TABLE NO 9: NUMBER OF EMPLOYEES LIKE MOST ABOUT THE COMPANY | |S. NO | RESPONSE TERMS |PERCENTAGE OF RESPONSE | |(a) |Compensation |20% | (b) |working hours |24% | |(c) |Recognition |32% | |(d) |Nature of work |24% | |(e) |No response |0% | | SOURCE:PRIMARY DATA | CHART NO: 9 [pic] Interpretation: 1. It is observed that 32% of the employees like recognition given by S&P CIQ 2. It is observed that 24% of the employees like working hours in S&P CIQ 3. It is observed that 24% of the employees like nature of work in S&P CIQ 4. It is observed that 20% of the employees like compensation given by S&P CIQ 5. It is observed that 0% of the employees not responded Title no 10: This question was inferred to know that “To what extent does management support and encourage employees to work. ”Response is noted upon the terms………………………… (a) Completely (b) Partially (c) Not at all TABLE NO 10: NUMBER OF EMPLOYEES ENCOURAGED TO WORK WITH MANAGEMENT SUPPORT | |S N0 |RESPONSE TERMS |PERCENTAGE OF RESPONSE | |(a) |Completely |44% | |(b) |Partially |40% | |(c) |Not at all |16% | | SOURCE:PRIMARY DATA | CHART NO: 10 [pic] Interpretation: 1. It is observed that, 44% of the employees completely supported and encouraged by the management to work in S&P CIQ 2. It is observed that, 40% of the employees partially supported and encouraged by the management to work in S&P CIQ 3. It is observed that, 8% of the employees not at all supported and encouraged by the management to work in S&P CIQ Title no: 11 This question was inferred to know that “Is the employees performance monitored periodically. ” Response is noted upon the terms…………………….. (a) Yes (b) To some extent (c) No TABLE NO :11 NO OF EMPLOYEES PERFORMANCE M ONITOED PERIODICALLY IN S&P CIQ | |S NO |RESPONSE TERMS |PERCENTAGE OF RESPONSE | |(a) |Yes |52% | |(b) |To some extent |28% | |(c) |No |20% | | SOURCE:PRIMARY DATA | CHART NO: 11 [pic] Interpretation: 1. It is observed that, 52% of the employees performance is monitored periodically by S&P CIQ 2. It is observed that, 28% of the employees performance is monitored periodically to some extent by S&P CIQ 3. It is observed that, 20% of the employees performance is not monitored periodically by S&P CIQ Title no: 12 This question was inferred to know that “what all the employees are expecting from the organization in order to have better job satisfaction. ” Response is noted upon the terms………………. (a) Power (b) Salary hike (c) Promotion (d) Others TABLE NO :12 NUMBER OF EMPLOYEES EXPECTATION FROM THE ORGANIZATION TO HAVE BETTER JOB SATISFACTION | |SNO |RESPONSE TERMS |PERCENTAGE OF RESPONSE | |(a) |Power |20% | |(b) |Salary hike |26% | |(c) |Promotion |34% | |(d) |Others |20% | | SOURCE:PRIMARY DATA | CHART NO: 12 [pic] Interpretation: 1. It is observed that, 34% of the employees expect promotions to have better job satisfaction 2. It is observed that, 26% of the employees expect salary hikes for better job satisfaction 3. It is observed that, 20% of the employees are expecting power to have better job satisfaction 4.
It is observed that, 20% of the employees expect other things to have better job satisfact Title no: 13 This question was inferred to know that “Whether there is job security in the organization. ” Response is noted upon the terms………………. (a) Yes (b) To some extent (c) No |TABLE NO:13 NUMBER OF EMPLOYEES JOB SECURITY IN S&P CIQ | |S NO |RESPONSE TERMS |PERCENTAGE OF RESPONSE | |(a) |Yes |52% | |(b) |To some extent 38% | |(c) |No |10% | | SOURCE:PRIMARY DATA | CHART NO: 13 [pic] Interpretation: 1. It is observed that, Yes 52% of the employees jobs have security in S&P CIQ 2. It is observed that, Yes 38% of the employees jobs have security to some extent in S&P CIQ 3. It is observed that, Yes 10% of the employees doe not have job security in S&P CIQ Title no: 14 This question was inferred to know that “what do the employees think that S&P CIQ is paying them fairly or not. ” Response is noted upon the terms………………. (a) Agree (b) Moderately agree (c) Disagree TABLE NO 14: NUMBER OF EMPLOYEES FAIRLY PAID | |S NO |RESPONSE TERMS |PERCENTAGE OF RESPONSE | |(a) |Agree |62% | |(b) |Moderately agree |22% | |(c) |Disagree |16% | | SOURCE:PRIMARY DATA | CHART NO: 14 [pic] Interpretation: 1. It is observed that, 62% of the employees agree that, S&P CIQ is paying them fairly 2. It is observed that, 22% of the employees moderately agreeing that, S&P CIQ is paying them fairly 3. It is observed that, 16% of the employees are disagreed with S&P CIQ paying Title no15 : This question was inferred to know that “The mentoring where employees are currently receiving from their senior peers is. ” Response is noted upon the terms………………. a) Highly satisfied (b) Satisfied (c) Dissatisfied (d) Highly dissatisfied |TABLE NO 15: NUMBER OF MPLOYEES MENTORING | |S NO |RESPONSE TERMS |PERCENTAGE OF RESPONSE | |(a) |Highly satisfied |56% | |(b) |Satisfied |20% | |(c) |Dissatisfied |14% | |(d) |Highly dissatisfied |10% | | SOURCE:PRIMARY DATA | CHART NO: 15 [pic] Interpretation: 1.
It is observed that, 56% of the employees are highly satisfied by mentoring from their senior peers 2. It is observed that, 20% of the employees are satisfied by mentoring from their senior peers 3. It is observed that, 14% of the employees are dissatisfied by mentoring from their senior peers 4. It is observed that, 10% of the employees are highly dissatisfied by mentoring from their senior peers Title no16: This question was inferred to know that “ whether the employees personal goals are satisfied by the S&P CIQ. ” Response is noted upon the terms……………… (a) Yes (b) No |TABLE NO :16 NUMBER OF EMPLOYEES PERSONAL GOALS SATISFIED BY S&P CIQ |S NO |RESPONSE TERMS |PERCENTAGE OF RESPONSE | |(a) |Yes |58% | |(b) |No |42% | | SOURCE:PRIMARY DATA | CHART NO: 16 [pic] Interpretation: 1. It is observed that, 58% of the employees personal goals are satisfied by S&P CIQ 2. It is observed that, 42% of the employees personal goals are not satisfied by S&P CIQ Title no:17 This question was inferred to know that “whether the employees follow. Response is noted upon the terms……………… (i) Thank GOD it’s Monday (ii) Thank GOD its Saturday (a) Yes (b) No (C) Some times (d) Never (e) May be |TABLE NO :17 NUMBER OF EMPLOYEES FOLOW TGIM AND TGIS | |S NO |RESPONSE TERMS |PERCENTAGE OF RESPONSE | |(a) |Yes |22% | |(b) |No |10% | |(c) |Some times |50% | |(d) |Never |0% | |(e) |May be |18% | | SOURCE:PRIMARY DATA | CHART NO: 17 [pic] Interpretation: 1. It is observed that, 50% of the employees some times follow TGIM & TGIS 2. It is observed that, 22% of the employees follow TGIM & TGIS 3. It is observed that, 18% of the employees may be follow TGIM & TGIS 4. It is observed that, 10% of the employees does not follow TGIM & TGIS 5. It is observed that, 0% of the employees never followed TGIM & TGIS Title no: 18 This question was inferred to know that “Whether the manager congratulated the employees when they have achieved their targets. ” Response is noted upon the terms……………… (a) Yes (b) Sometimes (c) No TABLE NO :18 NUMBER OF EMPLOYEES GET CONGRATULATED BY THE MANAGER WHEN THE TARGETS GOT ACHIEVED | |S NO |RESPONSE TERMS |PERCENTAGE OF RESPONSE | |(a) |Yes |52% | |(b) |Sometimes |36% | |(c) |No |12% | | SOURCE:PRIMARY DATA | CHART NO: 18 pic] Interpretation: 1. It is observed that, 52% of the employees got congratulated by the manager when thy have achieved their targets 2. It is observed that, 36% of the employees got congratulated some time by the manager when thy have achieved their targets 3. It is observed that, 12% of the employees not congratulated by the manager even though they have achieved their targets Title no: 19. This question was inferred to know that “What are the extra benefits that are expected by employees from S&P CIQ. ” (a) More of employee welfare programs & events (b) Good financial library (c) Rewards and recognitions of work (d) Better pay package e) Conducting workshops (f) One-to-one session to provide feed back (g) Improved work conditions (h) Transport facilities TTLE NO 20: This question was inferred to know that “Based on the employees experience, what would the employes suggest to improve working conditions in S&P CIQ. ” (a) More and More rewards and recognitions (b) Giving equal importance to the vintage and also the skills of the employees (c) Providing more growth opportunities (d) Conducting more team building activities to crush the gap between welfare OBSERVATIONS [pic] ? Monthly Variable Compensation at the production level ? Bi-annual Performance Bonus to Management teams Annual Salary revision/hikes to all the employees ? Rewards & Recognition programs (RnR) For best performers across all divisions Long service awards for employees who have completed 5 & 10 years with CIQ Retaining & engaging the talent – Extrinsic motivations ? Monthly Variable Compensation at the production level ? Bi-annual performance Bonus to Management teams ? Annual Salary revision/hikes to all the employees ? Rewards & Recognition programs (RnR) • For best performers across all divisions • Long service awards for employees who have completed 5 & 10 years with CIQ FINDINGS The following are the findings and the implications which are detected from the study: 1.
It has been revealed that the employees at S&P CIQ are not merely the sake of job And most of them feel proud of being a part of CIQ. This implies that all the employees are having their own reasons in being with CIQ and also says that most of the employees know their role in the organization and cherish with the image of company. The company can focus on this particular factor and if it is successful in shaping out The plans for the employees it helps in retaining them. 2. It has been found that few job profiles lack either the challenging or the responsible Factors. This implies that it may cause or deteriorate the employee’s interest on the Job and also leads to move the employee out of the organization.
If the company is Successful in enriching the job by adding the responsibilities and challenging factors It definitely helps the company in retaining their employees. 3. Major part of the employees is highly satisfied with the working conditions, caring Environment being provided and the kind of relations existing in the organization. This implies that major part of the employees are satisfied with the internal Conditions that exist in the organization, this really helps the employees feels secured And make them happy at work place. The company can make use of these factors majorly to reduce the turnover and if they Focus on other factors it will definitely yield better results 4.
From the study it was also found that the most satisfying factors at CIQ are its work Culture, compensation, conducting sports and other events, work related appreciations, The relations with the co-workers, having reasonable growth opportunities and Provides a wide scope for learning. The employees feel a bit disappointed with the kind of training and education Programs, performance appraisal system, transportation facilities. 5. It has been revealed that flexible work schedules are not available for all the levels in The company. SUMMARY AND CONCLUSION Employee retention is a process in which the employees are encouraged to remain with the organization for the maximum period of time. Employee retention is beneficial to the organization and for employees as well.
Employees today are different they are not the ones who have good opportunities in hand when they are 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 talent. The companies are currently experiencing the effects of increased employee turnover rates, rather than being an isolated issue employee turnover faces the nation as a whole. This issue costs companies millions in the expenses to recruit and train new employee. Employee turnover rates are linked to corporate structure. The main objective of the study is to know how the organization is trying to retain its employees, the modes and strategies followed.
This study is restricted only to Capita IQ. The research methodology used is primary data and secondary data, the primary source for data was collected through a well structured questionnaire. The question are rated on 5 point scale analysis is done with the use of simple weighted average method. It was observed that there were 3 main variables significantly correlated to turnover intentions of the employees of Capital IQ. They are recognizition, job rotation programs for enhancing skills and empowerment practices. RECOMMENDATIONS The following are the few recommendations which are made based on the study conducted: • It is suggested to have a better retention system so that HR anagers can know the target employees to retain and also device special plans in retaining the employees especially the high performers. • If the management focus in providing few more benefits like job recognition, appreciation, flexible work schedules, job enrichment for few employees, shaping the career plans for the employees etc will definitely help the company to decrease the employee turnover. • CIQ is located at the heart of the city and is having high location attractiveness if it successfully utilizes this factor by providing better transportation facilities to its employees. Then it will be definitely acts as a competitive advantage over other firms and help in enriching the MNC culture. If the employees are aware of their company goals, vision, mission and they are kept informed of all the changes being occurred in the company it definitely increases the transparency between the various levels of employees and in turn it reduces the misunderstandings, increase the trust and confidence levels and make the employees more responsible to their work. • Even though it is not possible to retain all the employees the managers need to shape the various plans with a view to retain as many employees as possible and need to know the exact reasons for which the employees quit their organization ANNEXURE 1. Since when employees have been associated with S&P CIQ? 2. What is the opinion of employees S&P CIQ working conditions? 3. How is the career development of employees in S&P CIQ? 4. Are the employees concerns HR policies consistent and satisfactory? 5. Are the employees satisfied with the benefits provided by S&P CIQ? 6.
How are the employees efforts appreciated? 7. On what priorities the retention of employees is done in S&P CIQ? 8. What do the employees like most about the company? 9. Is their spirit of cooperation among staff at S&P CIQ? 10. To what extent does management support and encourage employees to work? 11. Is the employee’s performance being monitored periodically? 12. What all the employees expecting from the S&P CIQ in order to have better job satisfaction? 13. Do the employees feel that there is job security in the S&P CIQ? 14. Do the employees think that organization is paying them fairly? 15. The mentoring that the employees are currently

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