Professional Documents
Culture Documents
ON
EMPLOYEE RETENTION
AT
UNICON REAL ESTSTE PVT. LTD
Submitted by
Supriya Paramane
PGPBM
IN
1
Acknowledgement
This project has been an honest and dedicated attempt to make the
analysis on employee retention as authentic as it could. And I
earnestly hope that it provides useful and workable information
and knowledge to any person reading it.
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BONAFIDE CERTIFICATE
SIGNATURE SIGNATURE
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Executive Summary
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TABLE OF CONTENTS
Introduction
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Unicon Real Estate Pvt. Ltd. is introducing new strategies of employee retention for
retaining to the employee.
The real estate sector in the country is one of great importance. According to the
report of the Technical Group on Estimation of Housing Shortage, an estimated shortage
of 26.53 million houses during the Eleventh Five Year Plan (2007-12) provides a big
investment opportunity.
India leads the pack of top real estate investment markets in Asia for 2010,
according to a study by PricewaterhouseCoopers (PWC) and Urban Land Institute, a
global non-profit education and research institute, released in December 2009. The
report, which provides an outlook on Asia-Pacific real estate investment and development
trends, points out that India, in particular Mumbai and Delhi, are good real estate
investment destinations. Residential properties are viewed as more promising than other
sectors. While, Mumbai, Delhi and Bangalore top the pack in the hotel 'buy' prospects as
well.
The study is based on the opinions of over 270 international real estate
professionals, including investors, developers, property company representatives, lenders,
brokers and consultants.
Further, real estate companies are coming up with various residential and
Commercial Projects to fulfill the demand for residential and office properties in Tier-II
And Tier-III Cities.
According to the data released by the Department of Industrial Policy and
Promotion (DIPP), housing and real estate sector including Cineplex, multiplex,
integrated townships and commercial complexes etc, attracted a cumulative foreign direct
investment (FDI) worth US$ 8.4 billion from April 2000 to April 2010 wherein the sector
witnessed FDI amounting US$ 2.8 billion in the fiscal year 2009-10.
People tend to leave organisations for a variety of reasons. I have explained those
reasons and solutions for employee’s dissatisfaction.
There are some strategies which Unicon is using for retaining to the employee’s.
These strategies are going very successfully in this company. Employees are satisfied
with these strategies and making profit for company.
6
I have used some techniques for employee retention and made some strategies for
employee retention. There are some objectives and scope of employee retention. On the
basis of these objectives company try to retain employees for longer period of time.
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People tend to leave organizations for a variety of reasons. The most common amongst
them are:
•Lack of appreciation –
If the feedback system of the organization does not allow appreciation of work, or
commendations, people tend to get frustrated with the company. By nature, a human
being wants to hear good things about himself. When he knows that he is performing
well, but does not get timely appreciation from the company, he looks out for other
opportunities.
•Personal issues –
There could be personal issues for people leaving a company, especially for
women – relocation of spouse, childbirth, emergency in the family requiring their
presence at home etc. Once women move away from mainstream work-life, it becomes
difficult for them to come back into it.
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•Compensation –
The last but not the least – salary and compensation can be a factor for leaving an
organization – if a person thinks he is not paid enough by the organization, he will look
out for another job with higher salary
Retention myths:
There are some myths associated with retention. Some of them are:
Actually, in reality, companies leave for many other reasons than pay. Salary at times,
takes a backseat, if other things in an organization are good.
Employees are also keen to take on additional responsibilities, as it shows that the
company has confidence in them and considers them capable of handling more work and
responsibilities. This actually builds self-confidence in an employee.
Retention measures are more of an investment than expenditure as doing more things for
employees will ensure that employees will give more back in terms of productivity. It
depends on how the organization views it.
•Role clarity –
Ensure that the organizations an employee, both, are clear about the role, so that
there is no mismatch.
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•Timely feedback and recognition –
A system that encourages timely feedback and recognition to work well done.
Performance appraisal:
Performance is appraised by after six month in a year. Appraisal is given to those
employees who have completed their target of each month. It is given after checking
performance of employee there is no any partiality in giving appraisal to employee.
Applicable employees got appraisal according to their performance.
Employees got more salary or post in appraisal.
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Timely feedback:
Timely feedback leads towards the achievement of target. It helps employees to
correct their mistakes or to change the path of target.
Feedback should be according to performance of employees, partiality leads to
dissatisfaction. Unicon gives timely feedback according to work without any partiality.
These things basically talk about the culture in the company. An organization needs to
make conscious efforts to build an open and transparent culture that fosters or encourages
loyalty. Communication, if is open, will help in this. Policies need to be employee
friendly, and along with that, they should be framed keeping in mind the employees. If
the organization fails to do this, it will be difficult to retain people.
Literature Review
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Employee retention is one of the hottest management topics in the United States for
good reason; it is impacting employers on a daily basis. The number of qualified
applicants available for vacant positions is currently in decline and employers are finding
it difficult to hire new employees and to keep employees over the long run.
Employee retention is more than just keeping employees on the job. It is also about
sustaining employees, primarily by enhancing their job satisfaction. Job satisfaction, in
turn, can increase productivity and keep employees energized and motivated to give their
best. Job satisfaction can equate to employees who stick with their current employer and
strive to perform at or above expectations and standards.
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the younger generation of workers is to shift from job to job and this is becoming a norm
of society.
Companies that can recruit the best talent and retain them will have an edge in the
long run.
“Today talented persons are like frogs in a wheelbarrow, which can jump at any point of
time when they sense opportunities”.
Most of the HR functions of IT organizations spend more than 50 % their time and
energy in hiring new resources without investing much time in the way their human
resources can be retained. Fact is, it takes 25 to 30 % more for organization to retain the
existing qualified resource as compare to spending more than 50 % in getting new
resource as a replacement of an existing resource.
And the recent turnover figures about U.S. are Overall U.S. voluntary turnover
increased slightly to 23.4% annually, up from 22.7% the previous year. The highest
turnover by far is still in the Accommodation and Food Services sector at 56.4% and the
Leisure and Hospitality sector at 52.2%. Sectors that saw the highest increase in turnover
were Accommodation and Food Services, up 7% from the previous year, Leisure and
Hospitality, up 5.4% and Information, up 4.5%.
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The only sectors seeing a (slight) decrease in turnover were Real Estate, Natural
Resources and Mining, and Professional and Business Services. In the Government
sector, turnover was up slightly at 8.2% with the Federal sector increasing the most to
9.3% up from 5.7%. Regionally, all areas were up slightly except the Northeast which
saw a slight decrease.
Company Profile
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About Unicon Group:
With a customer base of over 200,000 the Unicon Group has an eye for the
intricate financial needs of its clients and caters to both their short – term and long – term
financial needs through a comprehensive bouquet of investment services.
It has been founded with the aim of providing world class investing experience to
the investing community. These services range from offline & online trading in equity,
commodities and currency derivatives to debt markets to corporate finance and portfolio
management services.
The company has a sizable presence in the distribution of 3rd party financial products
like mutual funds, insurance products and property broking. It also provides expert
Advisory on Life Insurance, General Insurance, Mutual Funds and IPO’s. The
distribution network is backed by in-house back office support to provide prompt and
efficient customer service
The Equity broking arm – UNICON Securities Pvt. Ltd offers personalized
premium services on the NSE, BSE & Derivatives market. The Commodity broking arm
Unicon Commodities Pvt. Ltd offers services in Commodity trading on NCDEX and
MCX. The UNICON group also has a PCG division providing investments solutions for
High Net worth Individuals. The Corporate Advisory Services arm – Unicon Capital
Services (P) Ltd offers entire gamut of Investment Banking services to corporate.
Unicon can boast of some of the most respected names in the private equity space
like Sequoia Capitals, Nexus India Capital and Subhkam Ventures as its shareholders.
Unicon real estate deals in commercial and residential projects. There are different
offices for different location.
Mission:
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To create long term value by empowering individual investors through superior
financial services supported by culture based on highest level of teamwork, efficiency
and integrity.
Vision:
To provide the most useful and ethical Investment Solutions - guided by values
driven approach to growth, client service and employee development.
Products of a company:
Unicon deals in commercial and residential projects within Noida, Faridabad,
Gurgaon, Ghaziabad area. It is work as a channel partner of builders. The projects prizes
are started from Rs.5lakh to Rs.10crore.
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Landmark Towers - Noida World Trade Tower - Noida KM Trade Tower - Ghaziabad
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Residential products are as follows:
Click to view project details Click to view project details Click to view project details
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Gurgaon
Click to view project details Click to view project details Click to view project details
Management team of Unicon real estate:
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• Mr. Vijay Chopra
National Head - Business Alliances
Employers have a need to keep employees from leaving and going to work for
other companies. This is true because of the great costs associated with hiring and
retraining new employees. The best way to retain employees is by providing them with
job satisfaction and opportunities for advancement in their careers. The saying, good help
is hard to find, is even truer these days than ever before because the job market is
becoming increasingly tight.
Employers are fighting to get talented employees in order to maintain a prosperous
business.
Researchers believe that, there is a straight line between employee satisfaction and
customer satisfaction. They believes that today’s employees pose a complete new set of
challenges, especially when businesses are forced to confront one of the tightest labor
markets in decades. Therefore, it is getting more difficult to retain employees, as the pool
of talent is becoming more-and more tapped-out. The research below, which focuses
primarily on employee retention through job satisfaction, supports this contention.
Employees that are satisfied and happy in with their jobs are more dedicated to
doing a good job and taking care of customers that sustain the operation. Job satisfaction
is something that working people seek and a key element of employee retention.
Every person will have his or her own definition of what it means to be satisfied
with a job. Studies show that employees who are satisfied with their jobs are more
productive, creative and be more likely to be retained by the company.
Research has shown that there may be many environmental features that can be
created and maintained to give employees job satisfaction. Pay and benefits,
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communication, motivation, justice and leisure time all seem to play a part as to whether
employees are satisfied with their jobs, according to studies.
The second goal of this research is to help readers find his or her definition of job
satisfaction. I believe that this compilation of data will educate and inform the working
masses to see the benefits of creating workplaces that derive more job satisfaction,
retaining employees and in turn, keeping our economy healthy and our society happier.
There is a definite need to analyze the elements of employee retention through job
satisfaction. Considering the positive effects on the economy that can be derived from
satisfied-happy employees. Promotional materials for presentation can be created,
highlighting these recommendations for employee satisfaction practices for both
employers and employees.
Assumptions
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Objectives of the Project
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When an employee leaves, he takes with him valuable knowledge about the
company, customers, current projects and past history (sometimes to competitors). Often
much time and money has been spent on the employee in expectation of a future return.
When the employee leaves, the investment is not realized.
The goodwill of a company is maintained when the attrition rates are low. Higher
retention rates motivate potential employees to join the organization. Higher retention
rates lead goodwill of a company in market and employees mind. More employees are
attracted towards company because goodwill of a company.
Lower attrition rates reduce cost of turnover and makes goodwill of a company in
market. Lower attrition rates can be sign of employee satisfaction.
• To employee satisfaction:
Organization makes the strategies for employee retention through that employees
are satisfied with their jobs. If organization satisfied to employees then employees can
retain with company for long period of time.
• Regaining efficiency:
If an employee resigns, then good amount of time is lost in hiring a new employee
and then training him/her and this goes to the loss of the company directly which many a
times goes unnoticed. And even after this you cannot assure us of the same efficiency
from the new employee.
These objectives are beneficial for each and every organization. The companies
achieve these objectives that can easily make profit and goodwill in the market.
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Scope of the study
Every company should understand that people are their best commodity. Without
qualified people who are good at what they do, any company would be in serious trouble.
In the long term, the retention of existing employees saves companies money.
As Beverly Kaye and Sharon Jordan- Evan stated in Training and Development:”
Studies have found that the cost of replacing lost talent is 70 o 200 percent of that
employee’s annual salary. There are advertising and recruiting expenses, orientation and
training of the new employee, decreased productivity until the new employee is up to
speed, and loss of customers who were loyal to the departing employee. Finding,
recruiting, and training the best employees represents a major investment. Once a
company has captured talented people, the return-on-investment requires closing the back
door to prevent them from walking out.”
As Bill Leonard stated in HR Magazine: “Because employers know that the best-
qualified applicants will come directly from competitors, recruiting and hiring employees
away from mother of inventive and sometimes controversial business practices.
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Recruiting and hiring from your competitors is probably as old as business itself. But
what is new and a hot topic among employers – is how to attract and retain qualified
candidates in a highly competitive labor market while also preventing their own
intellectual capital from winding up in the hands of competitors.
One way for a company to prevent employees from giving valuable information to
competitors is to make it a policy to enforce strict non compete and confidentiality
agreements amongst its employees. The existence of such agreements could in fact deter
a competitor from hiring a valuable employ because they might not want to risk possible
legal entanglements with the other company. Of course, all this could possibly lead to
animosity with the employee who could feel that his or her options are being limited.
Many employees don’t always remember signing such a document, so a copy of it should
always be kept on file for the employee to refer to. This area could prove to be a highly
sensitive one between employer and employee, so extreme caution is suggested in all
instances.
Establish better organizational climate and culture Employees plays a vital role in
creating an atmosphere of trust and respect in the organization, as well as a transparent
culture which promotes efficiency and develops employees as human beings and not just
as workers.
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Work Profile
Unicon Real Estate Pvt. Ltd. deals in properties like commercial and residential.
It is work with well known builders who does projects allover in India as well as in some
foreign countries. It deals in properties which are situated at Noida, Ghaziabad,
Faridabad, and Gurgaon.
I have done work in Gurgaon team. There are 45 members in Gurgaon team.
I have made strategy to retain employees in Unicon Real Estate Pvt. Ltd.
Target Rewards
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This was pattern of target. An idea behind this strategy was make profit for
company within short period of time and employee satisfaction for their work.
To complete the target organization also provided required data, leads and information to
employees. Employees are motivated to work because of this proposal. Through this
proposal there are many opportunities for employees to achieve their career goals.
Within these two months employees can show their talent. They will get rewards
according completion of target. These types of proposals can satisfy to employees and
retain to employees with current organizations for long period of time. Within this
process organization has to provide required information to employees.
Unicon has given lead of customers to employees, organized tent activities on
every project site, messages was shootout by name of employees to customers, given
training program in a week, advertisement of mobile numbers of employees has given in
newspaper.
With the help of this information employees were try to give profit to company.
They make their own strategies to achieve target.
To make the strategy I have done survey by preparing questionnaire and took
opinion of 50 employees. By analyzing opinions I have seen that people get motivated to
work for these types of contests. They work with full of energy and innovative ideas.
These types of contests makes competition in employees, so employees try to give best
performance and achieve the target.
I have suggested some other strategies to retain employees like transparent
communication between employee and manager. This help to correct the mistakes in
work and get some guidance for completion of target.
Weekly meeting program also help to retain employees. Within these meetings
managers or team leaders and employees come together and discuss the bias which
employees are facing. Team leaders give the next week target to employees and discuss
about the previous week target. These types of meetings help employees to work in a
right way.
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Research Methodology
Research Design:
Research design is important primarily because of the increased complexity in the
market. In fact, it is the key to the evolution successful of companies. It is an important
tool to study the employee retention strategies. A research design specifies the methods
and procedures for conducting a particular study. According to Kerlinger, ‘research
design is a plan, conceptual structure, and strategy of investigation conceives as to obtain
answers to research questions and to control variance.
Research Design specifies methods and procedures for study. In this study the
company designs new strategies for employee retention.
Source of data:
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Research design specifies the method and procedures for the collection and
analysis of the data in the manner that aims to combine relevance to the research purpose.
Data collection:
The data for the proposed study was collected from one source Primary data.
Primary Data:
It includes collection of first hand information from the response who is concerns
with the market research.
E.g. Survey, Questionnaire.
Secondary Data:
It includes collection of data from other source which is concerned with the
market research.
E.g. Books.
Analysis method:
The analysis and the interpretation have been done using the questionnaire, survey
and interview method.
Research technique:
• Conclusive research: -
This type of research helps in reaching certain conclusions and also in taking
decisions.
Research Analysis:
I have prepared one questionnaire and take opinion of 50 employees in Unicon
Real Estate Pvt. Ltd.
The data is as follows:
Sr. Questions Opinions
No.
Yes No No
Comments
1 Are you satisfied with your salary package? 30 13 7
2 Are you fully aware about job 35 13 2
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responsibilities?
3 Is there adequate communication between 40 4 6
departments?
4 Working environment is good in Unicon 37 3 10
company or not?
5 Will you achieve your career goals by 25 10 15
working in this company?
6 Your colleagues are helpful or not? 32 6 12
7 Is there any partiality with employees? 41 5 4
8 Is there team working towards common 45 1 4
goals?
9 Do you require any contest or tour for 50 0 0
entertainment?
10 Are you satisfied with your job? 39 5 6
No Comments
14%
Yes
No No
26% Yes No Comments
60%
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• 26% employees are not satisfied with salary package.
• 14% employees are not commenting on this question.
• 60% employees are satisfied with the salary package.
No Comments
4%
No
26%
Yes
No
No Comments
Yes
70%
So we can say that most of the employees are aware about their job responsibilities.
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Is there adequate communication between
departments?
No Comments
12%
No
8%
Yes
No
No Comments
Yes
80%
According to survey:
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Working environment is good in Unicon company or
not?
No Comments
20%
No Yes
6% No
No Comments
Yes
74%
So, we can say that working environment of Unicon Company is good for employees.
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Will you achieve your career goals by working in this
company?
No Comments
30%
Yes
Yes
No
50%
No Comments
No
20%
• 20% employees are saying that they will not achieve their career goals by working in
this company.
• 30% employees have not given their opinions.
• 50% employees are saying that they will achieve their career goals by working in this
company.
So, we can say that company is providing career platform for employees.
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Your colleagues are helpful or not?
No Comment
24%
Yes
No
No No Comment
Yes
12%
64%
As per survey,
• 12% employees are saying that, their colleagues are not helpful.
• 24% employees have not given their opinion.
• 64% employees are saying that their colleagues are very cooperative and helpful.
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Is there any partiality with employees?
No Comment
8%
No
10%
Yes
No
No Comment
Yes
82%
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Is there team working towards common goals?
No Comments
No 8%
2%
Yes
No
No Comments
Yes
90%
• 2% employees are saying that there is team working towards common goals in this
organization.
• 8% employees have not given their comments.
• 90% people are saying that there is team working towards common goals in this
company.
So we can say that company’s goals and employee’s goals are match to each other.
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Do you require any contest or tour for
entertainment?
No Comment
0% No
0%
Yes
No
No Comment
Yes
100%
So we can say that, employees are looking for tour or any interesting contests.
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Are you satisfied with your job?
No Comments
12%
No
10%
Yes
No
No Comments
Yes
78%
So we can say that company has recruited most of right candidates for job.
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Interpretation
Every organization wants to retain employee for longer period of time. According
to me every organization has to make some strategies to retain employees for longer
period of time.
These strategies can satisfy to employee, when employees are satisfied with job
then they can retain with organization for longer period of time so automatically attrition
rates will be reduced.
How a society or group of people visualize and interpret the world is shaped by
their values and beliefs, their experiences, the history of experiences in their society, and
the way that these are communicated. People in different parts of the world, in different
cultures, and in different social groups visualize and see the world differently.
Consequently, we should expect that they will act differently in any given circumstance.
The values held by individuals and social groups may be the most important aspect
of the culture concept. Virtues are closely related to values. The 1980s was the decade
when greed was celebrated as a civic virtue that made everyone better off—that is, a
feature of western culture was and is society’s preference for material wealth over the
lack of material things.
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Techniques
There are some techniques which I have used for employee retention. These
techniques help to reduce attrition rate and increase retention rate. The techniques are as
follows:
• Questionnaire Technique:
According to this technique I have made list of questions and took the opinion of
50 employees who has working in Unicon Real Estate.
List of questions:
1. Are you satisfied with your salary package?
2. Are you fully aware about your job responsibilities?
3. Is there adequate communication between departments?
4. Working environment is good at Unicon company or not?
5. Will you achieve your career goal by working in this company?
6. Are there opportunities to learn and grow in this company?
7. Workload is reasonable or overload?
8. Is there team working towards common goal?
9. Work at Unicon real estate is helping me to develop my knowledge and skill?
10. Are you satisfied with your job?
• Survey Technique:
Our standard employee retention surveys cover nearly every facet of employee
retention, including:
• Overall satisfaction
• Corporate culture
• Supervisor relations
• Training
• Pay and benefits
• Work environment
• Communications
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Our standard employee retention surveys are comprehensively designed to identify
and isolate key independent and dependent variables.
You can make a provision of Monthly or Quarterly Award (depending upon the
budget) for the best employee, Awarding 2 or 3 best workers each month. The award can
be in terms of gifts or money.
If it is money then it should be divided into two parts, first part to be given with the next
month salary and the remaining after 6 months. In this way he/she can be retained for 6
more months. These rewards shall be considered at the time of appraisal.
Every individual is worried about his/her career. You can provide them
conditional assistance for certain courses which are beneficial from your business point
of view. Conditional assistance means the company will bear the expenses only if he/she
gets an aggregate of certain percentage of marks. And entrance to that course should be
on the basis of a Test and the number of seats to be limited. For getting admitted to such
program, you can propose them to sign a bond with the company, like they cannot leave
the company for 2 years or something after the successful completion of the course.
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• Communication:
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Conclusion
From the above study I want to conclude that employees are the capital of the
every organization. So to retain employee organization has to satisfy to employee.
The strategies which Unicon Real Estate Company made for employees those are
successfully going on and company is making profit on basis these strategies.
Employee retention not only reduces the attrition rate but also increases the
goodwill of a company in a market. This shows a good culture of the organization.
The study gave a clear picture about the employees and their areas of
dissatisfaction, the outcome of the study will help the organization to spot out the areas of
dissatisfaction, there by the organization can take effective steps to improve the
employees satisfaction level towards their job and to implement various policy
implications, Most of the employees are satisfied with their jobs and most of them are
satisfied with the policies of the organization and also towards the other aspects taken in
to account for measuring the level of job satisfaction among the employees in the
organization and there are some of the employees who are not satisfied with their jobs
due to some of the aspects, also some of the suggestions can be taken in to account to
make those employees feel better about their jobs so if the suggestions are taken in to
account and done there is chance for making the unsatisfied employees to change their
attitude towards their respective jobs.
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Recommendation
The strategies of Unicon real estate has to use every organization. These
strategies are useful for making profit.
If employees are not satisfied with the job then companies can use these
strategies. By using these strategies employee will get motivated and do the sincere work.
For employee retention there should be good communication between team leader
and employee, timely motivation and feedback makes confident to employee towards the
work.
Training programs helps in enhancing knowledge and skill so, these programs
helps in achieving career goals of employees.
Weekly meeting should have to be taken. In this meeting team leader individually
has to ask problems to every employee and he has to give suggestions and information to
employee.
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Bibliography
Websites:
• www.wikipedia.com
• www.humanresource.about.com
• www.hrworld.com
• www.hrindia.com
• www.managementhelp.org.com
• www. retention.naukrihub.com
Books:
• Ashwat thapa,
• L.M. Prasad.
• Research Methodology, Wishwa Prakashan Publishes, and second edition 2002.
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