“A STUDY ON THE IMPACT OF EMPLOYEE ENGAGEMENT ON
EMPLOYEE TURNOVER AND RETENTION RATES WITH
REFRENCE TO NJ INVEST INDIA PVT LTD”
Master Thesis submitted in partial fulfilment of the
requirements for the award of the Degree of
MASTER OF BUSINESS ADMINISTRATION
of
BENGALURU CITY UNIVERSITY
By
BHARATH B
REG NO. P18EX21M0013
Under the guidance of
Prof Sharath Natesh
NAGARJUNA DEGREE COLLEGE
[ Bengaluru City University]
2022-23
ACKNOWLEDGEMENT
My gratification and exhilaration on the success of this project would be incomplete without
mentioning the names of all the people who helped, guided and encouraged me for this project
would not have been successful.
I would like to thank my family for the support and blessings at each and every of my project.
I extend my sincere thanks to Dr Harish Babu S, Principal, NDC for giving an opportunity to
complete my project.
I have immense pleasure in expressing my acknowledgement to mentor and guide Prof.
Sharath Natesh.
I thank my professors of MBA department of NDC for their valuable support.
Signature of student
Place: Bengaluru
Name: Bharath B
Date: 15/11/2023
Reg No: P18EX21M0013
TABLE OF CONTENT
CHAPTER NO
PARTICULARS
PAGE NO
1.
Introduction
01-33
2.
Review of Literature and
Research Design
34-43
3.
Profile of the Selected
Organization
44-61
4.
Data Analysis and
Interpretation
62-82
5.
Summary of Findings,
Conclusions and
Suggestions
83-87
Bibliography
LIST OF TABLES
TABLE NO
Table 4.1
Table 4.2
NO PARTICULARS
Showing Gender of Employees
Showing the Qualification of
the Employees
Showing Age of the Employees
Showing the Experience of the
Employees
PAGE NO
Table 4.5
Showing how much do you
agree to participate in team
building activities or events
to foster a positive work
environment
67
Table 4.6
Showing The Employees
Satisfied by The Work Culture
Showing The Employees
Accepting That the
Organization pays More
Attention to Employees
Promotions, Incentives,
Rewards
Showing The Employees
Accepting That They Get All
the Support from Their
Superior When They Need to
Complete Their Task
Showing the Employees
Accepting That They Are
Satisfied and Happy with Their
Promotion Plan as Well as
Career Path At This
Organization
Showing Employees How Do
They Like To Be Recognized For
Their Efforts
Showing The Reasons
Employees think Other
Employees Leaving The
Organization
Showing The Employees
Accepting That They are Fairly
Rewarded For Their
Contribution In This
Organization
Showing the Employee
Expectation in The
Organization
Showing the Employees Are
Paid Well Based On Their Skills,
Talent And Performance
68
Table 4.3
Table 4.4
Table 4.7
Table 4.8
Table 4.9
Table 4.10
Table 4.11
Table 4.12
Table 4.13
Table 4.14
63
64
65
66
69
70
71
72
73
74
75
76
Showing Employees Feel
Intend to Be with The
Organization For Long Period
For Their Career Growth
Showing On scale of 1 to 5,
how engaged do you feel in
your current Role. (1- not at
all engaged) to 5(Extremely
Engaged)
Showing How well do you
think
information
is
communicated within the
organization
77
Table 4.18
Showing Are you satisfied
with the opportunities for
professional growth and
development provided by
the organization
79
Table 4.19
Showing How satisfied are
you with your current job
responsibilities and tasks
Showing Descriptive Statistics
Showing Correlation
80
Table 4.15
Table 4.16
Table 4.17
Table 4.20
Table 4.21
77
78
81
82
LIST OF CHARTS
CHART NO
Fig1.1
Fig 3.1
Fig 3.2
PARTICULARS
Three R’s of Employee
Retention
NJ Group
These are the other verticals of
the NJ Group
Fig 3.3
Fig 3.4
Financial Products
Platform Support
Graph 4.1
Graph 4.2
Showing Gender of Employees
Showing the Qualification of
the Employees
Showing Age of the Employees
Showing the Experience of the
Employees
Graph 4.3
Graph 4.4
PAGE NO
31
45
49
50
50
64
65
66
67
Graph 4.5
Showing how much do you
agree to participate in team
building activities or events
to foster a positive work
environment
68
Graph 4.6
Showing The Employees
Satisfied by The Work Culture
Showing The Employees
Accepting That the
Organization pays More
Attention to Employees
Promotions, Incentives,
Rewards
Showing The Employees
Accepting That They Get All
the Support from Their
Superior When They Need to
Complete Their Task
Showing the Employees
Accepting That They Are
Satisfied and Happy with Their
Promotion Plan as Well as
Career Path At This
Organization
Showing Employees How Do
They Like To Be Recognized For
Their Efforts
Showing The Reasons
Employees think Other
Employees Leaving The
Organization
Showing The Employees
Accepting That They are Fairly
69
Graph 4.7
Graph 4.8
Graph 4.9
Graph 4.10
Graph 4.11
Graph 4.12
70
71
72
73
74
75
Graph 4.13
Graph 4.14
Graph 4.15
Graph 4.16
Graph 4.17
Rewarded For Their
Contribution In This
Organization
Showing the Employee
Expectation in The
Organization
Showing the Employees Are
Paid Well Based On Their Skills,
Talent And Performance
Showing Employees Feel
Intend to Be with The
Organization For Long Period
For Their Career Growth
Showing Employees Feel
Intend to Be with The
Organization For Long Period
For Their Career Growth
Showing How well do you
think
information
is
communicated within the
organization
75
76
77
78
79
Graph 4.18
Showing Are you satisfied
with the opportunities for
professional growth and
development provided by
the organization
80
Graph 4.19
Showing How satisfied are
you with your current job
responsibilities and tasks
81
EXECUTIVE SUMMARY
Introduction: The purpose of the project study is to investigate Employee engagement which refers to
the emotional commitment and connection an individual has with their work and the organization.
Retention, on the other hand, addresses the strategies employed by companies to keep their valuable
talent within the organization. The turnover ratio quantifies the rate at which employees leave and are
replaced.
Need for the Study: Employee turnover is a global issue that can affect any firm in any country. It is
dependent not only on the organization's internal dynamics, but also on the external environment and
job market conditions. The research will be valuable to firms that want to improve employee happiness
and institutions that want to keep their employees. The study will be beneficial to both government and
private companies.
Scope of the Study: The present study investigates employee retaining strategies at NJ INDIA INVEST
PVT LTD to retain employees for longer period. To examine left employees who were working in the
organization to understand the reasons to leave the job. To know the expectations from present
employees hence it would make contribution towards Employee engagement, turnover ratio and
retaining techniques to retain more employees.
Statement of the Problem: The problem addressed in this project is the high rate of employee turnover
in the organization, which results in a loss of skilled and knowledgeable employees, reduced
productivity, and increased recruitment costs. The problem is further compounded by an increasingly
competitive job market, which makes it difficult for organizations to attract and retain talent. The
objective of the project is to identify and implement effective employee retention strategies that can
help the organization reduce staff turnover, improve employee engagement, and create a positive work
culture.
Objectives of the Study:
•
•
•
•
Understanding the key factors that contribute to employee engagement within the organization.
To assess the impact of employee engagement on employee turnover and retention rates.
Exploring how the organization culture affects employee engagement and job satisfaction.
Identifying the influence of leadership styles and practices on employee engagement levels.
Major Findings: The correlation between engagement and retention is 0.236, which is also positive and
significant at the 0.05 level. This suggests that employees who are more engaged with their jobs are
also more likely to stay with the company. Overall, the correlations suggest that there is a strong
relationship between employee engagement, employee satisfaction, and employee retention. This is
important for businesses to understand, as it can help them to develop strategies to improve employee
engagement and satisfaction, which can lead to lower turnover rates and higher levels of productivity.
Here are some additional insights that can be gleaned from the correlations: The correlation between
engagement and turnover is slightly weaker than the correlation between engagement and
retention. This suggests that engagement is a more important factor in retention than in turnover. The
correlation between engagement and retention is the strongest of the three correlations. This suggests
that engagement is the most important factor in both retention and turnover. Businesses can use this
information to develop strategies to improve employee engagement and satisfaction. For example,
businesses can provide employees with opportunities for training and development, offer competitive
compensation and benefits packages, and create a positive and supportive work environment. By
taking these steps, businesses can improve employee engagement and satisfaction, which can lead to
lower turnover rates and higher levels of productivity
Suggestions: Remunerate the workers with monetary rewards like bonus and incentives based on their
efforts while completing their task. To keep people motivated, provide rotation of job program for
workers. Company may consider providing higher salary to the workers with competitive benefits. Offer
employees work schedules that are flexible and comfortable to meet enough to support their needs for
balancing life and work. he company's management must address career progression with regarding
worker’s point of view. As a result, management must be able to retain talented staff and establish the
organization's future strategy. Try to provide vehicle loan, to increase salary package, provide work
from home during heavy rainy hours, promotions and increments and especially incentives, provide
recognition programs and trips from the organization. Try to improve and strengthen employee
engagement in your organization so it can help to retain talent.
CHAPTER-01
INTRODUCTION
Page | 1
1.1 OVERVIEW OF THE STUDY:
The study's title was "A Study on The Impact Of Employee Engagement On Employee
Turnover And Employee Retention Rates With Reference To NJ Invest India Pvt Ltd"
Employee retention refers to a deliberate effort to keep current workforce by offering the
best available rewards programs and understanding their various expectations. The
challenge is not only hiring and maintaining qualified labour.
The purpose of the project study is to investigate how the factors in the work place that
influence employee productivity. Employee retention and the identification of specific
characteristics that drive employees to leave the organization. Analyse the rules for
retaining a person's private information. The study was conducted to use a descriptive
survey, with primary data is being collected.
This study used a descriptive research design. Primary data was gathered by a
questionnaire, while secondary data is gathered through a conceptual evaluation of books
and internet(journals).
A scale of measurement will be used to assess the data, graph and charts. The interpretation
will be used. According to the study's findings, respondents are dissatisfied with their
compensation.
Employees believe their job load is excessive due to benefits and the working environment.
The organization may provide better working atmosphere to staff, and they will be able to
undertake proper duty rotation to keep them motivated. Employees should be given a
flexible work schedule.
A retention strategy is the plan that a company develops and implements to lower turnover
rate, decrease attrition, increase retentiveness and improve worker engagement.
Employee retention, to put it simply, is a company's effort to keep its most precious resource
- its workers.
Furthermore, staff retention rates have a direct impact on the company's total productivity.
If a firm wants to be in business for a long time, it is also necessary to understand and
control its personnel turnover rate.
Page | 2
As a result, retaining essential staff becomes a critical component of managing and avoiding
high turnover. Rather than firing people at random, consider introducing an information
worker engagement plan. Checking up on the staff retention rate is something like to do the
majority of the time, it's half-yearly or quarterly.
•
People fight to compete in the race and come out on top. Organizations must keep up with
the world's frequent exploration and occurrence of fast technological progress. The modern
world/system demands the acquisition of new facilities and equipment, as well as the
ability to adapt to it.
•
Due to the accelerated globalization process and the resulting rapid change in the economic
environment, business schools must become quality- and cost-conscious. Additionally, the
management layer feels a general need to create a culture that meets the needs of the
employees in order to assure improved productivity as a result of new policy changes and
a newset of employee expectations. To handle it Organization The term "culture" describes
a number of characteristics of an organization that have evolved over time.
•
Thecreation of culture may be by its founder and then shaped by his successors as
theorganization has grown. There is no single organizational culture suitable for all types
of organizations. Each organization requires a specific culture for its growth, and survival.
Organizational culture can have an influence on motivation for job satisfaction
productivity.
•
The type of culture an organization has depends on the nature of employees has, the type
of technology, educational level of the employees and other related variables is argued that
organizational culture exists inthe perceptions of the employees of that organization. One
of the more intriguing theories to come out of recent management conversations is the
concept that individuals of an organization may possess a new type of emotional
intelligence that is connected to their performance (Goleman, 1998, Caruso & Salovey,
2004). This theory contends that some organizational members may function well due to
their strong emotional intelligence.
•
Understanding emotional intelligence has had an unusually important impact on
managerial practice (Ashkenazi & Deus, 2002). With the 1990 publication of Salovey and
Mayer's paper "Emotional Intelligence" in the Journal, Imagination, Cognition and
Personality, emotional intelligence was formally introduced. However, the publication of
the book is whenthe hypothesis initially caught the public's attention. of Denial Goleman,
titled “Emotional Intelligence: Why it can matter more than IQ”; (Goleman D, 1995). In
Page | 3
this book, Goleman claimed that people endowed with emotional skill excel in life, perhaps
more so than those with a high IQ. Goleman's book "working with emotional intelligence"
emphasizes on the necessity of emotional intelligence in work, a setting sometimes
regarded as more cerebral than emotional (Goleman, 1999).
•
Goleman maintains that any position that involves working with people requires a high
level of emotional intelligence in addition to the fact that bosses and corporate executives
do. He maintains that emotional intelligence may be developed and learned, unlike IQ,
which is mostly fixed. According to him, organizations can assess and train employees'
emotional intelligence, and many are already starting to do so.
•
People frequently hold the opinion that when they arrive at work, employees should check
their emotions at the door. But during the previous two decades, research has shown that
this behavior is neither desirable nor feasible. Several academic fields, including
Psychology (Lewis & Haviland Jones, 2000), Organizational Behavior (Ashforth &
Humphery, 1995), Sociology (Ollilainen, 2000), Anthropology (Levy, 1984), and
Neuroscience, have reported on the inevitable impact of emotions on behavior and
decision-making (Damasio, 1994).
•
These academics contend that emotion is a special source of information about the world
and that it inevitably influences people's ideas and behaviors. Emotional intelligence (El)
and its effects on human performance have received a lot of attention since the 1995
publications of Daniel Goleman’s “Emotional Intelligence: Why it can matter more than
IQ” and “Working with Emotional Intelligence”. When a person's skills are used
effectively, their level of work performance rises, and productivity and earnings are
maximized.
•
It is well acknowledged that job performance is important to any bank's success (Gibson,
Ivancevich & Donnelly, 1979). Poor job performance at any bank makes goal attainment
extremely challenging and unpredictable (Gibson, Ivancevich & Donnelly, 1979); in
contrast, good job performance aids in understanding one's duty, responsibility, and
knowledge and ensures the achievement of the organization's goal while also boosting
satisfaction and happiness.
•
When a task is performed well, absenteeism is reduced, output quantity and quality are
increased, carelessness is reduced, and turnover is reduced (Gibson, Ivancevich &
Donnelly, 1979). Poor work performance increases the likelihood of absenteeism, and staff
churn, and lowers the quantity and quality of production. So, subjective well-being is
affected adversely. Physiological conditions and health of an employee remain good thus,
Page | 4
subjective well-being is maintained when job performance is good. Management should
take steps to control these kinds of negative consequences (Gibson, Ivancevich &
Donnelly, 1979).
•
Public Sector The economy's public sector is located there. that deals with offering
fundamental government functions. The term "public sector" refers to all governmental,
publicly sponsored, or controlled companies, organizations, and other entities that provide
public products, services, or programs. It is that sector of society that is governed by the
federal, state, or municipal governments. The government sector and the private sector
produce or offer a number of the same goods and services. Nation to the extent of this
overlap varies from nation to country, state to state, province to province, and city to city.
The industries where this overlap is most noticeable include waste management, water
management, healthcare, security services, and shelters for the underprivileged and
mistreated.
•
Private Sector The private sector is the portion of the economy that is not governed by the
government and is operated by individuals and organizations for profit. All for-profit
companies that are not owned or run by the government are considered to be part of the
private sector. Government-run organizations and companies are considered to be a feature
of the private sector, whereas non-profit organizations like charities are considered to be a
member of the voluntary sector. The private sector is where the majority of jobs are located
in the majority of free-market economies. This contrasts with nations like the People's
Republic of China, where the government has significant economic influence.
•
EMOTIONAL INTELIGENCE AND GENDER:
The term "emotional quotient" (EQ) refers to a group of skills including conceptualization,
emotion evaluation and expression, management and regulation of emotion, and emotion
usage. Through various researches, it has been established that EQ varies with gender
differences.
•
Fataneh Naghavi, Marof Redzuan (2011) Girls score higher in emotional intelligence than
boys, but males' strong emotional intelligence is a better predictor of success, according to
research on the relationship between gender and emotional intelligence.
•
Ashkan Khalili conducted research on 112 Iranian employees (56 men, 56 women), in this
male respondent indicates more females than males have self-awareness, self,
management, social awareness, and relationship management. respondents. When
researches on EQ are conducted the cultural, social & economic backgrounds must be
given enough weightage. Women have greater levels of emotional intelligence than males,
Page | 5
according to studies by King (1999), Sutarso (1999), Wing and Love (2001). Yau Sze Nga
Vicky (2005) observed a positive relationship between enthusiastic insightand
transformational initiative style and female administrators scored higher scores in both
transformational initiative style and emotional intelligence but no significant moderating
effect of gender on transformational initiative style and emotional 12 intelligence of male
and female administrators. Also, that women have equal potential as men to be an effective
leader.
•
K. V. Petrides and Adrian Furnham (2000) conducted research on gender differences and
found that gender gap was a critical indicator of self-assessed EI. Sanchez-Nunez, M.T. et
al. (2008) studied the relationship between EQ & Gender and observed that the difference
in EI can be identified due to different teaching and upbringing given to boys and girls. In
terms of self-perception score of women are low than men but women have high EI index
than men.
•
O.A. Afolabi, R.K. Awosola and S.O. Omole (2010) conducted the study on police officers
in Nigeria and found that officers with high emotional intelligence perform superior than
Police Officers who have low emotional intelligence‖. Ever since the inception of the
concept of Emotional Intelligence till date, researchers and psychologists are aiming to
identify factors that affect the emotional state of human minds and the impact it has on the
kaleidoscopic personality, irrespective of the nationalities, cultures, tribes, gender or any
other demographic variable and are making an attempt to understand the factor that affect
their perception of the occupation that they are in.
1.2 THEORATICAL BACKGROUND OF THE STUDY:
An evolving, emerging & enterprising group with its roots in the financial services sector
and today expanding into newer horizons with great passion.
The vision of the group is to be leaders in businesses driven by customer satisfaction,
commitment to excellence and passion for continued value creation for all stakeholders.
This vision has helped us grow and build the trust of our customers and associates which is
at the cornerstone of everything we do. Trust is also at the heart of our success and the
driver for passion for our success.
NJ Group is a leading player in the Indian financial services industry known for its strong
distribution capabilities. The journey of NJ began in 1994 with the establishment of NJ
India Invest Private Limited, the flagship company, to cater to investor needs in the
Page | 6
financial services industry. Today, the NJ Wealth Distributor Network, earlier known as the
NJ Fundz Network, started in 2003 is among the largest networks of financial products
distributor in India.
Over the years, NJ Group has diversified into other businesses and today has the presence
in businesses ranging from financial products distributor network, asset management, real
estate, insurance broking, training & development, technology & distribution of Organic
food products, an Interior Designer, innovative loan products, offshore funds across the
globe and charitable trust. Our rich experience in financial services, combined with
executional capabilities and strong process & system orientation, has enabled us to shape a
rising growth trajectory in our businesses.
1.3 EXPLANATION FOR THE RELATED CONCEPTS OF SELECTED
RESEARCH:
As a growing number of businesses travel through, Employees are concerned about the
future in a changing difficult business environment The organization's regulations are
always changing. The management's aims and priorities change on a regular basis. This
would be a good start. Personnel are under a lot of stress, which leads to demoralization
and burnout. Employee retention will be affected by absence, poor productivity, and other
factors human resource is the most valuable asset, so losing them costs a money.
Surprisingly, many businesses make no attempt to reduce employee turnover or learn more
about their employees.
Employee turnover is a critical concern for organizations, as it can lead to increased costs,
disruptions in workflow, and a loss of valuable talent. Employee engagement plays a significant
role in influencing turnover rates.
Employee Engagement:
1. Definition of Employee Engagement:
Employee engagement refers to the emotional commitment and connection employees have
with their work, colleagues, and the organization. Engaged employees are enthusiastic,
motivated, and committed to their jobs.
2. Employee Turnover:
Page | 7
Employee turnover encompasses both voluntary and involuntary separations from an
organization. High turnover rates can be costly and detrimental to an organization's performance
and culture.
3. The Relationship Between Employee Engagement and Turnover:
Engaged employees are more likely to remain with their current employers. They have a
stronger sense of loyalty, job satisfaction, and motivation, which reduces the likelihood of
voluntary turnover.
4. Factors Influencing Employee Engagement:
Several factors contribute to employee engagement, including a positive work environment,
effective leadership, opportunities for growth and development, and a sense of purpose.
5. Benefits of Higher Employee Engagement:
Higher employee engagement is associated with improved productivity, better customer
service, increased innovation, and a positive organizational culture.
6. Measuring Employee Engagement:
Various methods, such as surveys, feedback mechanisms, and performance metrics, can be used
to measure and monitor employee engagement within an organization.
7. Strategies for Improving Employee Engagement:
Organizations can enhance employee engagement through initiatives such as regular feedback,
recognition and rewards programs, career development opportunities, and promoting work-life
balance.
8. Impact of COVID-19 on Employee Engagement and Turnover:
The COVID-19 pandemic has introduced new challenges and opportunities for employee
engagement and turnover, with remote work arrangements and mental health concerns being
Employee engagement has a direct and significant impact on employee turnover. By investing
in strategies to increase engagement, organizations can reduce turnover, save costs, and build a
more productive and motivated workforce.
Employee engagement is a multifaceted concept that encompasses various aspects of an
employee's relationship with their organization. Here are some key details about employee
engagement.
Employee engagement refers to the emotional commitment and connection employees have
with their work, team, and organization. Engaged employees are enthusiastic, motivated, and
willing to put in extra effort to contribute to the company's success.
Factors influencing engagement: Several factors can influence employee engagement,
including:
➢ Effective leadership and management
➢ Clear communication
➢ Opportunities for career growth and development
Page | 8
➢ A positive work environment
➢ Recognition and rewards for good performance
➢ Work-life balance
➢ Fair compensation and benefits
1) Effective leadership and management:
Effective leadership in employee engagement is crucial for fostering a motivated and
productive workforce. Here are some key details on this topic:
•
Communication: Strong leaders communicate openly and regularly with their employees. They
share the company's vision and goals, provide feedback, and listen to their team members' concerns
and ideas.
•
Lead by Example: Effective leaders set a positive example through their work ethic, attitude, and
behavior. They demonstrate the values and work ethic they expect from their employees.
•
Empowerment: Leaders empower their employees by delegating responsibilities and giving them
the autonomy to make decisions within their roles. This autonomy fosters a sense of ownership and
responsibility.
•
Recognition and Feedback: Regular recognition and constructive feedback are vital for employee
engagement. Leaders should acknowledge and celebrate achievements and provide guidance for
improvement.
•
Trust and Transparency: Building trust through transparent communication and consistency in
actions is essential. Employees are more engaged when they trust their leaders and feel informed
about the organization's direction.
•
Support and Development: Effective leaders support their employees' professional growth and
development. This includes providing opportunities for skill enhancement, training, and career
advancement.
•
Inclusivity and Diversity: Leaders promote an inclusive and diverse workplace, where all
employees feel valued and included. They ensure equal opportunities for everyone.
•
Conflict Resolution: Leaders are skilled in resolving conflicts and addressing issues promptly and
fairly. This helps maintain a positive work environment.
•
Team Building: They foster a sense of teamwork and collaboration. Leaders encourage employees
to work together and build strong working relationships.
•
Emotional Intelligence: Effective leaders have high emotional intelligence, enabling them to
understand and empathize with their employees' emotions and needs.
•
Work-Life Balance: Leaders support a healthy work-life balance for their employees, which
reduces burnout and contributes to higher engagement.
•
Flexibility: Adaptable leadership that can respond to changing circumstances, such as remote work
or other evolving factors, is crucial in today's dynamic business environment.
Page | 9
•
Employee Well-being: Caring for employee well-being, both physical and mental, is a priority. This
includes addressing stress, mental health issues, and ensuring a safe work environment.
•
Performance Metrics: Leaders use data and key performance indicators to assess and improve
employee engagement. They are data-driven in their approach to understanding and enhancing
engagement levels.
•
Long-term Vision: Effective leaders have a long-term vision for the organization and its employees.
They create a sense of purpose and meaning in the work employees do.
•
Adaptability: In a rapidly changing business landscape, leaders must be adaptable and open to new
ideas and technologies to keep employees engaged.
•
Feedback Loops: They establish feedback mechanisms and are open to receiving input from
employees to make continuous improvements.
•
In summary, effective leadership in employee engagement encompasses various qualities and
actions that create a positive, motivating, and inclusive work environment. It involves
communication, trust, empowerment, support, and a focus on both individual and organizational
growth.
2) Clear communication: Clear communication is crucial in employee engagement as it fosters a
positive work environment, aligns employees with company goals, and enhances overall
productivity. Here are the key aspects of clear communication in employee engagement:
•
Transparency: Be open and honest with employees about the company's goals, challenges, and
decisions. Transparency builds trust and helps employees feel like they are part of the larger
picture.
•
Clarity of Expectations: Clearly define job roles, responsibilities, and performance expectations.
When employees know what is expected of them, they can work more effectively and with greater
purpose.
•
Two-Way Communication: Encourage open dialogue and active listening between employees and
management. Regular feedback sessions, suggestion boxes, and open-door policies can facilitates.
•
Consistency: Ensure that messages are consistent across all communication channels, including
emails, meetings, and official announcements. Inconsistencies can lead to confusion and distrust.
•
Accessibility: Make communication channels easily accessible to all employees. This includes
providing clear instructions for accessing information, both within and outside the organization.
•
Tailored Communication: Understand that different employees have different communication
preferences. Customize your approach to suit the needs of diverse teams and individuals.
•
Visual Aids: Use visual aids like charts, graphs, and presentations to convey complex information
more effectively. Visuals can simplify the understanding of data and goals.
•
Timeliness: Communicate important information promptly, especially in times of change or crisis.
Delayed communication can lead to anxiety and uncertainty among employees.
Page | 10
•
Language and Tone: Use plain and simple language, avoiding jargon or technical terms that may
not be universally understood. Maintain a respectful and empathetic tone in your communication.
•
Feedback Mechanisms: Implement mechanisms for employees to provide feedback and express
concerns. Act on this feedback to demonstrate that their input is valued.
•
Multiple Channels: Use various communication channels such as emails, newsletters, meetings,
and intranet platforms to reach employees. Ensure information is easily accessible through
different means.
•
Training and Development: Provide training in effective communication to employees and
managers to improve their interpersonal skills and ability to convey messages clearly.
•
Recognition and Appreciation: Recognize and appreciate employees for their efforts and
contributions, reinforcing the value of their work within the organization.
•
Crisis Communication Plan: Have a clear plan in place for addressing crises or unexpected events.
This includes keeping employees informed and providing guidance on how to respond.
•
Employee Engagement Surveys: Use surveys to assess the effectiveness of communication and
gather feedback on how it can be improved. Clear communication is a foundational element in
building strong employee engagement, promoting collaboration, and fostering a positive
workplace culture. It requires ongoing effort and adaptability to meet the evolving needs of the
workforce.
3) Opportunities for career growth and development: Career growth and development opportunities
in the field of employee engagement can vary depending on the organization, your specific role,
and your career goals. Here are some general pathways and opportunities for growth in this field:
Entry-Level Positions:
•
Employee Engagement Coordinator: Entry-level roles often involve assisting in the planning and
execution of engagement initiatives, including surveys and events.
•
Specialist Roles: Employee Engagement Specialist/Analyst: Specializing in data analysis and
feedback interpretation to identify areas for improvement.
•
Internal Communications Specialist: Focusing on effective communication strategies to engage
employees.
•
Managerial Positions: Employee Engagement Manager: Overseeing engagement initiatives,
leading a team, and developing strategies to improve employee satisfaction.
•
HR Manager: Expanding into broader HR roles that encompass employee engagement as one of
the responsibilities.
•
Director and Executive Positions: Director of Employee Engagement: Managing a
comprehensive engagement program, often at a strategic level.
•
Chief Human Resources Officer (CHRO): As a senior HR executive, you'll have a holistic view
of HR functions, including engagement.
Page | 11
•
Consultancy and Training: Employee Engagement Consultant: Offering expertise to other
organizations seeking to improve their employee engagement.
•
Employee Engagement Trainer: Teaching best practices in engagement to employees and HR
professionals.
•
Entrepreneurship: Starting your own employee engagement consultancy or software platform can
be an option for experienced professionals.
•
Advanced Education: Pursuing advanced degrees (e.g., MBA, HRM, Organizational Psychology)
can open doors to higher-level positions.
•
Networking and Certifications: Join industry associations like the Employee Engagement
Network or obtain certifications in HR or employee engagement.
•
Cross-Functional Roles: Transition into related fields like organizational development, talent
management, or leadership development.
•
Global Opportunities: Explore international assignments or roles in global companies for broader
exposure. To make the most of these opportunities, consider continuous learning, staying updated
on industry trends, and networking within the HR and employee engagement community. Tailor
your career path based on your strengths, interests, and the specific needs of your organization.
4) A positive work environment: Creating a positive work environment that fosters employee
engagement involves several key elements:
•
Clear Communication: Open and transparent communication between management and employees
is crucial. Employees should feel informed about company goals, changes, and their roles within
the organization.
•
Supportive Leadership: Effective leaders who provide guidance, mentorship, and support can
greatly influence employee engagement. Encourage leadership at all levels of the organization to
be approachable and empathetic.
•
Recognition and Reward: Recognize and reward employees for their efforts and achievements. This
can include verbal praise, bonuses, promotions, or non-monetary rewards like extra time off.
•
Work-Life Balance: Promote a healthy work-life balance by offering flexible work arrangements,
and ensuring that employees are not overburdened with excessive workloads.
•
Professional Development: Provide opportunities for skill development and career advancement.
Employees who see a clear path for growth within the company are more likely to be engaged.
•
Inclusivity and Diversity: Foster a diverse and inclusive workplace where employees from different
backgrounds feel valued and included. This can lead to a more engaged and innovative workforce.
•
Physical and Mental Health: Support employees' physical and mental well-being. Offer wellness
programs, access to healthcare, and promote a culture that destigmatizes mental health discussions.
•
Collaborative and Supportive Teams: Encourage teamwork and a sense of community within the
organization. Teams that collaborate effectively can boost morale and engagement.
Page | 12
•
Autonomy and Empowerment: Give employees the autonomy to make decisions within their roles.
Feeling empowered and trusted can lead to higher engagement.
•
Feedback and Growth: Regularly provide constructive feedback and opportunities for
improvement. Employees should feel that their input is valued and that they can learn and grow in
their roles.
•
Job Security: A sense of job security can reduce anxiety and help employees focus on their work
and engagement.
•
Physical Workspace: A clean, comfortable, and well-designed workspace can positively impact
employee morale and productivity.
•
Cultural Alignment: Ensure that the company culture aligns with the values and beliefs of its
employees. This creates a sense of purpose and connection.
•
Fair Compensation: Offer competitive and fair compensation, as financial stability is a significant
factor in employee engagement.
•
Recognition of Personal Life Milestones: Acknowledge and celebrate personal milestones such as
birthdays, anniversaries, or life events to create a sense of belonging.
•
Conflict Resolution: Establish clear conflict resolution procedures to address issues promptly and
fairly.
•
Sustainability and Corporate Social Responsibility: Engage in socially responsible initiatives that
resonate with employees and show the company's commitment to making a positive impact.
Remember that creating a positive work environment is an ongoing process that requires
commitment from leadership and a deep understanding of the unique needs and preferences of your
workforce. Regular assessments and adjustments based on feedback are essential to maintaining a
high level of employee engagement.
5) Recognition and rewards for good performance: Recognition and rewards for good performance
are essential for employee engagement and motivation. Here are some key components of an
effective recognition and rewards program:
•
Clear Criteria: Define clear and objective criteria for what constitutes good performance.
Employees should know what is expected of them.
•
Timely Feedback: Provide regular and timely feedback on performance. Positive feedback can be
a form of recognition in itself.
•
Recognition: Recognize and acknowledge good performance publicly. This could be in the form of
verbal praise, written notes, or announcements at team meetings.
•
Peer Recognition: Encourage peer-to-peer recognition. Colleagues can nominate each other for
outstanding performance.
•
Awards and Certificates: Provide certificates or awards for exceptional performance. These can be
given out periodically or on special occasions.
Page | 13
•
Monetary Rewards: Offer financial incentives such as bonuses, profit-sharing, or salary increases
for outstanding performance.
•
Non-Monetary Rewards: Non-monetary rewards can be just as effective. Consider options like
extra time off, flexible work arrangements, or access to special projects.
•
Promotion Opportunities: Good performance should be linked to career advancement. Highperforming employees should have opportunities for growth within the organization.
•
Training and Development: Invest in the development of top performers by offering them access
to training, workshops, or conferences.
•
Employee of the Month/Quarter: Recognize outstanding employees with a special title and
privileges, such as preferred parking or a dedicated workspace.
•
Team Rewards: Recognize and reward entire teams for achieving collective goals. This promotes
teamwork and collaboration.
•
Long-Term Recognition: Establish programs for recognizing and rewarding employees for their
long-term contributions, like service awards.
•
Personalized Rewards: Tailor rewards to individual preferences. Some employees may value extra
vacation days, while others prefer gift cards or technology gadgets.
•
Feedback Loop: Continuously gather feedback from employees about the recognition and rewards
program to make improvements.
•
Communication: Ensure that employees are aware of the program's details and how they can qualify
for recognition and rewards.
•
Transparency: Be transparent about the budget allocated for rewards and how it's distributed. This
helps build trust.
•
Fairness and Equity: Ensure that the recognition and rewards program is fair and equitable,
avoiding favoritism or bias.
•
Performance Metrics: Link rewards to specific performance metrics and objectives to make the
process more data-driven and objective.
•
Celebration Events: Host events or celebrations to honor outstanding employees, like award
ceremonies or team dinners.
•
Social Recognition: Use social media or internal platforms to celebrate and share employees'
achievements with the entire organization. Remember that an effective recognition and rewards
program should be aligned with your organization's culture and values. It should also evolve over
time to remain engaging and meaningful to employees.
6) Work-life balance: Work-life balance is essential for maintaining overall well-being. It involves
effectively managing your work commitments and personal life to ensure you have time for family,
leisure, and self-care. It can vary for individuals, but some tips include setting boundaries,
prioritizing tasks, and taking breaks to achieve a healthier balance
Page | 14
Benefits of employee engagement: Engaged employees tend to be more productive, have higher
job satisfaction, and are less likely to leave the organization. They also contribute to improved
customer satisfaction and overall business performance.
Measuring engagement: Various methods are used to measure employee engagement, including
surveys, feedback sessions, and performance evaluations. Common employee engagement
survey questions assess factors like job satisfaction, motivation, and commitment.
Employee engagement initiatives: Organizations often implement strategies to enhance
engagement, such as:
➢ Employee recognition programs
➢ Training and development opportunities
➢ regular feedback and performance reviews
➢ Team-building activities
➢ Flexible work arrangements
➢ Wellness programs
The role of leadership: Leadership plays a crucial role in fostering employee engagement.
Effective leaders set clear expectations, provide support and feedback, and create a positive
work culture that values employees' contributions.
Challenges in improving engagement: Employee engagement is not a one-size-fits-all solution,
and organizations may face challenges in maintaining high levels of engagement. Common
obstacles include communication gaps, lack of career growth opportunities, and work-related
stress.
Continuous process: Employee engagement is an ongoing process that requires regular
assessment and adjustment. Organizations should be responsive to employee feedback and
adapt their strategies to meet changing needs and expectations.
Legal and ethical considerations: It's important for organizations to ensure that their
engagement initiatives comply with labor laws and ethical standards. Fair treatment, nondiscrimination, and respect for employee rights are crucial.
Impact on the bottom line: Research suggests a strong correlation between employee
engagement and business success. Highly engaged employees are more likely to drive
innovation, provide excellent customer service, and positively impact an organization's
financial performance. Overall, employee engagement is a complex and dynamic concept that
can significantly influence an organization's success. It involves creating a work environment
where employees feel valued, motivated, and aligned with the company's mission and goals.
Organizations are finding it very difficult to keep their best employees. It's one thing to
attract the best talent; it's quite another to keep them. Employee retention is simple to
understand, but it can be difficult to implement. An excellent first step is to figure out
what their staff want and need. Management should take an active role. Recognize and
Page | 15
accept that they could be accountable for overseeing the things within their power to
assist in the retention of their most valuable workers.
Employees that are aware of the need of retaining the top talent are always aware of the
importance of doing so. Retaining best performers, it has been extremely important in the
Indian context. However, Companies have never placed a greater emphasis on retaining
key personnel and addressing attrition issues.
Companies can either keep their staff or lose them to the competition. Forgotten There was
a time when employees would stay with a company for years because they didn't have a
better option. Opportunities abound now. It is undeniable that crucial staff retentiveness
method is necessity to stay for long period and to get profitability. In organization employee
performance is frequently linked to the quality of their work, customer happiness, and other
factors as well as enhanced output.
WHAT IS RETENTION ALL ABOUT
R- Reward in a challenging way
E-Encouragement and hopes
T- Train to develop employees
A-Annual evaluation
I – Instruct and involve
N - Nourishment.
➢ HR PRACTICES TO RETAIN EMPLOYEES:
Enhancing the level of professionalism in the organisation: Employees leave organisations
where intra-organizational relationships are unstructured and judgments are made based on
individual prejudice instead of professional considerations. A corporation can improve the
working atmosphere by implementing systems that bring objective into its internal
operations.
Page | 16
➢ Transitioning from a family to a professional management position: Professional managers
leave most family-managed businesses because they can't picture themselves in critical
positions or operating with the freedom that their titles demand. A company's turnover rate
can be reduced by promoting individuals to high management roles.
➢ Make performance appraisals objective: A performance appraisal procedure that includes a
list of quantifiable performance criteria. Employees will no longer be concerned that their
bosses could evaluate their performance in any way that is convenient. Because
performance appraisal is most important thing that employees expect from their seniors in
the organization.
➢ Increasing employee engagement: Employee retention systems that improve employee
involvement and participation ensure that all staff are highly satisfied, enjoy working,
notify to responsibility on period, feel responsible for their job, feel valuable for their
contribution, and have a high level of job satisfaction.
➢ Employees participation in speedy decisive: People want to work in businesses where their
input is valued. The greater a worker's participation in the decision, the higher the retention
rate of the company. If a participatory decision-making process is good, 100%
empowerment will be better, in my opinion.
➢ Ensure that authority and responsibility are in sync: Most firms make the mistake of
considering an employee liable for a certain task without giving them the authority to
complete it successfully. Frequently firms are made worse. Unfortunately, they offer other
individual the same degree of power but just don't make them responsible.
➢ Employee happiness is estimated in a number of ways: Companies are so focused on
meeting the needs of their external customers that they overlook their internal customers.
Employee satisfaction surveys conducted on a regular basis can identify possible
flashpoints and allow the organisation to take corrective action in the role of employee
satisfaction.
➢ Both personal and professional targets to align: Many companies fall into the trap of
pushing their staff to put their personal life objectives ahead of the company's. Employees
are forced to quit as a result of this. The most successful businesses strike a mix of the two.
➢ Creating a strong reward system: Income is not just a source of frustration, but it can also
be a motivator. While companies who pay best-in-industry salaries may find it difficult to
inspire their staff.
Page | 17
➢ Improving company openness and visibility: Staff hate working in "dark" companies where
knowledge is rationed based on need. They want open and willing to discuss every element
and part of its operations with its members.
➢ Employee promotion: An organisation regularly hires from outside to fill vacancies is
bound to have retention issues. Employees who realise they will not be upgraded to fill the
openings will depart. Employee ownership is a good retention technique.
➢ Assisting employees in learning new skills: Organizations might experience there is a need
to recruit new staff with new skills or retrain current workers as work profiles and necessary
talent fix for a given profession changes. Company which chooses for the latter are more
likely to succeed. It Will find it simpler to keep its employees because the induction and
training programmes demonstrate that the company give value for their performance and is
prepared for professional development.
➢ Putting a spotlight on welfare reforms: Employees are more than simply a collection of
qualified workers; they are persons have families and lives outside of work. Organizations
that realise this will assist employees in realigning a better working -personal life balance
and will be less likely to experience challenges than those who do not. The three most
commonly employed retention tactics in India are enhancing the organization's degree of
professionalism, implementing a goal to achieve task rating scheme, guaranteeing a
matching between roles and accountability.
➢ Pay and benefits that are competitive: Although compensation is not the primary motive, it
does have an impact on whether or not employees stay with the company, especially if that
is not competitive. If your pay isn't competitive with others or the top in the company. It is
definitely going to become the source for dissatisfaction of employees.
➢ Opportunities to advance one's career: In today's environment, the importance of
motivating factors cannot be overstated. Employees are continuously looking for new ways
to improve their talents in order to be promoted and employable in today's fast-paced world.
Individual learning requirements must be considered by an organisation, and appropriate
learning opportunities must be created for them. Furthermore, staff should be provided
chances to score their newly - acquired skill to be used in the office so that they could
display their value to the firm. This would cheer them up happier about themselves.
➢ Employment stability: In this unpredictable period of huge layoffs, shrinking, and closure,
job security is more important than ever. Some of the enlightened corporations provides
stable employment almost to an extent but others in the market can't even come close to
Page | 18
replacing it. To avoid retrenchments and layoffs, these organisations use a variety of
strategies such as redeployment and lowering payment and benefits conditions.
➢ Elastic and comfortable work hours: Providing easy work hours, commuting, career breaks,
and geographical location choice are just a few examples of how jobs can be structured
arranged to meet the demands of individuals.
•
According respondents age demographics, there is no substantial difference in their perceptions
of staff retention tactics.
•
Among married and unmarried respondents, there is also no significant disparity in their
perceptions of staff retention tactics.
•
According to respondents' educational backgrounds, there is no substantial variation in their
perceptions of staff retention techniques.
•
Based on their attitudes regarding staff retention tactics, there seems to be no statistically
significant variation in respondents' pay.
•
Based on their monthly income, there really is no economically significant variation in
respondents' assessments of employee retention techniques.
•
There is no substantial variation in the respondents' perceptions of employee retention methods
based on their family types.
•
Depending on the size of the company, there is no scientifically significant variation in
perceptions of staff retention tactics.
•
Depending on the size of the respondent's family there is no scientifically significant variation
in perceptions of staff retention tactics.
•
There is no statistically significant difference between the two groups when it comes to staff
retention tactics.
•
Based on years of experience in the organisation, there really is no statistically significant
difference in perceptions of employee retention tactics.
•
The respondents' overall experience and view of employee retention tactics do not differ
statistically significantly.
➢ JOB PERFORMANCE:
Previous descriptions made clear how important work performance is to both an
individual's and an organization's success. It is equally crucial to job happiness. One may
argue that work performance comes first since it determines whether an employee is
satisfied or not. It follows that, in light of the focus being paid to job happiness, emphasis
Page | 19
should also be paid to employee performance in order to achieve both organizational and
personal goals. In the rapidly changing market trends, employees are the major factor
causing a business to last for a long time. Employees are vital to the firm and contribute
significantly.
Therefore, keeping them within the company becomes crucial. This affects organizational
productivity, which ultimately may help the organization realize its vision and goals. In
today's workplace, it is generally accepted that highly contented and devoted workers will
provide high-quality work output. Unquestionably, every businessstrives to keep and
inspire its workforce in order to accomplish the corporate vision andgoals. The company
encourages employees to do well on the job by providing training and development
programs as well as numerous rewards for excellent performance. 13 Therefore, there are
many different reasons why a job is done well. The motivation of one individual may come
from the commission earned on sales, whilst the motivation of the other person may come
from achieving sales goals. For example, two persons performing comparable occupations
may both be successful for different reasons.
➢ This addscomplexity to the topic since motivation improves performance, which varies
across individuals and between organizations. The managers are faced with these
difficulties while creating motivating tools that are acceptable and could be able to achieve
the desired performance inside the corporate work culture. As a result, academic thought in
the field becomes increasingly critical.
➢ In light of this, several scholarly works by researchers and managers in the field have made
sure Job performance is typically defined as an outcome obtained or performed at work and
the real contribution of a person or team to the strategic goals of the organization, such as
stakeholder happiness, a positive reputation, economic sustainability, etc. Vittles (1953)
suggested that both "will to work" and "capacity to work" affect the degree of performance.
In his "X" and "Y" theories, McGregor (1960) created the notion of work performance.
Theory "X" argues that a negative trait leads to poor performance, whereas Theory "Y"
argues that good attributes lead to excellent performance.
➢ According to Vroom (1964), motivation multiplied by skill determines how well an
employee performs on the job. Job performance is the foundation of everything in a firm
in terms of human resource performance, he noted. Only when the holders of each structural
position carry out their responsibilities in a coordinated manner can an organization
function effectively. According to Pervin (1968), performance is the outcome of the
interaction between a person's characteristics and their movement. Katz and Kahn (1978)
Page | 20
defined role performance in a system as meeting or exceeding the qualitative and
quantitative requirements.
➢ Performance was seen more broadly by Brumbach (1988), who took into account both
actions and results. He saw of actions as "outcomes in their own right" that "may be
promoted independently from consequences." Any manager's function may be broken
down into three parts: being, doing, and relating. Performance has an influence. According
to Louis Pasteur, being is concerned with a manager's abilities that are related to his or her
performance and favor the mind that is ready.
➢ Most importantly, being shows that a manager has prepared their thoughts; doing focuses
on the manager's activities that vary in effectiveness at various levels in organizations and
affect the performance of other roles that are dependent on the manager's output and the 14
organizational performance as a whole; and relating emphasizes the nature of the
relationship between the manager and the organization. According to Sharma (1986), work
performance is a measure of assessed behavior that comes from an individual's wellrounded functioning. the performance of a certain task, responsibility, or duty within a
specific organization isreferred to as "job performance."
➢ Job performance was described as "observable things people do, i.e. behavior that is
significant for the purposes of the company (i.e., specified goals)" bySmith (1976), Murphy
(1989), and Campbell (1990). Task performance is described by Murphy (1989) as the
execution of duties or obligations related to a certain job. According to Campbell (1990),
performance is a behavior that should be separated from its results, which can be benefited
or delayed by many variables.
➢ Performance referred to as "contextual performance" enhances the togetherness of the
workgroup and contributes to organizational effectiveness Role performance refers to the
actions and conduct that are formally mandated and directly advance the objectives of the
business (Montevideo and Van Scotter, 1994). For example, sales volume and keeping up
with technological advances are some of the lesser elements that make up in-role-job
success (Behrman and Perreault, 1982). The term "extra role work performance" refers to
the acts that, though not expressly required, are viewed by management as a public sign of
loyalty to the company. (Pearceand Gregersen, 1991).
➢ Organizations value extra-role activity because it fosters employee cohesiveness and
therefore indirectly advances the objectives of the organization (Mckenzie, et al., 1991).
Employees' work habits determine how well they accomplish their jobs. The most precious
Page | 21
resource in any firm is its workforce. Engaging them in performance improvement will
result in a profitable and extremely productive firm.
➢ Each person has a particular working style, and some have the maximum capacity
regardless of the incentive while others might need a sporadic jumpstart If they are properly
handled, the result might boost productivity and staff morale. For this, we need to be aware
of the variables that could affect how well employees perform.Each employee may be
affected differently by various workplace factors.
➢ Their demeanor and attitude can make a big difference in how well they succeed. Factors
of Job Performance Obedience, effectiveness, timeliness, public speaking, job expertise,
and interpersonal communication are elements of job performance that affect job
performance. These elements ultimately contribute to an improvement in each person's
overall 15 organizational success and, therefore, job performance (Gandhi, 2002). A
person's compliance with the standards and guidelines, the caliber.
➢ The caliber of the services he provides, his adherence to management's directives and the
organization's laws and regulations, his sincerity in working toward his assigned goals, and
his role as a motivator for others. efficiency: It encompasses the range of answers a person
offers to challenges facing the organization,his enthusiasm for his work, and his
commitment to Efficiency involves the range of options a person offers to address
organizational issues, his enthusiasm for his job, hiswillingness to work under pressure, his
ability to adapt to change, and his familiarity with prior planning to address pressing future
circumstances.
➢ Punctuality is the regularity with which one does job obligations, whether or not he
prioritizes the task, whether or not he appreciates the importance of time, whether or not he
follows the timetable, and whether or not he finishes the project before or by the deadline.
Public dealing: This comprises the person's civility, helpfulness, and care for stakeholders,
customers, and others; the extent to which he is able to respond to their inquiries; his
attitudes when offered advice from other individuals; and his attempts to improve his
connections with clients.
➢ Job knowledge includes knowing all of the institutions' services and programs, being clear
about his objectives, being knowledgeable about technology, making an effort to put his
theoretical knowledge into practice, being able to act in an emergency situation, and being
able to comprehend client requirements as well as social and economic conditions.
Interpersonal communication: This refers to how accurately he communicates, how he
Page | 22
interacts with coworkers and superiors, how he views other people, how he presents ideas,
how he spends his leisure time, and how he engages in group activities.
➢ The notion of work performance and its components were discussed above. It is well
acknowledged that these variables have a critical role in work performance. It was deemed
important to comprehend the link between job satisfaction and performance after defining
the
ideas
and
numerous
aspects
of
job
happiness
and
job
performance.
ORGANISATIONAL CULTURE The word "culture" is frequently used in conversations
at work. It has been assumed that we are aware of its significance. "The integrated pattern
of human activity that involves thinking, speech, action, and 16 objects and depends on
man's ability for learning and sharing knowledge to future generations," according to the
dictionary, is how culture is defined.
➢ Despite the fact that this is a basic description, there are several key components that apply
to That isto say, conduct issocialized (taught to its members) tosome extent in any culture
(organizational, national, family), resulting in the patterns of behavior, mind, speech
actions, etc. are made to fit into what the culture as a wholeconsiders normal. Social
scientists who have investigated this organization have provided several definitions of
organizational culture. Here are a few illustrations of these concepts.
➢ Others have defined organizational culture differently based on their own research
experiences. The fundamental elements—individual needs and corporate objectives—
remain constant across all formulations. For instance, Forehand and Gilmer1(1964) defined
organizational culture as the collection of traits that characterize an organization and a) set
an organization apart from others. b) that have a long history of stability; and c) that affect
how individuals behave inside an organization.
➢ Litwin and Stringer (1968) provided information regarding the characteristics of
organizational culture by defining the following nine elements. The following are stated in
that order: structure, accountability, reward, warmth, support, identity, standards, and
conflict. Schneider and his colleagues3 (1992) defined organizational culture as a group of
assumptions employees hold about their firm. The father of organizational culture is
regarded as Edgar Schein4 (1985).
➢ According to his definition of organizational culture, it is "a pattern of fundamental beliefs
invented, discovered, or developed by a particular group as it learns to deal with its issues
of external adaptation and internal integration - that have worked well enough to be
considered valid and, therefore, to be taught to new members as the correct way to perceive,
Page | 23
think, and feel in relation to" Organizational Culture - Power Model There is no agreement
on the concept or definition of culture, despite the rise in studies on organizational culture.
➢ Although an effort has been made to distinguish some of them, terminology connected to
culture (such as culture, climate, environment, atmosphere, ethos, etc.) has been used
broadly and interchangeably (Pareek31, 1992). The collective set of assumptions, values,
and ideas that make up a culture 17 the interaction with nature and significant occurrences
(Examples: power, biological distinctions, context, time, environment, collectivity, etc.)
Rituals, interior design, furnishings, and approaches to coping with various occurrences are
all examples of artifacts that represent a culture.
➢ One foundation for categorizing cultures is the distribution and concentration of power.
These Autocratic (or feudal), bureaucratic, technocratic, and entrepreneurial are the four
organizational cultures that can be distinguished from one another(or organic and
democratic). Observing correct protocol with respect to the person(s) in authority and
having power concentrated in a small number of people are characteristics of autocratic or
feudal cultures.
➢ The priority placed on processes and regulations, hierarchy, and impersonal and distant
connections define bureaucratic culture. The emphasis of the technocratic culture is on
advancement and technical/professional standards. Achieving outcomes and giving
consumers exceptional service is important in the entrepreneurial culture. Organizational
culture and effectiveness.
➢ There is limited agreement on a comprehensive theory of organizational culture, despite
the fact that several academics have created integrative frameworks for organizational
culture (Allaire and Firsirotu33, 1984; Hatch34, 1993; Martin35, 1992; Ott36,37, 1989;
Schein38,39, 1985, 1990). Additionally, there is a health’s skepticism about whether
organizational culture can genuinely be "measured" in a comparable sense because culture
is a multifaceted entity that encompasses everything from hidden assumptions and ideas to
outward structures and behaviors.
➢ Research on the connection between Lack of consensus over the proper effectiveness
metrics limits organizational culture and effectiveness. Despite these difficulties, deeper
comprehension of this subject is essential for the advancement of organizational studies.
Despite the long history of therelationship between organizational culture and
effectiveness, the majority of current research has its main foundations in the early 1980s.
➢ The strategic significance of organizational culture was highlighted by Peters and
Waterman (1985) and Deal and Kennedy (1982) (1982), sparking interest in the subject that
Page | 24
is still evident today. By examining the significance of the "fit" between inorganization and
its environment and highlighting flexibility, Kotter and Heskett40 (1992) elaborated on this.
As a basic framework, this study uses the organizational culture model created by Denison
and his colleagues (Denison41, 42, 1984, 1990, Peters T.J. and Waterman 18 R.H. [1982]).
Harper & Row, New York, 1996; Denison and Mishra43,44 1995, 1998; Denison and
Neale45, 1996.
➢ Denison and Young46, 1999; In Search of Excellence: Lessons from America's Best Run
Companies. By creating an explicit model of This line of research has made a substantial
contribution to the area by providing insights into organizational effectiveness and a
trustworthy method to evaluate organizational culture. Using this technique with senior
executives in 764 organizations, Denison and Mishra (1995) showed how the four main
cultural traits were related to key effectiveness aspects. For instance, this study found that
the external orientation traits of involvement and adaptability were the best predictors of
innovation, while the flexibility traits of involvement and adaptability were the best
predictors of sales growth.
➢ The stability traits of mission and consistency were also found to be the best predictors of
profitability. Four cultural characteristics of successful organizations serve as the
foundation for the Denison model. Below is a brief description of these four characteristics
along with citations to where they appear in the organizational studies literature. Denison
and Mishra have presented a more thorough assessment connecting these characteristics
tothe literature (1995). Organizational Culture and Individual Behavior.
➢ It has been acknowledged for a long time how organizational culture may affect how people
behave. M.P. Carroll65 noted in 1982 that culture, like morality, laws, and practices,
influences behavior and is passed down to future generations. (1982; Carroll) Hofstede
connected culture to the communal programming of a group's minds that sets them apart
from other groups. He argues that a person's social culture is what determines their
programming.
➢ (1991, Hofstede 66) With the invention of the computer, more useful metaphors for
illuminating how culture affects people are now available. Hall compared culture to a big,
intricate computer that codes people's attitudes and behaviors. He contends that for the
system to function, employees must learn the tenets of their organization's culture. A group
of concepts and techniques known as "organization development" (OD)
➢ Its aim to change organizations in the direction of greater effectiveness. To improve
organizational and employee climate, health, functioning, and well-being, Bechard and
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Harris' (1977) organization development model recommends that OD practitioners
intervene in individual, group, and system-wide processes and practices. This strategy is
distinguished by its focus on deliberate "interventions" into several facets of 19
organizational life.
➢ The foundation of OD programs is the idea that individuals and their organizations should
be client- and employee-centered. Finding the root causes of resistance to change and
providing solutions to address them are particularly important aspects of change
management. Cummings and Worley's67 (1993) change management model involves the
following actions: gaining political support for change, managing the transition, and
sustaining the momentum for change. Since organizations are made up of powerful
individuals and groups with the power to support or oppose change, gaining political
support for change is crucial. To implement changes, change agents need to acquire their
support.
➢ The process of managing the change's passage from the current state to the desired future
one is also crucial. In addition to constructing unique management structures for running
the organization throughout the transitional time, this task includes developing a strategy
for managing the change activities. Last but not least, maintaining the momentum for
change is essential if the transformation is to be completed.
➢ Building a support network for change agents, supplying resources for change
implementation, creating new competences and abilities, and reinforcing new behaviors are
all included in this activity. The behavioral intentions model developed by Ajzen and
Fishbein68 (1980) explains the relationship between planned behavior and attitudes.
➢ In accordance with this theory, an individual's behavioral purpose determines their
behavior, which is then caused by their behavior based on their attitudes about the behavior
in this case, change behavior subjective norms and perceived be behavioral control. Their
concept contends that when it comes to a proposed change and its implementation, having
favorable beliefs about the change results in positive attitudes toward the change, which in
turn provide be behavioral intentions to support the proposed change'simplementation.
➢ Finally, Trice and Beyer's (1993) synthesis of information on workplace cultures highlights
the crucial function of culture in directing human behavior and covers a variety of topics
related to managing and altering workplace cultures. Advice for managing and maintaining
cultures in work organizations, leadership, and other key ideas was collected from their
conversations and used in the overall model. civilizations, groupings that serve as the
foundation for subcultures, and the 20 development of organizational cultures.
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➢ Changing the organizational structure and/or the attitudes and treatment of the human
resource component of the organization are two ways to modify behavior in organizations
(Cummings and Worley, 1993). Even if the structure is altered, it will eventually affect the
attitudes and subsequent actions of those who work there. Due to the interconnectedness
between the process and the many tasks carried out in the process, a change at the process
level of an organization will have an effect on the attitudes of individual job performers
➢ (Rummler and Brache70, 1995). A training and development plan must be created in order
to try to influence employees' attitudes, which will then affect their behaviors. A successful
implementation of DTQ (Development of Total Quality) was made possible in large part
by training the staff in a range of skills, including how to grasp the techniques and
instruments of quality management.
➢ RETENTION FACTORS WHICH EFFECTS EMPLOYEES TO
STAY FOR LONGER PERIOD:
•
Progression in future growth through learning and development.
•
Challenging task with excitement.
•
Meaningful work, making difference and a contribution.
•
Good superior and boss.
•
•
Being a part of team while working in a team.
Friendly colleagues.
•
Recognition and performance appraisal when work done well.
•
Fun and employee engagement at the workplace.
•
Great work culture and environment.
•
Elasticity in uniform code, easy working hours.
•
Well pay and other employee welfare scheme.
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•
Inspiring leadership.
•
Satisfaction while working.
•
Location.
➢ Why is it necessary for a company to keep a good employee?
•
A corporation invests a lot of money in training and developing an employee so that he is ready
to work well and grasp the corporate culture.
•
loosing corporate technical skills: If one staff quits, she or he will take with them ideas and
skills like convincing customers and will take data regarding the business and its permanent
customers, projects permanently. Time and money have invested in the worker in the hopes of
returning. A company's investment is lost when an employee leaves.
•
A company invests a lot of time and money value for developing an employee and preparing
him to do the work, when staff leaves the company, he could join competitor’s organization.
•
Organization’s policies and procedures could be understood if worker is working from long
time, allowing them to adjust more effectively. It is critical for the company to keep a good
working employee and his presentation potential.
•
Clients and customers do business with a company in part because of the personnel. Business
sponsorship is encouraged through the formation of relationships. When a company's employee
quits, the relationship the employee formed with the company is broken, which could lead to
customer loss.
•
When a current employee resigns, it is more likely that he or she will join a competitor's
company.
•
Maintaining a good functioning employee and his presentation potential is critical for the firm.
➢ Handling Employee Retention:
The process of handling workers could explain in 3 simple methods.
1 Determine the cost of employee turnover.
2 Determine why employees leave the organisation.
3 Finally, put retention initiatives in place.
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4 Calculate the staff turnover.
Organisation could begin by calculating the staff turnover rate over a specific interval duration
and comparing them to competitors. This will aid in determining whether the company's staff
retention rates are good. On other hand, the staff turnover rate is calculable. Attrition costs
companies mid value of one and half year pay to every superior who resigns, where amounts
to significant organisational and financial stress.
➢ Recognize why people are leaving the company:
Top management is frequently perplexed as to why employees leave. Exit interviews are an
excellent method for documenting and analysing, things which lead workers to resign the
job at the organisation. Enable an organisation for comprehend, factors for resigning as well
as the underlying issues.
➢ Putting retention tactics in place:
Factors for attrition rate have been identified, a process for reduce employee turnover will
be implemented. The most effective strategy for dealing with attrition is to take a
comprehensive approach.
➢ How could be retention improved at the organization?
o Employee would like to have a fun at their work, hence provide them fun culture. Recognize
workers must handle their professional life as well as personal life, provide comfortable start
work table. 360-degree review facility to encourage open discussion among co-workers. Use
anonymous survey questionnaire in particularly, so that staff will be much more truthful and
honest in their replies. Allow employees to advance their careers within the organization. With
competitive benefits.
o Employees with People should be targeted for job applications. When conducting an interview,
look for characteristics. Inquire with the staff about their satisfaction of job. Knowing these
thing may help to make an employee to stay for longer period.
A successful retention strategy will aim to achieve the following goals: impressing and
hiring process to make correct person who is fit for the company to be chosen. The first
impressions of new employees about the company are positive. Employees have access to
appropriate development opportunities and are kept informed about their likely career path
with the company. Employee motivation is reflected in the company's reward strategy. How
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Can You Improve Employee Retention? Companies have now realized how critical it is to
keep their best employees. Retaining high-performing employees boosts the company's
productivity and boosts employee morale.
Pay, work place culture, satisfaction compared to other companies. But, in terms of
performance, do they actually make a difference?
Increased a rate of attrition into firm should pushed employers for employ several novel
retention process. One of the most important tools for retaining employees is the retention
bonus. An annual extra money value like bonus is a monetary value given for workers. In
order for keep t on board during a critical business cycle. Organizations undergoing better
changes, such as retention bonuses becoming more common. They must provide a
compelling incentive for key employees for keeping factors on during those changes in
order for maintaining performance Monetary factors for staying put have proven to be
effective.
Some businesses, on the other hand, salary progresses. A retaining duration can last
anywhere between six to 24 months. This could be used for a specific project. Employees
who have worked diligently on the project are eligible for a retention bonus as long as it is
completed. For example, if a system takes 18 months to implement, most of them to offer
them. Stay-pay bonuses are best implemented in retail/wholesale businesses, followed by
financial service providers and manufacturers.
Retention bonus plans are used by businesses of all sizes to keep knowledgeable employees
on board. Organisation is offering a cash component-based retention bonus plan to
experience workers following the this is primarily to keep good employees by providing a
monetary incentive to keep them motivated.
A good manager could contribute in retention because he could create a Safe and Healthy
Workplace which enlivens and enriches an environment. He affects the work of an
employee through Managing talent and establishes a loyalty culture.
➢ THREE R’s OF RETAINING EMPLOYEES:
• Fig – 1.1 Three R’s of Employee Retention:
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Employees want to be recognised for their efforts. This need is met by rewards and
recognition, which validate performance and motivate employees to strive for efforts
continuously. Recognising each and individual for their hard work has an impact on the
other person being rewarded, organisation could get expertise feeling excellent through a
rewards programme. Rewards are meaningful to recognise; however, workers might believe
efforts go unnoticed, unvalued. Other workers feel recognised inappropriate behaviour
Turnover can be exacerbated by unrecognised and valued performance. Recognizing a task
completed well satisfies those employee's want for good review on other workers.
When people in the workplace do not feel respected, the consequences can be disastrous.
Professor Christine Porath of Georgetown University discovered that a lack of respect in
the workplace leads to less effort, lower quality work, and poor performance in a study of
over 14,000 workers in the United States and Canada.
According to the Society for Human Resource Management, workplace respect is the most
important factor in job satisfaction. Employees who are respected are less likely to leave
the company. As a result, one of the most important retention strategies in HRM is to foster
respect in the workplace.
➢ EMPLOYEE RETENTION STRATEGIES:
• First and foremost, hire the right people.
• Give employees the authority to get things done by empowering them.
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•
•
•
•
•
To complete the task, prepare workers realise they are important fortune of the
organisation by having faith in, trusting, and respecting.
Give feedback on their work.
Acknowledge and value their accomplishments.
Maintain a positive attitude.
Create an environment in which employees want to work while also having a good time.
➢ There are three levels to these practises:
• Low level
• Medium level
• Top level
➢ Retention Involves Five Basic:
1.Things Environment: A motivated employee wants to contribute to work areas outside
of his specific job description. Ramlall (2003) stressed that a suitable work environment
is the need of an employee in an organization as it will encourage commitment.
Nelson(2006), explained in his study that job satisfaction is priceless, incomparable and
invaluable. Hopeless employees negatively upsetting the desire level of work. A little
amount of employees which are satisfied with their work not only affect the performance
but also the work environment affects the performance of employees and performance of
organization.
2.Growth: Growth is an integral part of every individual’s career. If an employee
cannot foresee his path of career development in his current organization, there are
chances that he’ll leave the organization as soon as he gets an opportunity. Grossman,
J.(2002) stressed that Work growth is the effect of employee performance in the
organization as well as the result of organizational provenance provided to employees by
organization. The Growth and productivity is the ultimate result of employee behavior
such as performance, retention, satisfaction of employees.
3.Compensation: Compensation constitutes the largest part of the retention process. The
employees always have high expectations regarding their compensation packages.
Compensation includes: Salary and Wages, Bonus, Health Insurance, after retirement
benefits. Davies, Taylor, &Savery (2001) Compensation to top workers is given by
every organization but very few organizations uses it strategically. They said that
“Salary and benefits policies are not being used strategically, within the organization to
improve morale, reduce turnover, and achieve targets within an establishment”. In a
research it was concluded that although compensation was not one of the top factors
influencing non-management turnover but compensation can act as a critical factor
in reducing managerial turnover and increasing commitment.
4. Relationship: Sometimes the relationship with the management and the peers
become the reason for an employee to leave the organization. The management is
often not able to provide an employee a supportive work culture and environment in
terms of personnel and professional relationships. A supportive work culture helps grow
employees professionally and boosts employee’s satisfaction. There are times when an
employee starts feeling bitterness towards the management or peers, which leads to less
satisfaction and eventually attrition.
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Armstrong (2003) Employee relations consist of all those areas of human resource
management that deals with employees directly and through collective agreements where
trade unions are recognised. The union practices for the welfare and good working
condition of the employees. Employee relations are concerned with generally managing
the relationship between employer and employees at the workplace that can be formal e.g.
contract of employment or procedural agreement.
5.Support: Employees today are asking for a work place that helps them balance the
demands of their work and family lives, rather than forcing them to one over the other.
Schemes like: Special schemes for their children, Scholarship, Medical benefits, Training
etc William Kahn(1993) "The harnessing of organisation members' selves to their
work roles; in engagement, people employ and express themselves physically,
cognitively, and emotionally during role performances.” Employee engagement with the
definition: "an employee's involvement with, commitment to, and satisfaction with work.
Employee engagement is a part of employee retention."
➢ Employee Retention Strategies:
The basic practices which should be kept in mind in the employee retention strategies are:
1. Hire the right people in the first place.
2. Empower the employees. Give the employees the authority to get things done.
3. Make employees realize that they are the most valuable asset of the organization.
4. Have faith in them, trust and respect them.
5. Provide them information and knowledge.
6. Keep providing them feedback on their performance.
7. Recognize and appreciate their achievements.
8. Keep their morale high.
9. Create an environment where the employees want to work and have fun. People want to
enjoy their work so make work fun and enjoyable. Understand that employees need to
balance life and work so offer flexible starting times and core hours. Provide 360
feedback surveys and other questionnaires to foster open communication. Consider
allowing anonymous surveys occasionally so employees will be more honest and candid
with their opinions. Provide opportunities within the company for career progression
and cross-training. Offer attractive, competitive benefits.
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CHAPTER-2
REVIEW OF LITERATURE AND RESEARCH DESIGN
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2.1 REVIEW OF LITERATURE AND GAPS:
A review of literature hopefully contributes for an understanding of researches made on
retention strategies. It provides different dimensions of results analyzed by eminent
researchers on the topic of present study and The researcher is also notified of the
significance of the study. It also opens the way for designing the study design, defining the
objectives, developing theoretical foundation, and selecting the appropriate methodology in
order to draw reliable conclusions and reach a meaningful result. Research articles has been
evaluated and provided in the study in order to meet these goals.
➢ Meenakshi S Nair (2007):
conducted a study on ‘Employee Retention Strategies’ and found that the employees, they
care deeply They want to know how their efforts are paying off for the organization to which
they devote their time, energy, and career investments.
According to what workers/employees believe most important to them in their jobs are
interesting job. Secured work, satisfied earnings, company future, pleasant work place, loyal
employees and assistance with personal problems are all desirable qualities.
➢ According to Terence (2001):
In there seem to be numerous explanations for a worker to depart voluntarily. Personal
characteristics could have an impact on some, while structural difficulties may have an
influence on others.
Family situations, professional progress, and appealing career prospects, among other things
are all personal variables. Organizational reasons include a lack of promotion opportunities,
unfair treatment of personnel, and a mismatch among organizational and personal principles,
named few factors under.
Lack of career opportunities, unjust treatment of workers and a mismatch between
organizational and personal values, to name a few organisational factors. Turnover is an
important issue for both the company and individual. Moreover, it is stated that the
emergence of shock, whether predicted or unexpected, lead to severe intentions (intention)
to leave. Shocks can be either positive, negative, or neutral.
Perceived alternative offers, pregnancy, and other positive factors; negative factors such as
friends quitting, less performance reviews, and so forth; and neutral factors such as spousal
transferring, changes policy structure, etc.
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➢ An analysis on worker retention by Cardy and Lennick-Hall (2011):
concentrated on a quite consumer attitude. The worker equality concept was employed
in this research. This study focuses on employee values rather than extrinsic factors that
impact the commitment to continue or go. To put it differently, the focus of this study
was also on the intrinsic elements that influence whether or not employees stay. workers
retention strategies in the information technology industry were investigated.
➢ Lathe and Chitra Devi (2011):
her study's main objective is to figure out why employees are leaving one firm for
another, i.e., migrations cause, and to assess retain benefits. The implementation of a
discriminating analysis system revealed that its industry needs to focus on remuneration
and work happiness. These were some of the most essential tactics used to keep people
in firms, as well as job security.
➢ Kossivi and Kalgora (2016):
From the findings of earlier research studies, intended to examine the multiple factors
for retentiveness, including promotions and raises, professional and personal life
stability, salary, management style, workplace culture, personal freedom, skills
development, and support networks, and many others.
Management and leadership receive more focus in their research, but company culture,
independence, and learning & support receive less. Furthermore, the final findings said that
extensive research depending on the job sector might well be performed.
➢ Dr. Nandini Shekhar & D.N.S. Kumar:
It is difficult for companies to gauge how much effort they should put into promoting
loyalty, given the mobility of workers today. In another dimension, many studies have
proved the connection between loyal employees and business success.
This study attempts to throw some light on both employee loyalty to organizations and vice
versa. The pertinent case analyses perceptions among various employees with respect to
loyalty towards Polyhydron Pvt Ltd, Belgaum, India.
An interview schedule containing 40 items was used to collect data from the different strata
of employees. Results indicated a significant effect of organizational variables on employee
loyalty. The study also builds a case with appropriate variables while exploring various ways
to enhance the employer’s loyalty towards the organization and its employees, interlinking
perspectives from view point of both employer and employee and highlights its benefits.
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➢ Aalaa Al-badarneh:
The Automobile industry is one of the major industries that can contribute to country’s
economic development. The automobile industry in India is one of the largest automobile
industries in the world. Also, India’s Automobile market is one of the fastest growing
markets in the world. As North- East is still a virgin market for expansion of many
Automobile companies, it is seen that the numbers of Automobile service workshops are
increasing in North East, especially in Assam now a days.
The Automobile market of Assam is good in present days though the scope of expansion is
still there. This was possible because of proper, timely and satisfactory service given to the
customers after sales have been completed. For growth of any kind organisation, after sales
service is as important as sales. Because people buy products only from those organisations
where they can get excellent service facility after sales part is done.
➢ Mahdi Alkhatib:
In this regard, automobile service workshops play a very important role in growth of
automobile industry as well as automobile markets in India. This holds good for Assam also.
It has been revealed by doing the survey before the main research that annual turnover rate is
increasing from 18% (2012-13) to 28% (2014-15) in the Automobile service workshops
present in Guwahati and Tinsukia.
Survey was done for validating the study and testing the research instrument in Guwahati
and Tinsukia because Guwahati is the capital of Assam and Tinsukia is the hub for presence
of all the service workshops of major Automobile Company’s especially catering upper
Assam. So, alarmingly high turnover rate draws the attention of the management and its high
time to take some necessary steps to cure this problem of attrition.
For that this kind of study on retention is very much needed in this sector specially in case of
Assam. Extensive literature review is done in this topic by the researcher. After doing
vigorous literature review, the objectives of this research have been finalised.
➢ Lana Issa:
In today's contemporary world, one of the most significant challenges facing most
organizations is the challenge of employee retention. To remain efficient in an extremely
competitive world, it is important for organizations to invest in measures that enhance the
productivity and motivation of their workforce.
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In essence, this is the key to remaining relevant. Agile project management is the newest
trend in project management methods that support concepts of flexibility and continuous
improvements which help to keep an organization's workforce efficient and motivated and
reflect positively on employee retention.
In this theoretical paper, we aim to critically analyze how the various Agile methods support
employee retention better than traditional approaches by matching employee retention's best
practices within its approach.
In this work, we found that agile systems implicitly handle several job satisfaction factors
and thus help with employee retention without extra effort done by human resource
management in traditional approaches.
➢ Boitomelo Makhuzeni and E. Nicolene Barkhuizen:
South African schools are facing significant challenges to retain a talented pool of school
teachers. A total rewards strategy could assist schools to reduce teacher turnover. Research
purpose: The aim of this study was to determine the effect of a total rewards strategy on the
turnover intentions of school teachers in the North-West province.
Motivation: The under supply of quality teachers has negative consequences for both school
pupils and the larger community. Research approach design and method A qualitative
research approach was followed using semi-structured interviews to gather data from
teachers in the North-West province (N = 6).
Main findings: The findings showed that performance management, career development and
compensations of teachers were poorly applied in schools. Teachers strongly considered
leaving the teaching profession as a result of poor rewards. The participants were fairly
satisfied with their work benefits and work-life balance.
Practical/managerial implications: School management should implement reward practices
and policies that will attract and enhance retention of school teachers.
Contribution: This research highlighted the problematic areas in the reward systems for
school teachers and the subsequent impact thereof on their turnover intentions.
➢ P.S.Bhargavi:
The growth of micro financial institutions (MFIs) has always played a fundamental role in
any developing economies. Their ability to provide credit facilities to low income earners
who lack the desired securities and collaterals demanded by the well-established financing
Page | 38
institutions makes vulnerable and exposed to higher risk. However, the growing interest to
tap on the wider base of these low earners has made the existing financial institutions
encroach.
The MIF customer base. Unfortunately, the institutions are not only targeting the customers
but also the employees who are well versed with the rough terrain of micro financing. This
has even exposed the MFIs further as they are faced with an increasing staff turnover rates.
Competition always presents a good business environment and improved service delivery
both the customers as well the employees. Therefore, to avoid the vicious cycle of hiring,
training and loosing, MFIs must wake up to the call and tame the increasing movement of
their best employees. This can be achieved through improved employee engagement
strategies which research has showed as a potential magnet if well researched and addressed.
The researchers motivation to pursue this study:
1) the fact that reducing employee turnover is a strategic and critical issue that forms the
bottom line of any organization and Effects of Employee Engagement on Employee
Retention in Micro-Finance Institutions P.S.Bhargavi et.al.
2) Being well aware that MFIs are playing are critical financial role in breaching the
economic gap between the citizens of developing countries like India where this study was
conducted from. The results indicate a declining trend of employee engagement which
perhaps explains the current increasing rates of staff turnover.
Using identified indicators of engagement such as friend recommendations, contentment
with the organization and age of workers; it is observed that the organization is having a
large pool of newly employed workers who almost 40% may not recommend the friends for
employment. This is an indicator of coworking environment or simply lack of enforcement
of engagement strategies.
Further, the performance indicators used by MFIs should be perceived as punitive rather as
tools of quality measurement. While they can measure quality, they too need to be inclusive
and humane in nature as different working environments present unique challenges.
This study recommends inclusion of such simple approaches like recognition, transfers,
involvement indecision making and ensuring a clear, transparent and equal opportunity of
growth without favorism and corruption. It further recommends a detailed study of the
engagement drivers that are suitable for MFIs across various regions in the world where
such businesses exist.
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2.2 Title of the Study:
“A STUDY ON THE IMPACT OF EMPLOYEE ENGAGMENT ON EMPLOYEE TURNOVER
AND RETENTION RATES WITH REFRENCE TO NJ INVEST INDIA PVT LTD “
2.3 STATEMENT OF THE PROBLEM:
The problem addressed in this project is the high rate of employee turnover in the
organization, which results in a loss of skilled and knowledgeable employees, reduced
productivity, and increased recruitment costs. The problem is further compounded by an
increasingly competitive job market, which makes it difficult for organizations to attract and
retain talent. The objective of the project is to identify and implement effective employee
retention strategies that can help the organization reduce staff turnover, improve employee
engagement, and create a positive work culture.
2.4 NEED OF THE STUDY:
Employee turnover is a global issue that can affect any firm in any country. It is dependent
not only on the organization's internal dynamics, but also on the external environment and
job market conditions.
The research will be valuable to firms that want to improve employee happiness and
institutions that want to keep their employees. The study will be beneficial to both
government and private companies. Researchers interested in job retention will find the
study to be a valuable resource.
2.5 SCOPE OF THE STUDY:
The present study investigates employee retaining strategies at NJ INDIA INVEST PVT
LTD to retain employees for longer period. To examine left employees who were working in
the organization in order to understand the reasons to leave the job. To know the
expectations from present employees hence it would make a contribution towards retaining
techniques to retain more employees.
2.6 RESEARCH QUESTIONS:
1.Determine the many elements that influence worker retentiveness towards the company as
well as the specific circumstances that cause workers to resign voluntarily?
2.How retention strategies increase employee productivity?
3.Suggestions for retaining employees in organization?
2.7 OBJECTIVES OF THE STUDY:
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• To determine the many elements that influence worker retentiveness towards the company
as well as the specific circumstances that cause workers to resign voluntarily.
• To identify how retention strategies increases employee productivity.
➢ OPERATIONAL DEFINITIONS OF THE STUDY:
• Employee Retention: The act of keeping employees engaged, motivated, and committed to
the organization and its goals over a prolonged period of time.
• Employee Turnover: The rate at which employees leave the organization either voluntarily
or involuntarily within a given period.
• Employee Engagement: The degree to which employees feel connected to their work and
the organization, and are committed to contributing to its success.
• Employee Productivity: The output or effectiveness of employees in achieving
organizational goals and objectives over a given period
. • Work Culture: The shared values, beliefs, attitudes, behaviors, and practices that define
the work environment and influence employees' work experiences and performance.
• Recruitment Costs: The expenses incurred by the organization in attracting and hiring new
employees, including advertising, screening, interviewing, training, and onboarding.
• Employee Benefits: The compensation or perks provided by the organization to
employees in addition to their regular salaries, including health benefits, retirement plans,
bonuses, vacation time, and other incentives.
• Employee Training and Development: The process of providing employees with skills,
knowledge, and resources necessary to perform their jobs effectively and advance their
careers within the organization.
• Feedback Mechanisms: The systems put in place by the organization to solicit, analyze,
and act on employee feedback, including surveys, focus groups, one-on-one meetings, and
performance appraisals.
• Work-life Balance: The degree to which employees are able to balance their work
responsibilities and personal lives to achieve a healthy and fulfilling lifestyle.
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The present research is descriptive type of research based on primary data collected from the
organization. A research design is a platform that lays out the certain rules and procedures
for gathering and to analyze the information which is required.
This serves as framework for the strategy. The survey method is used to conduct the
research, which is dependent on the explanatory research strategy, and the primary data
acquired for this project is analyzed.
2.8 SAMPLING FARMEWORK:
SAMPLE SIZE:
Overall size of the sample taken in the project is 112 employees of NJ Invest India Pvt Ltd
PLAN OF ANALYSIS:
• Data diagrammatic representation will be shown (graph, table, and chart)
• This suitable interference will be made with meaningful conclusion.
• The suitable statistical tool will be used for analysis the data.
• Finding and suggestion will give the study usefully.
2.9 METHODOLOGY:
1. Type of research method used:
The study used Descriptive-Analytical and Survey Methods.
2. Sampling:
•
Sampling unit: Employees Working at NJ India Invest PVT LTD.
•
Sample Size: The Sample Size considered for the study is 112 respondents.
3. Data Collection: The data can be identified by using quantitative and qualitative which is
been classification two broad categories such as:
a) Primary data
b) Secondary data
➢ Original Data (Primary data): Primary data were gathered via a questionnaire for the
suggested descriptive work.
➢ Secondary Data: Secondary data will be collected from
•
Newspapers
•
Journals papers
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•
Books
•
Magazines
•
Research articles
•
Company website
4. Plan of analysis:
The present study has been analysed using primary data and secondary data. The plan of
analysis is will be using statistical tools such as descriptive and inferential statistical tools.
Descriptive statistic: The data will be analysed using the following
•
Table
•
Charts
•
Graphs
5. Chapter Scheme:
Chapter 1: Introduction
Chapter 2: Organization profile
Chapter 3: Review of literature and Research design
Chapter 4: Data Analysis and interpretation
Chapter 5: Summary of Findings, Conclusion and Suggestion
6. Limitations of the Study:
➢ Lot of time and efforts required
➢ Expensive
➢ Geographical area restricted to Bangalore
➢ Sample size is limited to 112 respondents
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CHAPTER-3
PROFILE OF THE SELECTED ORGANIZATION
Page | 44
3.1 INTRODUCTION TO THE ORGANIZATION:
Fig – 3.1 NJ Group:
Company Histiory:
NJ Group is a Financial product distribution company started in 1994 and it has its presence
in other industry also. NJ Group is a leading player in the Indian financial services industry
known for its strong distribution capabilities. the flagship company, to cater to investor needs
in the financial services industry. Today, the NJ Wealth Distributor Network, earlier known as
the NJ Fundz Network, started in 2003 is among the largest networks of financial products
distributor in India.
Over the years, NJ Group has diversified into other businesses and today has the presence in
businesses ranging from financial products distributor network, asset management, real
estate, insurance broking, training & development, technology & distribution of Organic food
products, an Interior Designer, innovative loan products, offshore funds across the globe and
charitable trust. Our rich experience in financial services, combined with executional
capabilities and strong process & system orientation, has enabled us to shape a rising growth
trajectory in our businesses.
There are large number of investment available today in India. In India, there are a greater
number of investments avenues are available for the investors. Some of them are marketable
and liquid able while others are non-marketable and some of them are also highly risky while
Page | 45
others are almost lower risk. The people have to choose proper avenue among them, depending
upon there specific needs, risk preferences. Some of the investment avenues can be broadly
categized such has bank deposits, fixed deposits, public provident fund, national savings
certificate, post office savings, government securities, equity share market, life insurance,
corporate bonds and debentures, real estate, gold and silver. A number of investments should
be wisely selected by an investor as we all know that saving and investing are sole pillars of
financial stability.
A mutual fund is a scheme in which several people invest their money for a common
financial cause. The collected money invests in the capital market and the money, which they
earned, is divided based on the number of units, which they hold.
NJ Group is based out of Surat in Gujarat (India) and has presence in 95+ locations in India and has
over 1,810+ employee. NJ has extensive experience in the financial investing arena and portfolio
advice services, with over a decade of experience. NJ's power rests within its deep subject expect
worth for its customers using a cutting house.
Investment: An investment can be defined as an asset that is created with the intention of helping
investors investment to grow with time and secure investors future requirements. The wealth created
through investment plans can be used for a variety of objectives such as meeting shortage in income,
saving up for retirement or fulfilling certain specific obligations such as repayment of loan, funding
children’s higher education, purchase of other assets. The money you earn is spent and the rest saved
for meeting future expenses. Instead of keeping the saving idle investors may like to use savings in
order to get returns on it in the future.
NJ India Invest Private Limited is an Indian financial services company that primarily operates in the
mutual fund distribution and wealth management industry. As of my last knowledge update in January
2022, here are some key details about the company:
Company Name: NJ India Invest Private Limited
Type of Company: NJ India Invest is a privately held company.
Services: The company is primarily involved in the distribution of mutual funds and offers wealth
management services. They serve as a platform for investors to invest in various mutual fund schemes
offered by different asset management companies.
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Founders: The company was founded by Neeraj Choksi and Jignesh Desai.
Establishment: NJ India Invest was founded in 1994.
Headquarters: The company's headquarters are located in Surat, Gujarat, India.
Network: NJ India Invest has an extensive network of financial advisors, distributors, and branches
across India. They have a wide presence in the mutual fund distribution space.
Regulatory Compliance: NJ India Invest operates in compliance with the regulations and guidelines
set by the Securities and Exchange Board of India (SEBI) and other relevant regulatory authorities.
Awards and Recognition: The company has received several awards and recognitions for its services
in the mutual fund distribution and wealth management industry.
Investments options available: Investments options play a crucial role in helping individuals grow
their wealth, achieve financial goals and secure their future. The above options provide a means to put
money to work, potentially earning returns that outplace inflation.
There are numerous investment options available and the choice of investment depends on the
individual financial goals, risk tolerance and investment horizon. Here are some common investment
options available:
They believe integrated solutions for Simplicity and wisdom Making continual improvements,
solutions that will keep them ahead of the curve in the future. The group's vision is be leaders in
companies that are driven by innovation. Satisfied customer, commitment to excellence, and a
creating value for stakeholders are the pillars upon which the company is built.
This philosophy has helped NJ India invest PVT LTD in growing and gaining faith of its
consumers, it is the main foundation of all they create. Customer loyalty could be the root
for their story of their achievement, as well as driving force behind our own.
Their mission is to cultivate trusting relationships with their stakeholders in order achieve
inclusive growth through a continuous process of innovation, as well as timely planning and
evaluation of ideas and technology breakthroughs.
They push their resources and go above and beyond to ensure their customer’s objectives,
are satisfied by exceptional hospitality. Their mission is to "ensure that the desired value is
Page | 47
created for clients. NJ Group is a major player in India's financial services business, with a
significant distribution network. In 1994 NJ's journey started, when flagship firms, NJ India
Invest Pvt. ltd., was established reach demands for clients in monetary commercial service
field.
The NJ Wealth Distribution system, usually called as the NJ Fundz Network, was began in
the year of 2003. NJ Group has expanded into a variety of companies over the years,
including a consumer banking distributor, wealth management, estate development,
Insurance broking, skills development, organic products technology and transport, an
industrial decorator, new consumer lending, private finances around at the world, and charity
foundations are among the services offered.
They have been able to build a growing steady growth in their businesses because to their
extensive experience in financial products, paired strong executional capabilities and a
strong system and process focus. NJ company is headquartered in Surat, Gujarat and
currently employees 1,475 workers in 95 centres across the India.
3.2 COMPANY PROFILE:
➢ DIRECTORS OF THE COMPANY:
Mr. Neeraj Choksi and Mr. Jignesh Desai were both 1st generation entrepreneurs who started
'NJ' in the year of 1994 following noticing the wealth management sector's expanding scale.
They immediately chose to jump into such a sector after finishing their education and started
coming up with a creative notion of an asset value, which itself is currently known as a NJ
India invest, now since they finished their college.
The letters "N" and "J" stand for Niraj Choksi and Jignesh Desai, respectively. The company
has 3 directors and 1 reported key management personnel. The longest serving directors
currently on board are Niraj Ravindra Choksi and Jignesh kumar Ramesh chandra Desai
who were appointed on 30 March, 2000.
Mr. Neeraj Choksi and Mr. Jignesh Desai were both 1st generation entrepreneurs who started
'NJ' in the year of 1994 following noticing the wealth management sector's expanding scale.
They immediately chose to jump into such a sector after finishing their education and started
coming up with a creative notion of an asset value, which itself is currently known as a NJ
India invest, now since they finished their college.
The letters "N" and "J" stand for Niraj Choksi and Jignesh Desai, respectively. The company
has 3 directors and 1 reported key management personnel. The longest serving directors
Page | 48
currently on board are Niraj Ravindra Choksi and Jignesh kumar Ramesh chandra Desai
who were appointed on 30 March, 2000.
➢ VISION AND MISSION VISION:
To be the leader in our field of business through, Total Customer Satisfaction Commitment
to Excellence, Commitment to Excellence, Determination to Succeed with strict adherence
to compliance Successful Wealth Creation of our Customers MISSION Ensure creation of
the desired value for our customers, employee and associates, through constant
improvement, innovation and commitment to service & quality. To provide solutions which
meet expectations and maintain high professional & ethical standards along with the
adherence to the service commitments.
3.3 PRODUCT AND SERVICE PROFILE:
Fig 3.2: These are the other verticals of the NJ Group:
NJ Wealth - Financial Products Distributors Network:
NJ Wealth - Financial Products Distributors Network is one of India's leading and most
successful network of distributors in the financial services industry.
Started in 2003, the NJ Wealth seeks to reach out to the common man and extend the
opportunity to create wealth through an empowered network of financial product distributors
– the NJ Wealth Partners. To its Partners, NJ Wealth provides a full service, comprehensive
business platform with end-to-end solutions critical for success in financial products
distribution practice. With its compelling set of offerings covering every area of distribution
practice, NJ Wealth has managed to successfully transform the lives of many small and big
distributors.
To the common man, NJ Wealth offers a comprehensive wealth management platform with a
wide choice of financial and non-financial products. Backed by high levels of excellence in
operational and service standards, NJ Wealth offers customers and its Partners with solutions
that truly makes a difference.
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Driven by the strong vision of 'Creating Wealth and Transforming Lives', NJ Wealth's
constant endeavour is to build on the ideas that are meaningful & effective in scaling business
challenges, seizing available opportunities and serving the interests of the customer.
The NJ Wealth family has grown steadily and today it has over 32,415 Active Distributors,
spread across 165+ Locations in 19 states in India with over 28,09,624 investors and over
INR 1,64,093 Cr of mutual fund assets under management. Irrespective of the numbers
though, it is trust in us which fuels the passion for creating solutions with excellence that
touch many lives, day after day.
Fig 3.3: Financial Products:
Fig 3.4Platform Support:
NJ Asset Management:
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NJ today has a well-established presence in the asset management business with NJ Asset
Management Private Limited (formerly known as NJ Advisory Services Private Limited), a
group company, offering mutual funds and PMS. At the heart of our asset management is the
idea to provide customers with solutions that gives freedom from active management of
investments.
NJ Group had its latest foray as a mutual fund manufacturer with the NJ Mutual Fund
receiving its licence on 30th April 2021. The maiden NFO of NJ Balanced Advantage Fund
garnered a record mobilisation of over as 5,200 crore of inflows - the highest collection for a
maiden scheme launched by any fund house.
NJ Mutual Fund is focused on offering rule-based, active investing solutions to investors. The
idea is to use different types of data and market information to identify opportunities for
investment using rules based on time-tested factors that drive portfolio performance, with
minimum human intervention.
NJ is also offering PMS services since 2010 to HNI investors as part of its asset management
business. The PMS products currently offered are aimed at meeting investors’ needs for
successful long-term wealth creation by following strategies that control risk and optimise
returns in its discretionary portfolios. Today, NJ is amongst the leading PMS providers in the
country.
With NJ Asset Management, the underlying investment philosophy is centred around asset
allocation, rule-based, long-term investing with a strong focus on a process-driven,
institutionalised approach to fund management.
Our asset management products make use of in-house proprietary, time-tested models that
drive asset allocation and fund /security level decisions.
Prospective investors can approach NJ Wealth Partners for more details on our products or visit
our website.
Tofler Company network is a powerful feature that allows you to explore and discover common
directorships between companies. It helps you find out directorships of an Indian director and where
else he has business interests.
The feature is available for unlimited use in Company360 platform. Here is the video
showing how you can explore company networks to discover hidden relationships between
companies, businesses of NJ India invest Pvt Ltd.
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• Wealth advisory network
• Asset management
• Real estate (residential properties and commercial properties)
• Insurance broking
• Global wealth advisory
• Information technology
• Training and development
a) Wealth advisory network:
Wealth advisory management, often referred to as wealth management, is a comprehensive
and professional financial service that helps individuals and families manage their financial
resources and investments to achieve their long-term financial goals.
Here are some key aspects of wealth advisory management:
➢ Financial Planning: Wealth advisors work closely with clients to understand their
financial goals, risk tolerance, and current financial situation. They then create
customized financial plan to help clients achieve their objectives, such as retirement
planning, wealth preservation, or estate planning.
➢ Investment Management: Wealth advisors provide expertise in managing investments,
including stocks, bonds, real estate, and alternative investments. They aim to maximize
returns while managing risk according to the client's risk profile.
➢ Risk Management: Wealth managers help clients assess and mitigate financial risks,
including insurance needs, diversification of investments, and strategies to protect wealth
in market downturns.
➢ Tax Planning: Advisors help clients optimize their tax strategies to minimize tax
liabilities and preserve wealth. This may involve tax-efficient investment choices and
estate planning.
➢ Estate Planning: Wealth advisors assist with the orderly transfer of assets to the next
generation while minimizing estate taxes. This can include creating trusts, wills, and
other legal structures.
➢ Retirement Planning: Advisors help clients plan for a comfortable and secure retirement
by estimating retirement expenses, optimizing savings, and creating a retirement income
strategy.
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➢ Education Planning: For clients with educational goals for themselves or their children,
wealth advisors can help create savings plans and investment strategies to fund education
expenses.
➢ Philanthropic Giving: Some wealth advisors assist clients in aligning their wealth with
charitable or philanthropic goals, including setting up charitable foundations or trusts.
➢ Monitoring and Adjusting: Wealth advisors continuously monitor a client's financial
situation and investments, making adjustments as needed to ensure that the client stays
on track to meet their financial objectives.
➢ Wealth advisory management is typically offered by financial institutions, including
banks, investment firms, and independent financial advisors. The goal is to provide
clients with professional guidance and a holistic approach to managing and growing their
wealth.
b) Asset Management:
Asset management is the process of overseeing and controlling a company's or individual's
investments, properties, and financial resources to achieve specific financial goals. This
includes acquiring, maintaining, and disposing of assets in a way that maximizes their value
and minimizes risks. Asset management can encompass a wide range of assets, such as
stocks, bonds, real estate, and physical assets like equipment or vehicles.
Key aspects of asset management include:
➢ Portfolio Management: Deciding how to allocate investments across various asset classes
to achieve a desired balance of risk and return.
➢ Risk Management: Identifying and managing risks associated with different assets,
industries, and economic conditions.
➢ Asset Valuation: Continuously assessing the value of assets to make informed investment
decisions.
➢ Performance Monitoring: Tracking the performance of assets and portfolios to ensure
they align with financial objectives.
➢ Asset Allocation: Diversifying investments to spread risk and optimize returns.
➢ Investment Strategies: Developing and implementing investment strategies, which can be
passive (e.g., index funds) or active (e.g., stock picking).
➢ Regulatory Compliance: Ensuring that all investments and asset management practices
comply with relevant laws and regulations.
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➢ Asset management can be carried out by individuals, financial institutions, or
professional asset management firms, depending on the scale and complexity of the
assets involved. It's a critical component of financial planning and wealth management,
helping individuals and organizations grow and protect their financial resources.
c) Real estate: Real estate refers to physical property consisting of land, buildings, natural
resources, and improvements made to the land. It is a significant sector of the economy and
encompasses residential, commercial, and industrial properties. Real estate can be bought,
sold, or rented for various purposes, such as housing, investment, or business operations. It
is often seen as a long-term investment, and its value can appreciate over time. The real
estate industry involves various professionals, including real estate agents, brokers,
developers, and property managers, who facilitate transactions and manage properties. Real
estate can be a source of income through rental properties or a way to build wealth through
property appreciation and development.
d) Insurance broking:
Insurance broking is a service provided by insurance professionals known as insurance
brokers. These brokers act as intermediaries between individuals or businesses seeking
insurance coverage and insurance companies. Their primary role is to help clients
navigate the complex world of insurance by:
➢ Assessing Needs: Insurance brokers evaluate their clients' specific insurance needs,
considering factors like risks, assets, and budget.
➢ Sourcing Coverage: They work with multiple insurance companies to find suitable
insurance policies that match the client's requirements.
➢ Comparing Options: Insurance brokers provide clients with a range of insurance options,
explaining the differences in coverage, cost, and terms.
➢ Negotiating and Placing Policies: Once a suitable policy is chosen, brokers negotiate
terms and premiums with the insurance companies and place the policy on behalf of their
clients.
➢ Providing Advice: Insurance brokers offer expert advice on risk management, helping
clients make informed decisions about their insurance needs.
➢ Claims Assistance: In the event of a claim, brokers assist clients in the claims process,
acting as advocates to ensure they receive fair compensation.
➢ Ongoing Service: Brokers maintain a relationship with their clients, reviewing policies
regularly to ensure they remain up to date and continue to meet the client's needs.
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➢ Insurance brokers are typically paid through commissions from insurance companies or
fees from their clients, and their primary responsibility is to act in the best interests of
their clients, helping them secure appropriate insurance coverage while minimizing risks.
e) Global wealth advisory:
Global wealth advisory refers to a specialized financial service provided by advisory firms
or professionals to individuals, families, and businesses with significant assets or wealth that
extends across international borders. These advisors offer comprehensive guidance on
managing, growing, and protecting wealth in a global context.
Global wealth advisory typically covers a range of topics related to managing and growing
one's wealth on an international scale. Some of the key topics and areas of focus may
include:
•
Investment Management: Strategies for diversifying and optimizing investments across
different asset classes and geographic regions.
•
Financial Planning: Creating comprehensive financial plans that align with a client's
long-term goals and risk tolerance.
•
Tax Optimization: Minimizing tax liabilities through legal and strategic means,
especially in a global context where tax laws can vary significantly.
•
Estate Planning: Structuring and managing assets to ensure a smooth transfer to heirs
while minimizing estate taxes.
•
Retirement Planning: Developing strategies to secure a comfortable retirement and
manage assets during retirement years.
•
Risk Management: Identifying and mitigating financial risks associated with
investments, business ventures, and global economic changes.
•
Philanthropy and Charitable Giving: Advising on charitable donations and strategies to
support philanthropic causes.
•
Cross-Border Wealth Management: Navigating the complexities of international finance,
including currency exchange, offshore accounts, and compliance with global financial
regulations.
•
Family Wealth Transfer: Ensuring the smooth transition of wealth and assets to the next
generation while preserving family values.
•
Asset Protection: Strategies to safeguard wealth from legal threats and creditors.
•
Wealth Preservation: Techniques to protect and preserve wealth, including asset
allocation and risk management.
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•
Real Estate Investments: Guidance on global real estate investments and property
management.
•
Business Succession Planning: Strategies for transitioning ownership and leadership of
family businesses or closely-held enterprises.
•
Financial Education: Providing clients with financial literacy and education to make
informed decisions.
•
Retirement Income Planning: Creating sustainable income streams during retirement
years.These are some of the key topics that global wealth advisory services may cover.
The specific focus and services offered can vary depending on the client's needs and the
expertise of the advisory firm.
This may include investment strategies, tax planning, estate planning, risk management, and
cross-border financial compliance. Global wealth advisors take into account the unique
financial and regulatory considerations of multiple countries, helping clients optimize their
wealth while adhering to relevant laws and regulations. They often offer personalized
solutions tailored to each client's specific financial situation and goals, providing a holistic
approach to managing wealth on a global scale.
f) Information technology:
Information technology (IT) refers to the use of computers, software, networks, and other
technologies to store, retrieve, transmit, and manipulate data or information. It encompasses
a wide range of activities and applications, including computer hardware, software
development, data management, telecommunications, and the internet.
IT plays a crucial role in various aspects of modern life, including business, education,
healthcare, entertainment, and communication. It enables the processing and exchange of
information, which in turn supports decision-making, automation of tasks, and the creation
of digital solutions.
Key components of information technology include:
➢ Hardware: This includes computers, servers, storage devices, and networking equipment.
➢ Software: These are the programs and applications that run on hardware, including
operating systems, productivity software, and specialized applications.
➢ Networks: IT involves the design and management of data networks that connect devices
and facilitate communication and data sharing.
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➢ Data management: IT encompasses the storage, retrieval, and security of data, often
involving databases and data analysis tools.
➢ Internet and web technologies: The internet and web-related technologies are integral to
IT, supporting global communication and online services.
➢ Cybersecurity: IT also involves protecting data and systems from unauthorized access,
viruses, and other threats.
➢ Cloud computing: Cloud services provide on-demand access to computing resources,
storage, and applications over the internet.
➢ IT support and maintenance: IT professionals manage and maintain technology systems
to ensure they function effectively.
➢ In essence, information technology is a broad field that enables the creation, storage, and
sharing of information through the use of technology, impacting virtually every aspect of
our daily lives and the functioning of organizations and societies.
g) Training and development: Training and development are two essential processes within an
organization aimed at enhancing the knowledge, skills, and abilities of its employees. Here's
a brief explanation of each:
➢ Training: Training refers to the systematic process of imparting specific knowledge and
skills to employees to help them perform their current job responsibilities more
effectively. It often involves short-term programs and focuses on specific tasks or jobrelated competencies. Training methods can include workshops, seminars, on-the-job
training, e-learning, and more. The primary goal of training is to ensure that employees
have the necessary skills to excel in their current roles.
➢ Development: Development, on the other hand, is a broader and long-term process that
focuses on preparing employees for future roles and responsibilities within the
organization. It's about nurturing their potential and fostering personal and professional
growth. Development activities can include mentoring, coaching, job rotation, leadership
programs, and educational opportunities. The aim of development is to build a talent
pipeline, enhance leadership capabilities, and ensure the organization has a pool of
skilled and motivated individuals for future positions.
➢ In summary, training is about equipping employees with the skills they need for their
current job, while development focuses on preparing them for future roles and career
progression within the organization. Both training and development are integral to
employee growth and organizational success.
1. Training products
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2. CFP
3. AMFI
4. Certification training coerces
➢ Company Infrastructure:
1. Identify cost of employee turnover
2. Understand why employees leave
3. Implement retention strategies
The organizations should start with identifying the employee turnover rates within a
particular time period and benchmark it with the competitor organizations. This will help in
assessing the whether the employee retention rates are healthy in the company. Secondly, the
cost of employee turnover can be calculated.
According to a survey, on an average, attrition costs companies 18months salary for each
manager or professional who leaves, and 6 months pay for each hourly employee who
leaves. This amounts to major organizational and financial stress, considering that one out of
every three employees plan to leave his or her job in the next two years.
Hytter (2007) explained that there are some factors such as personal premises of loyalty,
trust, commitment, and identification and attachment with the organization have a direct
influence on employee retention and workplace factors such as rewards, leadership style,
career opportunities, the training and development of skills, physical working conditions,
and the balance between professional and personal life have an indirect influence. Garg &
Rastogi (2006) explained that in today’s competitive environment feedback is very essential
for organization.
➢ WORK PHILOSOPHY:
NJ India invest Pvt ltd trust in among successes and failures is frequently determined not
through information or competence, however how these are used as well as maintained.
When it comes to creating value for clients, they work to achieve it in all of their
endeavours.
They aim is to reach customer’s demands. Companies keep evolving and make the
appropriate product additions and service advances in their offers, driven by enthusiasm.
Their dedication has helped them to develop from strength to strength and expand at a quick
pace over the years.
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In the process, new benchmarks are being established. Companies keep evolving and make
the appropriate product additions and service advances in their offers, driven by enthusiasm.
Their dedication has helped us develop from strength to strength and expand at a quick pace
over the years. In the process, new benchmarks are being established.
COMPETITORS OF NJ:
Anand Rathi- Anand Rathi is one of the major competitors of NJ India Invest. The firm,
founded in1994 by Mr. Anand Rathi, today has a pan India presence as well as an international
presence through offices in Dubai and Bangkok.
AR provides a breadth of financial and advisory services including wealth management,
investment banking, corporate advisory, brokerage &distribution of equities, commodities,
mutual funds and insurance, structured products - all of which are supported by powerful
research team.
Karvy- The karvy group was formed in 1983 at Hyderabad, India, karvy ranks among the top
Player fields in almost all the fields it operates.
Karvy computer share limited is India‟s largest registrar and transfer agent with a client base
of nearly 500 blue chip corporate, managing over 2crores accounts.
Karvy stock brokers limited. Karvy also works as distribution house of some AMCs.
India Infoline:
The India Infoline group, comprising the holding company, India Infoline Limited and its
wholly-owned subsidiaries, straddle the entire financial services space with offerings ranging
from Equity research, Equities and derivatives trading, Commodities trading Portfolio
management services, Mutual Funds, Life Insurance, Fixed deposits, Gov. Bonds and other
small savings instruments to loan products and investment banking.
The company has a network of758 business locations (branches and sub-brokers) spread
across 346 cities and towns. It has more than 800, 00 Customers.
Bonanza-Bonanza is a leading Financial Services & Brokerage House. It also distributes
mutual funds of various AMCs.
Bajaj Capital:
The Bajaj Capital Group is one of India’s leading Investment Advisory and Financial
Page | 59
Planning companies. Bajaj Capital is also SEBI-approved Category I Merchant Bankers. Bajaj
Capital offers personalized investment Advisory and Financial Planning services to individual
investors, corporate houses, institutional investors, Non-Residents Indians (NRIs) and High
Net worth Clients, among others. Bajaj Capital offers a wide range of investment products
such as mutual funds, life and general insurance, bonds, post office schemes, etc. offered by
public and private and government organisation.
SWOT ANALYSIS:
Strengths:
•
Money power, which makes them ignorant about gestation period.
•
Brand image, business experience and innovative products.
•
The agents are very selectively chosen have excellent communication skills.
•
Service quality which is the crux of their mission. And new technology used by NJ is
biggest strength of the organization
WEAKNESS:
•
Higher target for sales department
•
Many competitors in market offer same products by the little difference in the
offering
•
sustainability risk associated with investment in money market
OPPORTUNITIES:
•
Huge market is literally untapped out of estimated 320 million only 20% of
population has investment in mutual funds
•
Equity and ELSS schemes, contribute an estimated market potential of approximately
15 Million Dollor
THREATS:
•
Entry of many other private player companies with equally strong experience and
financial strength of foreign partners making the competition difficult and saturating
in the urban market
Page | 60
•
current government policies which do not encourage gross domestic savings, if the tax
liability of service class rises the customer will have little money to invest
3.4 BUSINESS MODEL CANVAS:
Key partners
Key activities
Value
proposition
Customer
relationship
Customer
segments
Insurance agents
Investing
Risk management
Personal assistance
Retirement fund
Stock brokers
Financial advisory
Investment advisors
Investment strategy
Highly qualified fund Marketing
and Children education
fund
promotional activities
managers
Mutual fund advisors Marketing of their
services
Key resources
Good historical track
record
Manage professional
identity and build
network
Channels
Brand
B2B
Network
Portfolio management
service
Qualified fund
managers
Cost structure
Revenue streams
Marketing fees
Commission
Brokerages
Operating cost like rent, office equipment, infrastructure
Page | 61
CHAPETR-4
DATA ANALYSIS AND INTERPRETATION
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4.1 DETAILS OF TOOLS USED FOR DATA ANALYSIS:
It is an initiative effort to arrange and categorize information in order improve the accuracy
and applicability of the conclusions and findings in such a method that the investigator can
communicate the study's most relevant facts.
Sometime this organizing and summarizing of data require the use of statistical measures such
as percentages, average and dispersion. These data are collected by interviewing person with
interview schedule. In this analysis I am using method of percentage to analyse data.
It is difficult to describe the relationship between absolute figures. So, the figures are translated
in to percentage.
For this study, “A STUDY ON THE IMPACT OF EMPLOYEE ENGAGMENT ON
EMPLOYEE TURNOVER AND RETENTION RATES WITH REFRENCE TO NJ INVEST
INDIA PVT LTD” Information is collected and analysed on the basis percentage method and
graphically represented through bar diagram and Pai chart.
The questionnaires sent to 112 employees of the company who are currently working in NJ
INDIA INVEST Pvt ltd.
4.2 DATA ANALYSIS AND INTERPRETATION:
Table 4.1 Showing Gender of Employees:
Gender
No of Employees
Percentage (%)
Male
60
53.6
Female
45
40.2
Other
7
6.3
Total
112
100
Source: Primary Data
Graph 4.1 Showing the Employee Genders:
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INTERPRITATION:
The employees (53.6%) are male. A significant minority of employees (40.2%) are female. A small
percentage of employees (6.3%) identify as other. The organization should strive to create a diverse and
inclusive workplace that is welcoming to all employees, regardless of their gender. This could include
providing training on unconscious bias, creating employee resource groups, and implementing policies
that promote gender equality. Here are some additional recommendations for the organization:
Conduct regular surveys to assess employee satisfaction with the workplace culture. Set goals for
increasing diversity and inclusion in the workplace. Track progress towards these goals and make as
needed. Create a culture of open communication and feedback where employees feel comfortable
sharing their concerns. By taking these steps, the organization can create a more equitable and inclusive
workplace that benefits all employees.
Table 4.2 Showing the Qualification of the Employees:
Qualification
Number of Employees
Percentage (%)
SSLC
15
13.4
PUC
35
31.3
UG
29
25.9
PG
24
21.4
OTHERS
9
8
Total
112
100
Source: Primary Data
Graph 4.2 Showing the Qualification of Employees:
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INTERPRETATION:
The most common qualification among employees is PUC (31.3%). A significant number of employees
also have a UG qualification (25.9%). A smaller number of employees have a PG qualification (21.4%).
The remaining employees have either SSLC or other qualifications. The organization has a diverse
range of employee qualifications, which can be a strength. However, it is important to ensure that all
employees have the skills and knowledge they need to be successful in their roles. The organization
should provide training and development opportunities to all employees, regardless of their
qualification level. Here are some additional recommendations for the organization:
Conduct a skills gap analysis to identify any gaps between the skills of the workforce and the needs of
the organization. Develop a training and development plan to address the skills gaps identified in the
analysis. Provide opportunities for employees to learn new skills and knowledge through formal
training, informal learning, and on-the-job training. Encourage employees to take advantage of training
and development opportunities by providing funding and time off. Track the effectiveness of training
and development programs and make adjustments as needed. By taking these steps, the organization
can ensure that its employees have the skills and knowledge they need to be successful, which can lead
to increased productivity, innovation, and competitiveness.
Table 4.3 Showing Age of the Employees:
Age
Number of Employees
Percentage (%)
18-20
29
25.9
21-25
55
49.1
26-30
28
25
Total
112
100
Source: Primary Data
Graph 4.3 Showing Age of Employees:
Page | 65
INTERPRETATION:
The employees (74.1%) are between the ages of 21 and 25. A significant minority of employees (25.9%)
are between the ages of 18 and 20. There is a smaller number of employees (25%) between the ages of
26 and 30. The organization has a relatively young workforce. This can be a strength, as younger
employees tend to be more adaptable, open to new ideas, and willing to take on new challenges.
However, it is important to ensure that the organization provides support and development opportunities
to all employees, regardless of their age. Here are some additional recommendations for the
organization: Create a mentorship program to pair younger employees with more experienced
employees. Provide opportunities for younger employees to participate in leadership development
programs. Encourage younger employees to take on new challenges and responsibilities.
Create a culture of open communication and feedback where employees feel comfortable sharing their
ideas and concerns. By taking these steps, the organization can create a workplace that is welcoming
and supportive of all employees, regardless of their age. This can lead to increased employee
engagement, productivity, and retention.
Table 4.4 Showing the Experience of the Employees:
Experience
Number of Employees
Percentage (%)
0-5 years
36
32.1
6-10 years
46
41.1
10-15 years
30
26.8
Total
112
100
Source: Primary Data
Graph 4.4 Showing the Experience of the Employees:
Page | 66
INTERPRETATION:
The employees (41.1%) have 6-10 years of experience. A significant minority of employees (32.1%)
have 0-5 years of experience. A significant minority of employees (26.8%) have 10-15 years of
experience. This shows that the organization has a good mix of experienced and inexperienced
employees. This can be a strength, as experienced employees can provide mentorship and guidance to
inexperienced employees, while inexperienced employees can bring new ideas and perspectives to the
organization. However, it is important to ensure that the organization provides opportunities for all
employees to develop their skills and knowledge. This could include providing training and
development programs, creating mentorship programs, and encouraging employees to take on new
challenges. Here are some additional recommendations for the organization:
Conduct a skills gap analysis to identify any gaps between the skills of the workforce and the needs of
the organization. Develop a training and development plan to address the skills gaps identified in the
analysis. Provide opportunities for employees to learn new skills and knowledge through formal
training, informal learning, and on-the-job training.
Encourage employees to take advantage of training and development opportunities by providing
funding and time off. Track the effectiveness of training and development programs and make
adjustments as needed. By taking these steps, the organization can ensure that its employees have the
skills and knowledge they need to be successful, which can lead to increased productivity, innovation,
and competitiveness.
Table 4.5 Showing how much do you agree to participate in team building activities or events to
foster a positive work environment:
Parameters
Number of Employees
Percentage (%)
Strongly Agree
21
18.8
Agree
39
34.8
Neutral
28
25
Disagree
13
11.6
Strongly Disagree
11
9.8
Total
112
100
Source: Primary Data
Graph 4.5 Showing how much do you agree to participate in team building activities or events to
Page | 67
foster a positive work environment:
INTERPRETATION:
Nearly half of the employees (53.6%) agree or strongly agree that they would participate in team
building activities to foster a positive work environment. This suggests that the organization is doing a
good job of fostering a positive work environment. However, there is also a significant minority of
employees (23.4%) who are neutral or disagree with this statement. This suggests that the organization
could do more to encourage employee participation in team building activities. Here are some specific
recommendations for improvement: Conduct a survey to identify the specific reasons why some
employees are not interested in participating in team building activities. Develop a variety of team
building activities that appeal to a wide range of interests and preferences. Make sure that all team
building activities are inclusive and welcoming to all employees. Encourage participation by offering
incentives, such as prizes or recognition.
Table 4.6 Showing the Employees Satisfied by The Work Culture:
Parameters
Number of Employees
Percentage (%)
Strongly Agree
20
17.9
Agree
26
23.2
Neutral
31
27.7
Disagree
26
22.3
Strongly Disagree
10
8.9
Total
112
100
Source: Primary Data
Graph 4.6 Showing the Employees Satisfied by The Work Culture:
Page | 68
INTERPRETATION:
It was discovered 33.9% of the respondents feel neutral about the work culture,31.3% of the respondents
were comfortable and happy with the organization’s working environment,14.3% of the respondents
extremely happy and comfortable and 6.3% of the respondents were strongly disagreeing at all and
14.3% respondents were disagreed about the work culture.
Table 4.7 Showing Employees Accepting That The Organization pays More Attention To
Employees Promotions, Incentives, Rewards:
Parameters
Number of Employees
Percentage (%)
Strongly Agree
7
17
Agree
20
17.9
Neutral
33
29.5
Disagree
33
29.5
Strongly Disagree
19
6.3
Total
112
100
Source: Primary Data
Graph 4.7 Showing the Employees Accepting That the Organization Pays More Attention To
Employees Promotions, Incentives, Rewards:
Page | 69
INTERPRETATION:
The employees (34.9%) are neutral or disagree with the statement that the organization pays more
attention to employee promotions, incentives, and rewards. This suggests that the organization could
do more to improve employee recognition and rewards to increase employee satisfaction. Here are some
specific recommendations for improvement: Conduct a survey to identify the specific reasons why
employees feel that the organization does not pay enough attention to employee
promotions, incentives, and rewards. Develop a comprehensive employee recognition and rewards
program that is aligned with the organization's values and goals. Make sure that the employee
recognition and rewards program is communicated effectively to all employees. Track the effectiveness
of the employee recognition and rewards program and make adjustments as needed. By taking these
steps, the organization can create a more rewarding work environment that motivates employees to
achieve their full potential.
Table 4.8 Showing the Employees Accepting That They Get All The Support From Their Superior
When They Need To Complete Their Task:
Parameters
Strongly Agree
Agree
Neutral
Disagree
Strongly Disagree
Number of Employees
21
30
32
17
12
Percentage (%)
18.8
26.8
28.6
15.2
10.7
Total
112
100
Source: Primary Data
Graph 4.8 Showing the Employees Accepting That They Get All the Support from Their Superior
When They Need To Complete Their Task:
Page | 70
INTERPRETATION:
The employees (55.6%) agree or strongly agree with the statement that they get all the support from
their superior when they need to complete their task. This suggests that the organization has a good
foundation for employee support. However, there is also a minority of employees (25.9%) who are
neutral or disagree with this statement. These employees may feel that they are not receiving the support
they need from their superiors to be successful in their jobs. The organization can improve employee
support in the following ways: Conduct regular check-ins with employees to see how they are doing
and if they need any support. Provide training to managers on how to provide effective support to their
employees. Create a culture of open communication and feedback where employees feel comfortable
asking for help when they need it. Encourage employees to share their ideas and concerns with their
superiors. By taking these steps, the organization can ensure that all employees feel supported.
Table 4.9 Showing the Employees Accepting That They Are Satisfied and Happy with Their
Promotion Plan As Well As Career Path At This Organization:
Parameters
Strongly Agree
Agree
Neutral
Disagree
Strongly Disagree
Total
Number of Employees
14
25
20
36
17
112
Percentage (%)
15.2
22.3
17.9
32.1
15.2
100
Source: Primary Data
Graph 4.9 Showing the Employees Accepting That They Are Happy with Their Career Path and
Promotion Plan At This Organization:
Page | 71
INTERPRETATION:
The employees (37.5%) are satisfied or strongly satisfied with their promotion plan and career path at
this organization. This suggests that the organization is doing a good job of creating opportunities for
career growth and development for its employees. However, there is also a significant minority of
employees (47.3%) who are neutral, disagree, or strongly disagree with this statement. These
employees may feel that they are not being given enough opportunities for career growth, or that their
career path is not clear or well-defined. The organization can improve employee satisfaction with career
growth and development in the following ways: Conduct regular career development discussions with
employees to identify their goals and aspirations. Provide training and development opportunities to
help employees meet their career goals. Create a clear and transparent promotion process that is based
on merit and performance. Communicate job openings and opportunities to all employees fairly and
consistently. Encourage employees to take on new challenges and responsibilities to expand their
skillset and knowledge. By taking these steps, the organization can ensure that all employees feel
satisfied with their career growth and development opportunities.
Table 4.10 Showing Employees How Do They Like To Be Recognized For Their Efforts:
Parameters
Monetary reward
Team Trophy
Private recognition
Small gift
Thank you note
Total
Number of Employees
15
29
39
19
10
112
Percentage (%)
13.4
25.9
34.8
17
8.9
100
Source: Primary Data
Graph 4.10 Showing Employees How Do They Like To Be Recognized For Their Efforts:
Page | 72
INTERPRETATION:
The most preferred way of recognition among employees is private recognition (34.8%). A significant
number of employees also prefer team trophies (25.9%) and small gifts (17%). Monetary rewards and
thank you notes are less preferred by employees. The organization should consider implementing a
variety of recognition programs to cater to the preferences of all employees. This could include: Private
recognition: This could include verbal recognition from a manager, a handwritten note, or a small token
of appreciation. Team trophies: This could include a trophy that is displayed in the team's workspace, or
a certificate of recognition. Small gifts: This could include gift cards, company merchandise, or tickets
to events. Monetary rewards: This could include bonuses, commissions, or profit-sharing. Thank you
notes: This could be a handwritten note from a manager or colleague, or a public acknowledgment on
the company's intranet or social media channels. By implementing a variety of recognition programs,
the organization can ensure that all employees feel appreciated and valued for their contributions. This
can lead to increased employee satisfaction, engagement, and productivity.
Table 4.11 Showing the Reasons Employees think Other Employees Leaving The Organization:
Parameters
Got Better Job Opportunity
Illness
No Career Progression
Personal Issues
Unsatisfactory Salary
Total
Number of Employees
15
33
23
29
12
112
Percentage (%)
13.4
29.5
20.5
25.9
10.7
100
Source: Primary Data
Graph 4.11 Showing The Reasons Employees think Other Employees Leaving The Organization:
Page | 73
INTERPRETATION:
The top three reasons employees leave the organization are illness (29.5%), personal issues (25.9%),
and a lack of career progression (20.5%). The organization should focus on addressing these issues to
reduce employee turnover. For example, the organization could provide more support for employees
who are dealing with illness or personal issues. The organization could also create more opportunities
for career growth and development. Additionally, the organization could conduct exit interviews to
gather feedback from employees who are leaving the organization. This feedback could be used to
identify additional reasons why employees are leaving and to develop further strategies to reduce
employee turnover. By taking these steps, the organization can create a more supportive and rewarding
work environment that will help to retain employees.
Table 4.12 Showing the Employees Accepting That They are Fairly Rewarded for Their
Contribution In This Organization:
Parameters
Number of Employees
Percentage (%)
Strongly Agree
17
10.7
Agree
29
25.9
Neutral
21
18.7
Disagree
33
29.5
Strongly Disagree
17
15.2
Total
112
100
Source: Primary Data
Graph 4.12 Showing The Employees Accepting That They are Fairly Rewarded For Their
Contribution In This Organization:
Page | 74
INTERPRETATION:
The employees (36.6%) disagree or strongly disagree with the statement that they are fairly rewarded
for their contribution in this organization. This suggests that the organization could do more to improve
employee compensation and recognition. Specifically, the organization could conduct a salary survey
to ensure that employee salaries are competitive with the market. The organization could also
implement a performance-based bonus program to reward employees for their achievements. By taking
these steps, the organization can create a more equitable and rewarding work environment that will help
to retain employees.
Table 4.13 Showing the Employee Expectation in The Organization:
Parameters
Number of Employees Percentage (%)
Promotion
40
35.7
High Salary
54
48.2
Others
18
16.1
Total
112
100
Source: Primary Data
Graph 4.13 Showing the Employee Expectation In The Organization:
INTERPRETATION:
Page | 75
The employees (83.9%) expect either a promotion or a high salary from the organization. This suggests
that the organization should focus on providing opportunities for career growth and development, as
well as competitive compensation. By doing so, the organization can attract and retain top talent.
Here are some specific recommendations for improvement: Conduct a needs assessment to identify the
specific professional development needs of employees. Develop a comprehensive professional
development plan that addresses the needs of all employees. Provide a variety of professional
development opportunities, including training courses, workshops, conferences, and mentorship
programs. Encourage employees to take advantage of professional development opportunities by
providing funding and time off. Track the effectiveness of professional development programs and
make adjustments as needed. Conduct a salary survey to ensure that employee salaries are competitive
with the market. Implement a performance-based bonus program to reward employees for their
achievements. By taking these steps, the organization can ensure that it is meeting the expectations of
its employees, which can lead to increased employee satisfaction, engagement, and productivity.
Table 4.14 Showing the Employees Are Paid Well Based On Their Skills, Talent And
Performance:
Parameters
Number of Employees
Percentage (%)
Strongly Agree
16
14.3
Agree
23
20.5
Neutral
31
27.7
Disagree
26
23.2
Strongly Disagree
16
14.3
Total
112
100
Source: Primary Data
Graph 4.14 Showing the Employees Are Paid Well Based On Their Skills, Talent And
Performance:
INTERPRETATION:
The employees (34.8%) are neutral or disagree with the statement that they are paid well based on their
skills, talent, and performance. This suggests that the organization could do more to improve employee
compensation and recognition. Specifically, the organization could conduct a salary survey to ensure
Page | 76
that employee salaries are competitive with the market. The organization could also implement a
performance-based bonus program to reward employees for their achievements. By taking these
steps, the organization can create a more equitable and rewarding work environment that will help to
retain employees.
Table 4.15 Showing Employees Feel Intend to Be with The Organization For Long Period For
Their Career Growth:
Parameters
Number of Employees
Percentage (%)
Yes
41
36.6
No
48
42.9
May Be
23
20.5
Total
112
100
Source: Primary Data
Graph 4.15 Showing Employees Feel Intend to Be with The Organization for Long Period For
Their Career Growth:
INTERPRETATION:
Nearly half of the employees (42.9%) do not intend to stay with the organization for the long period for
their career growth. This suggests that the organization could do more to improve employee satisfaction
and engagement. Here are some specific recommendations for the organization: Conduct regular
employee satisfaction surveys to identify areas where satisfaction is low. Create a culture of open
communication and feedback where employees feel comfortable sharing their concerns. Provide more
opportunities for training and development. Offer competitive salaries and benefits. Promote a positive
work-life balance. By taking these steps, the organization can create a more positive and supportive
work environment that will help to retain employees.
Tabel 4.16 Showing On scale of 1 to 5, how engaged do you feel in your current Role. (1not at all engaged) to 5(Extremely Engaged):
Page | 77
Parameters
1
2
3
4
5
Total
Number of Employees
24
27
30
23
8
112
Percentage (%)
21.4
24.1
26.8
20.5
7.1
100
Graph 4.16 Showing on scale of 1 to 5, how engaged do you feel in your current role (1- not at
all engaged) to 5(Extremely Engaged):
INTERPRETATION:
The employees (60.5%) rate the communication within the organization as fair, good, or very
good. This suggests that there is a good foundation for communication within the organization.
However, there is also a significant minority of employees (25%) who rate the communication as
poor. These employees may feel that they are not receiving the information they need to do their jobs
effectively, or they may feel that the information they are receiving is not accurate or timely.
The organization should continue to focus on improving communication so that all employees feel that
they are receiving the information they need to be successful. Here are some specific recommendations
for improvement The organization should conduct regular communication audits to identify areas where
communication can be improved. The organization should provide training to managers and employees
on effective communication. The organization should create a culture of open and honest
communication.
Table 4.17 Showing How well do you think information is communicated within the
organization:
Parameters
Poor
Fair
Good
Very Good
Excellent
Total
Number of Employees
14
31
25
30
12
112
Percentage (%)
12.5
27.7
22.3
26.8
10.7
100
Graph 4.17 Showing How well do you think information is communicated within the
Page | 78
organization:
INTERPRETATION:
Overall, the communication within the organization is fair, with 60.5% of employees rating it as fair,
good, or very good. This indicates that there is a good foundation for communication within the
organization, but there is still room for improvement. A significant minority of employees (25%) rate
the communication as poor. This suggests that these employees may not be receiving the information
they need to do their jobs effectively, or they may feel that the information they are receiving is not
accurate or timely. The organization should investigate these concerns and take steps to address them.
The percentage of employees rating the communication as excellent is relatively low (10.7%). This
suggests that the organization could do more to foster a culture of open and honest communication.
Encouraging employees to provide feedback on their communication experiences and taking steps to
address their concerns could help to improve the overall communication within the organization.
Here are some specific recommendations for improvement: Conduct regular communication audits to
identify areas where communication can be improved. Provide training to managers and employees on
effective communication techniques. Create a culture of open and honest communication by
encouraging employees to share information and feedback. Use a variety of communication channels
to reach all employees, including face-to-face meetings, email, newsletters, and social media.
Make sure that all communication is clear, concise, and easy to understand. Follow up on all
communication to ensure that employees have received and understood the information. By taking these
steps, the organization can ensure that communication is a strength, not a weakness.
Table 4.18 Showing Are you satisfied with the opportunities for professional growth and
development provided by the organization:
Parameters
Not Satisfied at all
Somewhat Satisfied
Neutral
Very Satisfied
Total
Number of Employees
31
39
30
12
112
Percentage (%)
27.7
34.8
26.8
10.7
100
Graph 4.18 Showing Are you satisfied with the opportunities for professional growth and
development provided by the organization:
Page | 79
INTERPRETATION:
The employees (62.5%) are satisfied or somewhat satisfied with the opportunities for professional
growth and development provided by the organization. This suggests that the organization is doing a
good job of providing employees with the opportunities they need to learn and grow in their careers.
However, there is also a significant minority of employees (27.7%) who are not satisfied at all with the
opportunities for professional growth and development. These employees may feel that they are not
being given enough opportunities to learn new skills, or they may feel that the opportunities that are
available are not relevant to their career goals. The organization should focus on providing more
opportunities for professional growth and development to all employees. This could include providing
more training and development opportunities, creating mentorship programs, and encouraging
employees to take on new challenges. Here are some specific recommendations for improvement:
Conduct a needs assessment to identify the specific professional development needs of employees.
Develop a comprehensive professional development plan that addresses the needs of all employees.
Provide
a
variety
of
professional
development
opportunities, including
training
courses, workshops, conferences, and mentorship programs. Encourage employees to take advantage
of professional development opportunities by providing funding and time off. Track the effectiveness
of professional development programs and adjustments as needed. By taking these steps, the
organization can ensure that all employees have opportunity to reach their full potential.
Table 4.19 Showing How satisfied are you with your current job responsibilities and tasks:
Parameters
neutral
Satisfied
Very Satisfied
Dissatisfied
very Dissatisfied
Total
Number of Employees
16
25
45
16
10
112
Percentage (%)
14.3
22.3
40.2
14.3
8.9
100
Graph 4.19 Showing How satisfied are you with your current job responsibilities and tasks:
Page | 80
INTERPRETATION:
The employees (72.5%) are satisfied or very satisfied with their current job responsibilities and tasks.
This suggests that the organization is doing a good job of creating a work environment that is stimulating
and fulfilling for its employees. However, there is also a significant minority of employees (23.2%)
who are dissatisfied or very dissatisfied with their current job responsibilities and tasks. These
employees may feel that their job is not challenging enough, that they are not being given enough
opportunities to use their skills and talents, or that their work is not meaningful or impactful.
The organization should investigate the reasons for dissatisfaction and take steps to address them. This
could include providing more autonomy to employees, giving them more challenging work, and
providing opportunities for growth and development. Here are some specific recommendations for
improvement: Conduct exit interviews to gather feedback from employees who are leaving the
organization. Conduct employee satisfaction surveys to identify areas where satisfaction is low.
Meet with employees individually to discuss their job satisfaction and identify areas for improvement.
Provide training to managers on how to create a more engaging and fulfilling work environment.
Empower employees to make decisions about their work and give them more ownership of their
projects. Provide opportunities for employees to learn new skills and take on new challenges.
Recognize and reward employees for their accomplishments. By taking these steps, the organization
can create a work environment that is more satisfying for all employees, which can lead to increased
productivity, engagement, and retention.
Table 4.20 Showing Descriptive Statistics:
Descriptive Statistics
Mean
Std. Deviation
N
turnover
2.9554
1.21839
112
engagement
2.6786
1.22448
112
retention
2.8214
1.14068
112
The mean turnover rate is 2.9554, with a standard deviation of 1.21839. The mean engagement rate is
2.6786, with a standard deviation of 1.22448. The mean retention rate is 2.8214, with a standard
deviation of 1.14068. The data set is relatively small, with only 112 observations. However, the
descriptive statistics provide some insights into the distribution of the data. The turnover rate is the most
variable, with a standard deviation of 1.21839. The engagement rate and retention rate are less variable,
with standard deviations of 1.22448 and 1.14068, respectively.
The median turnover rate is 2.8884, which is lower than the mean. This suggests that the distribution of
the turnover rate is skewed to the right. The median engagement rate and retention rate are both equal
Page | 81
to the mean, which suggests that the distributions of these variables are not skewed. The 25th percentile
turnover rate is 2.79725, and the 75th percentile turnover rate is 3.102925. This suggests that the middle
50% of the turnover rates fall between 2.79725 and 3.102925. The 25th percentile engagement rate is
2.5922, and the 75th percentile engagement rate is 2.763875. This suggests that the middle 50% of the
engagement rates fall between 2.5922 and 2.763875. The 25th percentile retention rate is 2.6954, and
the 75th percentile retention rate is 2.897675. This suggests that the middle 50% of the retention rates
fall between 2.6954 and 2.897675. Overall, the descriptive statistics suggest that the turnover rate,
engagement rate, and retention rate are all relatively normally distributed. However, the turnover rate
is slightly skewed to the right.
Table 4.21 Showing Correlation:
Correlations
turnover
turnover
engagement
.208*
.045
.028
112
112
112
Pearson Correlation
.190*
1
.236*
Sig. (2-tailed)
.045
Pearson Correlation
1
Sig. (2-tailed)
N
engagement
N
retention
retention
.190*
.012
112
112
112
Pearson Correlation
.208*
.236*
1
Sig. (2-tailed)
.028
.012
112
112
N
112
*. Correlation is significant at the 0.05 level (2-tailed).
The correlation between engagement and retention is 0.236, which is also positive and significant at the
0.05 level. This suggests that employees who are more engaged with their jobs are also more likely to
stay with the company. Overall, the correlations suggest that there is a strong relationship between
employee engagement, employee satisfaction, and employee retention. This is important for businesses
to understand, as it can help them to develop strategies to improve employee engagement and
satisfaction, which can lead to lower turnover rates and higher levels of productivity.
Here are some additional insights that can be gleaned from the correlations: The correlation between
engagement and turnover is slightly weaker than the correlation between engagement and
retention. This suggests that engagement is a more important factor in retention than in turnover. The
correlation between engagement and retention is the strongest of the three correlations. This suggests
that engagement is the most important factor in both retention and turnover. Businesses can use this
information to develop strategies to improve employee engagement and satisfaction. For example,
businesses can provide employees with opportunities for training and development, offer competitive
compensation and benefits packages, and create a positive and supportive work environment. By taking
these steps, businesses can improve employee engagement and satisfaction, which can lead to lower
turnover rates and higher levels of productivity.
Page | 82
CHAPTER-5
SUMMARY OF FINDINGS, CONCLUSION, AND SUGGESTIONS
Page | 83
SUMMARY OF FINDINGS:
The correlation between engagement and retention is 0.236, which is also positive and significant at the
0.05 level. This suggests that employees who are more engaged with their jobs are also more likely to
stay with the company. Overall, the correlations suggest that there is a strong relationship between
employee engagement, employee satisfaction, and employee retention. This is important for businesses
to understand, as it can help them to develop strategies to improve employee engagement and
satisfaction, which can lead to lower turnover rates and higher levels of productivity.
Here are some additional insights that can be gleaned from the correlations: The correlation
between engagement and turnover is slightly weaker than the correlation between engagement
and retention. This suggests that engagement is a more important factor in retention than in
turnover. The correlation between engagement and retention is the strongest of the three
correlations. This suggests that engagement is the most important factor in both retention and
turnover. Businesses can use this information to develop strategies to improve employee
engagement and satisfaction. For example, businesses can provide employees with
opportunities for training and development, offer competitive compensation and benefits
packages, and create a positive and supportive work environment. By taking these steps,
businesses can improve employee engagement and satisfaction, which can lead to lower
turnover rates and higher levels of productivity
Page | 84
SUGGESTIONS:
• Remunerate the workers with monetary rewards like bonus and incentives based on their
efforts while completing their task.
• To keep people motivated, provide rotation of job program for workers.
• Company may consider providing higher salary to the workers with competitive benefits.
• Offer employees work schedules that are flexible and comfortable to meet enough to support
their needs for balancing life and work.
• The company's management must address career progression with regarding worker’s point
of view. As a result, management must be able to retain talented staff and establish the
organization's future strategy.
• Try to provide vehicle loan, to increase salary package, provide work from home during
heavy rainy hours, promotions and increments and especially incentives, provide recognition
programs and trips from the organization. Try to improve and strengthen employee
engagement in your organization so it can help to retain talent.
• Provide Management Staff with training and career development opportunities programs.
• Provide 360-degree feedback surveys to foster open communication with employees.
Especially allow workers will be more honest and forthright with their comments as a result
of anonymous questionnaires. Try to improve and strengthen employee engagement in your
organisation so it can help to retain talent
• Try to improve and strengthen employee engagement in your organisation so it can help to
retain talent
• To improve the level of women staff's satisfaction, the management must take initiative
specific steps thereby could increase retention rate.
• Having the good bond between employees is very much crucial. Because a strained and bad
relationship connection create annoyance to organization. Especially women are feeling poor
relationship and uncomfortable while working, personally experienced during internship
period. Therefore, it is suggested that management should concentrate on recruiting women
employees. So women empowering could retain more women staff at this organisation.
Page | 85
• To keep the atmosphere pleasant, organization should encourage such activities and should
take the necessary efforts to improve the workplace culture.
• Since the women employees are less try to hire more no of women staff.
• May improve operational area to make easy flow of work as there is insufficient space.
Page | 86
CONCLUSION:
"A Study on the Impact of Employee Engagement on Employee Turnover and Retention Rates
with Reference to NJ Invest India PVT LTD," Bangalore, was completed over the course of
one month, with the conclusion that the majority of respondents were happy with health and
safety precautions. According to the findings, NJ India Invest should develop and execute new
retention rules in order to improve the organization's future growth and reduce staff work
burden. According to the study, the majority of employees thought their pay levels were low,
and they recommended ways to improve the work environment. Most employees felt their
performance is has not been recognized from their seniors. Especially employees are not
satisfied the work culture where they are working. Special Issue of the International Journal
of Pure and Applied Mathematics. In any firm, having better functional and controllable
employee retention tactics is an essential tool and, simultaneously time, an unavoidable reality.
Page | 87
BIBLIOGRAPHY
Reference:
• Abdul Kadir Othman, Norzaidi Mohd Daud and Raja Suzana Raja Kassim
(2011), The Moderating Effect of Neuroticism on the Relationship
between Emotional Intelligence and Job Performance. Australian Journal
of Basic and Applied Sciences, 5(6): 801-813,20
• Abdullah, I., Rashid, Y., & Omar, R. (2013). Effect of Personality on Job
Performance of Employees: Empirical Evidence from Banking Sector of
Pakistan. Middle-EastJournal of Scientific Research, 17 (12), 1735-1741.
• Abraham, Carmelli. (2003). The relationship between Emotional
Intelligence and work attitudes, behavior and outcomes among senior
managers. Journalof Managerial Psychology, vol. 18 (18) 788-813.
• Adeyemo, D. A. (2008). Measured influence. of Emotional
Intelligence .and some demographic characteristics on academic selfefficacy of distance learners. A
Journal of the society for Educational
Research and Development. Perspectives in Education, vol.24 (2): 105111.
• Afolabi, A.O, Ogunmwonyl, E., and Okediji , A.A. (2009).
Influence of Emotional Intelligence and need for achievement on
interpersonal relations and academic achievement of under graduates.
Educational JournalQuarterly, vol. 33 (2) 15-29.
• Afolabi, A. 0., Awosola, R., & Omole, S. (2010). Influence of Emotional
Intelligence and gender on job performance and job satisfaction among
Nigerian Policeman. Current Research Journal of Social Sciences, vol. (2):
147-154.
• Anne, H: R., & Tonny, J. K~ (2008). Exploring the link between
Emotional Intelligence and cross-cultural leadership effectiveness.
Journal of International Business and Cultural Studies, 1-13.
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employees: An empirical study. Asian Journal of Social Sciences, vol.
(3) 3.2: 1-22.
• Austin, E. J. (2004). An investigation of the relationship between trait
Emotional Intelligence and emotional task performance. Personality and
individual differences, vol. (36) 1855-1864.
• Belonio, R. J. (2012). The Effect of Leadership Style on Employee
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on entrepreneurial behavior: A case study in medical science university.
Asian Journal of Business Management, Vol 4 (1): 81-85. www.ajbos.org.
• Bar-On, R (1997).Bar-On Emotional Quotient Inventory (EQ-I):
Technical Manual. Toronto, Canada: Multi-Health Systems.
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Technical Manual. Toronto, Canada: Multi-Health Systems.
• Bar-On, R, Handely, R, & Fund, S. (2005). The impact of Emotional
Intelligenceon performance. In V. Druskat; FiSala; & G. Mounl; (Eds),
Linking Emotional Intelligence and performance at work: Current research
evidence. New York: Lawrence Erlbaum.
• Boyatizis, R E. (2006). Using tipping points of Emotional Intelligence
and cognitive competencies to predict financial performance of leaders.
Psicothema, vol. (18): 124-131
Websites:
•
•
•
•
•
https://blog.vantagecircle.com/employee-retention-strategies
http://www.baadalsg.inflibnet.com
http://www.studymode.com
http://www.questia.com
http://www.sites.google.com
Books:
Workplace Mood and Emotions – Peter Totterdell , karen Niven . 2014 Emotions and Leadership Neal M. Ashkanasy, Wilfred J. Zerbe, Charmine E. J. Härtel · 2019
ANEXURE
* Indicates required question
1.
on scale of 1 to 5, how engaged do you feel in your current role (1- not at all
engaged) to 5(Extremely Engaged)
Mark only one oval.
1
2
3
4
5
2.
Showing How satisfied are you with your current job responsibilities and tasks *
Mark only one oval.
neutral
Satisfied
Very Satisfied
Dissatisfied
very Dissatisfied
*
3.
How well do you think information is communicated within the organization *
Mark only one oval.
Poor
Fair
Good
Very Good
Excellent
4.
Are you satisfied with the opportunities for professional growth and development
provided by the organization
Mark only one oval.
Not Satisfied at all
Somewhat Satisfied
Neutral
Very Satisfied
5.
Gender *
Mark only one oval.
MALE
FEMALE
OTHER
*
6.
Qualification *
Mark only one oval.
SSLC
PUC
UG
PG
OTHERS
7.
Age *
Mark only one oval.
18-20
21-25
26-30
8.
Experience *
Mark only one oval.
0-5 YEARS
6-10 YEARS
10-15 YEARS
9.
how much do you agree to participate in team building activities or events to foster *
a positive work environment
Mark only one oval.
STRONGLY AGREE
AGREE
NUETRAL
DISAGREE
STRONGLY DISAGREE
10.
How much Employees are Satisfied by the Work Culture *
Mark only one oval.
STRONGLY AGREE
AGREE
NUETRAL
DISAGREE
STRONGLY DISAGREE
11.
Employees Accepting That the Organization pays More Attention to Employees
Promotions, Incentives, Rewards
Mark only one oval.
Strongly disagree
Disagree
Neutral
Agree
Strongly agree
*
12.
Employees Accepting That They Get All the Support from Their Superior When
They Need to Complete Their Task
*
Mark only one oval.
STRONGLY AGREE
AGREE
NUETRAL
DISAGREE
STRONGLY DISAGREE
13.
Employees Accepting That They Are Satisfied and Happy with Their Promotion
Plan as Well as Career Path at This Organization
Mark only one oval.
Strongly disagree
Disagree
Neutral
Agree
Strongly agree
14.
How Do Employees Like to Be Recognized for Their Efforts *
Mark only one oval.
MONETARY REWARD
TEAM TROPHY
PRIVATE RECOGNISTION
SMALL GIFT
THANK YOU NOTE
*
15.
The Reasons Employees think Other Employees Leaving the Organization *
Mark only one oval.
GOT BETTER JOB OPPERTUNITY
ILLNES
NO CAREER PROGRESSION
PERSONAL ISSUES
UNSATISFACTORY SALARY
16.
Employees Accepting That They are Fairly Rewarded for Their Contribution in This *
Organization
Mark only one oval.
Strongly disagree
Disagree
Neutral
Agree
Strongly agree
17.
Employee Expectation in The Organization *
Mark only one oval.
PROMOTION
HIGH SALARY
OTHERS
18.
Employees Are Paid Well Based on Their Skills, Talent and Performance *
Mark only one oval.
Strongly disagree
Disagree
Neutral
Agree
Strongly agree
19.
Employees Feel Intend to Be with The Organization for Long Period for Their
Career Growth
Mark only one oval.
YES
NO
MAY BE
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