Organizational retentional strategies on

RESEARCH PROPOSAL “A study on the Organizational Retention Strategies on Employee Turnover” Submitted by, Logitha K Yadav II MSW HRM Madras Christian College Submitted to, Professor Baily Vincent Department of Social Work Madras Christian College PART-A INTRODUCTION Employee retention refers to the ability of an organization to retain its employees. Employee retention can be represented by a simple statistic (for example, a retention rate of 80% usually indicates that an organization kept 80% of its employees in a given period). However, many consider employee retention as relating to the efforts by which employers attempt to retain employees in their workforce. In this sense, retention becomes the strategies rather than the outcome. In a business setting, the goal of employers is usually to decrease employee turnover, thereby decreasing training costs, recruitment costs and loss of talent and organisational knowledge. By implementing lessons learned from key organizational behaviour concepts, employers can improve retention rates and decrease the associated costs of high turnover. However, this isn't always the case. Employers can seek "positive turnover" whereby they aim to maintain only those employees whom they consider to be high performers. Retention Tools and Resources Employee Surveys – By surveying employees, organizations can gain insight into the motivation, engagement and satisfaction of their employees. It is important for organizations to understand the perspective of the employee in order to create programs targeting any particular issues that may impact employee retention. Exit Interviews – By including exit interviews in the process of employee separation, organizations can gain valuable insight into the workplace experience. Exit interviews allow the organization to understand the triggers of the employee’s desire to leave as well as the aspects of their work that they enjoyed. The organization can then use this information to make necessary changes to their company to retain top talent. Exit interviews must, however, ask the right questions and elicit honest responses from separating employees to be effective. Employee Retention Consultants – An employee retention consultant can assist organizations in the process of retaining top employees. Consultants can provide expertise on how to best identify the issues within an organization that are related to turnover. Once identified, a consultant can suggest programs or organizational changes to address these issues and may also assist in the implementation of these programs or changes. STATEMENT OF THE PROBLEM: Employees leave organization for so many reasons and most of the time reasons are unknown to their employers. Employers need to listen to employees’ needs and implement retention strategies accordingly Reasons why employees leave a company: Employees feel the job or the workplace is not what they expected Loss of trust and confidence in senior leaders There are few growth and advancement opportunities Mismatch between the job and person Too little training and feedback Employees feel devalued and unrecognized It’s clear that having proper retention strategies is key in order to retain employees and retention strategies are beneficial when an employer wants to keep employees within an organization and keep costs of turnover low. NEED AND IMPORTANCE OF STUDY: Retaining a positive and motivated staff is vital to an organization’s success. High employee turnover increases expenses and also has a negative effect on company morale, implementing an employee retention program is a way of making sure key workers remained employed. Employers implement retention strategies to manage employee turnover and get quality employees into the organization, retention practices help support an organization’s productivity. A company can benefit from employee retention programs because of a direct effect on an employer’s bottom line. High turnover can be very expensive The management must understand the difference between a valuable employee and an employee who doesn’t contribute much to the organization. Sincere efforts must be made to encourage the employees so that they stay happy in the current organization and do not look for a change. OBJECTIVES: General Objective To study the Organizational Retention Strategies on Employee Turnover Specific Objectives To find out the importance of employee retention in organization To study the various factors which affects employee retention To study the various strategies adopted to retain employees To study the factors affecting employee turnover Hypotheses Retaining a valuable employee for the maximum time has a strong association with retention Factors such as growth opportunities, incentives, strong company culture has a strong association with retention Internal communication, termination and outplacement, recruitment and hiring, pay and benefits, orientation and onboarding are some of the key strategies that has a strong association with retention Poor job matching, low pay, working conditions are the factors that has a strong association with employee turnover LIMITATIONS: This particular research will be limited to the boundary of one company only. The research will be carried out only in corporate company The research will be carried out only within Chennai PART - B RESEARCH METHDOLOGY FIELD OF STUDY The research will be done in corporate sector RESEARCH DESIGN This research would be followed on the basis of a Descriptive Research – where there is a whole description of the process of research, data collection and analysis. SAMPLING FRAME: UNIVERSE ………………………… SAMPLING METHOD The sampling would be a Random Sampling method, where the researcher would choose the respondent based on Probability Method SAMPLE SIZE The sample size is 100 TOOLS OF DATA COLLECTION The researcher will use questionnaire as the tool of data collection. PRE-TESTING The researcher will do the pre testing to identify the vitality of the questionnaire. It helps the researcher to do any modification, addition or deletion in the questionnaire if needed.   ACTUAL DATA COLLECTION After finalizing on the questionnaire, the actual data collection is carried out. SOURCES OF DATA: PRIMARY DATA The primary data collection will be through data collection using questionnaire. SECONDARY DATA The sources of the data will be collected through book references, journal references, articles, magazines and internet source. CONCEPTUAL DEFINITION: Employee retention refers to the ability of an organization to retain its employees. Employee retention can be represented by a simple statistic. However, many consider employee retention as relating to the efforts by which employers attempt to retain employees in their workforce. In this sense, retention becomes the strategies rather than the outcome According to Louis A. Allen, “Organization is the process of identifying and grouping the work to be performed, defining and delegating responsibility and authority, and establishing relationship for the purpose of enabling people to work most effectively together in accomplishing objectives.” Employee turnover - the ratio of the number of workers that had to be replaced in a given time period to the average number of workers Retention strategies are policies and plans that organizations follow to reduce employee turnover and attrition and ensure employees are engaged and productive long-term OPERATIONAL DEFINITION: Employee retention: An effort by a business to maintain a working environment which supports current staff in remaining with the company. Many employee retention policies are aimed at addressing the various needs of employees to enhance their job satisfaction and reduce the substantial costs involved in hiring and training new staff. Employee turnover refers to the number or percentage of workers who leave an organization and are replaced by new employees. Measuring employee turnover can be helpful to employers that want to examine reasons for turnover or estimate the cost-to-hire for budget purposes. Blanket references to turnover can be confusing; therefore, specific definitions and calculations for employee turnover may be useful to human resources practitioners. Retention strategy would necessarily include a plan for redressing employee grievances and ways and means to address employee issues Basically, an organization in its simplest form (and not necessarily a legal entity, e.g., corporation or LLC) is a person or group of people intentionally organized to accomplish an overall, common goal or set of goals. Business organizations can range in size from one person to tens of thousands REFERENCES: http://managementstudyguide.com/challanges-in-employee-retention.htm http://www.academia.edu/7787196/IMPACT_OF_ORGANIZATIONAL_RETENTION_STRATEGIES_ON_EMPLOYEE_TURNOVER https://www.bing.com/search?q=impact+of+organisational+retention+strategies+on+employee+turnover+research+limitations