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A STUDY ON EMPLOYEES RETENTION WITH REFERENCE TO CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LIMITED,
CHENNAI
1MRS. V.SUNITHA, 2VENKATESH.V, 3SUBITH.D, 4JAYKARTHIKEYAN, 5SHIVAKUMAR
1Assistant professor, Easwari Engineering College
ABSTRACT:
Any organization desires to have highly skilled and potential people on rolls who can become the competitive advantagefor the company. Engaging such people requires a lot of motivation in terms ofwork, workplace culture, supervisors and ofcourse compensation. There are many HR practices that an organization implements toengage people because engagement leads toproductivity. The only way HR department can sustain the competitive advantage is by continuously reinventing the fundamentals of people management. This study is a partof a larger study on HR Practices and its relationship with employee retention. It attempts to explore the employee's perspective of HR practices in theorganization. The objective of this study is to understand what employees think about organizational practices. In order to carry out the study Focus group discussions wereconducted with employees of Cholamandalam Investment and Finance Company Limited. Analysis of responses is tracked and recorded. Themes have been drawn and discussed in detail. It emphasizes the need for organizations to adapt employee friendly practices to attract and retain the top talent. Employee Retention isa challenging concern of the organization. This study stressed on Employee Retention strategies. Employees are the assets of the organization. To retain skillful and committed employees in the organization, management should take care of employee satisfaction. Find out the reasons of employee turnover and overcome this. The purpose of this study is to prove how employee retention is essential in this day and age, and if the organizations are not awake to the situation and immediate actions are not taken to that effect, what repercussions lay ahead and how they would affect the organization and the industry. The study starts with an introduction, Company's profile, Achievements and also the need for study, review of literature and objectives are set out for the study. Research methodology, Data analysis & Interpretation, Findings and Suggestions, and finally the Conclusion.
KEYWORDS: Employee Retention, Employee Satisfaction, Work-Life Balance,Career Development, Compensation,Benefits, Leadership and Management,Employee Recognition
INTRODUCTION TO THE STUDY:
Human Resource Development is concerned with people, dimensions of the organization. The organization objectivescan be best achieved by acquiring humanresources, develop them, cast them for our need & motivate them for still better performance and ensure that theycontinue to maintain their involvement, commitment, loyalty to the organization. The Human Resource Development basically consists of three "C" s i.e competencies, commitment and culture. Companies that engage in Retention Management (Human Capital Management) are strategic and deliberate in how they source, attract, select, train, develop, retain, promote, and move employees through the organization. Research done on the value of such systems implemented within companies consistently uncovers benefits in these critical economic areas: revenue, customer satisfaction, quality, productivity, cost, cycle time, and marketcapitalization. The term Retention Management means different things to different organizations. To some it is about the management of high worth individuals or "the talented" whilst to others it is about how talent is managed generally. i.e.on the assumption that all people have talent which should beidentified and liberated. From a Retention Management standpoint, employee evaluations concern two major areas of measurement:
performance and potential. Current employee performancewithin a specific job has always been a standard evaluation measurement tool of the profitability of an employee. However, Retention Management also seeks to focus on an employee's potential, meaning an employee's future performance.
PROBLEM OF THE STATEMENT
Salary Dissatisfaction: Every employee has high salary expectations and this is one of the major reason, why an employee quits the organization
Job Opportunities are high: There is a cut-throat competition to attract the best talent in the market.
Hiring the Wrong Candidate: Recruitment plays an important role,which is the future of any organization. No Job Rotation: Any employee getsbored, if he/she does the same job foryears together.
Unrealistic Expectations of Employees: It is not possible for an organization to meet the expectations of all the employees. NEED OF THE STUDY:
The purpose of this study is to analyze theretaining of employees in Companies. The studies aim is to improve OperationalEfficiency and Productivity of the Company and its aim is to enabling Business Agility. Its aim is to simplify and transform the company to adopt talent management practices to retain thebest employees in the company. Afterputting the more efforts, time and Cost tohire the best employee for the Right person for Right job. Many books have been written and exit interviews conducted as employers look for the secret to keeping their good employees satisfied. Salary, retirement plans and vacation benefits are high on the list of why those great employees took the job, but they are not reasons enough to keep them in your employ for thelong haul. Job satisfaction will increase your employee retention rate.
SCOPE OF THE STUDY:
This study was done through primary research. The primary data was collectedfrom the workers of the Cholamandalam Investment and Finance Company Limited of Murugappa Group of Companies. Primary data was collected through a sampling method from male and female employees in the company through circulation of questionnaires. Data collected was analyzed for achieving the objectives of the study.
OBJECTIVES OF THE STUDY:
1. Primary Objective:
• To suggest and come out with various ways & means of retaining the top talents in the organization.
2. Secondary Objective:
• To map the entire process ofRetention procedure and policies involved in the said organization.
• To study the accuracy and quality of work of employeesby Retention Management procedure.
• To suggest possible improvementin Retention Management process.
RESEARCH METHODOLOGY:
Research methodology is a systematic method to solve a problem, which explains how research is to be carried out.It involves describing the problem, explaining and predicting the phenomena, by which the answer to the problem is found out. Researchmethodology is also defined as the study of methods by which knowledge isgained. It aims to give the work plan of research. The questionnaire was sent to the employees at Cholamandalam Investment and Finance Company Limited, Chennai, out of which therespondents were 100 responded. In the Likert Scaling method, the respondentindicates degree of agreement or disagreement with a variety of statements. A Likert scale typically holdsan odd number of options, usually 5 to 7.
LIMITATIONS OF THE STUDY
> The study was conducted for a period of 2-3 months
> The personal bias of the respondents might have an impact on data collected due to the respondent's reluctance toanswer the questions
> The study was limited to only Operations, Marketing, HumanResource and Finance departments of the Organization onboth on-role and off-role.
> The data totally depends on therespondents view which can bebiased.
> The findings of the study cant beapplied to all or any other fields since it lacks external validity. REVIEW OF LITERATURE:
1. Kamalaveni. M.S, Ramesh. S, T. Vetrivel's, A Review of Literature on Employee Retention(2019) -Their paper attempts to contribute to a holistic view concerning the practices and strategies adopted by organizations to retaincommitted and talented workforce globally.Engaging and retaining employees of 21st century workforce in this competitive era is a toughest job for HR people.
2. Employee Retention Strategies AnEmpirical Research By Dr. K. Balaji Mathimaran & Prof. Dr. A. Ananda Kumar(2017) - Human resources are the livelihood of all types of an organization. Even though all types of the organizations are now a days, found to be technology driven, yet human resources are required to run the technology. With all rounddevelopment in each and every area of the economy, there is stiff competition in the market.
3. Mansi Arora's Attracting and Retaining Top Talent in the Organization (2020) - We are in a
middle of a work revolution, Globalization and the rise of automation paired with the next generation of computers who desire more personal, intuitive brand experiences are driving companies to rethink their approach to talent management and acquisition. For that, every company has some form of programs designed to foster their talent, as these high performing individuals have a huge impact on business profits.
4. Employee Participation and Employee Retention in View of Compensation by Komal Khalid and Samina Nawib(2018) - Their study determines the relationship between types of employee participation (delegative, consultative, worker director,and worker union) on employee retention and the moderation of employee compensation in this relationship.
5. Organizational Culture and Employee Retention by John.E.Sheridan(2017)-This study investigated the retention rates of 904college graduates hired in six public accounting firms over a six-year period. Organizational culture values variedsignificantly among the firms. The variationin cultural values had a significant effect onthe rates at which the newly hired employeesvoluntarily terminated employment.
6. D.Swaroopa and Prof.B.Sudhir's Employee Retention
Management::(2019)-Employee Retention has become a major concern for corporate in the global competitive current scenario. Recruiting the right candidate is a time consuming process. An organization investstime and money in grooming an individual and make him ready to work and understandthe corporate culture.
DATA ANALYSIS ANDINTERPRETATION:
The word Analysis means the process ofbreaking down a Complex set of facts into simple element while Interpretation stands for the explanations which analyzed the statements and also make out or bring out themeaning of creative work. Analysis and Interpretation are done according to department wise and according to questionnaire. This analysis and Interpretation will definitely help to the company for the future strategies. Followingare the analysis and Interpretation of theresults. These all analysis is imagining for general company. It is very necessary tounderstand the psychological tendency ofemployee. Because it is a quietly subjectiveso it will slightly deviate the opinion of the employee. The research has done its study in various departments of CIFCL from an total of 100
respondents of employees in the Organization.
Summarized data analysis table for eight components are given below. For the eachattributes different questions were framedand collected the opinion of respondents.
Null Hypothesis(H0): There is no significant association between EmployeeTurnover Rate and Work-life Balance Alternative Hypothesis(H1): There is significant association between EmployeeTurnover Rate and Work-life Balance
Sl .n o No of „ Percentage Components Respo ndents 0
1 Very Unsatisfied 2 2
2 Unsatisfied 12 12
3 Neutral 27 27
4 Satisfied 47 47
5 Very Satisfied 12 12
Total 100 100
INFERENCE
The above diagram shows how the respondents are satisfied with the support and recognition received from their Organization. From the diagram shows 2% are Very Unsatisfied, 12% are Unsatisfied,27% are Neutral, 47% are Satisfied and 12%are Very Satisfied. A Majority of 47%respondents are Satisfied over support &recognition received from their supervisor.
CORRELATION TEST:
Correlation test for dependent variable(Employee Turnover Rate) with in-dependent variable(Work-life Balance)
In this case, all three correlation
coefficients have a p-value of less than 0.01(i.e., p < 0.01), which means that the correlations are statistically significant at
the 0.01 level (2-tailed). Since the p^valuefor each correlation coefficient is less than 0.01, we can
reject the null hypothesis for all three correlations. This means that we can conclude that there is a statistically significant positive correlation between each pair of variables. Therefore, the null hypothesis is not accepted. FINDINGS:
• A Majority of 40% Respondents are Satisfied with their Salary andBenefit packages.
• The majority 48% of respondents feel their compensation is very competitive with other organizations in the industry.
• The majority of 34% ofrespondents are Satisfied withtheir non-financial benefits offered by the organization.
• A majority of 42% of respondentsfeel that they have a good work- life balance.
• The majority of respondents feelssometimes and often with both 26% feels stressed due to work-related issues interfering withpersonal life.
• The majority of 41% of respondents feel A Lot of organization support given for the efforts to maintain healthy work- life balance.
CONCLUSION:
From the study it can be concluded that Employees Retention Management have been satisfied for the employees in thefirm. Though the respondents revealed itopenly, it is understood that Employees Retention Management has been well and good for the employees. Employee are Strongly Satisfied in how they source, attract, select, train, develop, retain, promote, and move employees through the organization. So the company should upgrade more Retention Policies and strategies which would benefit the employees who in turn will satisfy the firm.The company has to be updated and use latest retention techniques to have its employees to stay connected with thecompany. The examination has drawn out the association & reliance between (a) Employee Satisfaction & Engagement (b) Compensation & Benefits (c) work-life balance & Career Development opportunities(d) Leadership &Management.
In the event that one component runs with the other component easily, the result will be helpful. Furthermore the significanceof retention management has beenunderscored which will clear path for progress. It is truly trusted that the Cholamandalam Investment and Finance Company Limited will find a way to executethe proposals of the research to ease retention processes & take reasonable measures to satisfy the desire for theemployees.
REFERENCE:
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