Importance of worker retention management essay

Chapter 1

Introduction

Retaining talented employees is one of the topmost priorities of employers today. The cost of employee turnover is from 40% – 100% of an employee’s annual salary, when we consider productivity, recruiting costs, reduced efficiency in transition and time. Worker shall continue to escalate. Each and everyday good employees quit their employees for better jobs.The challenge is not only to attract the best talent but also to retain them. Rising opportunities for carrier development, lifestyle decisions, job changing, unbalanced work life, poor mentoring and stress are some factors which influence an individual’s decision to continue or quit.Talent: Natural Ability of skill, such skills and abilities that is useful for the organization.Retention: Hold Back.

The Importance of Worker Retention.

When a business loses employees, it loses skills, experience and “corporate memory”. The magnitude and nature of these losses is a critical management issue, affecting productivity, profitability, and product and service quality. For employees, high turnover can negatively affect employment relationships, morale and workplace safety. The cost of replacing workers can be high, the problems associated with finding and training new employees can be considerable, and the specific workplace-acquired skills and knowledge people walk away with can take years to replace.The problem of turnover can be addressed through a variety of pro-active retention strategies: workplace policies and practices which increase employee commitment and loyalty. Knowledge transfer initiatives on the other hand, ensure that the knowledge and expertise of a company’s employees—its ‘corporate memory’—are systematically and effectively shared among employees. They can offset the negative impact of turnover, but can also work pro-actively to reduce turnover by providing learning and skills development opportunities to employees – factors known to reduce turnover.Employee retention and knowledge transfer are two elements of a more general concern that might be best termed ‘skills management,’—i.e., everything that has to do with recruiting, maintaining and developing the necessary mix and levels of skill required to achieve organizational and business objectives.

What makes an employee to quit?

Lack of training programs: Organizations should plan training programs that helpful to improve the employee competencies with current trends.Ineffective Mentoring: Another reason for leaving is lack of effect to mentoring policies. Employees get demotivated due to lack of proper mentors.Lack of Challenging Atmosphere: Employer must provide challenging environment, that help to prove the employees. Challenging atmosphere help the employees prove their worth and bring out their skills.Lack of Autonomy: Employer maintains centralization, employees feel some in convince. Giving employees responsible positions, they work in their own style.Lack of work place relationships: In case employers failed to maintain healthy relationships among the staff members that causes for all disputes.In attractive compensation: Compensation plays an important role in motivating employees.

Best Practices in Talent Retention and Knowledge Transfer

1. Competitive and Fair Compensation is a fundamental starting point in most strategies to attract and retain employees. However, there is general agreement that compensation levels do not single-handedly guarantee employee retention. Common best practices include the use of industry surveys to benchmark and position wage and salary structures to be fair and competitive.2. Adequate and Flexible Benefits can demonstrate to employees that a company is supportive and fair, and there is evidence to suggest that benefits are at the top of the list of reasons why employees choose to stay with their employer or to join the company in the first place. Many companies are responding to the increasingly diverse needs of their employees by introducing a greater element of choice in the range of benefits from which their workers can choose. Flexibility in benefits packages can enhance retention, as it creates responsiveness to the specific needs and circumstances of individual employees.3. Innovative Compensation Systems and practices can have a positive impact on employee retention by motivating membership-oriented behavior (commitment). Pay systems may also affect knowledge sharing and transfer if sharing, teamwork, suggestions, etc. are rewarded or recognized. Innovative compensation systems include gain sharing, skill-based pay and various types of bonus plans.4. Recognition and Rewards include a diverse range of formal and informal, financial and non-financial, incentives given to individual employees, groups of employees or to an entire staff. They include such things as employee of the month awards, company- sponsored sports teams and social events, prizes, clothing, and so on. Recognition and rewards can contribute to a workplace culture of respect and appreciation for employees and work well done, and thereby reinforce employee commitment to the firm.5. Training, Professional Development, and Career Planning are effective ways to enhance employee retention. Training constitutes a visible investment that the company makes in the worker, providing him or her with new skills, and greater competencies and confidence. Training often leads to work that is more intrinsically rewarding. Combined with effective communication about how an employee’s efforts at developing skills will lead him or her to more challenging and meaningful positions within the company, training encourages workers to make longer term commitments to their workplace: it permits them to see a future with the company. All of the companies we interviewed were very active in the area of skills training and professional development. Many have put in place effective internal promotion programs that allow even their unskilled and semi-skilled workforce to move towards positions of greater responsibility and remuneration within the company.6. Recruitment & Orientation practices can be of crucial importance to keeping workers over the longer term. Employee retention is enhanced by ensuring a good “fit” between a company’s workplace culture—its way of doing business and the qualities that it espouses as valuable—and the interests, character, and motivations of the individuals that exist within it. Recruitment practices that emphasize not only formal qualifications (job-relevant technical ability) but also more general types of qualifications and dispositions on the part of the recruit can be part of an effective retention strategy. Our own case-based study revealed that employees in some workplaces, particularly the smaller ones, do more than merely work together: they often share similar interests and have a very strong inter-personal rapport, and these in turn help to bind them together as a cohesive whole. Indeed, the quality of interpersonal relations may contribute significantly to retention in its own right. Good initial orientation to the newly-hired employee can not only help to effectively integrate that person into the workplace but can also help to make the new person feel welcome and provide him or her information about how to cope with the demands of the workplace, and any possible problems that may arise.7. Healthy Workplace or Wellness Initiatives take on a variety of forms, including those directed at the physical work environment (cleanliness, safety, ergonomics, etc.); health practices (supporting healthy lifestyles, fitness, diet, etc.); and social environment and personal resources (organizational culture, a sense of control over one’s work, employee assistance programs, etc.). Healthy workplace initiatives not only improve the health and well-being of individual employees, but contribute to business performance objectives including employee retention.8. Work-Life Balance programs recognize that employees have important family and extraprofessional obligations that compete with their workplace commitments. Practices such as dependent care leave, childcare subsidies, eldercare programs, counseling and referral, and flexible working hours allow people to strike a more meaningful and potentially less stressful balance between obligations at the workplace and obligations at home. Firms that operate on the basis of shift work may have employees who find it particularly difficult to balance family and work obligations. Flexibility and responsiveness on the part of employers can go a long way in helping employees to resolve such conflicts and be more productive at work. Policies that prove to be effective in helping employees to manage work-life balance in a shift work setting include (i) limiting split shifts, (ii) providing advanced notice of shift changes, (iii) permitting employees to trade shifts amongst themselves and, most importantly, consulting with employees about their work-life balance needs while planning shifts.9. Job Design & Work Teams can enhance the intrinsic rewards of the job, making work more fulfilling, challenging, interesting, and stimulating. Practices such as autonomous or semi-autonomous work teams, ‘self-scheduling,’ and job rotation can not only improve retention but have also been shown to improve a number of other important indicators such as productivity, accidents and injuries and product quality.10. Employee Participation & Communication. Open, responsive, two-way communications are vital to good employee retention, and should be considered as the basic building blocks of any effective retention practice. Most, if not all, of the retention strategies and practices fundamentally depend on a sound approach to communicating with employees. Without communications, many of these practices would be impossible to implement in any effective way. The case studies we conducted revealed considerable efforts to communicate with employees, through a variety of vehicles including employee surveys, regularly scheduled committee meetings, formal postings and newsletters, and personal discussions. Several companies keep their employees regularly up to date on the company’s financial performance, and maintain open-door communication policies.11. Performance Appraisal practices that provide good feedback to employees and give them a view of their longer-term progress within the company ― particularly in terms of training and career development opportunities ― are important ways of enhancing employee commitment.12. Knowledge Transfer – cross-training, coaching and mentoring, phased in retirement. While employee retention practices seek to retain workers, knowledge transfer practices seek to retain skills, through both formal and informal exercises in information sharing and the building of collective knowledge. Mentoring and coaching, phased-in retirements, and cross-training and job rotation, are types of knowledge transfer that overlap with training. Knowledge transfer also includes the use of technology-based tools—databases, intranets, groupware—aimed to support knowledge sharing among individuals, and to permanently document and keep knowledge that is vital to business performance.

Introduction of SR Industries.

http://www.srindustries.net/temp-images/pagHeaLeft.gifCompany ProfileS R Industries was incepted in the year 2006 with the aim to offer professional Powder Coating Services, Punching Services and Press Brake Forming Services. We also deal in the manufacturing of Cable Trays, Sheet Metal Enclosure, CNC Sheet Metal Components, Networking Racks, etc. Under the prudent management of Mr. Lovekesh Goyal, the CEO of our company, we have achieved commendable growth and success. Having thorough knowledge in metal fabrication and finishing, we are able to handle a diverse set of requirements with ease.

WHY US?

Completion of targets within the set deadlineExperienced and knowledgeable experts at workAccurate and faster productionExcellent engineering capabilityReliable quote processPrototype and quick turn responseLocation advantageLess time for introduction of new product or modifying the existing onesEnd to end solutionsExtensive network spread across the countryOutstanding Engineering Capability: Engineering talent that your staff can really work with turn-key design, design assistance.Prototypes and Quick-Turn Response: Built on production equipment, so “what you see you’ll get” in volume.Extensive Product Breadth: Broad product capability allows “one stop supplier”, from brackets to chassis to large enclosures.Location Advantage: The facility is in excise free zone and enjoys other tax incentives also.It is due to all the above factors that we have emerged as one of the renowned provider Powder Coating Services, Punching Services and Press Brake Forming Services and manufacturer of Cable Trays, Sheet Metal Enclosure, CNC Sheet Metal Components, Networking Racks, etc.

WE ARE

Capable of sheet metal fabrication of components/products out of Aluminum, CRCA, HR Steel, Stainless Steel and other hard materials.The perfect place for all the clients who are looking for high quality, high accuracy, faster production and least lead time for new product introduction, changing / modifying the existing products and small as well as big quantities of variety of products.

MISSION

“We at S R Industries are committed to satisfying the expectations of our Customers, and Employees with a focus on continuous improvement.”

QUALITY

Our quality assurance program is documented in an approved quality assurance manual, which covers all manufacturing, sales and services procedures. We exercise stringent quality control measures for ensuring the accurate dimensions and mechanical properties of our products. Our quality engineers equipped with following instruments have enabled us to become an ISO 9001:2000 Certification.Vernier Calliper DigitalVernier CalliperMicrometerTri SquareGo-Not go gaugeCoating GaugeMeasuring TapeLeveraging on our structured work process, quality is imbibed at all stages of manufacturing. Recognizing our efforts and dedication towards quality products and services, we have been awarded with ISO 9001:2001 certifications.

VISION

To be the No. 1 consistent “Value for Money” provider of Sheet MetalComponents/Enclosure’s, Electrical panels and turn key solutionsTo be strategically positioned to broaden both our business and customer base

KEY VALUES

We value SafetyWe are focused on CustomersWe are focused on OutcomesWe value EmployeesWe value Professional Ethics

INFRASTRUCTURE

Design Section

Our design engineers are equipped with several software which helps in precision design of components.AP-100AP-100NTAUTOCADPro-E

Punching Section

CNC Turret Punch Press – Aries 255 (AMADA)

This machine has 30 station turret and has a capacity of 20 Tonnes. It can punch at the rate of 180 hits/min giving enormous volume and the accuracy of the punch is +/- 0.01 mm. The bed size is 1250 x 2500 mm.

CNC Turret Punch Press AC -255 NT (AMADA)

Servo controlled machine with 350 hits/minPunching accuracy – +/- 0.01 mmNo repositioning is required up to 1310 mm

Bending Section

NC Press Brake – RG 80 (AMADA)

With Capacity of 80 Tons can bend CRCA up to 4 mm and 2500 mm long Auto back gauge facility gives accuracy and faster production.

NC Press Brake – RG 35 (AMADA)

With Capacity 35 Tons can bend CRCA up to 4 mm. Bed length is 1250 mm. Faster production rate for smaller components

Fabrication

Mig Welding machine-7 (ESAB)Arc Welding machine-1 (ESAB)Spot welding machine-1 (Gaidu)Bench Grinder-1Hand Grinder-5 (Dewalt)Bench Drilling machine-1Bench Tapping Machine-1Pipe Cutters-2 (Dewalt)

Powder Coating

We have an excellent powder coating facility with 7 tank pre treatment. The coating has passed all the tests.

Assembly Section

We have a Pneumatic line for assembly of electrical & mechanical components

Contact Details

Company Name:

S R Industries

Contact Person:

Lovekesh Goyal

Address:

Plot No 201-202 HPSIDC, Dist – Solan, Baddi, Himachal Pradesh, India

Telephone:

91-1795-244075

Web Address

http://www.srindustries.netProducts & Serviceshttp://www.srindustries.net/temp-images/pagHeaLeft.gif

Products

We, at S R Industries are engaged in the manufacturing of Cable Trays, Sheet Metal Enclosure, CNC Sheet Metal Components, Networking Racks, Slotted Angle Rack & LT Panels. We take extreme care in meeting the different requisites of the customers. These products are manufactured using ultra modern technologies such as CNC turret punch presses and NC Brake Presses from Amada, Japan and Water Jet Cutting Machine from OMAX, USA. Moreover, we provide optimum quality products and as per international standards.The proficiency of S R Industries lies in providing reliable Powder Coating Services, Punching Services and Press Brake Forming Services. Our services are widely demanded by various industries like Automobile, Engineering, Electrical and so forth. We carefully study the clients’ requirements and work accordingly to deliver effective results. The core values of our working are perfection and excellence. Furthermore, we make use of the latest machines and tools for successful completion of all our projects. Due to all the above factors, our services are highly demanded by various companies.1) Perforated Cable TrayWe are into offering superior quality Perforated Cable Trays that are designed to keep the wires in an accessible and secure manner. These Perforated Cable Trays can be availed with or without covers.Perforated Cable Tray –

2) Cable Trays

Cable tray is simply a bridge-like structure that carries electrical and data cable throughout a project. Cable Tray is available in a wide variety of materials and finishes designed to match location, load and esthetic requirements. By using tray, all types of wiring can be installed in an efficient, manageable, cost-effective and attractive manner.Cable tray may be hung using either a center rod support, C-hanger or two hanger trapeze configuration and they can also be wall mounted using brackets. They are mainly of two types:

Perforated Cable Tray

Perforated Type Cable Tray offers an effective way to mange wiring while keeping it accessible, organized and secure. These systems accommodates large no of branch lines and offer high load-bearing capacity. For added cabling protection, perforated cable tray can be specified with or without covers.

Ladder Type Cable Tray

Ladder Type Cable Tray offer strength and high capacity and these are well suited to heavy duty power distribution in industrial facilities. Ladder, however, do not offer their wire and cable management flexibility of perforated type cable tray, since cable must be pulled rather than laid in place.Ladder Type Cable Tray –

Ladder Type Cable Tray

We provide the clients with superior quality Ladder Type Cable Tray that is well-acclaimed among the clients owing to its durable finish and strength. These Ladder Type Cable Trays are manufactured in compliance with international standards thus can easily manage all types of wires.

3) Sheet Metal Enclosure

Sheet Metal Enclosures offered by us are widely used in electronic circuit boards, transformers or electric wires. We can design Sheet Metal Enclosures as per exact customer specifications. Owing to the qualitative features, our range of Sheet Metal Enclosures is highly demanded among the clients.Sheet Metal Enclosure –

4) CNC Sheet Metal Components

Our comprehensive range of CNC Sheet Metal Components is designed to meet the requirements of engineering industries. These CNC Sheet Metal Components are manufactured from quality materials and are stringently checked on various parameters at each stage of manufacturing process.CNC Sheet Metal Components –

5) Networking Racks

We are instrumental in manufacturing of superior quality Networking Racks, which are used to keep a large number of servers. We offer only those Networking Racks, which meet IP configurations. Our range of Networking Racks is known for their good storage capacity and superior quality among the buyer…Networking Racks –

6) Slotted Angle Rack

We are engaged in manufacturing of Slotted Angle Rack that is constructed from quality materials thus ensure durability. These Slotted Angle Racks are re-usable and all bolted construction permit easy dismantling. Further, the clients can avail these racks in various tiers, sizes, finishes and thickness.Slotted Angle Rack –

7 ) LT Panels

We bring forth a wide range of LT Panels that is fabricated using advanced technology and from quality components. These LT Panels are manufactured in compliance with international standards. LT Panels offered by us, are available in various specifications. We are counted as one of the leading Manufacturers.LT Panels -http://www.srindustries.net/temp-images/pagHeaLeft.gifServicesThe proficiency of S R Industries lies in providing reliable Powder Coating Services, Punching Services & Press Brake Forming Services. We take extreme care in meeting the different requisites of the customers. Providing timely and steadfast services as per international standards is the prime motive of the company. Moreover, all our services are offered at the most affordable rates to suit the budget needs of all. All the projects for metal fabrication and coating are undertaken by experts having profound knowledge and rich expertise in this domain resulting in qualitative finished products. We have high quality Water Jet Cutting Machine, with which we can cut any material upto 150 mm thickness. We can cut any type of material in any Shape like Metals, Alloys, Composites, Aluminum, Granite, Marble, Acrylic, Titanium, and many others. Besides, we undertake Customized and specialized jobs to cater the needs of different companies with different concepts.Our services are widely demanded by various industries like Automobile, Engineering, Electrical and so forth. We carefully study the clients’ requirements and work accordingly to deliver effective results. The core values of our working are perfection and excellence. Furthermore, we make use of the latest machines and tools for successful completion of all our projects. Due to all the above factors, our services are highly demanded by various companies.

1) Powder Coating Services

The expertise of the company lies in providing highly specialized Powder Coating Services. Powder coating prevents metal products from corrosion due to chemicals, air, water etc. Furthermore, it gives the metallic surface a smooth finish. To provide utmost satisfaction to the customers, we have tie-ups for powder coating and silk screening facility. Our Powder Coating Services are widely demanded by the clients belonging to Power sector and Electrical, Automobile industries etcPowder Coating Services –

2) Punching Services

S R Industries is a trustworthy provider of Punching Services. With the backing of latest Amada CNC turret punch presses with capacity of 20 tons, we are able to meet the diverse requirements of the clients whether related to simple or complex punching. Due to the same, we are able to deliver small or bulk orders with great ease. Furthermore, with the assistance of our adroit team of experts, we have expertise in punching Mild Steel, Stainless Steel and Aluminium.Punching Services -3) Press Brake Forming ServicesFor availing impeccable Press Brake Forming Services, S R Industries is a one-stop destination. Our precisely engineered Amada press brakes offer flawless production quality and that too at a faster pace for the Press Brake Forming (Bending) Services. Backed by a dexterous team of experts, wide-spread network and customer-centric approach, the company has set a paradigm of excellence in this domain. Consequently, we are counted amidst notable Press Brake Forming Service providers.Press Brake Forming Services –

LITERATURE REVIEW

The literature clearly indicated that there are six keys to retaining personnel. They are:-recruiting, communications, training, job satisfaction, pay, and benefits.

Recruiting

The effort to retain the best personnel begins with recruiting. Attracting and retaining the best people are not two different things, but are the same thing. Both require creating and maintaining a positive reputation, internally as well as externally. Employers must be honest with the recruit about the beliefs, expectations, organizational culture, demands, and opportunities within the organization.Marx, (1995) Denton (1992), p.47 by representing the organization realistically, a department will attract those who will be content working within the culture follows this up by stating that, ” the better the match between recruits and the organization the more likely you are to retain them.”Lynn (1997) believes that you must take time during the hiring process to make wise decisions. The employer must be candid about the working conditions, responsibilities, opportunities and other details to reduce the chances of making hiring mistakes.Taylor and Cosenza (1997) strengthen this thought by noting that it is imperative that companies give prospective employees a true picture of the organization, if they hope to match the personality type with the climate and culture of the organization.The literature was clear in pointing out that if departments want to increase retention they must start with a solid recruiting process.

Communications

Carney (1998) believes that the key to employee retention is quite simple: communicate, communicate, and communicate. Communication with the employees must begin early on in the relationship. He believes that the imprinting period of a new employee is probably less than two weeks. Employers must engage the employee early on by sharing how important the job they do is.Lynn (1997) follows this up by stating that early on an atmosphere of fairness and openness must be created by clearly laying out company policies.Taylor and Consenza (1997) indicate that it is important to communicate the values of the organization to its employees in order to increase their level of consent, participation, and motivation.Lynn (1997) echoes this thought by pointing out that the vision of the organization must be shared with the employee as well as the importance the employees play in helping fulfill it.Lack of communication may result in gaps between management’s perceptions of quality employment and the employees desired and perceived quality of employment. There must be a common purpose and trust among employees. People want to feel as if they are a vital piece of something larger. . Employers must listen to what employees have to say. An atmosphere must be created in which employees feel comfortable making suggestions and trying our new ideas.The literature revealed that communication must begin early in the employer/employee relationship. Organizational values and culture must be made clear to all employees and their importance within the organization must be continually emphasized.Denton (1992) points out that, managers must make sure employees know what they should do and why it is important.

Training

Marx, (1995). As was noted earlier it is important that the employee feel like a valued member of the organization. Training helps underscore this message. Training personnel is a way to show you respect them and want them to grow. The department is making an investment in the employee by offering training.Lynn, (1997) Good training can de-emphasize salaries and benefits, in part by building a positive work environment and by giving employees advancement opportunities. He goes on to say that training helps strengthen employee loyalty.Mendonsa, (1998) Training can help revitalize personnel. For an increasing number of people, the chance to learn new skills is a significant personal goal for both the career opportunities education can provide and for the chance to do something a little different.Training emphasizes to the employee that they are valued and respected. This in turn is to increased loyalty and retention.

Job Satisfaction

Mendonsa, (1998) while an organization must be competitive in terms of compensation and benefits; it is the relationship with the supervisor that is often a crucial factor in determining whether a person stays or goes. Employees want more interaction with management, more self-satisfaction on the job, more responsibility and more control over decisions affecting them. They want their work to make a difference and want to be part of something that matters.People need to be recognized for their accomplishments in the workplace. In mostOrganizations the feeling of under-recognition is the most pervasive feeling in the workplaceTaylor, (1997) Departments should encourage innovation by soliciting the advice and input of their staff members, followed by responses to ideas, complaints or questions.To retain employees, departments must offer career advancement opportunities. Departments failing to offer employees career opportunities, room for advancement and enhancement of skills and knowledge may find it difficult to retain qualified employees.Marx (1995) concludes this by pointing out that promoting from within is one of the proven methods of employee retention. Promoting from within shows that there is truly room for advancement and growth within the department.Employee involvement, recognition, importance of work, and career advancement opportunities are all important, when dealing with employee retention.

Pay and Benefits

Mendonsa, (1998) In general people think that money and benefits or lack thereof, are the main reasons people leave their jobs, but this is not the case. While compensation and benefits may be a key factor in the final decision-making process, a money shortage is usually not what causes people to look in the first place.Branch, (1998) Money may be the reason they give when they resign, but it’s like “white noise”. They are conscious of it for a while but if they are bored on the job, money alone is not going to keep them there.Denton (1992) although traditional benefits such as vacation and health are still important, today’s workers are also looking for more non-traditional benefits. Benefits such as flexible work ours, availability of childcare tuition assistance programs and discounts on services now top the list of desired benefits.Eskildesen (2000), Hammer( 2000) Employers have a need to keep employees from leaving and going to work for other companies. This is true because of the great costs associated with hiring and retraining new employees. The best way to retain employees is by providing them with job satisfaction and opportunities for advancement in their careers. The saying, good help is hard to find, is even truer these days than ever before because the job market is becoming increasingly tight.Eskildsen and Nussler (2000) suggest that employers are fighting to get talented employees in order to maintain a prosperous business.Ray Hammer (2000) as well as many other researchers/authors agree.Mark Parrott (2000) believes that, there is a straight line between employee satisfaction and customer satisfaction. He believes that today’s employees pose a complete new set of challenges, especially when businesses are forced to confront one of the tightest labor markets in decades. Therefore, it is getting more difficult to retain employees, as the pool of talent is becoming more-and more tapped-out. The research below, which focuses primarily on employee retention through job satisfaction, supports this contention.Hammer( 2000); Marini (2000); Denton (2000) Employees that are satisfied and happy in with their jobs are more dedicated to doing a good job and taking care of customers that sustain the operation.Eskildsen & Dahlgaard (2000); Kim (2000); Kirby (2000); Lee (2000); Money (2000); Wagner( 2000) Job satisfaction is something that working people seek and a key element of employee retention. Every person will have his or her own definition of what it means to be satisfied with a job. Studies show that employees who are satisfied with their jobs are more productive, creative and be more likely to be retained by the company.Porter & Steers, (1973); Mobley et al., (1979) and Price, (1977) Extant literature has so far overwhelmingly proved the importance of valuable workforce or functional workforce for the survival of an organization. Recruitment of skillful workforce is a costly affair, and with advancements made in telecommunications in general and growth of internet in particular, coupled with increasing globalization, changes in labor market in one nation have its effect across borders. With effective distances shrinking, what erstwhile seemed to be containable within geographic borders of a nation now suddenly became global.Bogdanowicz &Bailey, (2002) Retention activities simply put may be defined as a sum of all those activities aimed at increasing organizational commitment of employees, giving them an overall ambitious and myriad of opportunities where they can grow by outperforming others. Thereby organizations try to provide their workforce benefits and a holistic motive to stick with the current organization and making the decision to leave the organization difficult and pointless. Retention is essential to sustain business operations, but it can be very well prove as a competitive advantage for an organization in the long run.Stovel & Bontis, (2002) In today’s economic conditions, intellectual capital and knowledge management are significant indicators of success and businesses need to retain employees with the right skills and abilities, in order to maintain their competitive advantage. Turnover besides causing a talent deficit in an organization, it also ends up in the valuable talent been moving to competing entitiesTutuncu & Kozak, (2007); Robinson & Baron, (2007) and Carbery et al., (2003) have established consistently that employee turnover has a direct correlation with job satisfaction and organizational commitment. Other dimensions have also been stated to effect turnover. For example, career expectations, managerial competencies and the psychological attributes help in deciding to leave an organization.Stalcup & Pearson, (2001) Management practices prevalent in organizations studied has an interesting story to reveal. While examining the usual causes cited for leaving an organization by both employees and their managers there exists a considerable differences. In terms of differences, none of the employees cited a lack of skill or a lack of motivation as a cause, whereas, managers cited these as important influences on the decision to leave an organization. Furthermore, managers did not cite integrity or the ethics as causes, as did the employees.NEWSLETTER Sriiddar S Preetham (July 2007), Managing talent, HRD Newsletter, vol. 23 issue -4 Focusing on the challenge of attracting and retaining talent faced by Indian HR mangers, the article outlines initiative that can be put in place to help organization retain nurture and retain the talent.JOURNALS KARTHIKEYAN J (May 2007), Talent management strategies, NHRD journal, Hyderabad, p23-26 Organization need to have a vision and a well defined strategy on hiring for the future. Do we have the right talent within to attract and retain the best available talent? A number of measures for talent management are suggested.

Objectives of the study.

1) To study the various retention strategies prevailing in the organization.2) To study the satisfaction level of the employees regarding retention strategies of the organization.3) To study the impact of talent retention strategies on employee’s perception.

Chapter 3

Chapter 3

3.2 REASEARCH DESIGNResearch design is Exploratory as well as Descriptive.3.2.1 SAMPLING PROCEDURESampling is a method of selecting a few items from a particular group to be obtaining relevant data which help in drawing conclusions regarding the entire group i.e. population or universe.3.2.2 SAMPLING SIZE:The sample size selected for the study is 50 employees of the organization.3.2.3. CONSTRUCTION OF THE TOOL:The questionnaire will be consisted of two sections.Section 1: Collect the personal details about respondents.Section 2: In this study, structured questionnaire means “a set of questions (statements) which is administered to the respondents.3.3. DATA COLLECTIONThe study will be consisted of one questionnaire composed of questions. This questionnaire will ask the participant to provide personal information such as age, gender, mobile no., etc.3.3.1 SOURCES OF DATAPrimary Data: The primary data will be collected through the questionnaire. Certain statements have been short listed which will define the problem. By refining the problem questionnaire has been made.Secondary Data: secondary data has been collected from the various Research papers from internet, magazine, journal etc.

Chapter 4 Data analysis

4.1.1 Demographic analysis

4.1.2 Data Interpretation

Chapter 5

5.1 Major Findings

1. Good Salary/Compensation are the basic needs of the person. The employees in the organization are satisfied with their Salary/Compensation.2. Employees get the leave benefits like sick, vacation, personal, paid holidays on the regular basis.3. Retirement plans are not being well managed by the management.4. Employees are also not getting the other benefits like Long-Term Care Insurance, Tuition Reimbursement.5. The management of the organization is using many strategies like Employee Suggestion Program, Rewards & recognition, providing new opportunities for Education, assignments & Training to retain their best employees.6. Employees are provided with the challenging jobs which will in turn help to enhance the personal growth & development.7. Employees are considering their job challenging.8. Employees are well secured about their job.9. The amount of pay & fringe benefits are well received by the employees.10. Supervision of the employees is also satisfactory to a great extent.11. Employees are not very much satisfied with the promotional opportunities in the organization.12. No good use of safety tools while working.

5.2 Limitations

5.3 Suggestions

1. Management should have more concern about the benefits like Retirement plans, Long-Term Care Insurance, Tuition Reimbursement.2. More care is required regarding participation of employees in the decision making & rewards & recognition.3. Management can provide more opportunities especially in job rotation and new assignments.4.

5.4 Conclusion