A PROJECT REPORT ON EMPLOYEE RETENTION AT UNICON REAL ESTSTE PVT. LTD

A PROJECT REPORT ON

EMPLOYEE RETENTION AT UNICON REAL ESTSTE PVT. LTD

1

Acknowledgement This project has been an honest and dedicated attempt to make the analysis on employee retention as authentic as it could. And I earnestly hope that it provides useful and workable information and knowledge to any person reading it.

During this period, I had the pleasure of working closely with accomplished organization people who shared with me their experience and helped me in completion of my research.

I express my sincere thanks to my project guides and my institute faculty for guiding me.

Lastly I am grateful to my parents who been my mentors and motivators. I am also thankful to all my batch mates who have been directly or indirectly involved in successful completion of this project.

2

BONAFIDE CERTIFICATE Certified that this project report titled “EMPLOYEE RETENTION” is the bonafide work of “Supriya Paramane” who carried out the project work under my supervision.

SIGNATURE HEAD OF THE DEPARTMENT

XYZ

SIGNATURE FACULTY IN CHARGE

XYZ

3

Executive Summary The main focus of my project was on “EMPLOYEE RETENTION STRATEGIES�. In this project I highlighted on new strategies of Unicon Real Estate Pvt. Ltd. For employee retention.

Employee retention is main important issue in every organization. Higher attrition rate increases the cost of turnover and reduces the efficiency. Satisfaction of employees can be the solution for the increase employee retention.

To make strategies first prepare one questionnaire and then takes the opinion of 80 to 100 people. Another way to make strategy is by doing survey of retention rate in other companies.

For employee satisfaction these techniques are useful. Higher employee retention rate enhance goodwill of company.

4

TABLE OF CONTENTS Sr. No.

Content

Page No.

1 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 2 3 4 5 6

Introduction Basic Concepts Of Topic Literature Review Company Profile Need For The Study Objectives Of The Project Scope Of The Study Work Profile Research Hypothesis Interpretation Techniques Conclusion Recommendation Bibliography

6 8 12 15 20 22 24 26 28 40 41 44 45 46

Introduction Unicon Real Estate Pvt. Ltd. is introducing new strategies of employee retention for retaining to the employee.

5

The real estate sector in the country is one of great importance. According to the report of the Technical Group on Estimation of Housing Shortage, an estimated shortage of 26.53 million houses during the Eleventh Five Year Plan (2007-12) provides a big investment opportunity.

India leads the pack of top real estate investment markets in Asia for 2010, according to a study by PricewaterhouseCoopers (PWC) and Urban Land Institute, a global non-profit education and research institute, released in December 2009. The report, which provides an outlook on Asia-Pacific real estate investment and development trends, points out that India, in particular Mumbai and Delhi, are good real estate investment destinations. Residential properties are viewed as more promising than other sectors. While, Mumbai, Delhi and Bangalore top the pack in the hotel 'buy' prospects as well.

The study is based on the opinions of over 270 international real estate professionals, including investors, developers, property company representatives, lenders, brokers and consultants.

Further, real estate companies are coming up with various residential and Commercial Projects to fulfill the demand for residential and office properties in Tier-II And Tier-III Cities.

According to the data released by the Department of Industrial Policy and Promotion (DIPP), housing and real estate sector including Cineplex, multiplex, integrated townships and commercial complexes etc, attracted a cumulative foreign direct investment (FDI) worth US$ 8.4 billion from April 2000 to April 2010 wherein the sector witnessed FDI amounting US$ 2.8 billion in the fiscal year 2009-10.

Retention is defined as the continuous process through which employees are encouraged to remain with an organization for a maximum period of time.

People tend to leave organisations for a variety of reasons. I have explained those reasons and solutions for employee’s dissatisfaction.

There are some strategies which Unicon is using for retaining to the employee’s.

These strategies are going very successfully in this company. Employees are satisfied with these strategies and making profit for company.

I have used some techniques for employee retention and made some strategies for employee retention. There are some objectives and scope of employee retention. On the basis of these objectives company try to retain employees for longer period of time.

6

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.

Basic Concept of Topic Reasons for leaving organizations: People tend to leave organizations for a variety of reasons. The most common amongst them are: •Job and person mismatch – 7

If there is a selection fault that has occurred – and if the job and the person are not matching to each other, then it is likely the candidate will leave the organization. The expectations problem could be on either side – the candidate as well as the organization.

This problem could also come from there being a mismatch in terms of experience and qualifications of the person and the job analysis •No growth opportunities – Some organizations do not grow at the rate they are expected to grow – neither do they go downwards. People who like to function in challenging environments and are more effective in companies which offer them rapid growth opportunities, tend to leave companies which are slow-growing. Also, some organizations do not enhance skills of people through good training programs. People actually like to develop themselves and if they are not provided opportunities to do so, they might leave.

•Lack of appreciation – If the feedback system of the organization does not allow appreciation of work, or commendations, people tend to get frustrated with the company. By nature, a human being wants to hear good things about himself. When he knows that he is performing well, but does not get timely appreciation from the company, he looks out for other opportunities.

•Lack of trust and support – If the culture of the company is not transparent, and the management lacks trust in employees, and does not support its people, then people look out for other opportunities.

When people give their full efforts to a company, they expect that the company should also trust them and support them wherever required. If that does not happen, people start thinking negatively about the company.

•Work life imbalance – If the company does not encourage a positive balance between personal and professional life of the employee, people will not be happy.

•Personal issues – There could be personal issues for people leaving a company, especially for women – relocation of spouse, childbirth, emergency in the family requiring their presence at home etc. Once women move away from mainstream work-life, it becomes difficult for them to come back into it.

•Compensation –

8

The last but not the least – salary and compensation can be a factor for leaving an organization – if a person thinks he is not paid enough by the organization, he will look out for another job with higher salary

Retention myths: There are some myths associated with retention. Some of them are: •Employees leave for pay •Employees are not interested in additional responsibilities •Adopting retention measures is expensive Actually, in reality, companies leave for many other reasons than pay. Salary at times, takes a backseat, if other things in an organization are good.

Employees are also keen to take on additional responsibilities, as it shows that the company has confidence in them and considers them capable of handling more work and responsibilities. This actually builds self-confidence in an employee.

Retention measures are more of an investment than expenditure as doing more things for employees will ensure that employees will give more back in terms of productivity. It depends on how the organization views it.

What should organizations offer?

As retention measures, organizations can utilize some of the following things – in combination or isolation:

Growth and career: •Role clarity – Ensure that the organizations an employee, both, are clear about the role, so that there is no mismatch.

•Work profile in sync with capabilities – Avoiding taking people who are not suitable qualified or experienced – over qualified / over experienced people will get frustrated and under qualified / under experienced people will not perform according to expectations

•Clearly laid out growth paths – The organization needs to define the growth paths of people carefully, so that people know how they can progress in the company. Along with this, the decisionmaking authority and the scope of the assignment (amount of responsibility) should also increase.

•Timely feedback and recognition – 9

A system that encourages timely feedback and recognition to work well done.

•Training and development opportunities – People are interested in developing themselves and their skills through training.

Companies should provide enough scope for people to do so.

Strategies of Unicon real estate for employee retention: Unicon is using many strategies for satisfaction of employee’s. Those are as follows:

Monthly spot incentives: Organization gives monthly target to each employee. When employees complete their target within given period of time then company will pay incentives to them.

Pattern of spot incentives in Unicon real estate is like this: Monthly target- Rs.3lakhs Spot incentives- Rs.9000/- (3*3=9)

Performance appraisal: Performance is appraised by after six month in a year. Appraisal is given to those employees who have completed their target of each month. It is given after checking performance of employee there is no any partiality in giving appraisal to employee.

Applicable employees got appraisal according to their performance.

Employees got more salary or post in appraisal.

Training and Development: Training is a short-term educational process to improve, change and mould employees’ KSA, which are required for the job and organization.

Training is given to people to see some kind of change in them – like technical, skillwise, or behavioral. It equips people to take on larger responsibilities and more work.

This program is given to employees two times in month. Its helps employee’s to enhance performance and achieve their monthly targets.

Timely feedback:

10

Timely feedback leads towards the achievement of target. It helps employees to correct their mistakes or to change the path of target.

Feedback should be according to performance of employees, partiality leads to dissatisfaction. Unicon gives timely feedback according to work without any partiality.

Compensation and Salary: Organization is providing compensation and salary according to employees work and work experiences. Compensation and Salary increase according to appraisal system.

Relationships and support: •Respect

for individual and work.

•Relation with peers and superiors •Employee-oriented culture fostering loyalty •Trust and transparent communication These things basically talk about the culture in the company. An organization needs to make conscious efforts to build an open and transparent culture that fosters or encourages loyalty. Communication, if is open, will help in this. Policies need to be employee friendly, and along with that, they should be framed keeping in mind the employees. If the organization fails to do this, it will be difficult to retain people.

Literature Review Employee retention is one of the hottest management topics in the United States for good reason; it is impacting employers on a daily basis. The number of qualified

11

applicants available for vacant positions is currently in decline and employers are finding it difficult to hire new employees and to keep employees over the long run.

Let Us see what “Employee Retention” used to mean This entails understanding just a little history. The term “employee retention” First began to appear with regularity on the business scene in the 1970s and early 1980s.

Until then, during the early and mid 1900s, the essence of the relationship between employer and employee had been a statement of the status quo: ‘You come work for me, do a good job, and, so long as economic conditions allow, I will continue to employ you’.

It was not unusual for people who entered the job market as late as the 1950s and 1960s to remain with one employer for a very long time sometimes for the duration of their working life. If they changed jobs, it was usually a major career and life decision, and someone who made many and frequent job changes was seen as somewhat out of the ordinary.

As a natural result of this “status quo” Employer-employee relationship, an employee leaving his or her job voluntarily was seen as an aberration, something that shouldn’t really have happened. After all, the essence of “status quo” is just that little or nothing should change in the relationship and leaving was a pretty big change!

What is Employee Retention Today?

According to The HR Priorities Survey from ORC Worldwide an HR consulting and data services firm, nearly 62 percent of respondents to their survey opined that talent management will be the most pressing strategic issue they face in year. The findings of the survey also indicated that 33 percent of talent management programs include workforce acquisition, assessment, development, and retention as areas that will consume most of the survey respondents' time this year 2007.

Retention has emerged as the focus of much time and attention in recent years, particularly as part of talent management programs, and so much is known about it that the HR practitioner who tries to integrate it into a talent program may grow bewildered by the huge volume of research about it.

Employee retention is more than just keeping employees on the job. It is also about sustaining employees, primarily by enhancing their job satisfaction. Job satisfaction, in turn, can increase productivity and keep employees energized and motivated to give their best. Job satisfaction can equate to employees who stick with their current employer and strive to perform at or above expectations and standards.

Employee retention is commonly considered to mean the ability to maintain a stable workforce. It is often linked to morale and to organizational productivity.

Retention is thus the opposite of turnover, a well-known concept. In addition the perception of having a job for life in a public sector role no longer exists. The trend for the younger generation of workers is to shift from job to job and this is becoming a norm of society.

12

Companies that can recruit the best talent and retain them will have an edge in the long run.

“Today talented persons are like frogs in a wheelbarrow, which can jump at any point of time when they sense opportunities”.

Reasons for its Increasing Relevance: Average employee turnover is 14.4% annually, according to the Bureau of National Affairs. And, turnover rates are on the rise, the Bureau now reports; turnover also varies widely among different industries.

The blow to morale and increased job stress when remaining employees are burdened with the distribution of the departed employee’s workload, the negative impact on customer service is a direct result of their high turnover.

Replacement costs for a departing employee are estimated at one-third of his or her salary. Even at the former minimum wage, the cost to replace an employee is $3,700. The US Department of Labor’s Bureau of Labor Statistics estimates average costs to replace a worker in private industry at $13,996. This also leads to future turnover of employees who are lured to other organizations by their friends who have departed.

Estimates have determined that lost knowledge that leaves with the departing employee can be as high as 50% of the exiting employee’s salary for one year of service; and, this figure grows by 10% for each year of employment.

On average, 30% of a financial advisor’s clients will move with their advisor if he or she changes firms. Taking a fairly conservative estimate that the financial loss from one employee is equal to his or her annual salary, the negative financial impact of turnover to the bottom line can be substantial.

In-depth interviews by the Gallup Organization of over 80,000 managers in over 400 organizations and offers the following finding: “<It tells us that people leave managers, not companies. So much money has been thrown at the challenge of keeping good people in the form of better pay, better perks, and better training when, in the end, turnover is mostly a manager issue. If you have a turnover problem, look first to your managers.”

Most of the HR functions of IT organizations spend more than 50 % their time and energy in hiring new resources without investing much time in the way their human resources can be retained. Fact is, it takes 25 to 30 % more for organization to retain the existing qualified resource as compare to spending more than 50 % in getting new resource as a replacement of an existing resource.

And the recent turnover figures about U.S. are Overall U.S. voluntary turnover increased slightly to 23.4% annually, up from 22.7% the previous year. The highest turnover by far is still in the Accommodation and Food Services sector at 56.4% and the Leisure and Hospitality sector at 52.2%. Sectors that saw the highest increase in turnover were Accommodation and Food Services, up 7% from the previous year, Leisure and Hospitality, up 5.4% and Information, up 4.5%.

The only sectors seeing a (slight) decrease in turnover were Real Estate, Natural Resources and Mining, and Professional and Business Services. In the Government sector, turnover was up slightly at 8.2% with the Federal sector increasing the most to

13

9.3% up from 5.7%. Regionally, all areas were up slightly except the Northeast which saw a slight decrease.

Company Profile

About Unicon Group: 14

Unicon is a financial services company which has emerged as a one-stop investment solutions provider. It was founded in 2004 by two visionary and hard working entrepreneurs, Mr. Gajendra Nagpal and Mr. Ram M. Gupta, who possess expertise in the field of Finance. The company is headquartered in New Delhi, and has its corporate office in Mumbai with regional offices in Kolkata, Chennai, Hyderabad and Noida.

Unicon is a professionally managed company led by a team with outstanding managerial acumen and cumulative experience of more than 400 man years in the financial markets The Company is supported by more than 4500 Uniconians and has a team of over 900 business offices in 235 cities across India.

With a customer base of over 200,000 the Unicon Group has an eye for the intricate financial needs of its clients and caters to both their short – term and long – term financial needs through a comprehensive bouquet of investment services.

It has been founded with the aim of providing world class investing experience to the investing community. These services range from offline & online trading in equity, commodities and currency derivatives to debt markets to corporate finance and portfolio management services.

The company has a sizable presence in the distribution of 3rd party financial products like mutual funds, insurance products and property broking. It also provides expert Advisory on Life Insurance, General Insurance, Mutual Funds and IPO’s. The distribution network is backed by in-house back office support to provide prompt and efficient customer service The Equity broking arm – UNICON Securities Pvt. Ltd offers personalized premium services on the NSE, BSE & Derivatives market. The Commodity broking arm Unicon Commodities Pvt. Ltd offers services in Commodity trading on NCDEX and MCX. The UNICON group also has a PCG division providing investments solutions for High Net worth Individuals. The Corporate Advisory Services arm – Unicon Capital Services (P) Ltd offers entire gamut of Investment Banking services to corporate.

Unicon can boast of some of the most respected names in the private equity space like Sequoia Capitals, Nexus India Capital and Subhkam Ventures as its shareholders.

Unicon real estate deals in commercial and residential projects. There are different offices for different location.

Mission: To create long term value by empowering individual investors through superior financial services supported by culture based on highest level of teamwork, efficiency and integrity.

15

Vision: To provide the most useful and ethical Investment Solutions - guided by values driven approach to growth, client service and employee development.

Products of a company: Unicon deals in commercial and residential projects within Noida, Faridabad, Gurgaon, Ghaziabad area. It is work as a channel partner of builders. The projects prizes are started from Rs.5lakh to Rs.10crore.

Commercial projects are as follows:

16

Landmark Towers - Noida

World Trade Tower - Noida

KM Trade Tower - Ghaziabad

Location: Sector 15 Plans: Office & Commercial Space Sizes: 25000 Sq. Ft. Completion Date: 2012 Investment Return: 12% Assured Return INR: 21,000 p.s.f.

Location: Sector 16 Plans: Office & High End Retail Space Sizes: 6 Lakh Sq. Ft. Completion Date: 2012 Investment Return: Capital Appreciation INR: 10,500 p.s.f.

Location: Kaushambi

Technova - Noida

City Center - Noida

Capital City - Noida

Location: Sector 132

Location: Sector 32 Location: Sector 94 Plans: Office & Commercial Plans: Office & Commercial Space Space for Lease Sizes: 5 Lakh Sq. Ft. Sizes: 500 Sq Ft - 3000 Sq Ft Completion Date: 2012 Completion Date: 2013 Investment Return: Capital INR: 9,000 p.s.f.

Appreciation

Plans: Office Space Sizes: 8 Lakh Sq. Ft. Completion Date: 2013 Investment Return: Capital Appreciation INR: 5,626 p.s.f.

Plans: Office Space Sizes: 3 Lakh Sq. Ft. Completion Date: 2010 Investment Return: Capital Appreciation INR: 6,750 p.s.f.

INR: 10,500 p.s.f.

Click to view project details

Click to view project details 17

Residential products are as follows: The Belaire - Gurgaon

Uptown - Gurgaon

The Palm Drive - Gurgaon

Location: Sector 53 Plans: 4 Bedroom Apartments Sizes: 2258 - 4098 Sq. ft.

Completion Date: 2012 INR: 2.21 Cr â&#x20AC;&#x201C; 2.97 Cr

Location: Sector 66 Plans: 2 / 3 / 4 Bedroom Apartments Sizes: 1430 - 2004 Sq. ft.

Completion Date: 2012 INR: 57.20 Lac - 80.16 Lac

Location: Golf Course Road Plans: Penthouses, Iconic towers and apartments Sizes: 1900 - 3600 Sq. ft.

Completion Date: 2012 INR: 91.20 Lac - 2.01 Cr

Click to view project details

Click to view project details

Click to view project details

18

Palm Hills - Gurgaon

Carnation Residency Gurgaon

Lifestyle Homes - Gurgaon

Location: Sector 77 Plans: 3 / 4 Bedroom Apartments Sizes: 1450 - 1955 Sq. ft.

Completion Date: 2012 INR: 50.00 Lac - 65.00 Lac

Location: Sector 85 Plans: 2 / 3 / 4 Bedroom Apartments Sizes: 1050 - 1800 Sq. ft.

Completion Date: 2012 INR: 22.57 Lac - 38.70 Lac

Location: Sector 84 Plans: 1 / 2 / 3 Bedroom Apartments Sizes: 605 - 1402 Sq. ft.

Completion Date: 2012 INR: 17.56 Lac - 42.08 Lac

Click to view project details

Click to view project details

Click to view project details

Management team of Unicon real estate: •

Mr. Gajendra Nagpal Founder & CEO

•

Mr. Ram M Gupta Co-Founder & President

•

Mr. Y.P. Narang Head - Fixed Income Group

•

Mr. Sandeep Arora Chief Operating Officer

•

Mr. Vikas Mallan Chief Financial Officer, Head – Distribution & Real Estate

•

Mr. Subhash Nagpal Director - Strategic Planning & Implementation

19

•

Mr. Rajeev B Sharma Country Head - Wealth Management

•

Mr. Vijay Chopra National Head - Business Alliances

•

Mr. Manmohan Tiwari Country Head - Equity Sales

•

Mr. Anurag Nayar Chief Technology Officer

•

Ms. Divya Varma Kaur Country Head - HR and Training

•

Mr. Puneet Gupt Head - Internet Broking

Need for the Study 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.

Employers are fighting to get talented employees in order to maintain a prosperous business.

Researchers believe that, there is a straight line between employee satisfaction and customer satisfaction. They 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.

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. Job satisfaction is something that working people seek and a key element of employee retention.

20

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.

Research has shown that there may be many environmental features that can be created and maintained to give employees job satisfaction. Pay and benefits, communication, motivation, justice and leisure time all seem to play a part as to whether employees are satisfied with their jobs, according to studies.

The second goal of this research is to help readers find his or her definition of job satisfaction. I believe that this compilation of data will educate and inform the working masses to see the benefits of creating workplaces that derive more job satisfaction, retaining employees and in turn, keeping our economy healthy and our society happier.

There is a definite need to analyze the elements of employee retention through job satisfaction. Considering the positive effects on the economy that can be derived from satisfied-happy employees. Promotional materials for presentation can be created, highlighting these recommendations for employee satisfaction practices for both employers and employees.

Nature of the Study This study will look at employee retention. A random sample of 50 people from varying occupations in non-management positions will be surveyed to learn about their perceptions about job satisfaction as it relates to employee retention.

Results will be collected; analyzed and descriptive data will be presented. The study will include recommendations for better practices aimed at identification of effective occupational strategies to aid in retaining employees through job satisfaction.

Assumptions The following are assumptions upon which this study is based: 1. Employee retention and job satisfaction are linked.

2. Identification of employee perceptions about job satisfaction will offer a basis for identifying recommendations for practice, this will contribute, to job satisfaction.

3. The use of a questionnaire to determine employee satisfaction perceptions will result in honest and useful feedback for purpose of analysis.

21

Objectives of the Project Employee retention refers to policies and practices companies use to prevent valuable employees from leaving their jobs. How to retain valuable employees is one of the biggest problem that plague companies in the competitive marketplace. Not too long ago, companies accepted the â&#x20AC;&#x153;revolving door policyâ&#x20AC;? as part of doing business and were quick to fill a vacant job with another eager candidate. Nowadays, businesses often find that they spend considerable time, effort, and money to train an employee only to have them develop into a valuable commodity and leave the company for greener pastures. In order to create a successful company, employers should consider as many options as possible when it comes to retaining employees, while at the same time securing their trust and loyalty so they have less of a desire to leave in the future.

There are some objectives of employee retention. Those are as follows:

â&#x20AC;˘ Reduce 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.

22

• To stop 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.

• 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. Higher retention rates lead goodwill of a company in market and employees mind. More employees are attracted towards company because goodwill of a company.

• To reduce attrition rate: Lower attrition rates reduce cost of turnover and makes goodwill of a company in market. Lower attrition rates can be sign of employee satisfaction.

• To employee satisfaction: Organization makes the strategies for employee retention through that employees are satisfied with their jobs. If organization satisfied to employees then employees can retain with company for long period of time.

• 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.

These objectives are beneficial for each and every organization. The companies achieve these objectives that can easily make profit and goodwill in the market.

23

Scope of the study 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 term, the retention of existing employees saves companies money.

As Beverly Kaye and Sharon Jordan- Evan stated in Training and Development:â&#x20AC;?

Studies have found that the cost of replacing lost talent is 70 o 200 percent of that employeeâ&#x20AC;&#x2122;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.â&#x20AC;?

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.

24

As Bill Leonard stated in HR Magazine: “Because employers know that the bestqualified 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 non compete and confidentiality agreements amongst its employees. The existence of such agreements could in fact deter a competitor from hiring a valuable employ 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.

Establish better organizational climate and culture Employees plays a vital role in creating an atmosphere of trust and respect in the organization, as well as a transparent culture which promotes efficiency and develops employees as human beings and not just as workers.

By respecting people as individuals and valuing their contributions, contributing to self-respect and confidence of employees. Establish relation of employees with peers and superiors.

Compensation and other facilities: •Attractive packages – salary and benefits, variable pays •Expectation management •Tax friendly structures – ensuring that most tax friendly benefits are included in the salary structure •Bonus •Benefits – Insurance, vacations, holidays, LTA, ESOPs •Subsidies •Flexi-timing – especially useful for new mothers and people with elderly dependents or young children.

HR professionals should note that finally there is no limit to retention measures.

Retention also should be looked at pro-actively and not reactively – after a person resigns from a company. Also, the measures need to be used wisely, as every time the same measures will not work. Ideally, retention measures should be preventive. Otherwise, people will use them to their own advantage, and put the company in a tight position every time.

25

Work Profile Unicon Real Estate Pvt. Ltd. deals in properties like commercial and residential.

It is work with well known builders who does projects allover in India as well as in some foreign countries. It deals in properties which are situated at Noida, Ghaziabad, Faridabad, and Gurgaon.

I have done work in Gurgaon team. There are 45 members in Gurgaon team.

I have made strategy to retain employees in Unicon Real Estate Pvt. Ltd. The strategy is:

Bangkok Tour for one week This tour was applicable to those employees who will complete their target. The time period for complete a target was two months (from 15June to 15August). Employees have to make individually profit for a company of Rs.12 lakhs to complete their target.

The target pattern was like this: Target

Rewards

26

Rs.12 lakh Rs.10 lakh Rs.7lakh

-

Bangkok Tour Laptop/LCD Blackberry Handset

This was pattern of target. An idea behind this strategy was make profit for company within short period of time and employee satisfaction for their work.

To complete the target organization also provided required data, leads and information to employees. Employees are motivated to work because of this proposal. Through this proposal there are many opportunities for employees to achieve their career goals.

Within these two months employees can show their talent. They will get rewards according completion of target. These types of proposals can satisfy to employees and retain to employees with current organizations for long period of time. Within this process organization has to provide required information to employees.

Unicon has given lead of customers to employees, organized tent activities on every project site, messages was shootout by name of employees to customers, given training program in a week, advertisement of mobile numbers of employees has given in newspaper.

With the help of this information employees were try to give profit to company.

They make their own strategies to achieve target.

To make the strategy I have done survey by preparing questionnaire and took opinion of 50 employees. By analyzing opinions I have seen that people get motivated to work for these types of contests. They work with full of energy and innovative ideas.

These types of contests makes competition in employees, so employees try to give best performance and achieve the target.

I have suggested some other strategies to retain employees like transparent communication between employee and manager. This help to correct the mistakes in work and get some guidance for completion of target.

Weekly meeting program also help to retain employees. Within these meetings managers or team leaders and employees come together and discuss the bias which employees are facing. Team leaders give the next week target to employees and discuss about the previous week target. These types of meetings help employees to work in a right way.

27

Research Methodology Research methodology is considered as the nerve of the project. Without a proper well-organized research plan, it is impossible to complete the project and reach to any conclusion. The project was based on the survey plan. The main objective of survey was to collect appropriate data, which work as a base for drawing conclusion and getting result.

Therefore, research methodology is the way to systematically solve the research problem. Research methodology not only talks of the methods but also logic behind the methods used in the context of a research study and it explains why a particular method has been used in the preference of the other methods.

Research Design: Research design is important primarily because of the increased complexity in the market. In fact, it is the key to the evolution successful of companies. It is an important tool to study the employee retention strategies. A research design specifies the methods and procedures for conducting a particular study. According to Kerlinger, â&#x20AC;&#x2DC;research design is a plan, conceptual structure, and strategy of investigation conceives as to obtain answers to research questions and to control variance.

Research Design specifies methods and procedures for study. In this study the company designs new strategies for employee retention.

28

Source of data: Research design specifies the method and procedures for the collection and analysis of the data in the manner that aims to combine relevance to the research purpose.

Data collection: The data for the proposed study was collected from one source Primary data.

Primary Data: It includes collection of first hand information from the response who is concerns with the market research.

E.g. Survey, Questionnaire.

Secondary Data: It includes collection of data from other source which is concerned with the market research.

E.g. Books.

Analysis method: The analysis and the interpretation have been done using the questionnaire, survey and interview method.

Research technique: â&#x20AC;˘

Conclusive research: This type of research helps in reaching certain conclusions and also in taking

decisions.

Research Analysis: I have prepared one questionnaire and take opinion of 50 employees in Unicon Real Estate Pvt. Ltd. The data is as follows: Sr. No.

Questions

Opinions Yes

No

No

29

Comments 1

Are you satisfied with your salary package?

30

13

7

2

Are you fully aware about job responsibilities?

35

13

2

3

Is there adequate communication between departments?

40

4

6

4

Working environment is good in Unicon company or not?

37

3

10

5

Will you achieve your career goals by working in this company?

25

10

15

6

Your colleagues are helpful or not?

32

6

12

7

Is there any partiality with employees?

41

5

4

8

Is there team working towards common goals?

45

1

4

9

Do you require any contest or tour for entertainment?

50

0

0

10

Are you satisfied with your job?

39

5

6

The above data is presented in charts: Are you satisfied with your salary package?

No Comments 14%

Yes No 26%

No Yes 60%

No Comments

30

• • •

According to survey I come to know that; 26% employees are not satisfied with salary package.

14% employees are not commenting on this question.

60% employees are satisfied with the salary package.

Means company is providing appropriate packages to employees.

Are you fully aware about job responsibilities?

No Comments 4% No 26%

Yes No No Comments Yes 70%

• • •

This sample of question is showing that: 26% employees are not aware about their job responsibilities.

4% employees are not commenting on this question.

70% employees are aware about their job responsibilities So we can say that most of the employees are aware about their job responsibilities.

31

Is there adequate communication between departments?

No Comments 12% No 8%

Yes No No Comments Yes 80%

According to survey: • • •

8% employees are saying that there is no adequate communication between departments.

12% employees are not commenting.

80% employees are saying that there is adequate communication between departments.

So we can say that organization providing better communication between departments to employees.

32

Working environment is good in Unicon company or not?

No Comments 20% Yes

No 6%

No No Comments Yes 74%

Sample of questions showing that: • • •

6% employees are not happy with working environment of Unicon Company.

20% employees have not given their opinion.

74% employees are happy with working environment of Unicon Company.

So, we can say that working environment of Unicon Company is good for employees.

33

Will you achieve your career goals by working in this company?

No Comments 30% Yes 50%

Yes No No Comments

No 20%

According to survey, I come to know that: • • •

20% employees are saying that they will not achieve their career goals by working in this company.

30% employees have not given their opinions.

50% employees are saying that they will achieve their career goals by working in this company.

So, we can say that company is providing career platform for employees.

34

Your colleagues are helpful or not?

No Comment 24% Yes No No 12%

Yes 64%

No Comment

As per survey, • • •

12% employees are saying that, their colleagues are not helpful.

24% employees have not given their opinion.

64% employees are saying that their colleagues are very cooperative and helpful.

So we can say that, there are helpful employees.

35

Is there any partiality with employees?

No Comment 8% No 10% Yes No No Comment Yes 82%

As per survey the opinions of employees are: • • •

10% employees are saying that there is no partiality done by manager.

8% employees have not given their opinion.

82% employees are saying that managers do partiality for giving lead of customers.

So we can say that, there is partiality is going on in this company.

36

Is there team working towards common goals?

No 2%

No Comments 8%

Yes No No Comments

Yes 90%

As per survey of data: • • •

2% employees are saying that there is team working towards common goals in this organization.

8% employees have not given their comments.

90% people are saying that there is team working towards common goals in this company.

So we can say that company’s goals and employee’s goals are match to each other.

37

Do you require any contest or tour for entertainment?

No Comment 0%

No 0%

Yes No No Comment Yes 100%

As per survey of data:

• • •

0% no one is against of this question.

0% everyone has given their opinion.

100% employees are saying that they want any foreign tour for at least for a week, so they will get relax.

So we can say that, employees are looking for tour or any interesting contests.

38

Are you satisfied with your job?

No Comments 12% No 10%

Yes No No Comments Yes 78%

As per the survey: • • •

10% employees are not satisfied with their job.

12% employees have not given their comments.

78% employees are satisfied with their job.

So we can say that company has recruited most of right candidates for job.

39

Interpretation Every organization wants to retain employee for longer period of time. According to me every organization has to make some strategies to retain employees for longer period of time.

These strategies can satisfy to employee, when employees are satisfied with job then they can retain with organization for longer period of time so automatically attrition rates will be reduced.

There should be transparent communication between employer and employee so employees can motivated towards work.

Performance appraisals should have to be organized two times in a year. Fair performance appraisals avoid bias between employer and employee.

Motivation should not be dependent on the desire of the workers/employees, but it should be the primary function of an organization to inculcate a spirit of sharing and caring where people give cheerfully and most willingly of their time, knowledge and experience. Coupled with the same, leaders by their commitment and involvement unleash the constructive and creative abilities/capabilities and energies of each of the employee for the welfare of the organization so as to stay longer with the organization.

There is no such thing as the culture. There are many cultures, and each of them is subject to gradual change. Cultures are learned. They vary, and they influence behaviour.

A culture is ‘the whole collection of distinctive traits, spiritual and material, intellectual and affective, which characterize a society or social group’. We ‘define cultures as “dynamic and organic wholes” which are concerned with how people visualize and interpret the world, organize themselves, conduct their affairs, elevate and embellish life, and position themselves in the world’.

How a society or group of people visualize and interpret the world is shaped by their values and beliefs, their experiences, the history of experiences in their society, and the way that these are communicated. People in different parts of the world, in different cultures, and in different social groups visualize and see the world differently.

Consequently, we should expect that they will act differently in any given circumstance.

The values held by individuals and social groups may be the most important aspect of the culture concept. Virtues are closely related to values. The 1980s was the decade when greed was celebrated as a civic virtue that made everyone better off—that is, a feature of western culture was and is society’s preference for material wealth over the lack of material things.

40

Techniques There are some techniques which I have used for employee retention. These techniques help to reduce attrition rate and increase retention rate. The techniques are as follows:

• Questionnaire Technique:

According to this technique I have made list of questions and took the opinion of 50 employees who has working in Unicon Real Estate.

List of questions: 1. Are you satisfied with your salary package?

2. Are you fully aware about your job responsibilities?

3. Is there adequate communication between departments?

4. Working environment is good at Unicon company or not?

5. Will you achieve your career goal by working in this company?

6. Are there opportunities to learn and grow in this company?

7. Workload is reasonable or overload?

8. Is there team working towards common goal?

9. Work at Unicon real estate is helping me to develop my knowledge and skill?

10. Are you satisfied with your job?

• Survey Technique: Our standard employee retention surveys cover nearly every facet of employee retention, including: • • • • • • •

Overall satisfaction Corporate culture Supervisor relations Training Pay and benefits Work environment Communications

41

Our standard employee retention surveys are comprehensively designed to identify and isolate key independent and dependent variables.

Independent Variables Supervisor relations Pay & benefits Work environment Corporate communications

Dependent Variables Overall satisfaction Likelihood to recommend Likelihood to stay Employee loyalty

• Employee Reward Program: You can make a provision of Monthly or Quarterly Award (depending upon the budget) for the best employee, Awarding 2 or 3 best workers each month. The award can be in terms of gifts or money.

If it is money then it should be divided into two parts, first part to be given with the next month salary and the remaining after 6 months. In this way he/she can be retained for 6 more months. These rewards shall be considered at the time of appraisal.

• . Career Development Program: Every individual is worried about his/her career. You can provide them conditional assistance for certain courses which are beneficial from your business point of view. Conditional assistance means the company will bear the expenses only if he/she gets an aggregate of certain percentage of marks. And entrance to that course should be on the basis of a Test and the number of seats to be limited. For getting admitted to such program, you can propose them to sign a bond with the company, like they cannot leave the company for 2 years or something after the successful completion of the course.

•

.Performance

based Bonus:

The employee always comes to know about the profit of the company which is of course based on the strategic planning of the top management and the productivity of the employee. To get more work out of the employee, You can make a provision of Bonus. By this employee will be able to relate himself with the company’s profit and hence will work hard. This bonus should be productivity based. You can make sure that this bonus is not adding extra-pressure on the budget of Your Company and you can arrange this by cutting a part of the salary hikes and presenting it to the employees in the form of bonus.

• Communication:

42

Communication has become so heavily stressed in the workplace that it almost seems cliché. 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.

• 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. Facilitating knowledge sharing through an employee mentoring program can be equally beneficial for the team member being mentored as well as mentor.

• 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.

Conclusion

43

From the above study I want to conclude that employees are the capital of the every organization. So to retain employee organization has to satisfy to employee.

By offering many facilities, events, incentives, appraisal programs, transparent communication company can retain to employees.

The strategies which Unicon Real Estate Company made for employees those are successfully going on and company is making profit on basis these strategies.

Employee retention not only reduces the attrition rate but also increases the goodwill of a company in a market. This shows a good culture of the organization.

The study gave a clear picture about the employees and their areas of dissatisfaction, the outcome of the study will help the organization to spot out the areas of dissatisfaction, there by the organization can take effective steps to improve the employees satisfaction level towards their job and to implement various policy implications, Most of the employees are satisfied with their jobs and most of them are satisfied with the policies of the organization and also towards the other aspects taken in to account for measuring the level of job satisfaction among the employees in the organization and there are some of the employees who are not satisfied with their jobs due to some of the aspects, also some of the suggestions can be taken in to account to make those employees feel better about their jobs so if the suggestions are taken in to account and done there is chance for making the unsatisfied employees to change their attitude towards their respective jobs.

Recommendation

44

The strategies of Unicon real estate has to use every organization. These strategies are useful for making profit.

If employees are not satisfied with the job then companies can use these strategies. By using these strategies employee will get motivated and do the sincere work.

For employee retention there should be good communication between team leader and employee, timely motivation and feedback makes confident to employee towards the work.

Training programs helps in enhancing knowledge and skill so, these programs helps in achieving career goals of employees.

Performance appraisal programs enhance employeeâ&#x20AC;&#x2122;s salary; employees got incentives and bonus in this program. These programs should have to be two times in year because some employees work for these programs.

Weekly meeting should have to be taken. In this meeting team leader individually has to ask problems to every employee and he has to give suggestions and information to employee.

Bibliography

45

Websites: •

www.wikipedia.com

•

www.humanresource.about.com

•

www.hrworld.com

•

www.hrindia.com

•

www.managementhelp.org.com

•

www. retention.naukrihub.com

Books: •

Ashwat thapa,

•

L.M. Prasad.

•

Research Methodology, Wishwa Prakashan Publishes, and second edition 2002.

46