SYNOPSIS

TITLE OF THE PROJECT

A STUDY OF RETENTION STRATEGY FOR EMPLOYEES

INTRODUCTION & OBJECTIVE OF THE STUDY (Max. 200 words)

Introduction
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.

Objectives
1. To find the factors that influence employee retention and to find the factors which
motivates the employee to retain in organization?
2. To make recommendation for future research and to retain the experienced and
skillful employees within the organization.
3. To identify the factors causing dissatisfaction of the employees and to identify the
factors motivating the employees.
4. To reduce the employees turn over in the organization and to identify the employee’s
expectation from the rewards and recognition system.
5. To ascertain the motivational drivers that help to create a retain workplace

STATEMENT OF THE PROBLEM (Max. 500 words)

Problem Statement
As a person with knowledge of staff turnover and retention, the author has always brought up
to his superiors the viability of strategy formation regarding staff turnover and retention
management and at times fail to understand the reasons or logic behind certain strategic
implementations imposed on it. By delving into this project paper, the author intends to have
better insights into how staff turnover and retention is thought up, formulated and then
imparted down. The author hopes to have an in-depth understanding as to how the staff
members reconcile the need to become more strategic with the demands of managers to carry
out the traditional personnel roles.

In order to reinforce the learning objectives, two key focal issues were focused upon, i.e.
innovation and diversity. Innovation was discussed with regards to staff turnover and
retention where it was renowned for its developmental capabilities to constantly innovate.
Diversity came under strategic thinking and formation as the author considered the diverse

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culture, political climate, economic surroundings, social environment, technological settings,
government policies and legal systems in order to understand staff turnover and retention.

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

Recruiting: The effort to retain the best personnel begins with recruiting. Attracting and
retaining the best people are not two different things, but are the same thing. Both require
creating and maintaining a positive reputation, internally as well as externally. Employers
must be honest with the recruit about the beliefs, expectations, organizational culture,
demands, and opportunities within the organization.

Communications: Carney (1998) believes that the key to employee retention is quite simple:
communicate, communicate, and communicate. Communication with the employees must
begin early on in the relationship. He believes that the imprinting period of a new employee
is probably less than two weeks. Employers must engage the employee early on by sharing
how important the job they do is. Lynn (1997) follows this up by stating that early on an
atmosphere of fairness and openness must be created by clearly laying out company policies.

Training: As was noted earlier it is important that the employee feel like a valued member of
the organization. Training helps underscore this message. Training personnel is a way to
show you respect them and want them to grow. The department is making an investment in
the employee by offering training (Marx, 1995).

Job Satisfaction: While an organization must be competitive in terms of compensation and

benefits, it is the relationship with the supervisor that is often a crucial factor in determining
whether a person stays or goes (Mendonsa, 1998).

Pay and Benefits: In general people think that money and benefits or lack thereof, are the
main reasons people leave their jobs, but this is not the case. While compensation and
benefits may be a key factor in the final decision-making process, a money shortage is
usually not what causes people to look in the first place (Mendonsa, 1998).

RESEARCH METHODOLOGY (Max. 500 words)

The research design indicates the type of research methodology under taken to collect the
information for the study. I will use both descriptive type of research design for my research
study. The main objective of using descriptive research is to describe the state of affairs as it
exists at present. It mainly involves surveys and fact finding enquiries of different kinds.

1. SCHEME OF RESEARCH: The following methodology will be adopted in project

 Comprises of understanding the theoretical concepts in general.
 Questionnaire study
 Analysis of the primary data
 Analysis of the secondary data

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2. RESEARCH DESIGN: Research design means a specified framework for controlling the
data collection. The research is of descriptive in nature, which could provide an accurate
picture of induction procedure conducted in the organization. Descriptive research includes
surveys and fact-finding inquiries of different kinds. The research is of Ex post facto nature
in which researcher no control over the variables has.

3. SAMPLING TECHNIQUE: The sampling technique will use in this study random
sampling. Random sampling from a finite population refers to that method of sample
selection which gives each possible sample combination an equal probability of being picked
up and each item in the entire population to have equal chance of being included in the
sample.

4. SAMPLE SIZE: The sample size will be used in this study are 50. The universe of the
study includes employees in HR admin. I may be allowed doing the project in a particular
division in the organization. The study would be limited to only that particular division.

5. DATA COLLECTION METHOD: Based on the nature and purpose of study there are
various modes of data collection. Data sources can be classified into two categories namely
primary and secondary sources.
1. Primary data: The primary data will be collected from structured form of
questionnaire. The questionnaire consists of multiple choices, dichotomous and
ranking type of questions.
2. Secondary data: The secondary data will be collected through company records
and journals, manuals. Some other data also collected from the reports, registers and
books and from the files available in the organization. Information collected from
various HRM books and websites.

6. STATISTICAL TOOLS USED: The statistical tools will be used in this study are
1. chi- square analysis
2. Weighted average method

7. DATA ANALYSIS & INTERPRETATION: Classification & tabulation transforms the

raw data collected through questionnaire in to useful information by organizing and
compiling the bits of data contained in each questionnaire i.e., observation and responses are
converted in to understandable and orderly statistics are used to organize and analyze the
data.

LIMITATIONS
The following are the limitations faced during the course of the study
 Due to time constraint the study is restricted only to limited respondents
 The information collected may not be accurate.
 Some respondents may not respond to all the questions.
 The data will be given by the respondents may be personally biased.
 The findings of the study are subjected to bias and prejudice of the respondents.
 Time factor can be considered as a main limitation.

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REFERENCES

BOOKS:
 Boudreau Milkovich, Human Resource Management, New Delhi, business
publications,inc:1994
 Sahu, R.K.,Training for Development, New Delhi, Excel Books,2008
 Branch, Shelly (1998, November). The new economy: You hire ‘em. But can you
keep ‘em? Fortune, 247.
 Carney, Karen (1998, November). How businesses can reduce high employee
turnover.Inc, 47.
 Denton, D. Keith (1992). Recruitment, retention, and employee relations. West
Westport, CT: Quorum
 Lynn, Jacquelyn (1997). Hard to hold: Conquer the tight labor market by retaining
valuable workers. Entrepreneur, 34.
 Spragins, Ellen E. (1992, November). How to retain key employees. Inc., 36
 Taylor, Susan L. & Cosenza, Robert M. (1997, December). Internal marketing can
reduce employee turnover. Supervision, 3-5
 The Human Factor, Feb 2011,volume 2, issue 3
 Managing Human Resources, Tata McGraw - Bohlander, Snell, 2005
 Personnel Management by C B Mamoria.
 Research Methodology – C.R Kothari
 Statistical Method by S.P Gupta
 Human Resource Management - K. Ashwathapa
 Human Resource Management C.B.Memoria
 Research methodology C.R.Kothari
 Journals, Newspaper and Internet

WEBSITES
 www.citehr.com
 www.google.com
 www.humanlinks.com
 http://retention.naukrihub.com
 www.scribd.com
 www.hyundai-motor.com
 www.askforhrd.com
 www.orcworldwide.com
 www.entrepreneur.com/encyclopedia/term/82184.html
 www.employeeretentionstrategies.com
 www.bpoindia.org/research/retention-strategies-call-center-industry.shtml
 hrmba.blogspot.com
 mbafin.blogspot.com
 www.hr_survey.com
 https://en.wikipedia.org
 www.techrepublic.com

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MAGAZINES, NEWS PAPERS & MANUALS
1) Times of India
2) Hindustan Times
3) Magazines (Published By Companies)
4) Business world
5) Business today, etc.