A study on employee retention information.pptx

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1. A S T U D Y O N E M P L O Y E E R E T E N T I O N A T M E L C O N C O N T R O L S P V T , L T D , C H E NN A I U N D E R T H E G U I D A N C E O F MR.UDHAYAKUMAR.M S E N I O R A SS I S T A N T P R O F E SS OR D E P A R T M E N T OF M A N A G E M E N T S T U D I E S S U B M I TT E D B Y NAME:BHUVANESH.G R E G I S T E R N O : 2 1 8 1 4 6

2. Agenda INTRODUCTION N EE D F O R T H E S T U D Y O B J E C T I V E S O F T H E S T U D Y S C O P E F O R T H E S T U D Y L I M I T A T I O N S O F T H E S T U D Y COMPANY PROFILE R E V I E W O F L I T E R A T U R E R E S EA R C H M E T H O D O L O G Y D A T A A N A L Y S I S A N D I N T E R P R E T A T I O N F I N D I N G S O F T H E S T U D Y S UGG E S T I O N A N D R E C O MM E N D A T I O N CONCUSION BIBILIOGRAPHY

3. E m p l o y e e r e t e n t i o n INTRODUCTION Employee retention is the ability of a company to prevent employee turnover and keep its best employees on board. Employee turnover refers to the number of employees that leave a company during a certain period. Employee retention is often expressed as a statistic; the percentage of employees that remain in a company for a fixed time period. Employee retention is crucial for an organization’s success, as it affects its productivity, competitive advantage, morale, customer satisfaction and costs. One of the main benefits of employee retention for an organization is better process efficiency. Employees who work for long periods in an organization have acquired the skills and knowledge needed to perform their tasks effectively and efficiently.

4. N EE D F O R T H E S T U D Y The study was mainly undertaken to determine the employee attitude and satisfaction towards the nature of job and work environment in the organization, it would be helpful for the management to take the necessary action to retain the employees. It is a powerful diagnosis instrument for looking at employees problems. This study helps the management not only to retain valued employees, but also to increase their level of performance. This study can be helpful to identify the key factors that affect the employees to retain in the organization.

5. OBJECTIVES OF THE STUDY To make retirement less difficult for senior employees and reduce the costs of replacing them. To decrease the time and resources required for recruitment and training of new employees. To enhance the productivity, efficiency and innovation of the existing employees. T o i m p r o v e t h e m o ra l e , l o y a l t y a n d c o mm i t m e n t o f t h e e m p l o y ee s . To increase the customer satisfaction and retention by maintaining a consistent and reliable workforce.

6. This study will be helpful to the human resource department for the organization growth. This can be referred as a base for future oriented projects. The suggestion and recommendations of this study can also be applied in similar or other related situations and through this it is also possible to strengthen the interpersonal relationship among the employees and the management. This study can also be adopted by other organization such as services, software and call centers etc. SCOPE FOR THE STUDY

7. Most of the respondents were not frank enough to answer certain questions. The study is confined to limited period. Hence limited time was s p e n t f o r d o i n g t h e s u r v e y Since the study is on Employee Retention, there are more p o ss i b i l i t i e s o f p e r s o n a l b i a s w h i l e g i v i n g t h e a n s w e r . F i n d i n g s a r e b a s e d o n t h e i n f o r m a t i o n g i v e n b y t h e r e s p o n d e n t s . LIMITATIONS OF STUDY

8. COMPANY PROFILE Melcon controls (India) Pvt. Ltd., is a Chennai based company. Having more than 30 years of experience in providing standard and customized solution for Inductive Components, Coils, Chokes, HF Transformers and Current Transformers in small, medium and large scale production, from handmade to fully automated production. Melcon controls Pvt. Ltd. started its business operation in India since 2002 as an EOU unit for designing and manufacturing magnetic components. In 2012 we got DTA approval to expand our market in India. Which has been granted with certification according to ISO 9001:2015, ISO 14001:2015 & ISO 45001:2018.

9. R E V I E W O F L I T E R A T U R E Jennifer Arenas While keeping top-performing employees should be a key business goal in any economy, some firms may feel that today’s high unemployment rate will protect them from serious turnover issues. This mind-set could be short-sighted, however. Just as businesses look for new opportunities when conditions improve, so do employees. Forty percent of workers surveyed for Workplace Redefined: Shifting Generational Attitudes during Economic Change, a recent report from Robert Half, said their experiences during the downturn have made them more inclined to l oo k f o r n e w o pp o r t u n i t i e s o u t s i d e o f t h e i r c u rr e n t f i r m s . AtifAnis et al Employee retention is a critical aspect for every company regarding competitive advantage because human resource is the most critical asset of today’s modern world. Other resources can be arranged effortlessly but to get efficient and retain talented human capital is the most difficult task. Therefore, organizations are now more focused towards employee retention. Organizations use different HR techniques for retention. Our main emphasis is on compensation packages after employee training and development practices for retention purposes. We will also see how a relaxed work environment will help in the retention of employees.

10. K Sandhya, D Pradeep Kumar Earlier research studies indicate that employee retention is a challenging task for the organizations in todays scenario of competitive business environment. Manpower became a powerful tool for the growth of the organization and sustainability. Proper human resource management initiatives should be adopted by the organizations in order to decrease the employee turnover. The importance and trouble faced by the organizations in attracting the skilled employees and efforts to retain the skilled are the same. This paper explains the importance of employee retention in the growth of the organization and achieving the competitive advantage over the competing firms. Omer Cloutier, Laura Felusiak , Employee retention strategies are a key part of an organization’s vision, mission, values and policies. Dibble (1999) shared that employee retention starts with orientation. Dibble identifies key components employers need to provide employees so they chose to remain with the organization. The employee’s acceptance of the organization’s vision, mission, values and policies come by way of effective leadership communication. Bell & Martin (2014) provide supportive levels in their book for managerial communication and explain the importance of mastering non-verbal communication, which should guide healthy discussions among employees on all levels.

11. RESEARCH METHODOLOGY Research methods Research Design is a blue print which acts as a chaperon in carry out the research project. The research design is based on quantitative approach, which concerning on measuring phenomena by collecting, analyzing numerical data and applying statistic test. This study is using descriptive and inferential analysis. Descriptive analysis is used to describe the characteristic of population or phenomena. Inferential analysis is used to test hypothesis. Inferential analysis provides the bases for predictions, forecasts, and estimate that are used to transform information into knowledge (Hair, Black, Babin, Anderson, &Tatham, 2006). Data collection In this study, it adopts primary data collection method. It used first hand fresh data collected through structured questionnaires. The data collecting process was included identification of areas for questionnaire distribution, distribution of questionnaires, reminding respondents of questionnaire dateline, gathering of questionnaire and analyzing of data.

12. DATA ANALYSIS AND INTERPRETATION S t a t i s t i c a l t oo l s These are tools, which helps to analyze the collected data. This analysis contains various approaches like comparisons, detecting, accuracy, estimation etc. In my survey I applied some statistical tool for analyzing raw data. The applied statistical tools are: Percentage Method Weight average method Anova method S t a t i s t i c a l t oo l s For a percentage report and bar chat, you can arrange the distinct values in ascending or descending order, or you can order the categories by their percentage. The percentage report can be suppressed when a variable has many distinct values. You can label charts with percentage. Percentage of Respondents = (No of respondents)/(Total no.of respondents) X100

13. A G E O F T H E R E S P O N D E N T Employee inference chart G E N D E R O F T H E R E S P O N D E N T

14. Employee inference table S A T I S F I E D W I T H P R E S E N T J O B P E R C E P T I O N O F W O R K I N G E N V I R O N M E N T

15. F I N D I N G S O F T H E S T U D Y The study identified that 53% of respondents falls under the age group of between 31-40 years. From the study it was found that 51% of respondents are female and 49% are male. It is found that 39% of respondents posses Diploma/ITI as qualification. It is found that 40% of the respondents have 3 to 5 years experience. It is found that 48% of the respondents are satisfied with present job. It is found that 63% of the respondents are satisfied about working environment. I t i s f o u n d t h a t 4 2 % o f t h e r e s p o n d e n t s n e i t h e r s a t i s f i e d n o r d i ss a t i s f i e d w i t h p r o m o t i o n and increments. It is found that 62% of the respondents are satisfied with training program. It is found that 59% of the respondents are satisfied with facilities of organization.

16. S U GG E S T I O N A N D R E C O MM E N D A T I O N Many of the employees are strongly agreed with the poor compensation. So the organization may increase their compensation. Many of the employee are agreed with Lack of trust and support between co-workers, Lack of appreciation, Job and person mismatch, Stress from over work and work life balance. So the organization must give more attention on that to retain the employees. Few of the employees are dissatisfied with promotion and increments. So the organization may focus on that. Few of the employee disagree with Employee ideas are considered during decision making and Employee’s opinions are valued among the team. So the organization should consider the opinion and idea of the employees. Some of the employees disagree with all employees are treated fairly and equally and balance between work and personal life by the organization. So the organization must take more part of treat all the employee equally and take care of feeling satisfy.

17. C O N C L U S I O N Melcon controls Pvt. Ltd., is a Chennai. Having more than 30 years of experience in providing standard and customized solution for Inductive Components, Coils, Chokes, HF Transformers and Current Transformers in small, medium and large scale production, from handmade to fully automated production. The present study helps to identify and analysis the employee retention strategy in the organization. The study brings the effectiveness of Employee Retention strategies implemented in the organization with weighted average method. Based on the findings, few important factors such as satisfaction towards present job, effective communication system, and good co-worker relation. Therefore, the research concludes that, the company maintains good retention level of the employees. From this study, the various outcomes of employee retention were identified based on the employees response towards the questionnaire. This study would be helpful for the management for improve Employees retention.

18. BIBLIOGRAPHY D r . R . P a n ee r s e l v a m “ r e s e a r c h m e t h o d o l o g y “ , P H I - L e a r n i n g Private Limited., new delhi second edition. Dr. C.R. Kothari “ research methodology” , New Age International P r i v a t e L i m i t e d . , P u bl i s h e r s R e p r i n t 2 00 6 . Gray Dessler and Biju Varkkey , “ HUMAN RESOURCE M A N A G E M E N T “ , N e w D e l h i , P e a r s o n p e n t i c e H a ll , 11 t h E d i t i o n .

19. Thank You BHUVANESH.G