A Presentation on Retention strategy in IT industry

Prepared By: Vidhi Patel

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. Many companies devise creative employee retention plans and strategies to encourage employees to stay with their organization. effective employee orientation. Employee retention statistics show that salary and lack of appreciation are the two most common factors that result in employees moving from one company to another.

 Generally employees, regardless of which company they work for, have similar complaints. Many of these issues are easy to rectify and if addressed will save the loss of valuable employees. 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.

 Most employees feel that they are worth more than they are actually paid. There is a natural disparity between what people think they should be paid and what organizations spend in compensation. When the difference becomes too great and another opportunity occurs, turnover can result. Pay is defined as the wages, salary, or compensation given to an employee in exchange for services the employee performs for the organization.

DATA COLLECTION METHOD

Primary data: Primary data is the new or fresh data collected from the respondents through structured scheduled questionnaire.

Secondary data: The secondary data was collected first. This collection of data was done by means of reading various materials such as books, journals, magazines, newspaper articles, etc.; looking for similar content online (i.e., on the Internet).

Literature Review:1) Employee retention relationship to training and development: A compensation perspective Atif Anis, Ijaz-Ur-Rehman, Abdul Nasir and Nadeem Safwan Employee retention is a critical aspect for every company regarding competitive advantage because human resource is the most critical asset of todays modern world. Organizations use different HR techniques for retention. Their main emphasis is on compensation packages after employee training and development practices for retention purposes.

 They will also see how a relaxed work environment will help in the retention of employees. For this purpose, they have conducted this study in Lahore and collected data from corporate groups. The numbers of respondents in their study are 330. In this study, we used compensation as the mediating variable between the training and retention of employees. Results reveal that retaining employees long term, after their training and development has been completed, without increasing their compensations is not as favorable as when compensation is increased to reflect the completion ability to apply their field related skills and capabilities.

2) Employee Turnover And Retention

The career development plan for this model includes a 4-step approach: 1) Recruit 2) Research: -Where do you want to be following your tenure at this company? -What will it take to get there? -What are your strengths and weaknesses 3) Reinforce 4) Repeat

3) Should I stay or should I go? Employee retention strategies for the economic rebound Jay DAprile The author identifies four ways to reduce attrition during this period of growth:

(1) utilize effective employee recognition strategies, (2) offer career development opportunities, (3) evaluate existing compensation and benefit structures and bring them more in line with employee and market expectations. (4) find ways to assist employees in improving their work-life balance.

4) Employee Retention Sharika Gupta Sr Employee retention is the foremost problem; which all organizations are now facing in the global competitive environment. In this conceptual paper, the author has attempted to bring out some employee retention approaches, which have developed over a period of time, in the industrial and Internet era. Retention strategies for knowledge workforce, for achieving com-petitive advantage are also high lighted.

Research Objectives:1) To know the perception of the employees regarding the job. 2) Find the resent retention strategy in adapted by resent IT Sector Company.

3) Analyses the strategy and find the benefit and limitation of the strategy.
4) Effect of stress on the ultimate satisfaction of the employee form the job

Proposed Methodology: The scope the research will include the IT companies. Survey through Questionnaire and interview will be used as a tool for conducting the research. the other secondary data collected from the companies, books, journals, articles, etc.

Questionnaire
Q-1 Since how many years you work in this organization? 1 to5 year 6 to10 year 11 to 15 year 16 to 20 year [ [ [ [ ] ] ] ]

Q-2 How many employees are working in the organization? __________________________________ Q-3 Organization have higher employee turnover ratio in current scenario? Yes_________ No__________

Q-4 What is the employee turnover ratio for the year 2011-2012? ___________________________________

Q-5 Which are the different reasons for that?

Low pay scale Work load Working time Culture Other

Q-6 Can you give an example of someone who recently left your organization? ___________________________________________________________ ___________________________________________________________ Q-7 Did they discuss with you specific reason why they were leaving? Yes ___________ No ____________

Q-8 If yes what was their reason of leaving? ___________________________________________________________ ___________________________________________________________

Q-9 Have you adopted any strategy to retain your employee? Yes___________ No____________
Q-10 If yes, then which strategy you have adopted? Monetary awards Non-monetary awards Incentives Salary Growth opportunities Autonomy Good working environment Other benefits

Q-11 Do you think that employee retention helps the development of organization? Never Sometimes Most of the times All the times
Q-12 Does your company pay more attention to incentives and perks offered to you? Yes_________ No__________ Q-13 Do you give the recognition that employee deserve for their performance? Yes_________ No _________

Q-14 Do you think that the implementation of three Rs (recognition, reward, respect) will increase employee retention? Never Sometimes Most of the times All the time Q-15 Do you provide any training to your employee to retain them? Yes_________ No__________ Q-16 If yes, Your training program is always linked with your career development/growth. Strongly Disagree Disagree Neutral Agree Strongly Agree

Q-17 Do you provide the following different benefits to your employee? Medical insurance Family leave Holidays Vacation benefits Life insurance Long term disability Pension plan Educational reimbursement Q-18 Do you agree that employee retention is plays a vital role in the result of productivity? Strongly Disagree Disagree Neutral Agree Strongly Agree