Slide 1

HUMAN ATTRITION & RETENTIONGroup No. 1

The objective of the project undertaken is as follows:

The boom in the information technology revolution has been rising during the recent years and is expected to go on for many years. Attracting the best professionals is never easy, no matter what industry segment we consider. This is especially true in the case of the IT industry where the attrition rate has been the highest. Attracting and retaining talent has become a Herculean task in this sector. The objective of this project has been to find out the major causes of employee turnover in the IT companies. It also looks at how this brain drain can be reduced and what methods can be adopted to retain the knowledge worker in the company. OBJECTIVE OF THE STUDY

METHODOLOGYThe information for this project is collected from both primary as well as secondary sources. Secondary sources are websites and books.Primary data has been collected through survey conducted with the help of questionnaire administered to personnel from HR department of IT companies- Mahindra & Mahindra, Siemens, Reliance, and TCS. The objective of this project is to throw light on various strategies used by the IT Companies to retain people. This questionnaire purports to find out the issues faced by the various IT Companies with respect to retention of talented human resource. The findings and recommendations have been mentioned later in the project.ATTRITIONAttrition is also called total turnover or wastage rate. Employee attrition refers to the rate at which employees leave a company of their own volition (i.e. not being terminated by the employer). This can be for a variety of reasons including retirement, leaving for a higher paying or more suitable job, or disillusionment with some aspect of their job.

WHY DO EMPLOYEES LEAVE JOB..? It is said that people leave their bosses, not organizations. When employees are happy with their superiors they choose to stay, if not they look for a switch.5

RETENTION

The picture states the latest statement that corporate believes in Love them or Lose themEmployee retention involves taking measures to encourage employees to remain in the organization for the maximum period of time. Corporate is facing a lot of problem in employee retention these days.

OBJECTIVES OF RETENTION

IMPORTANCE OF RETENTIONWhy is retention so important..? Is it just to reduce the turnover cost?

EMPLOYEE RETENTION INVOLVES 5 MAJOR THINGS

MANAGING EMPLOYEE RETENTIONThe task of managing employees can be understood as a three stage process

RETENTION STRATEGIESWE CANT STOP EMPLOYEES FROM LEAVING UNLESS WE HAVE A PLAN TO MAKE THEM STAYHire right people in right job

Empower the employees by giving them the authority to get things done.

Make employees realize that they are the valuable asset of the organization.

Have faith on employees.

Giving additional perks & benefits.

Providing them information & knowledge.

Keep providing them feedback on their performance.

Transparent appraisal process.

RETENTION IN TODAYS CORPORATE

IMPLEMENTATION OF RETENTION STRATEGIES1. What has been the attrition rate in your organization in past 3 years..?

2. Is the exit interview conducted in the organization..?

What are the findings after exit interview..?

What is the retention strategies deployed in the organization..?

Has the attrition rate reduced after the implementation of retention strategies? if yes, by how much?

The questionnaire presented for survey. Sample Size : 25 people

In-spite of being leading organizations these companies are facing high attrition rate. Even they are facing problems in retaining their employees irrespective of the fact that they are providing an attractive compensation packages to their employees.Response to Question 1 ATTRITION RATESResponse to Question 2 EXIT INTERVIEWThe companies conduct exit interviews to identify the reason why employees are leaving the job or what is the reason for leaving. All this leading organizations conduct exit Interview to know the reason why employees are leaving the job, & can they retain them

Response to Question 3 FINDINGS AFTER EXIT INTERVIEWThe below pie diagram tells us the most of the important reasons why people were leaving jobs and how company tries to retain those employees.

Response to Question 4 RETENTION STRATEGIESMost of the companies use the below mentioned strategies to retain their employees.

Response to Question 5 REDUCTION IN ATTRITION RATESThe companies conduct exit interviews to identify the reason why employees are leaving the job or what is the reason for leaving. So after identifying the reasons companies have deployed certain retention strategies so as to reduce attrition rate. There has been a change in attrition as the attrition rate has been reduced after deploying the strategies. The reduced attrition rate is as follows;

CONCLUSIONThe process of retention is not as easy as it seems. There are so many tactics & strategies used in retention of employees by the organization. The basic purpose of these strategies is to increase employee satisfaction, boost employee morale, & hence achieve RETENTION

THANK YOUTejas Dedhia 9Sagar Gohil 18Manish Gupta - 19Rashmi Parab - 35Neha Sahani 44Tina Shah 47Amruta Tipnis - 54