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My sister is pursuing MBA HRM Program from Lucknow University. She got topic to make project report on ‘Employee Retention Entrepreneurship. So will you tell me from where she can download sample project report based on ‘Employee Retention Entrepreneurship for MBA HRM Program?

[shikha]

As you are looking to download sample project report based on Employee Retention Entrepreneurship for MBA HRM Program, so here I am providing a sample project report:

Project Report on Employee Retention Entrepreneurship:

CHAPTER-I
INTRODUCTION
Employee Retention involves taking measures to encourage employees to remain in the organization for the maximum period of time. It 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. Effective employee retention is a systematic effort by employers to create and foster an environment that encourages current employees to remain employed, by having policies and practices in place that address their diverse needs. Retention of key employees is critical to the long-term health and success of any organization. It is a known fact that retaining the best employees ensures customer satisfaction, increased product sales, satisfied colleagues and reporting staff, effective succession planning, and deeply embedded organizational knowledge and learning. Employee retention matters, as organizational issues such as training time and investment, lost knowledge, insecure employees, and a costly candidate search are involved. Hence, failing to retain a key employee is a costly proposition for an organization. Various estimate suggest that losing a middle manager in most organizations costs up to five times his salary. Corporate is facing a lot of problems in employee retention these days. Hiring knowledgeable people for the job is essential for an employer, but retention is even more important than hiring.

There is no dearth of opportunities for a talented person. There are many organizations which are looking for such employees. If a person is not satisfied by the job hes doing, he may switch over to some other more suitable job. In todays environment it becomes very important for organizations to retain their employees. The top organizations are on the top because they value their employees and they know how to keep them glued to the organization. Intelligent employers always realize the importance of retaining the best talent. Retaining talent has never been so important in the Indian scenario; however, things have changed in recent years. Inprominent Indian metros at least, there is no dearth of opportunities for the best in the business, or even for the second or third best. Retention of key employees and treating attrition troubles has never been so important to companies. In an intensely competitive environment where HR managers are poaching from each other, organizations can either hold on to their employees tight or lose them to competition. For gone are the days when employees would stick to an employer for years for want of a better choice. Now, opportunities are abound. Employees stay and leave organizations for some reasons. The reason may be personal or professional. These reasons should be understood by the employer and should be taken care of. The organizations are becoming aware of these reasons and adopting many strategies for employee retention. A strong retention strategy, therefore, becomes a powerful recruitment tool.
Employee retention is a new era of modern technology and competitive business environment. Organizations are continuously changing .this changing environment is not only effecting the organizations but also the employees working in it. In order to maximize organizational efficiency and for optimal utilization of the resources, human resources must be managed properly. Human resource management plays a vital role in this regard. They are responsible that how employees are treated in the organization. Employee retention is a vital issue and challenge to all the organizations now days. There are numbers of factors which promote the employees to stay or leave the organization. It may be external factors, internal factors and the combined effect of both. Human resource practices counts a lot in this regard.It is the need of the hour that hr managers should identify the needs of the employee and then devises the retention strategies. One strategy does not fit to all as different individuals have different priorities. Hr professionals face the vital challenge to retain talented employees. Employee retention is very critical to the long term health of any organization. When an organization loses its talented employee it lefts a negative impact on innovation, customer satisfaction, knowledge gain during the past years and on the profitability of the organization .more over replacing cost of another employee contribute a lot to the organization.

Definition of the study:
He explains the first key to success is indeed people. He fined the right people first; the vision and strategy can follow. It is the people in organization, who are the key to success.

The organizations want to hold the valued employees. Many approaches are used in this regard. The one approach sees success in rewards the second in making jobs more valuable (training and advancement). - Jim Collins

The relationship between the employees job performance and their retention also differ significantly with organizational culture values. The cultural effects were stronger than the combined influences of the labour market and the new employees demographic characteristics. - John e. Sheridan

Retain employees:
Motivation is necessary for work performance because, if people do not feel inclined to engage themselves in work behavior, they will not put in necessary efforts to perform well. However, performance of individual in the organization depends on variety of factors besides motivation. It is therefore desirable to identify various factors. For instance, employees knowledge and skills are important performance drivers. Another factor is the companys ability to retain its employees with attractive benefit packages. Motivation is a prominent tool to retain employees with greater compensation packages.

Let us understand why retaining a valuable employee is essential for an organization:
Hiring is not an easy process: The HR Professional shortlists few individuals from a large pool of talent, conducts preliminary interviews and eventually forwards it to the respective line managers who further grill them to judge whether they are fit for the organization or not. Recruiting the right candidate is a time consuming process.

An organization invests time and money in grooming an individual and makes him ready to work and understand the corporate culture: A new joinee is completely raw and the management really has to work hard to train him for his overall development. It is a complete wastage of time and money when an individual leaves an organization all of a sudden. The HR has to start the recruitment process all over again for the same vacancy; a mere duplication of work. Finding a right employee for an organization is a tedious job and all efforts simply go waste when the employee leaves.

When an individual resigns from his present organization, it is more likely that he would join the competitors: In such cases, employees tend to take all the strategies, policies from the current organization to the new one. Individuals take all the important data, information and statistics to their new organization and in some cases even leak the secrets of the previous organization. To avoid such cases, it is essential that the new joinee is made to sign a document which stops him from passing on any information even if he leaves the organization. Strict policy should be made which prevents the employees to join the competitors. This is an effective way to retain the employees.

The employees working for a longer period of time are more familiar with the companys policies, guidelines and thus they adjust better: They perform better than individuals who change jobs frequently. Employees who spend a considerable time in an organization know the organization in and out and thus are in a position to contribute effectively.

Every individual needs time to adjust with others: One needs time to know his team members well, be friendly with them and eventually trust them. Organizations are always benefited when the employees are compatible with each other and discuss things among themselves to come out with something beneficial for all. When a new individual replaces an existing employee, adjustment problems crop up. Individuals find it really difficult to establish a comfort level with the other person. After striking a rapport with an existing employee, it is a challenge for the employees to adjust with someone new and most importantly trust him. It is a human tendency to compare a new joinee with the previous employees and always find faults in him.

It has been observed that individuals sticking to an organization for a longer span are more loyal towards the management and the organization: They enjoy all kinds of benefits from the organization and as a result are more attached to it. They hardly badmouth their organization and always think in favour of the management. For them the organization comes first and all other things later.

It is essential for the organization to retain the valuable employees showing potential: Every organization needs hardworking and talented employees who can really come out with something creative and different. No organization can survive if all the top performers quit. It is essential for the organization to retain those employees who really work hard and are indispensable for the system.