Attrition Analysis Payal Modi

Project Report
On
Attrition
Analysis
At Angel Broking
PREPARED BY:
PAYAL MODY
PGDBM HR
N.L. DALMIA INSTITUTE OF MANAGEMENT STUDIES & RESEARCH
Acknowledgements
wish to take this opportunity to express my deep gratitude to the people

and the organization that have helped, encouraged, inspired and
enlightened me with their constructive ideas and overall support towards
the successful completion of this project. I am extremely thankful to Ms.

Priya Iyer, Assistant Vice President, ANGEL BROKING, my friend, philosopher
and guide for helping me throughout my project, showing me the right
direction and providing me with her expertise in the completion of my
project. I wish to express my sincere gratitude to Ms. Julie Shah, Manager,
ANGEL BROKING, for her unending enthusiasm and support which helped me
to complete the work successfully. I m also indebted to my colleagues
especially Ms. Madhuri Bhatkar and Ms. Aarti Chavan without whose help in
excel I could have never excelled in the project. I would also like to take this
opportunity to thank Prof Rajan (Faculty Head-HR) of N. L. Dalmia Institute of
Management Studies & Research who gave me his time and insights to
complete this project. No words and language can ever be sufficient to
express my gratitude to the above-mentioned persons who provided me with
the support to prepare this project.
Thank you All!

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N. L. DALMIA INSTITUTE OF MANAGEMENT STUDIES & RESEARCH
Payal Mody
Contents
PART 1- PREFATORY ITEMS
1.2 Title Page..1
1.4 Acknowledgement..2
1.5 Executive Summary4
PART 2- INTRODUCTION
2.1 About the Company....5
2.2 HR in Angel Broking...9
2.3 Attrition in Angel Broking .
...11
2.4 Attrition in India and Worldwide
....13
PART 3- METHODOLOGY
3.1 Analysis Design
27
3.2 Limitations....27
PART 4- DATA ANALYSIS..28
PART 5- KEY OBSERVATIONS..40
Part 6- RECOMMENDATIONS...41
PART 7-APPENDICES
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7.1 Attrition Feedback Instruction Manual

43
PART 8-BIBLIOGRAPHY.47
Prefatory items
EXECUTIVE SUMMARY
The Angel Group has emerged as one of the top 3 retail broking
houses in India. Incorporated in December 1997 in Mumbai, India,
Angel Broking provides retail related services encompassing E
broking, Investment Advisory, Portfolio Management Services,
Wealth Management Services and Commodities Trading. It is a
member of Bombay Stock Exchange and National Stock
Exchange. It is also a registered depository participant with CDSL.
Team Angel today is a big family, catering to more than 4.7 lakhs
delighted and satisfied clients all across the country.
Employee Attrition is a major challenge facing the corporate
sector today. Inorder to contain attrition and encourage retention
among employees, companies are trying to understand and
analyze the reasons and seek solutions to reduce attrition to a
great extent.
Through this analysis, we are trying to understand the impact of
attrition on the company and its image in different regions and
across various functions by understanding the causes of attrition
in various ways and devise ways to overcome it.
The methodology used to analyze attrition was a detailed and a
thorough study of the past data, understanding of the kind of
image Angel projects on its employees through Employee
13
Feedback Survey based on which are the observations recorded

and studied and recommendations are made.
This analysis lead to development of certain key observations
related to high attrition in certain regions and certain
departments and also subsequently tried to develop ways and
means to overcome this issue.
Introduction
ABOUT THE COMPANY
In a short span of 20 years since inception, the Angel Group has emerged as
one of the top five retail stock broking houses in India, having memberships
of BSE, NSE as well as the two leading Commodity Exchanges in the country
i.e. NCDEX & MCX. Angel Broking is also registered as a Depository
Participant with CDSL (Central Depository Services Limited).
The Group is promoted by Mr. Dinesh Thakker, who started this business as a
sub-broker in 1987 with a team of 3.Today the Angel Group is managed by a
team of 6000 professionals & support staff and has a nationwide network
comprising of 29 Regional hubs, 153 branches, 3 PCG(Private client group)
offices and 9000+ sub-brokers & business associates. The group currently
services more than 7 lac retail clients.
Today, Angel has emerged as one of the most respected Stock-Broking and
Wealth Management Companies in India. With its unique retail-focused stock
trading business model, Angel is committed to providing Real Value for
Money to all its clients.
What activities is Angel in?
Advice-based broking in Equities/ Commodities/ Derivatives/ Currency

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Research & Advisory Products in Equities/ Commodities/ Derivatives

E-Broking Services
Wealth Management Services
Depository Services
Personal Finance
Angels Offerings:
Business description: Advisory & execution services for the entire gamut
of financial services.
Core competencies: Advisory services powered by world-class research
Execution backed by cutting edge technology and service truly personalized.
Service offerings:
o Equities & Derivative broking
o Commodities & Currency broking
o Portfolio Management services
o Mutual Funds
o Insurance
o FixedDeposit
o Loan products
o IPO
o Depository Services
o Margin Funding
Angel Team Structure:
13
Angels Vision:
To provide best value for money to investors through innovative products,
trading/ investments strategies, state of the art technology & personalized
service.
13
Angels Motto:
To have complete harmony between quality in process & continuous
improvement
to deliver exceptional service that will delight our
Customers and Clients.
Angels Values:
-
Integrity
Team work
Quality mindset
Entrepreneurship
Service orientation
Passion & Commitment
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Angels CRM policy: Customer is King

A Customer is the most important visitor on our premises. He is not
dependent on us, but we are dependent on him. He is not an interruption in
our work. He is the purpose of it. He is not an outsider in our business. He is
part of it. We are not doing him a favour by serving him. He is doing us a
favour by giving us an opportunity to do so.
-Mahatma Gandhi
Angels Business Philosophy:
Ethical practices & transparency in all our dealings.

Customers interest above our own
Always deliver what we promise
Effective cost management
Angels Quality Assurance Policy:

We are committed to providing world-class products & services which exceed
the expectations of our customers, achieved by teamwork & a process of
continuous improvement.
Angel is the most trusted retail centric brokerage house with service truly
personalized.It is the 1st company to concentrate on retail- centric research
with a focus on small & mid-cap segments. It is the 1 st company to adopt the
Branch concept so that it could offer personalizes services to all retail clients
across India.
It is the 1st to launch the web-enabled Back office software so that customers
can track their stock holdings 24*7. It has the highest number of registered
sub-brokers on NSE.
It has been awarded the coveted Major Volume Driver trophy by the BSE
for 5 consecutive years. It has also been awarded as the Best Retail Broking
House & Broking house with largest distribution network at D&B Equity
Broking Award 2009.
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HUMAN RESOUCE IN ANGEL BROKING

Angels HR Philosophy:
Engaging employees at professional, emotional and material levels.

Truly treating each Angelite as an asset and a business driver.
Building trust through transparency and objectivity in processes.
Practicing meritocracy and Performance Management Culture.
Encouraging Entrepreneurship and Ownership.
HR an important KPA for all managers
The objective of Angel Broking is to provide an environment which is

conducive for both personal and professional Development of the employees.
Human Resource in Angel is a Strategic Business Function & is integrated with
Business Development & Six Sigma Methodologies.
HR function at Angel:
People Engagement & People Management are overseen by the below
mentioned functions at Angel
Recruitment
HR Operations (HR Admin, Payroll & HR- Help-Desk)
Leadership Academy (Training & People Development)
PMS (Performance Management System)
Quality Assurance
Work culture at Angel:

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Over the years, Angel has successfully cultivated a vibrant work culture which
is professional & friendly founded on principles of mutual respect, cooperation, trust & human values.
Equal Opportunity Workplace:

Angel is committed to a gender friendly work place. Besides instituting good
employment practices, it also endeavors to enhance equal opportunities to
men and women, prevent/stop/redress sexual harassment if any, at work
place. The Company also seeks to demonstrate and promote professional
behavior and respectful treatment at workplace.
Angel HR Team:
CSO Team
Talent
Mgt
Ro- HR manager
Recruitm
Recruitm
ent
ent (SBU
(SBU
wise)
wise)
Recruitm
Recruitm
ent
ent
BranchHR
Champ
HR
Ops
Suppo
rt
Angel employee structure consists of:
Grade
Cadre
Board
Regional/Zonal/AVP/Sr.VP
Assistant manager to Branch Manager
Executive
Office boy/driver
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HR
OPs
ATTRITION IN ANGEL BROKING

Angel Broking belongs to the Broking industry and since out of
more than 6000 strong force, around 3500 belong to the sales
function (both direct and indirect), attrition has been a constant
issue here. But nonetheless Angel has also always tried to come
up with ways to understand and solve employee issues to lessen
the turnover. To understand attrition at Angel better, analysis has
been divided into two sections:
Overall:
This covers the entire Angel group across all the 22 regions
and various sub locations. It also includes the various
functions like Sales, Service, Support and Business
Management.
Sales:
This is the core function of Angel Broking. It is important for
us to understand the different aspects affecting attrition in
this area of business.
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Reasons for Attrition in Angel:
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ATTRITION IN INDIA
During the last decade, employee attrition has become a serious and
perplexing problem for all types of organizations. Managing attrition and
keeping the turnover rate below target and industry norms is one of the most
challenging issues facing the businesses. From all indications, the issue will
compound in the future, as economic conditions change. Employee attrition
and retention will continue to be an important issue for all job groups in the
coming years. Attrition is often seen as a health check for any business. If a
high number of people are leaving then something is wrong.
Defining attrition: "A reduction in the number of employees through
retirement,
resignation
or
death"
Defining Attrition rate: "the rate of shrinkage in size or number"
Calculating employee attrition:

Attrition rate is calculated by using the following formula:
Separation numbers/ Number of attrites leaving the organization * 100
(Opening balance + New Joinee)
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Cost of attrition:
As per the report made by People First Solutions Ltd., on an average attrition
costs companies 18 months salary for each manager who leaves and 6
months salary for the lower level designations. This amounts to major
organizational and financial stress, considering that one out of three
employees plan to leave his or her job in the next two years, according to a
study completed by Ipsos-Reid. Standard attrition rates of 14% for clerical
workers, 12.5% for professionals and 5.5% among managers would mean
loss of 4% of total revenues or 40% of profit. In other words, if a company
has 100 people doing a certain job paid 25,000 and that turnover or attrition
is running at 10%, the cost of attrition is:
(Total staff x attrition rate %) x (annual salary x 80%)
100 staff at 10% attrition means 10 people leave and are replaced each
year.
A replacement cost of 80% of a salary of 25,000 means the cost of each
replacement is 20,000.
The cost of turnover is therefore 10 x 20,000 or 200,000 a year.
The on cost to the overall salary bill is 8%.
Types of Attrition:
Desirable:
Attrition is not bad always if it happens in a controlled manner. Some attrition

is always desirable and necessary for organizational growth and
development. The only concern is how organizations differentiate good
attrition from bad attrition. The term healthy attrition or good attrition
signifies the importance of less productive employees voluntarily leaving the
organization. This means if the ones who have left fall in the category of low
performers, the attrition in considered being healthy.
Attrition rates are considered to be beneficial in some ways:
If all employees stay in the same organization for a very long time,
most of them will be at the top of their pay scale which will result in
excessive manpower costs.
When certain employees leave, whose continuation of service would
have negatively impacted productivity and profitability of the
company, the company is benefited.
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New employees bring new ideas, approaches, abilities & attitudes

which can keep the organization from becoming stagnant.
There are also some people in the organization who have a negative
and demoralizing influence on the work culture and team spirit. This, in
the long-term, is detrimental to organizational health.
Desirable attrition also includes termination of employees with whom

the organization does not want to continue a relationship. It benefits
the organization in the following ways:
o
It removes bottleneck in the progress of the company.
It creates space for the entry of new talents.
It assists in evolving high performance teams.
There are people who are not able to balance their performance as per
expectations, lack potential for future or need disciplinary action.
Furthermore, as the rewards are limited, business pressures do not
allow the management to over-reward the performers, but when
undesirable employees leave the company, the good employees can
be given the share that they deserve.
Undesirable:
Attrition is undesirable when the company is losing good/ key employees due
to reasons like poaching, supervisory issues, lack of satisfaction from work,
due to the company environment or flaws in the system. This needs to be
controlled immediately as the cost of losing employees is pretty high at
times even the image of the company being at stake. Most of the companies
face undesirable attrition and are trying hard to curb the menace.
Attrition Rates Globally:

Countries
Rates
US
42%
Australia
29%
Europe
24%
India
18%
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Global Average
24%
* Source-Times News New York
Attrition post recession:
With the Indian economy picking up and revival of the job market, Indian
companies are likely to start their recruitment process this year. In 2009 job
market was hit by global recession and the recruitment rate was less in
certain sectors as companies were forces to cut down their head count. The
stimulus given by the Government has encouraged growth and boosted
employment which was threatened by the recession last year. The
International Labor Organization also reported that as many as five lacs jobs
were created in the third quarter following the governments stimulus
measures.
Attrition is a sign that there is a growth in the industry. This year Global Hunt
India has said that attrition rate will also go up in sectors such as BPO, IT and
aviation. According to global staffing services firm, Manpower, Recruitment
pace is expected to return to the pre-recession level this year. As far as
attrition is concerned, this year (2010) is likely to be a good year in terms of
company growth perspective, industry growth perspective and hence
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attritions are expected. However, it would be lesser than the levels of 2007,
when attrition reached its peak. Though the attrition rate is predicted to be
high this year it is expected to be only at the beginners/ fresher level.
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Causes of Attrition:
Though attrition rates vary, experts say that almost all the time, the reasons
for quitting a job is the same. According to a research undertaken by
Accenture, pay is not likely to have the greatest impact on employees
decision to stay or leave an organization. Instead data suggests that
employees who are planning to leave are most likely to do so for
opportunities that allow them to use and develop their skills- or for
opportunities in a company with strong leadership.
Also worldwide, the following are the statistics that reflect the cause of
attrition in the industry. The study is based on a sample of 3149 employees,
appropriately categorized into the four employee needs as:
1. The Need for Trust:
Expecting the company and management to deliver on its promises, to be
honest and open in all communications with you, to invest in you, to treat
you fairly, and to compensate you fairly and on time.
2. The Need to Have Hope:
Believing that you will be able to grow, develop your skills on the job and
through training, and have the opportunity for advancement or career
progress leading to higher earnings.
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3. The Need to Feel a Sense of Worth:

Feeling confident that if you work hard, do your best, demonstrate
commitment, and make meaningful contributions, you will be recognized and
rewarded accordingly. Feeling worthy also means that you will be shown
respect and regarded as a valued asset, not as a cost, to the organization.
4. The Need to Feel Competent:
Expecting that you will be matched to a job that makes good use of your
talents and is challenging, receive the necessary training to perform the job
capably, see the end results of your work, and obtain regular feedback on
your performance.
Following the major reasons for high turnover:
Stress:
Stress is an uninvited yet unavoidable guest in our lives. Parental

compulsions to teen tensions, employee grouses to boss tantrums
everything comes with the inevitable 'stress' tag attached to it; all an
integral part of daily existence. While some amount of stress is needed
to keep us on our toes, to give an impetus to creativity, to meet
deadlines, to be vigilant, to work to the best of our capability, the
undue excessive element is what plays spoilsport; and we need to
learn how to quell it away before it explodes into a deadly disease
impeaching the mind and health. Too much work pressure, physically
and mentally demanding jobs, unhealthy environment tend to cause a
lot of stress thus resulting in high turnover.
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HOD/ Supervisors:
Generally, the supervisor is the one who is held responsible...

remember the quote.People do not leave their jobs but their bosses' .
There are times where people leave even without new opportunities at
hand. Often usage of rude/ abusive language, lack of respect towards
the employee, unsupportive behavior, lack of positive work
environment, too much pressure, unrealistic demands from the seniors
are some of the reasons for leaving the organization.
Poor Management/Poor HR practices:
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Lack of proper mechanism for grievance handling & poor HR practices

could also result in a lot of attrition. Often it is seen that the employees
complain about lack of accountability from the HR department, not
receiving salaries on time, unexplained deductions from the salary,
incentives not given on time and so on and so forth.
Poor hiring decisions:
Hiring managers who make bad hiring decisions suffer high turnover of
new hires. Managers who mismanage their direct reports suffer high
attrition and high absenteeism often precedes attrition. Very few
managers know how to identify a job's talent requirements so they hire
for
competence
and
alma
maters.
Poaching:
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If more than 20% of the employees are joining the same organization /
group, you have a major poaching issue at hand. This needs to be
solved at a legal level or in appropriate discussion with the so-called
poacher.
Effects of Attrition:
High Financial Costs:

Turnover has a huge economic impact on the organization, both in
direct and indirect costs. Sometimes the cost impact causes it to
become a critical strategic issue. The performance of companies has
been inhibited by high turnover rates.
Survival is an issue:
In a tight labor market where the success of the company depends on
employees with critical skills, recruiting and retaining the appropriate
talent can determine the success or failure of an organization.
Exit problems and issues:

With increased litigation at workplace, employers spend significant
time and resources addressing the issues of the disgruntled and
departing employees. Some individuals find the need to involve the
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legal system, leaving the organization with the challenge of facing an

even bigger problem.
Productivity losses and Workflow interruptions:

In most turnover situation, a person who exits abruptly leaves a
productivity gap. This gap not only causes problems for the specific job
performed by the departing employee, but also for others on the same
team and within the flow of the work.
Service Quality:
With so much emphasis on providing excellent service to external and
internal customers, high turnover has a tremendous negative impact
on the quality of customer service. Turnover of frontline executives is
often regarded as the most serious threat to providing excellent
external service.
Loss of Expertise:
Particularly in knowledge industries, a departing employee may have
the critical skills needed for working with specific software, completing
a step in an important process, or carrying out a task for a project.
Sometimes an entire product line may suffer because of a departure. A
lost employee may be impossible to replace, atleast in the short run.
Loss of Business opportunities:

Turnover may result in shortage of staff for a project or leave the
remaining staff unprepared to take advantage of a new business
opportunity. Existing projects may be lost or late because a key player
is unavailable.
Administrative Problems:
In most organizations, turnover creates a burdensome amount of
administrative effort, not only in additional paperwork, but also in time
spent confronting and addressing turnover related issues. This takes
precious time away from more important, productive responsibilities.
Disruption of Social and Communication Networks:

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Every organization has an informal network which gets disrupted by

turnover critical to the maintenance of teamwork and productivity.
Job Satisfaction of remaining employees:

The disruptive nature of turnover is amplified when other employees
are forced to assume the workload of departing colleagues or address
the problems associated with the departure. Remaining team members
can be distracted by their concern and curiosity about why the
employees are leaving.
Image of the Company:

High turnover creates a negative image of the company with a
revolving door. Once this image has been established in the job market
place, it is difficult to change, especially in the recruiting channels.
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FIGHTING EMPLOYEE ATTRITION
*Source-www.planningforum.co.uk (year-2008)
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Ways to reduce attrition in the workplace:

Finding the cause of Attrition:
The first step towards reducing attrition rates in the company would be
to identify the right reasons for leaving. Many a times, employers are
lurking in the dark when it comes to knowing the causes of attrition.
They wrongly assume that the reasons for leaving are common to all
organizations and thus work on ways to curb the same. But it is
important to understand that every organization is unique and so are
the employees. It would also be a nice idea to a survey among
employees to find the reasons for attrition. If possible, conducting exit
interviews to know the reasons for resignations is a viable option. If a
key employee resigns, it should be taken up on a priority basis and the
senior management should meet the employee to discuss his reasons
for leaving and evaluate whether his issues bear merit and whether
they can be resolved. Steps can be taken to avoid similar reasons from
occurring in the case of others, in similar positions.
At the time of recruitment:
Selecting the right people through competency screening.

Using psychometric tests.
Offering an attractive, competitive, benefits package.
Making clear of performance enhanced incentives and other
benefits and keeping these promises later.
Communicating the Job Description and Job Specifications clearly
and thoroughly. The way a job is to be done, time pressures and
other such requirements must be clearly communicated to them
clearly.
Required training and Induction at the right time is important for
them to understand the company requirements and do their job
well.
At office:
Have a person to talk to each employee at regular intervals. Listen and

solve employee complaints and problems, as much as possible.
Fairness and impartial treatment by seniors is important. Help
employees manage stress, both at work and if possible, off work too.
Give them special concessions, when in need. Treat the employees well
& provide dignity of job.
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The quality of the supervision an employee receives is critical to

employee retention. Frequent employee complaints arise on this issue.
Provide the employees a stress free work environment. People want to

enjoy their work. Make work and work place cheerful and fun-filled as
possible.
Make sure that employees know that their work is important for the
organization. Feeling valued by their employer is key to high employee
motivation and morale. Recognize their strengths and help them to
improve those they lack.
Employees must feel rewarded, recognized and appreciated. Giving

periodical raise in salary or position helps to retain staff.
Offer excellent career growth prospects. Encourage & groom

employees to take up higher positions/openings. If they dont get
opportunity for growth within the organization, they will look elsewhere
for it.
Work-life balance initiatives are important. Innovative and practical

employee policies pertaining to flexible working hours and schemes,
granting compassionate and urgency leave, providing healthcare for
self, family and dependants, etc. are important for most people. Worklife balance policies would have a positive impact on retaining skilled
employees, as well as on attracting high-caliber recruits.
Implement competency models, which are well integrated, with HR

processes like selection & recruitments, training, performance
appraisal and potential appraisal.
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Methodology
The first step towards understanding attrition in Angel Broking was to know
the overall functioning of the company in terms of the industry in which it
functions, core products and services it offers, its market share, competitors,
employee strength, different functions like Sales, Support, Service, Business
Management, regions across which the business expands.
Next step was to understand the various terminologies and concepts related
to the business and culture of the company. It also included knowing details
related to the salary structure, leaves, various kinds of tenure, calculation of
productivity, names and categories of recognitions given to extra ordinary
performers and so on and so forth.
Once the culture of the company was understood then began the actual
process of calling attrite and recording their observations which included
calling 40% of the total attrite of the company. Every fortnightly and
monthly, report was submitted to understand the trend of turnover and
changes were made accordingly in the Feedback Questionnaire and in the
overall approach.
Tools of analysis:
Excel: Attrition reports are made on excel using a lot of excel formulae,
charts and presentations were made, Attrition feedback Survey was used to
record the comments given by the attrite.
Limitations of the analysis:

As far as the methodology is concerned, the only limitation was that inorder
to understand the causes of attrition, we had to solely rely on the feedback
given by the attrite and many a times due to this, certain minute issues were
twisted and made out to be very big which took up a lot of the companys
time and resources.
As far as the analysis is concerned, the limitations are that though it tries to
understand the culture and tries to mediate issues among employees, we are
not sure if the business is actionable on this.
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Data Analysis
ALL ANGEL DATA ANALYSIS (March- April May):
May attrition data (overall):
Region
Base
number
Joinin
g
numb
er
Separati
on
number
s
Attriti
on
Rate
EA 1
EA 2
Mumbai
856
59
78
9%
8%
9%
Cochin
46
11%
14%
50%
Uttar Pradesh
301
52
33
11%
11%
25%
Maharashtra
Gujarat 1(NCG)
400
220
55
47
45
48
11%
11%
12%
21%
18%
24%
Coimbatore
234
17
27
12%
16%
22%
Chennai
214
18
30
14%
21%
26%
Vishakhapatnam
95
14
15%
30%
Punjab
155
10
23
15%
36%
25%
Haryana
20
15%
Madhya Pradesh
143
34
24
Gujarat 2 (south)
193
29
34
17%
18%
17%
18%
50%
24%
Eastern region
367
34
65
18%
30%
25%
Saurashtra and
Kutch
Hyderabad
313
37
61
19%
14%
37%
223
27
44
20%
33%
30%
Karnataka
249
23
55
22%
29%
36%
Delhi (NCR)
722
135
166
23%
33%
28%
Rajasthan
315
51
79
25%
31%
37%
Grand Total
5266
646
834
16%
22%
26%
As we can see in the table, the attrition rate, EA1 and EA2 have been sorted
in the classical conditioning format, wherein the highest rates are in Green,
the ones lying between the highest and the lowest are in Yellow and the
lowest ones are in Red.
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Karnataka, Delhi and Rajasthan are the three regions having very high
attrition rates. Not only is the overall attrition high in these regions, the Early
Attrition is also high which implies that somehow Angel is not able to retain
the new employees joining them and it is also losing the other employees in
the overall attrition. These regions are also high for the categories like Sales
and Service. These regions have seen high attrition even in the HOD wise
and Last Interviewer wise attrition.
There are also other regions like Cochin, Madhya Pradesh, Uttar Pradesh and
Eastern region which have low attrition but the early attrition is high. Since
most of the attrition is in Sales, this again reflects that these regions are not
able to retain their sales team to a great extent.
As we can see here, the overall attrition rate of Angel has gone down in the
last three months from being 20% in the month of March,10 to 16% in the
month of May,10.
Age wise break up:
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In the four groups studied on a three month basis, it is seen that, the age
group of less than 25 years which is according to numerous studies is
supposed to be the most volatile in terms of tenure is seen to be the most
stable as we can see in the graph. It was 20% in the month of March, then
18% in April and 16% in May. Similar is the case with employees belonging
to the 25-35 age group. Infact the age group between 35-45 years seems to
be the most fluctuating one from 14% in the month of March to 10% in April
and again 12% in May.
Pie representation of attrite tenurewise
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As can be seen in the graph, the major chunk of the attrite belong to the
Early Attrition 2 group followed by Early Attrition 1, so together Early Attrition
alone makes up 50% of the total attrition . This means that if the company
can cut down on the number of people leaving the company in the first three
months of joining then major chunk of attrition can be averted. This also
implies that there are issues that the employees in this tenure group have
which are somehow going unnoticed and hence needs to be taken care of.
Ratio of male female attrite:
Overall female attrition does not seem to go beyond 10% of the total
attrition, the reasons for most of them being marriage and pregnancy. Very
few except those belonging to regions where attrition was high due to
obvious reasons like job pressures have stated that they left because of
reasons otherwise. Also in the month of May, the attrition is 12% which is
highest in the three months. This was profoundly because overall the
attrition has been high and also lot of issues emerged in the month of May
which were earlier not known.
Graphical representation of the attrite responses to the

questionnaire:
13
As per the graph, we can see that the percentage of people strongly
agreeing to the overall company culture is pretty high in all the areas. The
attrite, it seems do not seem to have major problems with the company
policies and structure which is a very positive response to see among the
attrite. As less as 8% seem to strongly dislike the way the company policies
are but these issues are more related to the personal problems these attrite
may have had with the HODs rather than the company which may have led
them to associate the qualities to the company as well. So if Angel can take
care of the remaining issues as spoken of in the recommendations then it
would not take long to emerge as one of the favorite workplaces of the
employees.
Graphical representation of the attrite responses for leaving:
13
As we can see, in the month of March, the role issue was as high as 31% but
in the subsequent months of April and May, it becomes 24% and 19%
respectively. HOD issue aswell seem to be declining over the months, the
highest being 18% in the month of March and 13% in the month of May.
Salary issues occupy the biggest chunk after the Neutral/Personal issues. It
has been in the range of 20s which needs to be addressed as it seems the
attrite were not really happy about the kind of salary Angel offered and also
the increments they got.
May Retention data (Sales):
13
The retention rate in the regions of Cochin, Maharashtra and Uttar Pradesh is
the highest at 80% each and the least scoring regions being Rajasthan and
Saurashtra and Kutch. In terms of Early Retention, regions like Haryana and
Vishakhapatnam score the highest with 100% retention. Regions like Punjab,
Eastern region; Hyderabad, Karnataka and Rajasthan are also suffering from
low Early Retention. In terms of Early Retention 2 also, Haryana is the highest
with 100% retention. Regions like Cochin which has a high overall retention
seems to be far behind when it comes to Early Retention 2. Madhya Pradesh
also has a fairly decent overall retention but the Early Retention 2 is at an
alarmingly low rate of 30%.
Tenure wise Attrition (Sales):

13
As we can see in the graph, the overall attrition rate has remained more or
less constant hovering in the same range; same is the case with EA1. Also it
is seen that though the overall attrition rate is in the range of early 20s, the
EA2 is in the early 30s and late 20s which again shows that Angel is losing a
lot of young and fresh talent but has a strong and a loyal base in its older
and much experiences employees.
May interviewer wise attrition:

13
Hired more than 10 employees:
Observations:
P A, A P, G S and R J contribute to around 70% of the total interviewer

wise attrition in the month of May10. They all belong to Delhi. These
are the interviewers who manage a team of more than 10 members.
In the month of April as well, Delhi contributed to around 60% of the
total interviewer wise attrition. The teams interviewed then as well
were under the same interviewers. Not only that, the region
contributing most to overall attrition is also Delhi in the month of
May10.

13
Observations:
Hyderabad, Uttar Pradesh, Mumbai, Rajasthan were the regions

contributing around 50% interviewer wise attrition in the month of
April10.
In the month of May10 as well, Hyderabad, Uttar Pradesh and
Rajasthan along with Karnataka and the eastern region are contributing
to around two-third of the total interviewer wise attrition.
Conclusion:
NCR and Rajasthan have been showing a high and a consistent
interviewer wise (hiring more than 10 employees) attrition rate since
January10.
13
May HOD wise attrition:

The graph contains the teams having 40% and above attrition rate in the
month of May.
Observations:
Teams belonging to Saurashtra and Kutch, NCR and Karnataka

are the three regions with attrition rates of 77%, 70% and 60%
respectively.
C Ds team (Saurashtra and Kutch) has shown high attrition

rates in both April and May month with not only high overall
attrition but also high Early Attrition.
M As team (Karnataka) has seen a sudden rise in overall and
early attrition at 70% and 100% respectively.
Rajasthan and Gujarat (North) also have risen from 17% and
29% in April to 45% each in May.
13
Eastern Region team belonging to A C has witnessed increase in

Early Attrition in both April and May at 33% and 63%
respectively.
More than 5 employees:
The graph contains the teams having 40% and above attrition rate in the
month of May.
Observations:
Delhi occupies around 25% of the top 30% of HOD wise attrition at
80%.
Hyderabad and Maharashtra are the second and third highest in
attrition at 78% and 60% respectively.
Delhi, Hyderabad and Maharashtra are also very high when it comes to
EA-1 and EA-2.
Several regions like Delhi, Mumbai, Maharashtra, Uttar Pradesh,

Chennai and Rajasthan seem to be experiencing very high early
attrition.
13
In Delhi, teams belonging to M R and R S have consistently shown high

attrition rates for the months of April and May.
B Ss team in Maharashtra has shown a sudden jump of 100% in EA1

and EA-2.
C Ss team in Gujarat (North) has shown rise in both EA-1 and EA-2 in
May.
N Ss team in Uttar Pradesh is also showing high attrition rates for both
the months of April and May.
13
Key observations
Through this analysis, we saw that Attrition has been and will be an integral
part of the corporate life. In fact the challenges against employee retention
are increasing day by day due to the increasingly changing times and
demands of the employees. But though unavoidable, attrition can be
controlled to a great extent by implementing simple yet effective strategies
which involve not money but people, not laws but love and consideration
from the employers which will not only safeguard the employees interests
but also ensure long term loyalty from them.
The Employee Feedback Survey has proved to be an excellent source of
information for the company. Not only does it give us the necessary
information on various aspects of the company policies, structure, etc; it also
gives us vital information related to the actual reasons for leaving,
discrepancies in the number of targets to be achieved (in Sales),
unacceptable superior behavior and administrative flaws. Also as more and
more findings are met, it is also important to update the survey with new
questions.
In the survey, it was seen that a lot of Early Attrite seem to be having
trouble in a lot of regions with regards to the number of accounts they
are supposed to get in the very first month, lack of training received
and lack of crucial information related to the job.
The feedback survey resulted in a number of people claiming to have
doubts regarding career opportunities and growth prospects in the
company. They also did not know as to how much and in what way they
contributed in the overall revenue generation.
Many attrite have also claimed that during the recruitment process
there was no clarification done as to the kind of pressure they would
face or the number of times they would have to report to office and how
and when the incentives will be calculated. Lack of clarification on
leaves to be granted to the new Joinee was also seen.
A number of more than 1 year tenure attrites and a few Early Attrite
have said that given a chance, they would like to work in some other
department than their own because of monotony.
13
Recommendations
The continuation of the Attrition Feedback is a must, since regular

updates into employee issues and a regular gauging into the overall
cultural hygiene of Angel.
The HR feedback system can be furthered improved since its proving to
be an effective sounding board for the employees where they freely
express their issues and seek resolutions favoring them.
Certain issues need immediate response and action. Categorization of

the same and a Management Body to take accountability for it is
recommended.
The HR Help Desk can also be a key facility given to the employees to
air their grievances needs to be updated from time to time as it can
play a vital role in reducing the number of complaints and will also help
in increasing the efficiency of the organization overall.
A system/forum which is managed by the employees themselves to

check the malpractices of the team members and their HODS can be
created with the help from the HR department and the Help Desk.
It is important to also look at the emerging competitors certain key

regions which have resulted in a rising number of attrite in the past few
months. The loss of tenured employees also indicated a probable loss of
talent and also clients
A separate team can be created to take Feedback from new joinees who
are less than 15days in the system to look after the needs of the new
joinees in terms of training received, the number of accounts they are
supposed to get in, the kind of pressure they face and high
accountability demanded. This can help the company to nip the
problem in the bud.
The attrition reports should be continued since the tracking of attrition

at key Business Regions/Locations on a regular basis reveals trends and
scope for action.
13
Awareness of Incentives plans amongst employees and HR at regions is

essential to track issues relating to the said payments.
Clarity of role and job pressures at selection is an essential for

employee to be mentally ready, especially in sales where daily pressure
of targets is prevalent.
HR INDUCTION is a must since company policies are the employees

right to know. Like leaves, pay structures, rewards and recognition,
performance benchmarks, tax, etc
Job enlargement and Job rotation in employees with a tenure more than
12months in certain roles, can help take out the monotony as well as a
more knowledgeable employee can be far more productive.
Employee satisfaction at Angel on the whole is noticeable high. As a

company it has high regard. The Organizations being sensitive to
employee issues is prevalent and will continue. More processes designed
in the welfare of the employee will go a long way in contributing to the
growth of this Company.
13
Appendices
ATTRITION FEEDBACK INSTRUCTION MANUAL
What is Attrition?
The process of employees leaving the organization due to death,
resignation, sickness or retirement is called as Attrition and the rate
at which the employees leave the organization is called as Attrition
rate. The employees who have left the organization are called as
Attrites.
Attrition in Angel Broking is of various types:
1. EA/ Early Attrition: meaning an employee who has left the
organization in the duration of one to three months. This is again
subdivided into EA 1 and EA 2. Early Attrite 1 are the ones who
have left the organization in the very first month of joining and
the Early Attrites 2 are the ones who have left the organization
between the periods of one month to three months of joining.
2. 91 to 180 days tenure: These are the employees who have left
the company within a span of three months to six months after
joining the company.
3. 181 to 365 days tenure: These are the employees who have left
the company within a span of six months to one year after
joining the company.
4. More than 1 year: These are the employees who have left the
company after giving a year of service.
Why is Attrition Feedback important?

There are 6000 employees of Angel Broking working across 22 regions
across hundreds of branches across India. Employees belong to various
functions such as Sales, Support, Service and others. These functions
are further divided into departments like Insurance, Marketing and
Sales, Client Relationship Management, IT, HR and others with various
sub divisions under them. Each employee leaving the organization is a
major loss to the company in different ways. These employees not only
belong to different functions and regions but also have different issues
13
to deal with due to various cultural and regional variations.

Understanding the issues of the attrites not only helps in retaining
present employees but also helps one to understand certain underlying
or persistent issues in these regions which would have otherwise gone
unnoticed. It is important for the person/ caller to realize that here
he/she is the instrument of change. It is only through him and him
alone that the company and the attrites would be able to make a
difference to the lives of the employees. Not only does the process of
calling help identify issues but it also helps to understand various
drawbacks in the entire process of recruitment, induction and training.
It also brings to notice various other issues like harassment, biases
towards employees, nepotism, target inconsistencies, abusive behavior
by the superiors, etc. So basically this is a small yet a powerful tool of
keeping in check not only the reasons for leaving but also keeps an eye
on the overall functioning of the company.
Role of the caller:

He / She is supposed to make calls to the attrite and gather different
types of information regarding the company structure and policies by
asking them a series of questions (mentioned in the excel sheets)
directly and indirectly by probing and making detailed enquiry. In order
to get a clear picture of all the regions, atleast 40% of the attrite of
each region are to be called and spoken to. A detailed call ranging from
3 to 5 minutes (more if required) is necessary to briefly describe all the
important aspects of the questionnaire. It is important to note that a
patient and an objective listener is necessary to understand the
various intricacies of the issue on hand. It is also important to have an
unbiased and an open attitude towards an attrite. It is also necessary
to keep a cool and a calm composure to tackle the different kinds of
responses one may get during a call.
What is the company trying to understand/ Company

objectives?
Through the different kinds of questions, the company is trying to
understand how it stands in the minds of the attrite or what is the kind
of image that the company has made on the attrite. A positive
response to a question like Would you be willing to recommend the
organization to a friend? would mean high organizational pride in the
13
individual, similarly there are other questions which stand for things
like Job satisfaction, Work- Life balance, Performance Management
policies and Training and Development.
Rating of the answers:

Strongly Agree
Agree
Disagree
Strongly Disagree
Possible reasons for attrition:

Reasons for employees leaving the organization could be highly varied:
1. Personal or Neutral:
These are reasons not related to the company; they are reasons
like Health problems, Further education, Leaves, Travelling/
Distance or any other reason unrelated to the company.
2. Superiors/ HOD issue:
These are reasons related to the Team Leader/ HOD/ Regional
Manager/ Branch Manager/or any other person in a higher
position than the employee. It consists of rude or abusive
behavior, biases, lack of HOD support, too much pressure, high
accountability, high number of accounts/ business targets to be
brought (for the Early Attrites), incentives not given, Harmony
login blocked.
3. Salary Issue:
This would include all the issues related to lack of salary
increments, salary not received on time, salary not given, salary
being put on hold and so on and so forth.
4. Role issue:
13
This would include issues like not liking the nature of job they are
in, not being comfortable with the timings, not being able to
achieve the targets, etc.
5. Mismanagement:
This would include all those complaints related to the overall
management of the company with regards to lack of efficiency in
the working of the organization, poor service, lack of response
from the HR department and lack of infrastructure in the
company.
6. Lack of essential knowledge:
This would include the responses which state that they left the
organization because they didnt have the right knowledge in
terms of induction or training. This would also include those who
claim that they lacked adequate knowledge related to the overall
functioning of the company i. e who to report to, lack of
knowledge of growth and career opportunities, how to use
Harmony, how to use HR Help Desk, etc.
Important things to note:
Always have a thorough understanding of the overall company policies

related to salary (FNF, PNF,etc) incentives (for sales employees),
induction/ trainings (duration), different targets (sales), Talent Loss/
Oscar awards, Productivity calculation.
Also technical jargons related to the financial and the broking sector
and terms like EA, BOOST, TL, OSCAR, different departments and sub
departments are to be known so as to ensure smooth transition of the
data.
Once the calls are made, it is important to look for patterns, trends,
observations related to a particular region or related to attrite
belonging to a particular tenure.
Also it is important to make separate reports on regions showing
extreme rates of attrition.
Cross checking /internal checking of past records will be helpful in
understanding why certain regions show a consistently high rate of
attrition or have similar issues every month. Also along with this, it is
also important to look at the HODs and the location areas under which
13
the attrition rate is the highest. Correlating it with past data will help
gain a lot of insight.
It is necessary to bring certain urgent issues to immediate notice of the
HOD.
Bibliography
Sources
www.angelbroking.com
http://www.scribd.com
http://www.citehr.com
http://www.hrparadise.com/
http://www.thinkwiseinc.com
www.ccl.org
http://cab.org.in
http://www.authorsden.com/visit/viewArticle
http://www.expresscomputeronline.com/20071029/technologylife0
1.shtml
www.perceptionmapping.com
(www.planningforum.co.uk)
Managing employee retention: a strategic accountability approach

By Jack J. Phillips, Adele O. Connell
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wish to take this opportunity to express my deep gratitude to the people

the successful completion of this project. I am extremely thankful to Ms.

Thank you All!

7.1 Attrition Feedback Instruction Manual

Feedback Survey based on which are the observations recorded

What activities is Angel in?

Advice-based broking in Equities/ Commodities/ Derivatives/ Currency

Research & Advisory Products in Equities/ Commodities/ Derivatives

Angel Team Structure:

Angels CRM policy: Customer is King

Angels Business Philosophy:

Ethical practices & transparency in all our dealings.

Angels Quality Assurance Policy:

HUMAN RESOUCE IN ANGEL BROKING

Engaging employees at professional, emotional and material levels.

The objective of Angel Broking is to provide an environment which is

Work culture at Angel:

Equal Opportunity Workplace:

Angel employee structure consists of:

Assistant manager to Branch Manager

N. L. DALMIA INSTITUTE OF MANAGEMENT STUDIES & RESEARCH

ATTRITION IN ANGEL BROKING

Reasons for Attrition in Angel:

Calculating employee attrition:

Attrition is not bad always if it happens in a controlled manner. Some attrition

New employees bring new ideas, approaches, abilities & attitudes

Desirable attrition also includes termination of employees with whom

It removes bottleneck in the progress of the company.

It creates space for the entry of new talents.

It assists in evolving high performance teams.

Attrition Rates Globally:

N. L. DALMIA INSTITUTE OF MANAGEMENT STUDIES & RESEARCH

* Source-Times News New York

Attrition post recession:

3. The Need to Feel a Sense of Worth:

Stress is an uninvited yet unavoidable guest in our lives. Parental

Generally, the supervisor is the one who is held responsible...

Poor Management/Poor HR practices:

Lack of proper mechanism for grievance handling & poor HR practices

Poor hiring decisions:

High Financial Costs:

Exit problems and issues:

legal system, leaving the organization with the challenge of facing an

Productivity losses and Workflow interruptions:

Loss of Business opportunities:

Disruption of Social and Communication Networks:

Every organization has an informal network which gets disrupted by

Job Satisfaction of remaining employees:

Image of the Company:

FIGHTING EMPLOYEE ATTRITION

Ways to reduce attrition in the workplace:

Selecting the right people through competency screening.

Have a person to talk to each employee at regular intervals. Listen and

The quality of the supervision an employee receives is critical to

Provide the employees a stress free work environment. People want to

Employees must feel rewarded, recognized and appreciated. Giving

Offer excellent career growth prospects. Encourage & groom

Work-life balance initiatives are important. Innovative and practical

Implement competency models, which are well integrated, with HR

Limitations of the analysis:

Age wise break up:

Pie representation of attrite tenurewise