SYNOPSIS

A Synopsis Submitted to Rashtrasant Tukadoji Maharaj Nagpur University for Partial Fulfillment of the Degree of Master in Business Administration (MBA)
On the Topic of A critical analysis of employee retention

strategies and its impact on employee attrition in service sector

Under the Guidance of

Dr./Prof. ________________________
Supervisor

Dr./Prof. ________________________
By:

Vijaya Sardar

Dr. Ambedkar Institute of Management Studies and Research, Deekshabhoomi, Nagpur

RASHTRASANT TUKADOJI MAHARAJ NAGPUR UNIVERSITY, NAGPUR
Dr. Ambedkar Institute of Management Studies & Research, Nagpur

2010-12

Dr. Ambedkar Institute of Management Studies & Research, Nagpur

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 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 Employee retention is important; in almost all cases, it is senseless to allow good people to leave your organization. When they leave, they take with them intellectual property, relationships, investments (in both time and money), an occasional employee or two, and a chunk of your future. While companies
routinely keep track of various costs, according to a research by Ernst & Young it costs approximately $120,000 to replace 10 professionals. Employee turnover costs companies 30% to 50% of the annual salary of entry-level employees, 150% of middlelevel employees, and up to 400% for upper level, specialized employees. Also,

Retention of employee have main emphasis on employee satisfaction and involves following major components for employee satisfaction. Compensation Environment Growth Relationship Support

RATIONALE FOR THE STUDY:

Employee turnover is one of the largest though widely unknown costs an organization faces specially in service sector. But, its not only the cost incurred

Dr. Ambedkar Institute of Management Studies & Research, Nagpur

by a company that emphasizes the need of retaining employees but also the need to retain talented employees from getting poached. Therefore, it becomes important to study various employee retention strategies and their impact on employee attrition rate in service sector.

OBJECTIVES:
1. To study retention strategies and factors affecting the employee retention. 2. To study the attrition rate in the company. 3. To study the reasons of attrition. 4. To study the impact of retention strategies on the rate of attrition in the

company.

HYPOTHESIS:

H0: The employee retention strategies have no impact on controlling Employee attrition. H1: The employee retention strategies are successful in controlling Employee attrition.

BRIEF DESCRIPTION OF PREVIOUS STUDIES IN THIS AREA (STUDY OF EXISTING LITERATURE) :

1. 9/05/2006
Staff Retention in China, ACN Newswire (Australia) A survey of over 100 organisations in China, many of which are multinationals, shows that 54% have experienced an increase in turnover for professional staff since last year, while 42% have reported higher turnover for support staff. The survey also reveals that the average tenure for 25-35 year olds - the age group targeted most by multinational

Dr. Ambedkar Institute of Management Studies & Research, Nagpur

companies - fell from an average of 3 to 5 years in 2004 to just 1 to 2 years in 2005.

2. According to P. Jyothi and D. N.Venkatesh (2008) the aspect while attempting to retain the employee in the organization as such planning ahead, clarity in job requirement , identity a good source of recruitment, provide challenging work and focus on compensation and working condition in the organization. 3. According to Mirza S. Saiyadain (2009) the employee can be retain by the motivating them at their work place, supervisory behavior , organizational change, performance Appraisal.

RESEARCH DESIGN: 1. Sampling Methodology:

The design of the sample is as follows:

Population:
The population includes the employees of the service sector companies of Nagpur city.

Sample technique:
Under probability method, simple random sampling will be used for data collection.

Sample Size:
The sample size will be 30.

2. Type of Research:
The researcher will use descriptive type of research design for his research study. The main objective of using descriptive research is to describe the state of affairs as it exits at present. It mainly involves surveys and fact finding enquiries of different kinds.

3. Method of Data Collection: I. Primary Data Collection:

Dr. Ambedkar Institute of Management Studies & Research, Nagpur

Primary data will be collected through surveys and in every method research will be done by using structured questionnaires to get response from respondents. Researcher will personally contact respondents for this purpose.

II. Secondary Data collection:

The secondary data will be collected through :Published books. Journals. Company records, files, Internet.

4. Data interpretation and analysis:

The data collected will be tabulated and analyzed in such a way to make interpretations. The collected data will be analyzed and interpreted using appropriate statistical tools and Techniques.

Dr. Ambedkar Institute of Management Studies & Research, Nagpur

LIMITATIONS:

The area of study will be limited to one company only. The findings of the study are subjected to bias and prejudice of the respondents

Time constraint is the major limitation for the study of the project The findings of the study are solely based on the information provided by the respondents.

PROPOSED CHAPTERISATION:
I) II) III) IV)
V)

Introduction Company profile Objectives of study Scope of study Hypothesis Research Methodology Data analysis and interpretation Findings Suggestions Conclusion

VI) VII) IX) X) XI)

VIII) Limitations

XII) Bibliography
XIII) Annexure

PROPOSED BIBLIOGRAPHY (Books, Weblinks, Articles and Journals):

Human Resource & Personal Management K.Aswathapa Essentials of Human Resource Management & Industrial Relation P Subha Rao. Research methodology C.R.Kothari

Dr. Ambedkar Institute of Management Studies & Research, Nagpur

Journals, Newspaper and Internet

Prof. ______________________ III)

Vijaya Sardar ( sem (Guide)

(Student)

Dr. Ambedkar Institute of Management Studies & Research, Nagpur