RETENTION STRATEGIES IN PRIVATE SECTOR A comparison between an Indian company and a MNC in In teleco

RETENTION STRATEGIES IN PRIVATE SECTOR A comparison between an Indian company and a MNC in In telecom sector.

DISSERTATION REPORT 2010 Submitted for the partial fulfilment of the requirement for the award Of POST GRADUATE DIPLOMA IN MANAGEMENT

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CERTIFICATE This is to certify that the work presented in the thesis entitled “RETENTION STRATEGIES IN PRIVATE SECTOR” in partial fulfilment of the requirement for the award of Degree of “POST GRADUATION DIPLOMA IN MANAGEMENT is an authentic work carried out under my supervision and guidance.

To the best of my knowledge, the content of this thesis does not form a basis for the award of any previous Degree to any one else.

Signature of guide

Place: Date:

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ACKNOWLEDGEMENT

I am very grateful to my institute for giving me the opportunity of working in this project and for giving me useful instruction.

I extend my regards and sincere thanks to Col. Koushik Banerjee, with whom support & effort, I have completed my project.

Also I am thankful to the management and employees of COMVIVA and UNINOR for allowing me to make this project and taking out their valuable time to fill up the questionnaires and enabling me to complete this project .

XYZ

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CERTIFICATE OF APPROVAL

The

foregoing

thesis

“RETENTION

STRATEGIES

IN

PRIVATE

SECTORS”,

is hereby approved as a creditable study of research topic and has been presented in satisfactory manner to warrant its acceptance as pre-requisite to the degree for which it has been submitted.

It is understood that by this approval, the undersigned do not necessarily endorse any conclusion drawn or opinion expressed therein, but approve the thesis for the purpose for which it is submitted.

(Internal Examiner)

(External Examiner)

(Head of Department)

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TABLE OF CONTENTS 1. EXECUTIVE SUMMARY 2. ABSTRACT 3. OBJECTIVES 4. COMPANY OVERVIEW  COMVIVA • History • Purpose and intent • Customers • Awards • Products and services.  UNINOR • Uninor in society • Branches • Vision • Products and services 5. REVIEW OF LITERATURE  Employee retention  Changing demography 5

 Need of the study  Employers and their key drivers to retain talent  Type of environment employees need in a company 6. RESEARCH METHODOLGY 7. ANALYSES AND FINDINGS 8. RECOMMENDATIONS 9. SUGGETIONS 10. LIMITATIONS 11. CONCLUSION 12. ANNEXURE I  Bibliography 13.ANNEXURE II  Questionnaire

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EXECUTIVE SUMMARY Private sector organizations are acutely aware of the need to attract and retain committed staff and much has been done to provide frameworks with which organizations can operate with consistency and confidence.

Organizations can’t force, beg, or buy the type of workforce needed to succeed today. As business leaders struggle to boost the return on their human capital and flawlessly execute their latest business strategies, it’s no wondering that employee retention a top priority.

This Project is all about the strategies which private companies use to retain their best talent in the company and how effective these strategies are.

I have considered two companies from telecom sector. The first one is an Indian company that is COMVIVA and the other one is an MNC UNINOR. A comparison is done between both the companies regarding how they succeed in retaining employees.

A survey has been done of 50 respondents each from each company making a total of 100 respondents using a questionnaire and on the basis of their responses analyses through pie charts and bar diagrams have been done.

Various factors have been considered like training and development, compensation, rewards, work life balance, advancement opportunities, senior management support, employee participation etc which leads to satisfaction among employees and hence helps to retain them.

Also the stipulated time for the project is insufficient to undergo an exhaustive study about the topic assigned and moreover the scope of the topic (Retention strategies) is wide enough, so it is difficult to cover the entire topic within the stipulated time

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ABSTRACT Employee retention is a process in which the employees are encouraged to remain with the organization for the maximum period of time or until the completion of the project. Employee retention is beneficial for the organization as well as the employee. Employees today are different. They are not the ones who don’t have good opportunities in hand. As soon as they feel dissatisfied with the current employer or the job, they switch over to the next job. It is the responsibility of the employer to retain their best employees. If they don’t, they would be left with no good employees. A good employer should know how to attract and retain its employees.

Most employees feel that they are worth more than they are actually paid. There is a natural disparity between what people think they should be paid and what Organizations spend in compensation. When the difference becomes too great and another opportunity occurs, turnover can result. Pay is defined as the wages, salary, or compensation given to an employee in exchange for services the employee performs for the organization. Pay is more than "dollars and cents;" it also acknowledges the worth and value of the human contribution. What people are paid has been shown to have a clear, reliable impact on turnover in numerous studies.

Employees comprise the most vital assets of the company. In a work place where employees are not able to use their full potential and not heard and valued, they are likely to leave because of stress and frustration. In a transparent environment while employees get a sense of achievement and belongingness from a healthy work environment, the company is benefited with a stronger, reliable work-force harbouring bright new ideas for its growth Blog Online And Earn Money.

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OBJECTIVES: -



To identify the strategies used by private companies to retain quality staff.



To make a comparison between the strategies used by an Indian company and an MNC.



To analyze the effectiveness of the strategies used to retain quality staff.



To give some suggestions so as to improve the present system of employee retention.

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COMPANY OVERVIEW

Indian company COMVIVA 10

Comviva adds value to the mobile service provider’s business and operational environment, creating subscriber stickiness via innovative products, applications and service offerings that cater to every aspect of the subscriber wish list, whilst addressing critical operational issues confronting the mobile service provider today.

With an extensive portfolio of solutions that drives content, commerce and community-focused services and revenues for operators, Comviva enables mobile users to interact and access infotainment easily.

Operator goals of improving performance and enhancing the user service experience are supported with solutions that enable rapid and profitable service extension to new and existing subscriber segments, whilst enabling end-to-end service and customer lifecycle management.

A global leader, Comviva’s solutions power value added services for operator customers in over 80 countries worldwide.

Corporate history.

Formed in 1999, Comviva has grown rapidly to become a recognized leader in the provision of integrated VAS solutions to the mobile world.

Initially, Comviva focused closely on serving the needs of operators in its home market of India, before taking solutions to rapidly growing markets overseas.

By meeting the diverse demands of operators in a multitude of locations, Comviva rapidly gained local market expertise and know-how, which it now exploits to provide a differentiated portfolio of offerings across the globe.

Comviva has grown quickly in the decade since its formation, both organically and inorganically. In 2002, Comviva merged with CellCloud Technologies.

In 2005, Comviva attracted major investment from leading business houses and venture capitalists, namely the Bharti group, Sequoia Capital and Cisco Systems, for the purpose of expediting growth.

In late 2007, Comviva acquired Jataayu Software Limited, a leading player in the mobile Internet space.

The company’s name was changed to Comviva Technologies Limited, from Bharti Telesoft Limited, in April 2009.

Purpose and intent.

Comviva’s core purpose drives the company’s strategy, provides a focus for product and service development and guides its approach to delivery and customer service.

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Core Purpose To enrich the lives of over a billion people with value added telecom solutions that enhance their livelihood and lifestyle.

Comviva has formulated ambitious goals for the coming 3 years, reflected in the company’s intent.

Intent To be number one in its chosen markets, achieved based on a foundation of excellence, innovation and partnerships.

Values Comviva has articulated values that will support the company in realizing its core purpose and intent. These values are: Excellence – Customer Centricity – Responsiveness – Integrity – People Focus.

Customers.

Comviva has deployed products and solutions in over 80 countries with its deployments enabling value added services for over 500 million subscribers worldwide.

USA Latin America Europe Middle east Asia pacific Africa.

Awards 2010  Winner 2009  Winner

of

the

Golden

of

Peacock

the

Award

for

Africa

Mobile

Internet

COM

Gateway

Awards

 Winner of the Golden Peacock Award for Virtual SIM .  Winner of the Golden Peacock Award for Hub Technology and Solutions  GSMA’s

Mobile

Money

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for

the

Unbanked

 GSMA

Global

Mobile

Awards

2008  Deloitte Technology 2008.  Golden

Peacock

Award

for

Innovation

2008

 GSMA Mobile Asia Congress Awards

 Africa COM

Awards – short listed for Charging Proxy enterprise solution

2007  DeloitteTechnology2007  Golden

Peacock

Award

for

Innovation

2007

2006  Deloitte Technology 2006 2005  SIMagine Award (Feb 2005  Red Herring Award (August 2005)  Deloitte Technology

(Dec

Industry association.

• •

GSM Association.

IAMAI. The Internet & Mobile Association of India.

•

MMA. Mobile marketing association.

•

MPFI. Mobile payment forum of India.

PRODUCTS AND SERVICES AT COMVIVA

Integrated Mobile VAS Solutions

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2005)

As a global leader in the provision of integrated VAS, Comviva creates innovative, timely, and compelling solutions that enable service providers to unleash the full power of mobile communications – whilst delighting customers, driving revenues, and delivering bottom-line benefits.

The beauty of the Comviva portfolio lies in its integrated approach to solution building. Products are standards based, enabling easy integration into the operator’s network environment. The portfolio is broad, providing operators with an end-to-end service delivery partner. Comviva’s Managed Services offering further reinforces this capability by providing end-to-end management of the operator’s portfolio of value added solutions

1. Voice Applications Adding Value to Voice Voice based services are key to driving VAS uptake in emerging markets, where many subscriber segments face the challenge of low literacy levels. Comviva offers a suite of voice applications that encourage value added service exploration and usage by a growing number of subscribers who prefer voice-based interactions.

Aggregated Voice Applications Network (AVAN) AVAN enables delivery of an unlimited portfolio of voice-activated rich applications, without upfront investment, creating a sustainable competitive advantage in rapidly growing markets iSearch Provides intelligent voice – and text - search on all available storefronts, enabling faster location of desired content VoiceChat A livelier, more personal alternative to Internet chat that unites people and creates lasting suscriber loyalty VoiceSMS As simple as SMS, but with the added advantages of adding real emotion to a message

Virtual SIM Enables operators to extend affordable mobile communication services to new segments quickly and cost-effective.

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2. Mobile Music Music applications transform the mobile experience, enabling users to enjoy music independently and collaboratively – and providing a constantly changing source of entertainment for users and a sustainable revenue stream for operators. Comviva continuously innovates to deploy new mobile music services that capture the imagination of the entire subscriber base.

Color Ring Back Tone Brightening the Caller Experience Comviva’s Color Ring Back Tone (CRBT), which replaces the traditional ‘dring dring’ with a personally chosen tune, serves over 13 million subscribers worldwide, and has dramatically improved the revenue streams of many operators across the globe.

With interesting tunes to listen to, callers are happy to wait for the called party to answer the phone, meaning enhanced call completion. To entertain their callers, subscribers enthusiastically select appropriate tunes, changing these on a regular basis, which translates into increased customer satisfaction and revenues for the operator.

Enhanced, Sustainable Revenue Stream CRBT is constantly evolving, offering new service propositions, such as Ads RBT and Greeting Tunes, creating a sustainable revenue stream for operators and customer delight for subscribers Personalization creates Loyalty By offering great capacity to personalize ring back tones, CRBT taps into user creativity and generates subscriber stickiness by projecting the user’s individuality Available to All Handset and SIM independent, CRBT is available to all subscribers, whether prepaid, postpaid, fixed or wireless

Greeting Tunes Tunes for Festive Occasions Greeting Tunes builds on the success of Comviva’s Color Ring Back Tone (CRBT), offering operators the opportunity to attract new subscribers with a festive approach to musical ring back tones.

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Subscribers simply choose a festive tune to suit a special occasion, such as the New Year, and the operator plays the greeting tune for a specific period.

Enhances Customer Delight Greeting Tunes offers a new way for subscribers to entertain their callers and convey the mood of a special occasion or festival Additional CRBT Revenue Stream Greeting Tunes offers operators a new revenue stream – and when attracting new subscribers, the opportunity to convert these to the full CRBT service No Additional Investment Operators with the CRBT platform need make no additional investment to offer Greeting Tunes Ads RBT Personalized Mobile Marketing A constant companion, the mobile is a perfect medium for targeted marketing campaigns.

Comviva’s Ads RBT allows subscribers to rent out their ring back tone for promotional purposes. It engages consumers in a highly personalized manner, exploiting advanced profiling techniques to more accurately deliver relevant promotional messages – improving the likelihood of brand recall.

For advertisers, Ads RBT is a highly effective promotional tool as the caller pays undivided attention to the marketing message - and with a subscriber receiving many calls from a wide peer group, the reach and impact of a promotional communication is extended among the target audience.

For operators, Ads RBT provides the opportunity to create new service packages to attract subscribers and maintain loyalty.

New Revenue Stream Ads RBT offers operators a new revenue stream and offers an entry level strategy for further mobile marketing Innovative Service Bundles

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Operators can offer subscribers rewards, such as a limited number of free call minutes or free SMS, or free CRBT downloads Viral Marketing The personalized nature of Ads RBT ensures callers discuss ad campaigns and the new service among their peers, extending awareness and helping build brand loyalty Musica The Mobile as a Personal Music Station Mobile and online music sales are now rivaling the sales of physical music worldwide and mobile music is forecast to grow to US$27 billion in the next 2 years. In many emerging markets, where the mobile replicates as a PC, mobile music represents a major revenue opportunity for operators. To satisfy subscribers’ demands, operators need to provide simple and quick access to a wide range of music offerings.

Comviva’s Musica enables operators to exploit the new mobile music opportunity by differentiating their music portfolio, building a loyal music-loving subscriber base and driving data ARPU levels.

Drives downloads Operators are able to improve data ARPUs following the introduction of mobile music offerings

Builds the subscriber base With a broad portfolio of music available, and a simple to navigate menu, Musica supports operators in their bid to attract new subscribers and satisfy the changing musical tastes of existing subscribers Available to All Musica is network and device independent, ensuring availability of the service to all subscribers.

3. Mobile Video Next generation solutions

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With the rollout of next generation networks in rapidly growing markets globally, operators need to introduce a suite of multimedia applications that appeal to a cross-section of the user base by combining fun with functionality.

Comviva has developed its Multimedia Solution for the Next Generation to capitalize on the growing demand for video and multimedia applications from a versatile platform.

Multimedia Solution for the Next Generation MSNG builds subscriber stickiness by enabling delivery of a wealth of multimedia applications over 3G networks.

4. Messaging Fast, reliable messaging and interactivity services Comviva’s feature-rich, modularized messaging platforms ensure the smooth delivery of text and multimedia based messages, whether P2P or A2P, via mobile or fixed-line networks, whilst optimizing management of application rich, high-volume messages.

Comviva interactivity solutions enable an improved user experience via self-care applications and drive VAS service uptake.

SMS Portfolio Enables swift SMS and MMS message delivery whilst cost-effectively handling increased traffic volumes USSD Applications to encourage service discovery and subscriber self-care, available via a simple, browser-based interface, and delivered over a high-speed, secure platform Instant Messaging and Presence Services (IMPS) Developing from a social networking to a social media medium

Messaging Service Delivery Platform (MSDP) Manages varied content from multiple providers, handling billions of multimedia messages annually Message Management Solutions

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Comviva's message management solutions empower users with greater control over the communication environment Roaming Solutions Comviva offers a broad suite of roaming services from a single platform, reducing investment requirements and simplifying service expansion and management

5. Mobile Money and Recharge.

Comviva’s mobile money and recharge solutions enable operators to provide a complete suite of finance related services to mobile users – from electronic recharge to a mobile wallet to mobile payments. mobiquity™ Mobile Money Solutions Comviva’s award-winning mobiquity™ solutions extend mobile money and banking services to the unbanked and provide added convenience to banked subscribers PreTUPS™ Prepaid Recharge Comviva’s PreTUPS™’s prepaid recharge solution radically reduces the cost and improves speed to market of prepaid distribution and management, whilst its micro-recharge proposition extends access to mobile communications

6. Mobile Internet The Internet is a global phenomenon that is all pervasive in large parts of the world – rather like mobile communications. For many people, mobile Internet will be their only experience of the Internet. Comviva’s suite of mobile Internet solutions helps ensure the experience is positive and enriching.

Mobile Internet Gateway Brings a richer and faster Web experience to mobile users globally

WAP Gateway A market-proven solution, delivering Internet content to mobile users for close to a decade.

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7. Mobile Advertising Enabling the Mobile Advertising Ecosystem Comviva takes a holistic view of the advertising space and aims to enable multiple ecosystem players to engage subscribers with highly personalized promotional messages and campaigns.

Comviva helps the advertising industry to reach out to target segments, by leveraging the operators’ consumer profile information and reach.

Operators can create innovative service bundles, incorporating advertising messages that subsidize the cost of service usage - bringing value to subscribers and the advertising industry.

They can also cross promote content and services.

Content providers, advertising space promoters and other players are able to collaborate within the ecosystem to develop the potential of the mobile as a new promotional medium – experimenting with interactive contests, discount coupons, or integrating promotional messages in ring back tones and text-based messages.

Existing applications include: Ads RBT Personalized marketing messages that create a new revenue stream for operators and a new promotional channel for advertisers Interactive Marketing By inserting their own, or third party promotions into unused USSD text space, operators can deliver context sensitive promotional messages, surveys, or competitions, ensuring a higher ‘hit’ and ‘conversion’ rate Mass Marketing Campaigns Comviva has extensive experience of delivering mass market SMS driven promotional campaigns. In the past year Comviva delivered close to 60 billion AppSMSC messages for one operator customer, raising awareness among the target audience of operator and third party marketing messages and promotions.

8. Managed Services

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As a leader in the provision of value added services to major operators globally, Comviva fully understands the complexities of developing, deploying and managing a broad portfolio of services and exploits this domain knowledge in delivering its Managed Services offering.

Managed Services Pressure to rollout new services rapidly, improve financial performance and maintain service uptime levels can prove a challenge on operators’ resources. With Comviva’s Managed Services, operators simply transfer ownership of service deployment and performance levels and direct precious resource to managing their core asset, the end subscriber.

Hub Solutions Comviva offers solutions in a hosted environment, deploying hub-based solutions that unite operators on a single platform, enabling enhanced time to market, reducing investment and operational costs and delivering a seamless service experience.

9. Customer Lifecycle Management Solutions to drive improved service experience With market dynamics constantly changing, many operators are moving away from short-term tactical marketing initiatives, to long-term relationship development strategies in order to secure growth by delivering consistently superior service throughout the subscriber lifecycle.

Comviva’s Customer Lifecycle Management Solutions enable service providers to improve efficiencies within their organizations and achieve an enhanced service experience.

Adagium™ Adagium™ Unified Business Support Solutions support the operator throughout the prepaid and postpaid subscriber lifecycle, providing one unified view of operations and enabling enhanced marketing initiatives Billing Solutions dBILL and Eulogy billing solutions support pre- and post-paid billing requirements and address VAS and next generation charging requirements

Subscription Engine Subscription Engine ensures timely delivery of high volumes of content from various sources, creating customer loyalty whilst streamlining operations 21

10. Mobile Device Solutions An Enhanced Mobile Experience for the Next Generation The award-winning Comviva Mobile Device Solutions suite comprises messaging and browsing solutions that are standards-driven, pre-integrated on a wide range of platforms and tested for operability with multiple market leading operators worldwide.

Comviva's Mobile Device Solutions team is noted for its rich experience in porting, integration and customization as well as its ability to provide mobile device solutions that benefit customers due to their cost-efficiency and speed to market.

The solutions’ modular design allows customers to pick and mix features to optimize memory footprints that are required by the range of mobile devices, with some modules able to be used as components with third-party applications.

Built on the proven JCF framework, Comviva Mobile Device Solutions cater to the entire mobile device market including ULCs, feature phones, smart phones and Internet devices - and can be implemented to achieve a completely homogenous look and feel with all applications on the device.

Browsing Comviva Mobile Device Solutions offer versatile mobile browsing applications for the widest range of mobile devices Messaging A complete suite of mobile messaging solutions engineered to meet the requirements of unified messaging

MNC UNINOR

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They are a new mobile operator, with a localized approach to the Indian market. They combine the force of India’s second largest real estate company, Unitech Ltd and Norway-based Telenor, the 6th largest mobile communications group in the world. Now they’re bringing their services and innovation in communications to all of India • Holds a pan-India UAS license to offer mobile telephony services in each of India’s 22 circles.

• Has also received spectrum to roll out these services in 21 of the 22 circles • Agreement to raise Telenor ownership to 67.25% The Telenor Group has proven itself to millions of customers around the world over a long period of time. With over 150 years of telecom experience, the group is now present in 13 countries worldwide with over 168 million mobile subscriptions as of Q2 2009 and 40,000 employees across the globe. A dominant position in markets most similar to India means the group brings existing competencies in distribution, targeted offerings, and customer lifecycle management and organization culture to our operations in India.

As India’s second largest diversified real estate major with over 30 years of presence across locations nationwide, the Unitech Group comes into this joint venture as a partner with decades of consumer facing experience in the Indian market. Unitech is the only Indian partner (among the new operators) to be listed on the Indian Stock Exchanges, and provides in-depth insights into business- as well as consumer marketing in the diverse Indian market. This unique partnership gives us the advantage of the most extensive and the most relevant experience to rollout services in India.

UNINOR IN SOCIETY. At Uninor, they believe in safeguarding human worth. A non-discriminatory and respectful attitude towards customers, colleagues and wider society will be the hallmark of our approach.

And they will work to be at the forefront in matters of health, safety, security and the environment. Their primary responsibility is to help people communicate wherever they are.

They will leverage on their combination of local heritage and global telecom experience to develop products and services that positively affect people’s lives. Driven by their values, they will work to: • Maximize the enabling effect of mobile telecommunications • Promote safer products and services • Make responsible business practices part of everything we do.

Branches in India.

•

Andhra Pradesh

•

Kerala

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•

Tamil Nadu

•

Bihar

•

Karnataka

•

Orissa

•

Up east

•

Up west

•

Mumbai

•

Kolkata

•

West Bengal

•

Maharashtra.

Vision Their vision is simple, yet powerful. They exist to help you get the full benefit of communications services in your daily lives.

This means providing services that bring solutions to your everyday endeavors and needs, enabling your future aspirations to come even closer.

They are driven by this promise to you.

- A promise to keep things simple. A promise to listen and respond. A promise to constantly innovate, motivate and support; so you see change.

Change that takes you where you want to go.

These values are embedded in our thoughts and enlivened in our actions. It is our values that shape our personality and bring the brand Uninor alive. They reflect in the way we behave and also in the products and services we offer.

They say that we are here to:

Make it easy We keep things simple. We make products and processes easy to understand, easy to use and easy to choose. No waste. No jargon. No complications. We make things happen quickly, simply and openly so that you understand us better.

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Be inspiring We are creative and innovative. We bring energy and fresh ideas to everything we do. We build motivated teams, encouraging everyone – staff and customers – to do more, to try more, and to be more.

Keep promises.

We're honest and straightforward. We’re reliable and responsible. We do what we say. We take ownership. We’re about actions, not words. We’re about delivery, not over -promising. We deliver on time and to the very best quality. And in the unlikely event that things do go wrong you can rely on us to take responsibility and sort it out quickly and transparently.

You can rely on us.

Be respectful.

We care about customers, communities and colleagues. We strive to know our customers and to understand their needs. We are thoughtful and considerate. We listen and respond because we know loyalty has to be earned. We’ll listen to your needs and we will do our very best to answer them. Your opinions and your feedback are always valued – they help us to create a better service

PRODUCTS AND SERVICES AT UNINOR.

 PREPAID PLANS  VALUE PACKAGES  REGHARGE

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REVIEW OF LITERATURE

Introduction

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Retention What makes an organization competitive today? Most retail stores, banks, insurance companies and many other organizations have the same types of products and services. What distinguishes one organization from another? What gives one organization the competitive advantage? It is their people….

An organization does not want to spend the time, resources and money to retain all of their employees. A high-performing organization wants to focus on the retention of their most talented employees, often referred to as high potentials.

Turnover is costly, particularly when organizations have spent time and money on identifying, developing, and promoting individuals who are viewed to be the future leaders of the organization.

“Retaining key employees is most crucial corporate problem. A solution means more profitable companies, happier, more productive employees, and more satisfied customers. Once a company has captured talented people, the return-on-investment requires closing the back door to prevent them from walking out”. Organizations that understand employee retention and its causes, and act upon it, ultimately have a competitive advantage.

Employee Retention Employee retention means something different based on who you ask. For some it can mean retaining the most talented employees, or preventing people from leaving the organization, or the way employees are compensated, or the extra benefits that employees are given such as stock options, day care, and flexible work hours. Employee retention is something that is specific to each individual organization.

“The term employee retention began to be used in the business environment in the 1970s and early ‘80s. Prior to that, the majority of employees worked for the same organization for the length of their career”. There has been substantial increase in job mobility in last decade or two because of the availability of jobs in various organizations coming up in different sectors. With this, the notion of working for just one organization began to deteriorate and employees began to make voluntary job changes. Employers found themselves dealing with a new issue – retention of employees.

“Retention is about developing strategies that reduce the number of people who leave the organization for avoidable reasons. Organizations need to retain employees with the required balance of skills and experience to ensure that the business can be maintained”.

“Today’s businesses are more dependent than ever before on their top performers to innovate and provide services that differentiate a company from its fierce competitors. In other words, corporations are reliant upon their human assets to survive and thrive.”

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In 1997, McKinsey & Company coined the term the ‘war for talent’; and soon realized they had named a phenomenon that many people had been experiencing but had not fully articulated. The war for talent began in the late 1980’s with the birth of the Information Age; with it, the importance of hard assets-machines, factories, and capital-declined relative to the importance of intangible assets such as proprietary networks, brands, intellectual capital, and talent. Company’s reliance on talent has increased dramatically over the last two decades.

The talent wars are growing out of a fundamental paradigm shift in the employer-employee relationship: from the old slow-moving rigid, pay-your-dues-and-climb-the-ladder model, to the new fast-moving increasingly efficient free market for talent. This is the essence of the talent wars. In the new economy, every term of the employment - schedules, location, assignments, coworkers, pay, and more - will be open to negotiations, whether (organizations) like it or not. The most valuable talent will have the most negotiating power. In the new economy, the best people are the most likely to leave. If an employer has any hope of retaining the best people for the long term in the new economy, this retention will have to happen one person at a time, one day at a time, on the basis of an ongoing negotiation.

History of Retention “Today’s workplace is not the workplace of a generation ago. Fifty years ago, most workers fit into a similar mould: male, full-time, eight to five, blue collar, hourly wage workers who had learned most of the skills on the job. Then, for those lucky enough to find a niche in a large company, the expectation of continued employment and steady advancement made a homogeneous pattern of work an ideal arrangement” Drucker (1992) says, “All organizations now say routinely, ‘People are our greatest asset.’ Yet few practice what they preach, let alone truly believe it. Most still believe, though perhaps not consciously, what nineteenth-century employers believed: people need us more than we need them” During the past two decades, businesses have had to adopt the new realities of the Information Age-while being expected to follow old ‘rules of the business game’ set in the long-gone Industrial Age. The Industrial Age valued people as physical assets – bought and sold as extensions of machines. Only organizations that transcend that approach have become leaders in the Information Age. Organizations ill-equipped to manage change have had a tumultuous time in transitioning from one age to the next.

In the 1980’s and early 1990’s, people still talked about ‘lifetime employment’ and a career within a company. Starting in the late 90’s however, the pendulum started swinging. The unspoken employer/employee contract was broken, as companies across industries restructured

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operations and reduced head count. People then started talking about ‘owning their own careers’ collecting experiences and skills in various jobs at various companies to enhance their ongoing employability.

According to Kinnie, Hutchinson & Purcell (1997), “Downsizing and its associated euphemism ‘rightsizing’ became part of the managerial lexicon in the 1980’s and early 1990’s…By the mid 1990’s; however, doubts were emerging about whether downsizing was the route to success that it was first thought”. “The downsizing environment in the 1980’s and early 1990’s further discouraged some companies from investing in Succession management. As a result, many companies developed severe bench strength problems and are now facing a shortage in top management successions”.

The demand for high-caliber managerial talent is growing. The late 1990’s through the year 2000 was a period of extraordinary economic growth as against a backdrop of sustained economic growth, new economy companies proliferated creating millions of new jobs, and rewriting the rules of recruiting and retention. New competitors vied daily with traditional companies for key skills-not only technological savvy but also more traditional marketing, finance, and partnership building expertise. Exacerbating this explosion in demand was a projected tightening of supply in key segments of the labor pool. The result: an employment market where demand far outweighed supply and where employers no longer ‘held all the cards.’

Due to a growing imbalance between an expanding demand for talent and the limited supply, we reached the other extreme in the pendulums swing. Employees became‘Free agents’ more concerned, some would argue, with their own employability and personal gain than with longterm job security - or their employer’s success”.

To understand the importance of retention in today’s world of the twenty-first century, it helps to look at the factors throughout the several decades that have led to the issue of retaining employees. This will help to explain how the problem evolved and the importance of retaining top talent for organizations.

As economic times improved by the late 1990s and as survivor’s syndrome employees recovered from their condition, some extremely interesting dynamics took place in the workplace. As the old “supply and demand” tenet kicked in, skilled and talented employees slowly began to recognize their value and worth. Suddenly, working for the same company and being loyal to one employer for 10 or 20+ years didn’t matter as much. After all, the employer hadn’t been loyal to them, their families, and/or their significant others when times were bad. The supply was short while their skills and talents were tall and in demand. Unfortunately, because of a strong economy, employers are having a more difficult time holding onto valuable talent, who are just not patient enough for a company to ‘get its act together and back on its feet.’

Retention cannot be solved in the usual sense. There can be no silver bullet program or set of programs that will bind employees to the organization in the presence of attractive opportunities elsewhere. Employers can and should work hard to eliminate problems in the workplace that might drive their valued employees into the arms of competitors. But, as noted earlier, most people who quit do so to take jobs elsewhere, and dissatisfaction with current jobs drives turnover only when other positions are available. The “pull” of alternatives is the major driver of turnover, not just as the “push” of problems in the current workplace. The growing need to find

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talent in the outside market will become the main driver of the retention problem, although employers exacerbate the problem by focusing employee attention on the labour market and giving them more information on other jobs, increasing the likelihood that they will leave.

Organizations need employees with higher levels of skills. They need good communication skills, be great team players as well as have the needed technical skills. The problem is that there are not enough potential employees who possess those skills. There are fewer people to fulfil more demanding jobs.

Changing Demographics “The marketplace for talent is increasingly global and company workforces are therefore diverse in complex, new ways. Companies can no longer rely solely on local, regional or even national workforces to meet their business needs – due in part to the globalization of company operations and labour supply issues, and in part to company efforts to attract employees from different backgrounds who more closely reflect the diversity of their customer base”.

Retaining top talent was less of an issue in the past, but the shifting tides of the unspoken employee/employer contract have created new currents in the workplace.

Expectations and desires about the employment relationship (the deal) are also becoming more complex. Employees now define themselves and their expectations in terms that go beyond traditional gender, age, and ethnic categories – and these definitions can change over time. Some prefer an employment relationship that allows them to try a number of different jobs as a way to gain experience and develop a broad skill set. Others want balance between work and commitments beyond work. Still others are looking for a fast track that offers challenging work, quick advancement and high rewards.

The new access-oriented employment environment will necessitate changes in the value proposition offered to employees. For those skills that are much in demand, the terms of employment are likely to be driven more and more by the individual employee, based on what he/she demands and is motivated to offer. The result is likely to be a series of much more tailored value propositions that balance the needs and expectations of the company with those of individual employees. While not everyone will command a truly personalized arrangement with their employer, we anticipate a much more customized approach to recruiting and retaining key talent.

Era of lifetime employment in one organization is over and people expect to work for multiple employers during their careers. In short, they no longer have a strong sense of loyalty to their employers, and as a consequence, they’re prepared to move on when the time is right-for them.

A lengthy stay with one employer once was a sign of character or stability; not anymore.

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Employee’s attitude, across all generations, has changed regarding the appropriate amount of time to stay with one organization.

Employee turnover is one of the largest though widely unknown costs an Organization faces. While companies routinely keep track of various costs such as supplies and payroll, few take into consideration how much employee turnover will cost them: Ernst & Young estimates it costs approximately $120,000 to replace 10 professionals. According to research done by Sibson & Company, to recoup the cost of losing just one employee a fast food restaurant must sell 7,613 combo meals at $2.50 each. Employee turnover costs companies 30 to 50% of the annual salary of entry-level employees, 150% of middle-level employees, and up to 400% for upper level, specialized employees. Now that so much is being done by organizations to retain its employees.

Why is retention so important? Is it just to reduce the turn over costs?

Well, the answer is a definite no. It’s not only the cost incurred by a company that emphasizes the need of retaining employees but also the need to retain talented employees from getting poached.

Retention strategies-Need of the study.

People do not leave an organization, they leave their bosses. This is one of the many factors floating around for employees to make the switch Salvaging the talent pool is a tough task for companies and HR departments alike. However, this is an inconvenient truth in the stark reality of attrition versus the desperate efforts of retention.

Any organization suffers when the most efficient and valuable employee decides to part ways— 31

be it the top notch or lower down the ranks, they create a vacuum—either for the company in large or in their immediate frame of surroundings. Employees are said to be a company's greatest asset. Attracting, safeguarding, nurturing and preserving them are a mission in itself, which takes total commitment and endorsement. While the middle management has a career chart well in place to take on the next position, the top hierarchy has a contingency plan laid firm. It is the group which is lower down the ranks for whom there is no succession planning strategy in place, and who comprise the volatile lot. They are easy targets of poaching in the competitive talent market.

Reasons to resign In a globalised marketplace and 24/7 job function, it is imperative to stress on connecting on a personal level with employees. While on the job, lack of communication, lack of timely recognition and compensation, conflict with team members or boss, insufficient perks, promotion and pay package, in conducive environment, incompatibility with the culture, work ethics, inflexibility in the work timing, insensitivity with individual health problems, etc, may act as some of the reasons which force the best players to search for better options. The main issue is to identify why employees leave—is it with respect to a particular team or department, a specific job function which is high pressured, a reporting manager or are there generic issues which need to be addressed. For employees to stay motivated and dedicated, and perform to the best of their ability, engaging in fair and transparent dealings, an effective communication channel, job rotation, ensuring a challenging role, an open-door policy, a defined career path, proper training and skills up gradation, addressing grievances, inclusive decision making, employee empowerment, effective performance management and appraisal, are mandatory. But, these are a given under any circumstance and stand as the basic requisites. It reflects the culture of the company, its brand identity and the quality of its workforce. They have to move out from just being a publicity mechanism or a policy on paper to more diligent implementation for the overall betterment of the organization and its workforce. What employees need and demand, and companies are increasingly trying to adopt are innovative ways to not only make employee life easier but also to enhance it .Since there are increasing health concerns even from a very young age, medical benefits are of utmost importance. Similarly, in an age where commuting eats up a considerable amount of a person's time, any arrangement to reduce the traveling woes act as a major attraction. Provision of concierge services reduces the tension of employee to a great extent as additional responsibilities are taken care of by the company within its premises.

Employees Stock Ownership Plans (ESOPs) help build up an individual's financial bank.

Educational tie-ups help employees upgrade their skill-sets and thereby give them a better chance in the outside job market and improve their career scope. Flexi time policies and telecommuting privileges are also some of the upcoming ideas that are being tried and tested by companies. Also, in this stress-ridden age and lack of work-life equilibrium, companies engage their employees in career and personal counseling sessions by inviting professionals on a periodic basis. It is often the small things that make a large difference. More than what is furnished to employees, it is the attitude of the organization and management, and the assurance that it values and cares for the workforce which makes a huge difference to the employee mindset.

Retention involves five major things:

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 Compensation  Environment  Growth  Relationship  Support  Compensation: Compensation constitutes the largest part of the employee retention process. The employees always have high expectations regarding their compensation packages.

Compensation packages vary from industry to industry. So an attractive compensation package plays a critical role in retaining the employees. Compensation includes salary and wages, bonuses, benefits, prerequisites, stock options, bonuses, vacations, etc. While setting up the packages, the following components should be kept in mind:  Salary and monthly wage: It is the biggest component of the compensation package. It is also the most common factor of comparison among employees. It includes •

Basic wage

•

House rent allowance

•

Dearness allowance

•

City compensatory allowance

Salary and wages represent the level of skill and experience an individual has. Time to time increase in the salaries and wages of employees should be done. And this increase should be based on the employee’s performance and his contribution to the organization. Bonus: Bonuses are usually given to the employees at the end of the year or on a festival. Economic benefits: It includes paid holidays, leave travel concession, etc. Long-term incentives: Long term incentives include stock options or stock grants. These incentives help retain employees in the organization's start up stage.  Health insurance: Health insurance is a great benefit to the employees. It saves employees money as well as gives them a peace of mind that they have somebody to take

33

care of them in bad times. It also shows the employee that the organization cares about the employee and its family.  After retirement: It includes payments that an Employee gets after he retires like EPF (Employee Provident Fund) etc. 

Miscellaneous compensation: It may include employee assistance programs (like psychological counselling, legal assistance etc), discounts on company products, use of a company cars, etc.

Employers And Their Key Drivers To Attract And Retain Talent  Procter and Gamble India •

Early responsibilities in career

•

Flexible and transparent organizational culture

•

Global opportunities through a variety of exposure and diverse experiences

•

Performance Recognition

 American Express (India) •

Strong global brand

•

Value-based environment

•

Pioneer in many people practices

 NTPC •

Learning and growth opportunities

•

Competitive rewards

•

Opportunity to grow, learn and implement

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•

Strong social security and employee welfare performance- oriented culture.

 Johnson & Johnson •

Strong values of trust, caring fairness, and respect within the organization

•

Freedom to operate at work

•

Early responsibility in career

•

Training and learning opportunities

•

Visible, transparent and accessible leaders

•

Competitive rewards

•

Innovative HR programs and practices

 Glaxo Smith Kline Consumer Healthcare •

Performance-driven Rewards

•

Its belief in “Growing our own timber”

•

Comprehensive development and learning programs

•

Flat organization, where performance could lead to very quick progression

•

Challenging work context

•

Competitive rewards

•

Exhaustive induction and orientation program

 Tata Steel •

Organization philosophy and culture

•

Job stability

•

Freedom to work and innovate

 Colgate Palmolive India •

Company brand

•

Open , transparent, and caring organization

•

Management according to the managing with respect to guiding principles

•

Training ad development programs

•

Structured career planning process 35

•

Global career opportunities

 Wipro •

Company’s brand as an employer

•

Early opportunities for growth

•

High degree of autonomy

•

Value compatibility

•

Innovative people program

 Indian Oil Corporation •

Company brand image

•

Work ethics

•

Learning and growth opportunities

•

Challenging work assignments

•

Growing organization

 TCS •

The group brand equity

•

Strong corporate governance and citizenship

•

Commitment to learning and development

•

Best in people practices

•

Challenging assignments

•

Opportunity to work with fortune 500 clients

•

Organization Environment

It is not about managing retention. It is about managing people. If an organization manages people well, employee retention will take care of itself. Organizations should focus on managing the work environment to make better use of the available human assets. People want to work for an organization which provides •

Appreciation for the work done

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•

Ample opportunities to grow

•

A friendly and cooperative environment

•

A feeling that the organization is second home to the employee

Organization environment includes •

Culture

•

Values

•

Company reputation

•

Quality of people in the organization

•

Employee development and career growth

•

Risk taking

•

Leading technologies

•

Trust

Types of environment the employee needs in an organization •

Learning environment: It includes continuous learning and improvement of the individual, certifications and provision for higher studies, etc.

•

Support environment: Organization can provide support in the form of work-life balance. Work life balance includes:

 Flexible hours  Telecommuting  Dependent care  Alternate work schedules  Vacations  Wellness •

Work environment: It includes efficient managers, supportive co-workers, challenging work, involvement in decision-making, clarity of work and responsibilities, and recognition. Lack or absence of such environment pushes employees to look for new opportunities. The environment should be such that the employee feels connected to the organization in every respect.

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Growth and Career Growth and development are the integral part of every individual’s career. If an employee can not foresee his path of career development in his current organization, there are chances that he’ll leave the organization as soon as he gets an opportunity. The important factors in employee growth that an employee looks for himself are: •

Work profile: The work profile on which the employee is working should be in sync with his capabilities. The profile should not be too low or too high.

•

Personal growth and dreams: Employees responsibilities in the organization should help him achieve his personal goals also. Organizations can not keep aside the individual goals of employees and foster organizations goals. Employees’ priority is to work for themselves and later on comes the organization. If he’s not satisfied with his growth, he’ll not be able to contribute in organization growth.

•

Training and development: Employees should be trained and given chance to improve and enhance their skills. Many employers fear that if the employees are well rained, they’ll leave the organization for better jobs. Organization should not limit the resources on which organization’s success depends. These trainings can be given to improve many skills like:

 Communications skills  Technical skills  In-house processes and procedures improvement related skills or customer satisfaction related skills  Special project related skills Need for such trainings can be recognized from individual performance reviews, individual meetings, employee satisfaction surveys and by being in constant touch with the employees.

Importance of Relationship in Employee Retention Program Sometimes the relationship with the management and the peers becomes the

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reason for an employee to leave the organization. The management is sometimes not able to provide an employee a supportive work culture and environment in terms of personal or professional relationships. There are times when an employee starts feeling bitterness towards the management or peers.

This bitterness could be due to many reasons. This decreases employee’s interest and he becomes demotivated. It leads to less satisfaction and eventually attrition. A supportive work culture helps grow employee professionally and boosts employee satisfaction. To enhance good professional relationships at work, the management should keep the following points in mind.

Respect for the individual: Respect for the individual is the must in the organization.

•

Relationship with the immediate manager: A manger plays the role of a mentor and a coach. He designs and plans work for each employee. It is his duty to involve the employee in the processes of the organization. So an organization should hire managers who can make and maintain good relations with their subordinates.

•

Relationship with colleagues: Promote team work, not only among teams but in different departments as well. This will induce competition as well as improve the Relationship among colleagues.

•

Recruit whole heartedly: An employee should be recruited if there is a proper place and duties for him to perform. Otherwise he’ll feel useless and will be dissatisfied.

Employees should know what the organization expects from them and what their expectation from the organization is. Deliver what is promised. Promote an employee based culture: The employee should know that the organization is there to support him at the time of need. Show them that the organization cares and he’ll show the same for the organization. An employee based culture may include decision making authority, availability of resources, open door policy, etc.

•

Individual development: Taking proper care of employees includes acknowledgement to the employee’s dreams and personal goals. Create opportunities for their career growth by providing mentorship programs, certifications, educational courses, etc.

•

Induce loyalty: Organizations should be loyal as well as they should promote loyalty in the employees too. Try to make the current employees stay instead of recruiting new ones.

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Support Lack of support from management can sometimes serve as a reason for employee retention. Supervisor should support his subordinates in a way so that each one of them is a success. Management should try to focus on its employees and support them not only in their difficult times at work but also through the times of personal crisis. Management can support employees by providing them recognition and appreciation. Employers can also provide valuable feedback to employees and make them feel valued to the organization.

The feedback from supervisor helps the employee to feel more responsible, confident and empowered. Top management can also support its employees in their personal crisis by providing personal loans during emergencies, childcare services, employee assistance Programs, consoling services, etc Employers can also support their employees by creating an environment of trust and inculcating the organizational values into employees. Thus employers can support their employees in a number of ways as follows: •

By providing feedback

•

By giving recognition and rewards

•

By counselling them

•

By providing emotional support

RESEARCH METHODOLOGY Research Design:

40

The research design indicates the type of research methodology under taken to collect the information for the study. The researcher used both descriptive and analytical type of research design for his research study. The main objective of using descriptive research is to describe the state of affairs as it exits at present. It mainly involves surveys and fact finding enquiries of different kinds. The researcher also used analytical research design to analyze the existing facts from the data collected from the customer.

Area of study: The area of study is confined to employees of COMVIVA and UNINOR, Gurgaon operations.

Research instrument: The Structured questionnaire is used as the research instrument for the study.

Questionnaire Design: The questionnaire framed for the research study is a structured questionnaire in which all the questions are predetermined before conducting the survey. The form of question is only closed type.

The questionnaire for the research was framed in a clear manner such that it enables the respondents to understand and answer the question easily. The questionnaire was designed in such a way that the questions are short and simple and is arranged in a logical manner.

Sampling design: A Sample design is a definite plan for obtaining a sample from a given population. It is the procedure used by the researcher in selecting items for the sample.

Sample size: Sample size=100 samples that is 50 employees from COMVIVA and 50 employees from UNINOR. Sampling Technique: Convenient sampling has been used for selecting the samples.

DATA COLLECTION METHOD Primary data: Primary data is the new or fresh data collected from the respondents through structured scheduled questionnaire.

Secondary data: The secondary data are collected through the companies’ websites, articles on net, books and other websites.

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ANALYSES AND FINDINGS

QUALITY OF WORK. ‘I find meaning and fulfilment in my work ‘.

42

Comviva

10%

TRUE

22%

somewhat true not at all true 68%

UNINOR

10%

18%

TRUE somewhat true not at all true 72%

The things that make the companies great places to work – responses concentrated not on the financial rewards, but the people oriented aspects such as consistency of management, opportunities for working on exciting projects, commitment to people, a listening environment, feeling valued. The things companies would do to make their company an even better place to work.

At COMVIVA out of 50 respondents maximum 68 %( 34/50) employees feel that they find meaning and fulfilment in their work and very much satisfied with the quality of work in their company.

At UNINOR also maximum number of respondents that is 72 % of employees are satisfied with the quality of work in the company.

There is a very less difference in the responses of the employees of both the companies.

This shows that both the companies provide quality work to their employees to increase their engagement in the work and retain them.

TALENT RECOGNITION AND ENCOURAGEMENT. 43

‘My talents are recognized and I am encouraged to use them.

COMVIVA

38% Always Usually 62%

UNINOR

16% Always Usually 84%

At COMVIVA 31 out of 50 (62%) respondents feel that they are always encouraged to use their talents as much as possible. 38% of respondents are not that happy with potential maximizing practices of their organization. They feel there are certain things employers can do to help promote a more stimulating and challenging environment for almost everyone.

At UNINOR 42 out of 50 respondents that is 84 % employees feel that their talents are always recognized and they are always encouraged to use them in the company. Here the numbers of respondents who are not fully satisfied are very less that is just 16 % (8).

This shows that UNINOR is comparatively better at recognizing talents of their employees and utilizing them to full extent towards the organizational objective which in turn satisfies the employees leading towards their loyalty towards the company

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EMPOWERMENT.

‘I have authority and resources to accomplish my targets.’

COMVIVA

22% 42%

TRUE somewhat true not at all true

36%

UNINOR

14%

TRUE 22%

somewhat true not at all true 64%

It is a feeling of job ownership and commitment brought about through the ability to make decisions, be responsible, be measured by results, and be recognized as a thoughtful, contributing human being rather than a pair of hands doing what others say. It implies having the authority to make decisions, follow through, and get things done.

People are much more willing to accept increased risk if they perceive they also have control over decisions relating to that risk – as well as relevant information and resources to back their decisions At COMVIVA 42% that 21 out of 50 employees feel that they are empowered to take decisions and are provided enough resources to achieve their targets. But 58% respondents are not fully satisfied by the empowerment style of the company.

At UNINOR most of the employees that is 64% that is 32 feel that they have desired authority and resources to take decisions and accomplish targets.

This shows that UNINOR provides more authority and resources to its employees and gives them a feeling of empowerment comparatively to COMVIVA. This improves the employee’s commitment towards the organization.

45

ADVANCEMENT OPPORTUNITIES.

‘In my company employees have enough opportunities for advancement’.

UNINOR

COMVIVA

18% 26%

0%

0%

74%

TRUE

TRUE

somewhat true

somewhat true

not at all true

not at all true

82%

Refer to various prospects and openings for the employees to go up the ladder within the organizational structure. Not only, has it referred to augmenting of status but also increasing of job responsibilities and greater autonomy but also empowerment in multiple dimensions

Employees are committed to their work and in tough times, they will stay the course with a company — if for no other reason than they have to. But if they don’t see the potential for advancement and opportunity — particularly in the treatment of the best and brightest within their companies they start thinking in marked contrast.

At COMVIVA 74% respondents are very much satisfied with the career / advancement opportunities in the company.

At UNINOR 82% respondents feel that the company provides good advancement opportunities.

Comparing between the two, UNINOR here also has a greater number that is 82% but there is not a much difference between the two percentages.

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In this category both the companies provide good advancement opportunities to its employees which makes the employees interested in their work an in turn in the company but still UNINOR has a slightly upper hand in this category.

SUPPORT AND RECOGNITION. ‘I get proper support from my management and also recognition of my efforts put’.

COMVIVA 70%

70%

60% 50% 40%

TRUE 26%

30%

Somewhat true Not at all true

20% 10% 0%

4% TRUE

Not at all true

UNINOR 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%

82%

TRUE Somewhat true Not at all true

16% 2% TRUE

Not at all true

Care and concern for employees has emerged as one of the most important factors influencing employee commitment to their employers. The lack of employee appreciation plays a critical role in employee’s decisions to leave their organizations; analogously Employees who feel they are listened to, supported, and recognized for their contributions are likely to be more engaged. People like to be recognized for their unique contributions.

At COMVIVA 70% of the respondents that is 35 out 50 employees feel that the management supports them and their efforts are recognized and appreciated. 26% respondents are not totally satisfied and 4% respondents do not at all agree that their efforts are recognized.

At UNINOR 82% respondents that are 41 out of the 50 employees feel that they get recognition for their contribution and management supports them in every aspect related to work. 16% employees do not fully agree and only 2% employees not at all agree.

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The data shows that UNINOR support and recognition style is more satisfactory than COMVIVA and thus more number of employees are satisfied by the companies’ management.

TRAINING AND DEVELOPMENT OPPORTUNITIES. ‘I am encouraged to participate in training and development programs to improve my skills and knowledge’ COMVIVA

6% 20%

TRUE Somwhat true 74%

Not at all true

UNINOR

12%

2% TRUE Somwhat true Not at all true 86%

Training and development program are important for employees as it helps them learn the work more properly, new methods of doing work, improving upon the existing skills and learning new ones. This helps the employee to take more interest in their work as a result increases their loyalty towards the organization and their job.

74% respondents that are 37 out of 50 employees at COMVIVA feel that training and development opportunities are provided to them and are adequate.

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At UNINOR 86% respondents that is 43 out of 50 feel that they are encourages participating in training and development programs to improve their skills.

Both the companies provide adequate training and development program to its employees but there are slightly more number of employees in UNINOR who are satisfied with the programs and feel they get proper opportunities to participate in them. This helps them to put their full and best efforts in their job and they remain interested in their job REWARDS AND OPPORTUNITIES..

‘My company provides attractive rewards and opportunities periodically to retain talent and expertise’ COMVIVA

12% Always 54%

34%

Sometimes Never

UNINOR

24%

4% Always Sometimes 72%

Never

Opportunities motivate employees to work with their full efforts and rewarding performance assures their future excellent performance. This process helps employees to get interest in their work and assures their retention.

At COMVIVA 54% respondents that are 27 out 50 are positive about the reward system of the company. And 56% are discontented in varied degrees with the companies reward system.

At UNINOR most of the employees that is 72% are positive regarding the reward system of the company. Only 38% are not that much satisfied by the same.

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This clearly indicates that UNINOR believes more in providing beneficial opportunities to its employees and rewarding their performance in order to get the best results and maintain their interest in the job as well as the company.

WORK LIFE BALANCE

COMVIVA

12%

Agree Do not agree

88%

UNINOR

26%

Agree Do not agree

74%

An improper balance between work and personal life is again an important factor which leads to frustration among employees and becomes the reason for their leaving a job. A company should help its employees to maintain a work life balance so that employees stick to organization for a longer period.

At COMVIVA most of the employees that are 88% feel that work life balance is supported by the company. That is the company gives them equal time for their personal life as well. Only 12% are discontented.

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At UNINOR 74 % of the employees feel that company supports work life balance. Here 26% employees do not feel so.

Comparatively COMVIVA is better at enabling the employees maintain their work life balance by making them work only for specified timings and by not making them ignore their personal life because of work.

This makes the employees happy and dedicated in the work and they do the work with full interest and remain committed towards the company.

SENIOR MANAGEMENT INTEREST IN EMPLOYEE WELLBEING ‘In my company senior management is sympathetic and always willing to look into the grievances and complaints of employees’ COMVIVA

14%

TRUE

22%

SOMEWHAT TRUE NOT AT ALL TRUE

64%

UNINOR

TRUE

6% 48% 46%

SOMEWHAT TRUE NOT AT ALL TRUE

Its part of the environment of mutual trust, accountability and responsibility that’s important in engaging people and winning discretionary effort.

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At COMVIVA most of the employees that are 64% partially agree. Only 22 % fully agree and 14% employees do not agree at all that senior management is interested in their well being.

At UNINOR 48% and 46% employees agree fully and partially respectively that senior management is sympathetic and always willing to look into the grievances and complaints of employees. And only 6% do not agree at all.

This shows that at UNINOR there is a proper environment of mutual trust and accountability and they believe in an informal and healthy senior – subordinate relationship which again leads to the employee satisfaction and commitment towards the company.

COMPENSATION AND BENEFITS. ‘. Salaries, compensation, benefits, allowances and perquisites provided by my company are quite attractive and are based on the job responsibilities.’

COMVIVA

12% TRUE

16%

Somewhat true 72%

Not at all true

UNINOR

6% 2% TRUE Somewhat true Not at all true 92%

Companies know that they have to remunerate their employees well enough; because of the issue of risk of loosing talent and virtuosity. As the labor market eases, being average won’t be good enough

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for employers — particularly in recruiting or retaining the in demand talent who always have the enough job options and, hence, bargaining power.

At COMVIVA large number of employees that is 72% are very much satisfied by the compensation and benefits provided by the company. 16% employees are somewhat satisfied and 12 % are not at all contented.

At UNINOR larger percentage of employees are satisfied by the compensation and benefits provided by the company that is 92%. Only 6% are somewhat satisfied and there are only 2% employees who are not at all satisfied.

This shows that employees at UNINOR are much more contented and satisfied by the salary, allowances and other benefits provided by the company and feel that these are based on their job responsibilities.

EMPLOYEE PARTICIPATION AND ACKNOWLEDGEMENT ‘My organization is open and receptive to new and innovative ideas from the Employees.’

COMVIVA

16% TRUE Somewhat true 56%

28%

Not at all true

UNINOR

4% TRUE

32%

Somewhat true 64%

Not at all true

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Employees who feel they are listened to, supported, and recognized for their contributions are likely to be more engaged. People like to be recognized for their unique contributions. Giving people a chance to provide input − providing a forum for opinions− is not only a part of building more challenge and stimulation into work environment, but also a part of involving people to enhance engagement and a sense of accountability. Support and recognition in an engaging environment builds employee self-esteem and creates strong partnerships.

There is not a very much difference in both the companies regarding employee participation and engagement. In COMVIVA 56% employees feel that they are listened to and acknowledged, 28% agree partially and 16% do not agree. Whereas in UNINOR 64% employees agree fully, 32% partially agree and only 4 % do not agree.

This shows that both the companies do encourage employee participation but not to a very large extent and UNINOR is again slightly high in this category.

WORK LOAD COMVIVA 50% 42%

46%

40% 30%

HIGH AVERAGE

20% 12%

LOW

10% 0%

HIGH

AVERAGE

LOW

UNINOR 70%

62%

60% 50% 40%

HIGH

34%

AVERAGE

30%

LOW

20% 10% 0%

4% HIGH

AVERAGE

LOW

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This is a factor that again leads to a satisfaction or dissatisfaction of employees. Sometimes because of excess of workload employees feel frustrated and tend to leave the company. The work load on an employee should depend on his capacity and capabilities.

At COMVIVA 42% respondents that are 21 out of 50 employees feel that the work load given to them is high and 58% employees feel that the workload is either average or low but not high.

At UNINOR 62% employees that are 31 out of 50 feel that work load is very high in the company and only 38% feel that it is either low or average.

So COMVIVA believes more in providing work load to the employee which he can easily mange and in which he can put his best efforts to contribute to the company’s objective.

FUTURE CAREER CONTINUATION

COMVIVA

4% 34%

YES NOT SURE

62%

NO

55

UNINOR

22%

2% YES NOT SURE NO 76%

At COMVIVA most of the employees that is 62% are not sure about continuing their career in the company. Only 34% employees are sure that they want to continue in the same organization and only 4% don’t want to continue.

At UNINOR most of the employees that is 76% want to continue in the same company . Only 22 % employees are not sure and 2% do not want to continue.

This that there are more number of employees at UNINOR who are fully satisfied by the company and want to continue their further career with company.

RECCOMENDATIONS

1. Training and Development.

It is important for a company’s management to be actively involved in the development and implementation of their employee’s initial and continuing training programs, the identification of training needs, and the review and approval of training materials so that all the employees feel encouraged to participate in them and therefore feel satisfied and be retained

2. Empowerment Working upon providing employees more empowerment to its employees enables them to take independent decisions in the interest of the company. This would give them a feeling of responsibility.

They will be more committed towards the work and hence be loyal to the organization.

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It’s also a function of strong performance management programs that help people set clear goals assess progress against those goals, understand gaps in skills and how to close them, and what their longer-term opportunities might be.

A number of companies have built reputations for being both great employers and great service organizations by empowering employees to make their own, on-the-spot decisions about how best to address customer needs.

Along with providing of decision-making authority to the employees on part of organization, there is a need for clear communication and education as well as decision-making tools and support. In addition, providing of responsibility and autonomy has to be seen as core and consistent part of the environment.

3. Advancement opportunities For career advancement, there’s no question; it’s more difficult today, when so many companies have flatter organizational structures. In part, companies can redefine advancement, focusing less on traditional spans of control and reporting relationships than on elements like skill mastery, team leadership, and special assignments and so on. The Web can also be used as an important tool to do self-assessments about skills and career focus, and pursue the training necessary for career advancement. Also a special selection/training program can be devised that moves non-professional employees to professional positions based on training and experience rather than the positive education requirement otherwise needed to qualify for the position to deal with the decisions concerning external versus internal recruitment/promotion.

4. Reward and Recognition.

Organizations should also develop new and innovative approaches that demonstrate the link between the type of rewards and recognition being used and the culture of the organization (or the culture to be achieved).

There is need to build sufficient flexibility into the employment cycle and experience to emphasize different rewards and cultural elements at different stages in the process.

Employers cannot view attraction, retention and engagement through a single lens, or provide a one-size-fits-all program that will serve these three distinct needs with equal success. It can use approaches like “total rewards optimization”; a tool, to test different reward portfolios and determine precisely how far they can go in cutting back or redesigning plans without negatively affecting employee engagement and productivity. It acts as a critical first step in allocating financial and other resources for maximum value.

5.Work life balance

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Organizations should furnish work/home balance programs which provide employees with the flexibility to manage both work and home commitments. This may include time off in lieu arrangements, job sharing, part time work, family rooms; work based childcare facilities, home-based work, provision of career’s leave and health programs.

When employees feel their employer cares about them, they are more willing to support change, stay late if needed, work an extra day, and be more flexible. They are also more loyal and more likely to stay with the organization. Family-friendly policies and benefits gain employee commitment and loyalty better than any other program.

6. Culture of trust At a minimum, an organization’s culture—“the way we do things here”—must promote core values and ethical standards. But a vibrant workplace culture can do much more, forging a strong link between people and performance. This happens when culture comes alive in the relationships that bind employees with each other, with their managers and with customers. A positive culture energizes employees to excel in their jobs and supports them to meet their personal needs and goals. With a talent crunch upon us, the quality of the culture an organization builds will either be a competitive advantage or disadvantage.

Trust is the bedrock of a positive organizational culture. A high-trust culture defines great workplaces, regardless of an organization’s size, sector or country. Employees trust managers who are concerned about their well-being, listen and respond to their input, are open and honest about change, and consistently act the organization’s values. Trustworthy managers can also help instill in employees a sense of pride in their work and a true sense of camaraderie.

7. Remuneration and Compensation Companies need to remunerate their employees well enough at least at par with compensation and remuneration level existing in industry; because of the issue of risk of loosing talent and virtuosity . Flexible competitive and efficient classification and compensation systems are critical to the efforts of the organization. Alternative classification and compensation systems provide the exempt organizations flexibility to meet competitive needs and to move from seniority-based pay systems to performance based alternatives. Organizations need to build and implement a performance management system that includes pay for performance. They should create a system that enables high potentials to be able to influence directly the measures upon which they are being rewarded. Provide them recognition that is in terms of their value and contribution over average performers within the organization. This may include higher compensation, stock options, or performance bonuses.

8. Quality of Work

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Employees indicated that challenging work and utilizing their strengths and talents were most important in retaining them. The organization needs to examine the business to identify the areas of growth that generate income and are key to its success. Also they need to identify the skills, talents, and competencies needed to make those areas successful. Then potential individuals with those matching skills, talents, and competencies should be placed into those critical positions. If possible, organization can redesign jobs and fit the individuals to the work, not the job. More emphasis can be placed on using the talents and competencies of employees, rather than job descriptions and duties.

9. Employee participation and acknowledgement This is also important in order to retain employees. Organizations should encourage employees to participate in decision making and acknowledge their ideas to make them feel a part of the whole process and the company .This motivates them to take interest in their work and they stay in the organization longer as they are satisfied. .

LIMITATIONS. 

The scope of the study in terms of coverage is limited to the Gurgaon operations of COMVIVA as well as UNINOR.

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There is a lot of heavy bias attached with the responses because of personnel experience

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Reluctance on the part of the employees to disclose their information in the questionnaire.

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While distributing the questionnaire, people were not ready to accept one extra burden of work, which was not a part of their office job.

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Not everybody was willing to give time and they were reluctant to discuss certain internal matters to the outsiders.

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The findings of the study are solely based on the information provided by the respondents.

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Findings of the research may change due to area, demography, age condition of economy etc

CONCLUSION 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 problems 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 a 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.

The top organizations are on the top because they value their employees and they know how to keep them glued to the organization. Employees stay and leave organizations for some reasons.

The reason may be personal or professional. These reasons should be understood by the employer and should be taken care of. The organizations are becoming aware of these reasons and adopting many strategies for employee retention.

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Both the companies COMVIVA and UNINOR employee number of strategies to retain the best talent in the company like providing training and development programmes , helping employees to properly balance their work life and personal life , providing rewards and opportunities to grow, maintaining an environment of mutual trust , good compensation and benefits etc. And these strategies are very effective as most of the employees are satisfied in most of the categories. But UNINOR is better in most of the retention strategies like training and development, compensation, rewards and recognition etc. And COMVIVA is better at maintaining work life balance. Also most of the employees are sure about continuing their career in UNINOR and most of the employees at COMVIVA are not sure whether they will stay in the company or not for a long time.

Overall employees at UNINOR which is an MNC are more satisfied in most of the categories of retaining employees and thus it is better than COMVIVA in employee retention.

ANNEXURE I BIBLOGRAPHY

WEBSITES –

 www.answer.com  www.google.com 61

 www.comviva.com  www.uninor.in

BOOKS –  Robins, D ( 1998) : HUMAN RESOURCE MANAGEMENT. Prentice Hall, New York .  Israni, R Harsha. (2001) Management Development Institute, Engage Employees and Boost Retention, 2001  C.B.Memoria : Human resource management

JOURNALS AND MAGAZINES -

 Human resource management  People management

ANNEXURE II

QUESTIONNARE

NAME …

AGE…

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CHOOSE THE PHRASE THAT BEST DESCRIBES YOU.

1. I find personal meaning and fulfillment in my work.

a) True

b) Somewhat true

c) Not at all true.

2. The management recognizes my talents and encourages me to use them as much as possible. a) Always

b) Usually

3. My company gives me authority and resources to accomplish my targets.

a) True

b) Somewhat true

c) Not at all true

4. In my company employees have enough opportunities for advancement.

a) True

b) Somewhat true

c) Not at all true.

5. I get proper support of my seniors and recognition of work done.

a) True

b) Somewhat true

c) Not at all true.

6. I am encouraged to participate in training and development programs to improve my

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Skills and knowledge.

a) True

b) Somewhat true

c) Not at all true

7. My company provides attractive rewards and opportunities to retain talent and expertise.

a) Always.

b) Sometimes.

c) Never.

8. Work-life balance is supported by this organization.

a) Agree

b) Do not agree

9. In my company top management is sympathetic and always willing to look into the grievances and complaints of employees.

a) True

b) Somewhat true

c) Not at all true.

10. Salaries, compensation, benefits, allowances and perquisites provided by my company are quite attractive and are based on the job responsibilities.

a) True

b) Somewhat true

c) Not at all true.

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11. My organization is open and receptive to new and innovative ideas from the employees.

a) True

b) Somewhat true

c) Not at all true.

12. What is your opinion regarding the work load from the company?

a) High

b) Average

c) Low

13 Would you like to plan your further career in this organization? a) Yes

b) Not Sure

c) No

THANK YOU.

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