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    A Study On Employee Retention Strategies Adopted by Amrita Institute of Medical Sciences

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    mayavenugopal
    This study examines employee retention strategies at Amrita Institute of Medical Sciences. High employee turnover rates are costly and detrimental to organizations. The objectives are to document current turnover levels, identify causes, and assist in developing a focused retention strategy. A literature review and primary data collection using questionnaires and interviews of 75 employees will be conducted. Statistical analysis will be performed and findings will aim to suggest an effective retention approach to reduce turnover at the institution.

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    A Study On Employee Retention Strategies Adopted by Amrita Institute of Medical Sciences

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    mayavenugopal
    54 views5 pages
    This study examines employee retention strategies at Amrita Institute of Medical Sciences. High employee turnover rates are costly and detrimental to organizations. The objectives are to document current turnover levels, identify causes, and assist in developing a focused retention strategy. A literature review and primary data collection using questionnaires and interviews of 75 employees will be conducted. Statistical analysis will be performed and findings will aim to suggest an effective retention approach to reduce turnover at the institution.

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    A STUDY ON EMPLOYEE RETENTION STRATEGIES ADOPTED

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    This study examines employee retention strategies at Amrita Institute of Medical Sciences. High employee turnover rates are costly and detrimental to organizations. The objectives are to document current turnover levels, identify causes, and assist in developing a focused retention strategy. A literature review and primary data collection using questionnaires and interviews of 75 employees will be conducted. Statistical analysis will be performed and findings will aim to suggest an effective retention approach to reduce turnover at the institution.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    54 views5 pages

    A Study On Employee Retention Strategies Adopted by Amrita Institute of Medical Sciences

    Uploaded by

    mayavenugopal
    This study examines employee retention strategies at Amrita Institute of Medical Sciences. High employee turnover rates are costly and detrimental to organizations. The objectives are to document current turnover levels, identify causes, and assist in developing a focused retention strategy. A literature review and primary data collection using questionnaires and interviews of 75 employees will be conducted. Statistical analysis will be performed and findings will aim to suggest an effective retention approach to reduce turnover at the institution.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
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    A STUDY ON EMPLOYEE RETENTION STRATEGIES ADOPTED BY AMRITA INSTITUTE OF MEDICAL SCIENCES

    INTRODUCTION Talented men leavedead wood doesnt


    Employee turnover is one of the largest though widely unknown costs an organization faces. Employee turnover costs companies 30 to 50% of the annual salary of entry-level 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 turnover costs? Well, the answer is a definite no. Its 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. Employee retention is a process in which the employees are encouraged to remain in the organization for the maximum period of timeEmployee retention is beneficial for the organization as well as the employee. Employees today are different. They are not the ones who dont 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 dont, they would be left with no-good employees. A good employer should know how to attract and retain its employees.. Philosophically, employee retention is important. In all cases it is senseless to allow good people to leave the organization. When they leave they take with them the intellectual property, relationships, investments, occasionally an employee or two and a chunk of companys future. The Retention of Employees has proved to be the most challenging function of HR Managers today Employee retention strategies help organization provide effective employee communication to improve commitment and enhance work force support for key initiatives. They also provide full support to the marketing communication efforts by helping the organization build customer loyalty by distinguishing and poisoning the firms unique products and services in the crowded market place

    OBJECTIVES OF THE STUDY 1. To document the nature and extent of employee turnover 2. To identify underlying causes of employee and turnover. 3. To assist the firm in the development of a focused employee retention Strategy

    STATEMENT OF THE PROBLEM Todays workforces are different. They are the ones who have good opportunities in hand. As soon as they feel dissatisfied with the current job, they switch over to next job. According to the Human Resource Management Association, 20.4 percent of health care employees (one in five) quit their jobs every year. The number easily exceeds the 12 to 15 percent turnover rate experienced in most other industries. Employee retention is critical to the long term health and success of a business The Retention of Employees has proved to be the most challenging function of HR Managers today. One finds them striving extremely hard in order to retain the best talent within the organization. But the big question remains, Is it enough?Development of a new approach becomes the need of the time

    SIGNIFICANCE OF THE STUDY The annual turnover rate among health care employees is 20.4% and this rate is quite high compared to other industries High turnover often leaves customers and employees in the lurch; departing employees take a great deal of knowledge with them. This lack of continuity makes it hard to meet the organizations goals Replacing employees costs money. The cost of replacing an employee is estimated as up to twice the individuals annual salary (or higher for some positions, such as middle management), and this doesnt even include the cost of lost knowledge Recruiting employees consumes a great deal of time and effort, much of it futile. Bringing employees up to speed takes even more time

    SCOPE OF THE STUDY This project encompasses the present turnover rate, and the underlying causes behind it. The study also aims to design an appropriate retention strategy for the establishment RESEARCH METHODOLOGY Type of research; Descriptive 1. Database design

    a. secondary data The secondary datas are collected from various sources such as publications, magazines, journals, company reports etc b. Primary data As a matter of fact, this study is almost an empirical one. So, as far as possible and attempt was made to gather primary data. Questionnaires and personal interviews are used to collect primary data

    2. Measurement design Questionnaire is used as the measurement design. A detailed questionnaire will be administrated. Questionnaire is prepared keeping the objective of research in mind. Appropriate scaling will be also used 3. Sampling design Sample Unit Sampling method : employees : simple Random sampling method

    Research instrument : questionnaire contact method: direct contact Sample size: 75

    4. Statistical Design Depending on the data collected, appropriate statistical tools will be administered.

    LIMITATIONS 1. The information provided by the respondents may not be fully accurate due to some unavoidable biases 2. Lack of cooperation from the part of respondents

    CHAPTERISATION CHAPTER 1: INTRODUCTION CHAPTER2: REVIEW OF LITERATURE CHAPTER3: INDUSTRY PROFILE AND COMPANY PROFILE CHAPTER4: DATA ANALYSIS AND INTERPERTATION CHAPTER5: FINDING, SUGGESTIONS AND CONCLUSION.

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