A SUMMER PROJECT REPORT ON

Benchmarking Retention Policies Public Sector v/s Private Sector AT NTPC LimitedSubmitted in partial fulfillment for the award of MASTER OF BUSINESS ADMINISTRATION (MBA)

Submitted by

PUNEET NANDA Enroll no: 06212303909

DELHI INSTITUTE OF ADVANCED STUDIESGuru Gobind Singh Indraprastha University, Delhi JUNE-JULY 2010

ACKNOWLEDGEMENTPage | 1

I would like to acknowledge the efforts of many individual who have helped brining this project on Benchmarking retention techniques to a successful completion. Firstly I would like to thank Ms. QURATULAIN KHALID, DGM (HR-Rect.) for giving me the wonderful opportunity to undertake this project at NTPC. Her expert guidance and suggestions helped me to make this project a successful one. I would like to extent my gratitude to my industry guide Ms DEEPA GURNANI for her deep interest in the subject helped me to refine my ideas to reflect on the topic. Her patience, continuous guidance and support enabled me to understand the relationship between recruitment and retention and thus gave me a better insight to the retention techniques. I would also like to thank all the members of the Recruitment department for their helpful support to make the successful completion of this project possible. I would like to show my greatest appreciation to my faculty guide Ms. N. Malati, for her tremendous support and guidance which helped me a lot to in completion of the project.

Puneet Nanda (06212303909)

MBA 3A

EXECUTIVE SUMMARYThis study examines the practices that companies can use to overcome the challenges that organizations face with employee retention in an increasingly competitive labor market. Just competitive salaries aren't the lone factor in reducing turnover. As this study illustrates, other uses of the money are also very effective. Page | 2

It also analyzes the current retention practices in the organizations across public and private sector and thus providing a benchmark of practices for effective talent retention irrespective of different sectors, different industries and different companies.

The project includes the factors such as:

Social Practices. Financial Practices. Non-Monetary Incentive Practices. Transparent Work Culture and Communication Practices. Quality Work Environment and Work Life Balance Practices. Empowerment Practices.

TABLE OF CONTENTSTOPIC 1. INTRODUCTION1.1 Objective Page | 3

PAGE NO.

1.2 Research

methodology

2. COMPANY PROFILE3.

LITERATURE REVIEW

4. CONCEPTUAL FRAMEWORK 5. ANALYSIS & FINDINGS5.1 Data

Analysis And Interpretations

6.

FINDINGS AND SUGGESTION6.1 6.2

Key Findings Suggestions Limitations

6.3 Conclusion6.4

7. ANNEXURE7.1

Questionnaire

8. BIBLIOGRAPHY 9. MISCELLANEOUS

INTRODUCTIONThe benchmarking project was taken to focus on the retention policies and procedures to help the company compare the practices followed, with the opinion of the market trend. The HR team can identify, attract, and retain outstanding employees by understanding and adapting the effective and innovative practices that the companies are all ready using. Leading companies seek a deeperPage | 4

understanding of how to best manage their talented employees to meet short term goals as well as long term strategic goals.

The insight and best practices showcased in this report are distilled from lessons learned from interviews with executives who have intensive experience in designing implementing and managing HRD and Retention systems. This research is a combined body of knowledge concerning excellence in talent retention, which will provide a value able operational compass to guide NTPC corporate efforts to improvise its retention policies to attain a best in class retention system. The retention policies are of paramount importance in order to retain its human resource which enables the company to fulfill its corporate aims and objectives, control budget for recruitment. A good retention policy and procedure promotes and support good practice for those with responsibility for employee engagement.

It is necessary to regularly review HR policies to ensure growth of an organization. Obsolescence comes faster than it is spelt. Similarly, policies have to be monitored continuously and modified based on the projected needs. Policies should contribute to the achievement of the objective of an organization and not hinder its growth and vision. In industries where knowledge transfer takes place and hence, it needs policies and procedures in place. Thus, developing retention & engagement policy and procedure through benchmarking features as a critical activity in the business world as it is a vital approach for sharing and transferring knowledge. Companies across globe have embraced these but have done so with a varied level of success. Some have managed to create huge marketplace advantages whilst others have fared less favorably.

The purpose of this research is to establish the level of benchmarking activity and application to create best-in-class engagement system. The information gathered included both the hard and soft issues associated with benchmarking and following analysis, attempted to evaluate the level of benchmarking maturity reached across different industry fields and size of operation. This study helps undertaking what leads to effective benchmarking and development of best practices for Employee Retention and Engagement. As retention management is a highly topical subject and an important dilemma many organizations might face in the future, if not facing it already.Page | 5

International competition, the rapidly growing size and complexity of organizations, the changing values, career concerns and the structure of workforce- all these and a host of other factors have made the traditional approach to personnel management absolute. The current trend demands a more comprehensive, more strategic perspective recruit utilize and conserve valuable human resources. Making effective selection decisions for personnel and effectively retaining them is one of the most important functions of HRM, which comprises the following sub functions: Determining the nature of jobs to be filled. Determining the type of personnel required. Determining the source of recruitment. Determining the selection process. Determining the factors responsible for employee engagement. Determine what retention practices to be followed.

Employee retention is a process in which the employees are encouraged to remain with the organization for the maximum period of time or until the completion of the project. Employee retention is beneficial for the organization as well as the employee. Employees today are different. They are not the ones who dont have good opportunities in hand. As soon as they feel dissatisfied with the current employer or the job, they switch over to the next job. It is the responsibility of the employer to retain their best employees. If they dont, they would be left with no good employees. A good employer should know how to attract and retain its employees. NTPC uses systematic and standardized practices for employee retention management which results in NTPC having one of the biggest pools of talented, skillful as well as satisfied and engaged employees, as NTPC has become a Social Status for its employees. And NTPC secured 7th rank amongst the top ten companies in the Indias Best Companies TO WORK FOR; A study by THE ECONIMICS TIMES & GREAT PLACE TO WORK INSTITUTE INDIA.

OBJECTIVES OF THE PROJECT

To identify the best retention policies/practices across the industry. To analyze the consistency of best practices with respect to Public Sector vs. Private Sector. To suggest the strategies and steps for reducing turnover and improving retention. To analyze policies practices and procedures of various companies that may help to eradicate obsolete procedures, thereby maximizing the effectiveness of retention practices.Page | 6

Thus the study would help the HR department of NTPC shift into a more strategies role. It would bring in focus the effectiveness of the retention policy and practices of NTPC.

RESEARCH METHODOLOGYThis chapter explains the methods used to carry out the study, giving special emphasis to the treatment and techniques used to analyze the data. As an initial step in developing this project, the policies practiced at NTPC were studied thoroughly. Then a study was done to know the various policies practiced at NTPC. Based on the data available and on the experience of the HR department of NTPC, an initial list was developed which grouped policies under different heads as per their effective results. Then a study/survey was conducted which covered many reputed companies across Delhi NCR, both public and private sector.Page | 7

The approach and methodology followed for data collection and analysis was the same for all the companies. The second phase involved studying the requirement of retention policies as per different sectors

and work profile of the employees, through various interviews with HR executives. The purpose of the interviews was to gain an in depth understanding of trends and issues related to the practice of various retention policies across public and private sector companies at both the corporate and departmental levels. After reviewing the feedback from the interview process, the data was finalized to review the potential best practice activities and identify the corporate recruitment programs. The third phase involved comparing and benchmarking the retention policies and procedures of NTPC against other public and private sector companies. After collecting data at the departmental level, best practices were assembled to identify horizontal trends across departments. Type of Research: Explorative Population: HR Executives Sample Size: 65 Sampling Technique: Convenient Sampling

INSTRUMENTS DEVELOPED There was a single booklet of questionnaire consisting of 4 pages; the whole questioner was divided into different set of questions. It was prepared on the basis to assess NTPC on various grounds of retention and engagement policies and procedures practiced. A. General questions on Retention Policies and there practice standards. B. Questions on effectiveness on various measures for talent retention. C. Question on views about retention practices that need to be practiced. The questionnaire was structured in a way so that some of the questions could be measured on Likert Scale and the rest of the questionnaire was build up on dichotomous questions.

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Administration of one book let of questionnaire took approximately 5-7 minutes.

TOOLS OF DATA COLLECTION Both primary and secondary data were collected for the analysis. 1. Primary Data: The information about various retention and engagement practices in NTPC was collected by talking to the HR personals across different HR departments in NTPC . For finding out the best practices for retention and engagement of employees at NTPC, questionnaires were administered to people as per the target. For the purpose of benchmarking, information about the various retention practices was sought form HR staff of different companies via e-mail and interviews.

1. Secondary Data: Secondary data was collected for the purpose of effective and successful benchmarking. Information about the various recruitment activities of different companies was collected from: Organizational brochure on INTERNET. Organizational Manuals. Previous records and documents of organizations on INTERNET.

STATISTICAL METHODS & TECHNIQUES USED FOR DATA ANALYSIS: Mean response method is use extensively to evaluate the responses. Various charts and graphs are used to presents the analyzed data such as-

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Pie Chart Bar Graphs

OVERVIEW OF THE COMPANYNTPC Limited (Formerly National Thermal Power Corporation) is the largest state-owned power generating company in India. Forbes Global 2000 for 2009 ranked it 317th in the world. It is an Indian public sector company listed on the Bombay Stock Exchange although at present the Government of India holds 84.5%(after divestment the stake by Indian government on 19october2009) of its equity. With a current generating capacity of 31134 MW, NTPC has embarked on plans to become a 75,000 MW company by 2017. It was founded on November 7, 1975.

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Figure 1 Installed Capacity & Generation of NTPC NTPC's core business is engineering, construction and operation of power generating plants and providing consultancy to power utilities in India and abroad. The total installed capacity of the company is 31134 MW (including JVs) with 15 coal based and 7 gas based stations, 4 Joint Venture Projects (1,054 MW). NTPC acquired 50% equity of the SAIL Power Supply Corporation Ltd. (SPSCL) located across the country. In addition under JVs, 3 stations are coal based & another station uses naphtha/LNG as fuel. By 2017, the power generation portfolio is expected to have a diversified fuel mix with coal based capacity of around 53000 MW, 10000 MW through gas, 9000 MW through Hydro generation, about 2000 MW from nuclear sources and around 1000 MW from Renewable Energy Sources (RES). NTPC has adopted a multi-pronged growth strategy which includes capacity addition through green field projects, expansion of existing stations, joint ventures, subsidiaries and takeover of stations. NTPC has set new benchmarks for the power industry both in the area of power plant construction and operations. It provides power at the cheapest average tariff in the country. NTPC has been operating its plants at high efficiency levels. Although the company has 18.79% of the total national capacity it contributes 28.60% of total power generation due to its focus on high efficiency. NTPCs share at 31 Mar 2001 of the total installed capacity of the country was 24.51% and it generated 29.68% of the power of the country in 2008-09. Every fourth home in India is lit by NTPC. 170.88BU of electricity was produced by its stations in the financial year 2005-2006. The Net Profit after Tax on March 31, 2006 was INR 58,202 million. Net Profit after Tax for the quarter ended June 30, 2006 was INR 15528 million, which is 18.65% more than for the same quarter in the previous financial year. 2005).

Figure 2 NTPC in Indian Power Sector

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In October 2004, NTPC launched its Initial Public Offering (IPO) consisting of 5.25% as fresh issue and 5.25% as offer for sale by Government of India. NTPC thus became a listed company in November 2004 with the government holding 89.5% of the equity share capital. The rest is held by Institutional Investors and the Public. The issue was a resounding success. NTPC is among the largest five companies in India in terms of market capitalization. The concept of Corporate Social Responsibility is deeply ingrained in NTPC's culture. Through its expansive CSR initiatives, NTPC strives to develop mutual trust with the communities that surround its power stations.

NTPC is committed to the environment, generating power at minimal environmental cost and preserving the ecology in the vicinity of the plants. NTPC has undertaken massive a forestation in the vicinity of its plants. Plantations have increased forest area and reduced barren land. As a responsible corporate citizen, NTPC is making constant efforts to improve the socio-economic status of the people affected by its projects. Through its Rehabilitation and Resettlement programs, the company endeavors to improve the overall socio economic status Project Affected Persons. NTPC was among the first Public Sector Enterprises to enter into a Memorandum of Understanding (MOU) with the Government in 1987-88. NTPC has been placed under the 'Excellent category' (the best category) every year since the MOU system became operative.

NTPCs VISION"A WORLD CLASS INTEGRATED POWER MAJOR, POWERING INDIAS GROWTH, WITH INCREASING GLOBAL PRESENCE."

DEVELOP AND PROVIDE RELIABLE POWER, RELATED PRODUCTS AND SERVICES AT COMPETITIVE PRICES, INTEGRATING MULTIPLE ENERGY SOURCES WITH INNOVATIVE AND ECO-FRIENDLY TECHNOLOGIES AND CONTRIBUTE TO SOCIETY.

NTPCs MISSION

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CORE VALUES

This corporate plan provides details of the overall agenda for NTPC. The successful delivery of this agenda would require a committed work force that identifies with and supports the vision. To ensure realization of this corporate agenda, a set of core values should be central to, and govern each activity of the organization. Known as one of the MAHARATNASs of the PSUs NTPC has its following core values. They are known as (BCOMIT) as follows: B-Business Ethics C-Customer Focus O-Organizational & Professional pride M-Mutual Respect and Trust I- Innovation & Speed T-Total quality for Excellence

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THE HUMAN RESOURSEPowering Indias Growth: Through People It strongly believes in achieving organizational excellence through Human Resources and follows "People First" approach in order to leverage full potential of its 25,000 strong workforce. At NTPC, People before Plant Load Factor is the mantra that guides all HR related policies. NTPC has been awarded No.1, Best Workplace in India among large organizations and the best PSU for the year 2009, by the Great Places to Work Institute, India Chapter in collaboration with The Economic Times. All HR initiatives are undertaken within this broad framework to actualize the HR Vision of "enabling the employees to be a family of committed world class professionals making NTPC Ltd a learning organization.

To induct talent and groom them into dedicated cadre of power professionals Executive Trainee Scheme was introduced in the year 1977 for recruitment in the disciplines of Mechanical, Civil, Electrical, control and instrumentation, HR and finance disciplines also. Besides a comprehensive one year training comprising theoretical inputs as well as on-the-job training, the new recruits are also

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attached with senior executives under a systematic and formal Mentoring System of the company to integrate them into the culture of the company. As part of post employment training and development opportunities, a systematic Training plan has been formulated for ensuring minimum seven man days training per employee per year and includes level wise planned intervention designed to groom people for assuming positions of higher responsibility, as well as specific need based on scientific Training Needs Analysis. NTPC has set up 15 project training centres, 2 simulator training centres and an apex institute namely 'Power Management Institute' (PMI). While the project training centres (Employee Development Centres) have specialized in imparting technical skills and knowledge, PMI places emphasis on management development. In order to realize the HR Vision of making NTPC a learning Organization by providing opportunities to continually learn new capabilities a number of initiatives have been taken. NTPC Open Competition for Executive Talent (NOCET) is organized every year in which teams of executives compete annually through oral and written presentation on a topical theme. Similarly "Professional Circles" have been formed department-wise where Executives of the department meet every fortnight to share their knowledge and experiences and discuss topical issues. In order to tap the latent talent among non executives and make use of their potential for creativity and innovation, Quality Circles have been set up in various units/offices in NTPC. Besides a management journal called "Horizon" is published quarterly to enable employees to share their ideas and experiences across the organization. Demonstrating its high concern for people, NTPC has developed strong employee welfare, health & well-being and social security systems leading to high level of commitment. NTPC offers best quality-of-life through beautiful townships with all amenities such as

educational, medical

and

recreational opportunities for employees and their family members. The motivation to perform and excel is further enhanced through a comprehensive NTPC Rewards and Recognition system.

In order to institutionalize a strong Culture based on Values a number of initiatives are taken to actualize the Vision and Core Values (BCOMIT) across the company. A culture of celebrating achievements and a strong focus on performance are a way of life in NTPC. NTPC has institutionalized Development Centers" in the company to systematically diagnose the current and potentialPage | 15

competency requirements of the employees with the objective of enhancing their development in a planned manner. These Centers give a good insight to the employees about their strengths and weaknesses, the gaps in their competencies which they can bridge through suitable support from company. Due to innovative people management practices there is a high level of pride and commitment amongst employees as reflected in the various external surveys including Great Places to Work for in India in which NTPC was rated third Great Place to work for in the country in 2005. In alignment of NTPCs Vision and Mission, the HR vision is also defined to the following HR Objectives and HR Goals.

HR OBJECTIVES VISIONTo Enable Our People Employee Development to Be a Family of Committed World Class Professionals, Making NTPC a learning Career Planning organization Developing Employee Commitment and pride Employee Relations Quality of Work Life

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HR GOALSActualize the HR Vision Enhance organizational performance and commitment of employees Build a competency based organization Institutionalize core values create culture of team building.

To realize its HR vision and HR goals, there are well defined strategies which ultimately aim at achieving the corporate objective and vision. These strategies are futuristic in nature and with main emphasis laid on building competency as well as commitment. The following measures are being adopted:Page | 17

HR STRATEGIES Competency Building Measures: Revised Performance Management System. Leadership Development. Integrated Career Planning, Development and Succession Planning. Training and Development. E-Learning and Global Exposure. Commitment Building Measures: Enabling Organizational Climate. Rewards and Recognition. Culture Building and System Building Measures. Core Value Actualization. Communication and Knowledge Management System. Benchmarking.

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THE SUCCESS STORY OF GLORIOUS YEARS197 5 197 7 197 9 198 0 198 1 198 2

Electricity Supply Act, 1948 amend & NTPC Incorporated on 7th Nov. NTPC acquired the first patch of land at Singrauli in September. The first batch of executive trainees joined the company.

Govt. of India approved the implementation of Farakka project in March.

Former Soviet Union offers to assist in setting up of power stations. Farakka Super Thermal Power Project in West Bengal was the fourth among the first series of four super thermal power projects taken up by NTPC. On 29th December late Smt. Indira Gandhi, the then Prime Minister laid the foundation stone for the project. Power Management Institute, Delhi, a center of education established. stone for Vindhyachal Super Thermal Power Project in Madhya Pradesh.Page | 19

On 12th November late Smt. Indira Gandhi, the then Prime Minister laid the foundation

198 3 198 6 198 9 199 0 199 3 199 4 199 5 199 7 200 0 200 2 200 4

In the very first year of commercial operation, NTPC earned a profit of ` 4.51 Crore in the financial year 1982-83. Synchronization of its first 500MW unit at Singrauli. Became one of the first PSUs to issue bonds in the debt market. The first gas (88MW) of first gas based combined cycle power plant at Anta, Rajasthan Commissioned. The total installed capacity crossed 10000 MW For the first time, IBRD extended the direct loan of USD 400 Million under time slice concept for its projects. Crossed 15000 MW of installed capacity. Declared a dividend of ` 65 crore for the first time. NTPC celebrated 20 years of its existence. Various programs were organized to mark its twentieth anniversary. A new logo was adopted. Identified by GoI as one of the Navratna public sector undertakings. Achieved 100 billion units generation in one year. Commenced construction of a first hydro-electric project of 800MW capacity in Himachal Pradesh. Three wholly owned subsidiaries of NTPC viz. NTPC Electric Supply Company Ltd, NTPC Hydro Ltd and NTPC Vidyut Vyapar Nigam Ltd Incorporated. NTPC became a listed company. NTPC made its debut issue of euro bonds amounting to USD 200 million in the international market. NTPC received the International Project Management Award, 2005 for its Simhadri

200 5

project. NTPC was ranked as the Third Great Place to work for in India for the second time in succession by a survey conducted by Grow Talent and Business World 2005. The companies name changed to NTPC Ltd. For the fourth consecutive year, NTPC continued to realize 100% of current bills.

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Agreement signed with government of Haryana and Delhi for setting up 1500 MW plant in Jhujjar.

Ministry of coal, GOI granted in-principle approval of a new coal block, namely, Chhati Baristu South to NTPV, subject to the conditions stipulated in the approval letter. ThePage | 20

share of reserve was indicated as 354 million tones. 200 7 Vindhyachal Super Thermal Power Project became the largest power station in the country with an installed capacity of 3260 MW NTPC allocation 0.5% of distributable profits annually for its R & D fund for sustainable energy for development of green & clean technologies. Strategic foray into manufacturing by forming Joint Venture Companies with BHEL and Bharat Forge. 200 8 Joint Venture Company under the name National Power Exchange Ltd was incorporated on 11th December 2008 with NHPC Ltd. , PFC Ltd. , to operate power exchange at national level.

NTPC was ranked Number 1 in the Best Work place for Large Organizations and number 8 overall for the year 2008 by Great place to work Institutes. India chapter in

collaboration with the Economic Times 500 MW Unit VI of Sipat brought under commercial generation. 200 9

NTPC Has achieved the highest ever single day generation of 655.22 MUs on 2nd March, 209 with highest ever single day coal based generation of 579.02 MUs. Government of India, Deptt. Of Public Enterprises, Ministry of Heavy Industries & Public Enterprises vides Office Memorandum dated 19th May, 2010 has conveyed grant of Maharatna status to NTPC apart from three other Central Public Sector Enterprises (CPSEs). Since, presently NTPC has requisite number of non-official Directors on its Board, therefore, only NTPC is eligible to exercise delegated Maharatna powers.

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NTPC bagged two awards at the Asia Best Employer Brand Ceremony held at Singapore recently for Best HR Strategy in line with Business and Award for Talent Management.

NTPC Limited has been ranked 7th overall in Indias Best Companies to Work for 2010, a study by The Great Places to Work Institute India and The Economic Times. The Company is also ranked 1st among large organizations with over 10,000 employees, 1st in the Public Sector Enterprises segment and 1st in the Manufacturing and Production Industry segment.

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RETENTION POLICIES AT NTPCCareer Advancement & Opportunities We have a well established talent management system in place, to ensure that we deliver on our promise of meaningful growth and relevant challenges for our employees. Our talent management system comprises PERFORMANCE MANAGEMENT, CAREER PATHS and LEADERSHIP DEVELOPMENT. Sound Communication & Employee participation SAP ERP implementation titled project Lakshya, the pilot implementation of the project at Ramagundam, Faridabad, Koldam, NCR HQ and Corporate were completed in a span of 10 months. The SAP solution is expected to help NTPC achieve faster exchange of information, improved productivity and reduction of costs, better data consistency, knowledge sharing and unification of planning and budgeting process. A management journal called "Horizon" is published quarterly to enable employees to share their ideas and experiences across the organization. Rewards & Recognitions We have, from inception, created a culture of rewards and recognitions through celebration of various achievements and events and recognizing the contributions behind such success. Knowledge Management in NTPC To meet our ultimate objective of becoming a learning organization, an integrated Knowledge Management System has been developed, which facilitates tacit knowledge in the form of learning and experiences of employees to be captured and summarized for future reference. Innovate, Create, Compete We have introduced numerous initiatives which seek to enhance the creativity, innovation, functional aptitude and teamwork of our employees. These initiatives include National Open Competition for Executive Talent (NOCET), Professional Circles, Quality Circles, Business Minds and Medha Pratiyogita (a quiz for our employees). A management journal called Horizon is published quarterly to enable the employees to share their ideas and experiences across the organization.

Quality of Work-Life NTPC is proud of its systems for providing a good quality of work-life for its employees. In addition to providing beautiful and safe work places, NTPC encourages a culture of mutual respect and trust amongst peers, superiors and subordinates. Away from hectic city life, NTPC townships provide an environment of serenity, natural beauty and close community living. Numerous welfare and recreationPage | 22

facilities including schools, hospitals and clubs are provided at the townships to enhance quality of life & the well being of employees and their families. An entire range of benefits, from child care leave to post retirement medical benefits are extended to employees to meet any exigency that may arise in a person's life. Training & Development NTPC subscribes to the belief that efficiency, effectiveness and success of the organization, depends largely on the skills, abilities and commitment of the employees who constitute the most important asset of the organization. Our Training Policy envisages a minimum of 7 man days of training per employee per year. We have developed our own comprehensive training infrastructure. Education Up-gradation Schemes To meet the academic aspirations of employees and match them with the needs of the organization, NTPC has tie-ups with institutes of repute like MDI, Gurgaon; IIT Delhi; BITS Pilani, etc. NTPC sponsors fixed size batches of employees who are inducted into these courses based on their performance rating in the company and their performance in the entrance exam conducted by the respective institute. Unlike other study leave and sabbaticals, employees undergoing these courses do not forego their salary or growth during the duration of the course.

Employees Relations The new recruits are being molded in the culture and environment of the organization with the help of a systematic and formal Mentoring System of the company to integrate them into the culture of the company. Seeking Feedback We actively seek and encourage employee feedback to ensure that our HR interventions and practices remain relevant and meaningful. We regularly conduct Employee Satisfaction and Organizational Climate Surveys.

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LITERATURE REVIEW1. Research on Work life Balance, Employee Engagement, Emotional Consonance/Dissonance & turnover IntentionTara Shankar and Jyotsna Bhatnagar, Management Development Institute, Gurgaon (2010) identifies that Higher Work Life Balance leads to higher Employee Engagement mediated by emotional consonance - High WLB will lead to High Employee Engagement, and low intention to quit. consonance n. 1. Agreement; harmony; accord. 2.Page | 24

a. Close correspondence of sounds. b. The repetition of consonants or of a consonant pattern, especially at the ends of words, as in blank ..... Click the link for more information.

Higher the emotional consonance, higher is the Work Life Balance mediated by Employee Engagement.

2. Research on Employee Engagement: Role of Self-efficacy, Organizational Support & Supervisor SupportSurya Prakash Pati and Pankaj Kumar, Indian Institute of Management-Lucknow (2010) identifies that

An empowered employee can be expected to be engaged.

3. Research on The impact of the Health Insurance Portability and Accountability Act on Participant Recruitment and RetentionDeidre D. Wipke-Tevis and Melissa A. Pickett, University of Missouri-Columbia (2007) identifies that

Despite of increase in costs due to HIPAA implication the recruitment and retention of participants improved as the participants were self-motivated due to the benefits.

4. Research on Effect of Paced and Unpaced Practice on Skill Application and Retention: How Much Is Enough?Provalis Research, University of Montral (2003) identifies that Practicing until mastery improved individual exam scores, group success rates, and long-term retention. Over learning provided additional benefits, especially in long-term retention.

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Fluency-building instructions did not further increase academic achievement or long-term retention.

A positive relationship was found between amount of practice and attitudes toward the course, the subject matter, and practice activities.

5. Research on Employee Retention-Talent Management Mythri Isukapally Jr., Alliance Business Academy (2006) identified that The foremost step necessary for effective implementation of retention strategies is to understand the scope of the retention problem that is unique to one's organization. Working strategies for effective retention are Form Employee retention committee to motivate & inculcate sprit of belongingness. Reward the employees who have longevity in your organization. Succession planning. Make the employees aware of their career tree. Celebration of the performance. Turning exit interviews to Recruiting interviews. Family orientation

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CONCEPTUAL FRAMEWORKRETENTION: High performers are like frogs in a wheelbarrowThey can jump out at any time -Mc Kinsey & Company Study.Genius begins and labor finishes is an old saying that would be profoundly significant if interpreted in the context of corporate and large employers. Concepts, visions and decisions do take shape within the four walls of corporate boardrooms. However, it is only the employees that implement and give tangibility to the corporates mission. In other words if it is the highest rung in the corporate hierarchy that has ideas, it is the employees rung that has the chisel to bring the vision to life.

In the best of worlds, employees would love their jobs. Like their co-workers, work hard for their employers; get paid well for their work, ample chances of advancement and flexible schedules so they could attend to personal or family needs when necessary. And never leave.

But then theres the real world. And in the real world, employees, do, leave, either because they want more money, hate the working conditions, hate their co-workers, want a change, or because their spouse gets a dream job in another state. Unlike inanimate products and systems that subject themselves to fine tuning without any reaction, employees would not subject themselves to any measure taken without reaction and analysis. Hence managing human resources, particularly retaining them, is an art that calls for special skills and strategies.

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EMPLOYEE RETENTIONEmployee Retention involves taking measures to encourage employees to remain in the organization for the maximum period of time. Corporate is facing a lot of problems in employee retention these days. Hiring knowledgeable people for the job is essential for an employer. But retention is even more important than hiring. There is no dearth of opportunities for a talented person. There are many organizations which are looking for such employees. If a person is not satisfied by the job hes doing, he may switch over to some other more suitable job. In todays environment it becomes very important for organizations to retain their employees. The top organizations are on the top because they value their employees and they know how to keep them glued to the organization. Employees stay and leave organizations for some reasons. Employee retention is a process in which the employees are encouraged to remain with the organization for the maximum period of time or until the completion of the project. Employee retention is beneficial for the organization as well as the employee. Employee retention is a business management term referring to efforts by employers to retain current employees in their workforce. The purpose is to avoid employee turnover and associated costs: hiring and training expenses; productivity loss; lost customers; diminished business; and damaged morale among remaining members of the workforce. Retention is particularly a problem in high stress occupations such as teaching, nursing and social care work.

JOB SATISFACTION:Job satisfaction describes how content an individual is with his or her job. The happier people are within their job, the more satisfied they are said to be. Job satisfaction is not the same as motivation, although it is clearly linked. Job design aims to enhance job satisfaction and performance; methods include job rotation, job enlargement and job enrichment. Other influences on satisfaction include the management style and culture, employee involvement, empowerment and autonomous work groups. Job satisfaction is a very important attribute which is frequently measured by organizations. The most common way of measurement is the use of rating scales where employees report their reactions to their jobs. Questions relate to rate of pay, work responsibilities, variety of tasks, promotional opportunities the work itself and co-workers.

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RETENTION POLICIES:RETENTION POLICY OF ANY ORGANISATION is derived from the market conditions in which the company works. In other words the former is highly very closely related to the latter. However retention policy by itself should take into consideration the policies of other organizations regarding talent hunt and retention of talent pool, etc. Retention policy should commit itself to the organization personnel policy like enriching the organizations Human resource. The policy must incorporate motivating the potential employee, improving the employee loyalty to the organization by absorbing the laid-off or casual /temporary employee or dependent of present or former employee etc. subject to their capabilities.

WHAT MAKES EMPLOYEE LEAVES?Employees do not leave an organization without any significant reason. There are certain circumstances that lead to their leaving the organization. The most common reasons can be: Job is not what the employee expected to be: Sometimes the job responsibilities dont come out to be same as expected by the candidates. Unexpected job responsibilities lead to job dissatisfaction.1. Job and person mismatch: A candidate may be fit to do a certain type of job which matches

his personality. If he is given a job which mismatches his personality, then he wont be able to perform it well and will try to find out reasons to leave the job.2. No growth opportunities: No or less learning and growth opportunities in the current job will

make candidates job and career stagnant.3. Lack of appreciation: If the work is not appreciated by the supervisor, the employee feels de-

motivated and loses interest in job.4. Lack of trust and support in co-workers, seniors and management: Trust is the most

important factor that is required for an individual to stay in the job. Non-supportive co-workers, seniors and management can make office environment unfriendly and difficult to work in.5. Stress from overwork and work life imbalance: Job stress can lead to work life imbalance

which ultimately many times lead to employee leaving the organization.6. Compensation: Better compensation packages being offered by other companies may attract

employees towards themselves.7. New job offer: An attractive job offer which an employee thinks is good for him with respect to

job responsibility, compensation, growth and learning etc. can lead an employee to leave the organization.Page | 29

RETENTION MYTHSThe process of retention is not as easy as it seems. There are so many tactics and strategies used in retention of employees by the organizations. The basic purpose of these strategies should be to increase employee satisfaction, boost employee morale hence achieve retention. But sometimes these strategies are not used properly or even worse, wrong strategies are used. Because of which these strategies fail to achieve the desired results. There are many myths related to the employee retention process. These myths exist because the strategies being used are either wrong or are being used from a long time. These myths prevent the employer from successfully implementing the retention strategies. Let us have a look on some of these myths:1.

Employees leave an organization for more pay: Money may be the motivating factorfor some but for many people it is not the most important factor. Money matters more to the low-income-employees for whom its a survival issue. Money can make an employee stay in an organization but not for long. The factors more important than money are job satisfaction, job responsibilities, and individuals skill development. The employers should understand this and work out some other ways to make employees feel satisfied. When employees leave, management tries to retain them by offering more money. But instead they should try to figure out the main reason behind it. Issues that are mainly the cause of dissatisfaction are organizations policies and procedures, working conditions, relationship with the supervisor and salary, etc. For such employees, achievement, growth, respect, recognition, is the main concern.

2.

Incentives can increase productivity: Incentives can surely increase productivity but notfor long term. Cash incentives, volume work targets and speed awards are old management beliefs. They can generate work speedily and in volumes but cant boost employee commitment. Rather speed can hamper the quality of work produced. What really glues employees to their work and organization is quality work, meaningful responsibilities, recognition, respect, growth opportunities and friendly supervisors.

3.

Employees run away from responsibilities: It is a myth that employees run fromresponsibilities. In-fact employees feel more responsible if they are given extra responsibilities apart from their regular job. Employees look for variety, greater control on the processes and authority to take decisions in their present job. They want opportunities to learn and grow. Management can assign extra responsibilities to their employees and appreciate them on the completion of these tasks. This will induce a sense of pride in the employee and will improve the relationship between the management and the employee.

Page | 30

4.

Loyalty is a thing of the past: Employees can be loyal but what they need is an employerfor whom they can be loyal. There is no reason for the employee to hop jobs if hes satisfied with the employer.

5.

Taking measures to increase employee satisfaction will be expensive for the organizations: The things actually required improving employee satisfaction like respect,career growth and development, appreciation, etc. cant be bought. They are free of cost. An employer or management that reacts well to the employees ideas and suggestions is enough for the employees to be retained

ANALYSES AND FINDINGSPage | 31

1. What is the Average Stay per employee in your organization?Chart-1 The above graph shows that 50% of the public sector employees have an average stay of more than 10years, 33% of the employees have an average stay of 8-10 years, 17 % have an average stay of 5-8 years and no responses lies in the range of 0-3 years and 3-5 years.

Chart-2 The above graph shows that 71% of the private sector employees have an average stay of 3-5 years, 29% of the employees have an average stay of 5-8 years and no responses lies in the range of 0-3 years, 8-10 years and more than 10 years.

2. As Per Your Organization How Important Talent Retention is?Very low extent 1 Low extent 2 Moderate extent 3 High extent 4 Very high extent 5

Chart-3

Chart-4

The above graphs shows that importance of talent retention is of very high extent in 33 % of the public sector companies in comparison of 29% of the private sector companies, high extent in 67 % of the public sector companies in comparison of 43% of the private sector companies, moderate extent in 14% of the private sector companies where as no response from public sector companies in this range, low extent in 14% of the private sector companies in comparison of no response from public sector companies and no response by companies from both the sectors in very low extent range.

3. Does the organization have strategies for talent retention?Very low extent Low extent Moderate extent High extent Very high extentPage | 32

1

2

3

4

5

Chart-5

Chart-6

We can observe that the strategies for talent retention is of high extent in 33 % of the public sector companies in comparison of 29% of the private sector companies, moderate extent in 50 % of the public sector companies in comparison of 28% of the private sector companies, low extent in 17 % of the public sector companies in comparison of 29 % of the private sector companies and no response by companies from both the sectors in Very high extent and very low extent range.

4. Does your organization keeps these strategies up to date?Yes 1 No 2

Chart-7 The above graphs shows that 50 % of the public sector companies keep the retention strategies up to date in comparison of 42.85 % private sector companies, and 50 % of the public sector companies do not keep the retention strategies up to date in comparison of 57.14 % private sector companies.

Page | 33

6. How effective are the following practices for employee retention rate on five point rating scale?Very low extent 1 Low extent 2 Moderate extent 3 High extent 4 Very high extent 5

Social Practices

Chart-8

The graph shows that the highly effective (Mean Score 3) practices for talent retention for private sector and public sector are Social Practices (Public Sector) Giving gifts to employee on occasions like, birthdays, anniversaries, marriage, etc. Celebrate birthdays, anniversaries, retirement and promotions of employees. Get-togethers for employees & family members on occasions like Diwali, Holi, New Year, etc. Arrangements for indoor games at the premises. Organizing get together for watching football, hockey and cricket matches. Organizing annual sports meets for employees. Personalized well done and thank-you cards from supervisors. Voicemails or messages from top management. Social Practices (Private Sector) Giving gifts to employee on occasions like, birthdays, anniversaries, marriage, etc. Celebrate birthdays, anniversaries, retirement and promotions of employees. Arrangements for indoor games at the premises. Organizing get together for watching football, hockey and cricket matches. Organizing annual sports meets for employees. Personalized well done and thank-you cards from supervisors. 3.29 3.29 3.29 3.57 3.85 3.57Page | 34

Mean Score 4.17 4 4 4.67 3.17 3.5 4.17 3

Financial PracticesVery low extent 1 Low extent 2 Moderate extent 3 High extent 4 Very high extent 5

Chart-9 Here the response shows that the highly effective practices (Mean Score 3) related to financial practices for public sector and private sector companies are:Financial Practices (Public Sector) Competitive pay packages. Assistance with tax calculations and submission of forms. Financial planning assistance. Providing insurance plans like: - health insurance, travel insurance, etc. Scholarships for employees children. Loans and Advances for Employees. Financial Practices (Private Sector) Competitive pay packages. Providing insurance plans like: - health insurance, travel insurance, etc. Loans and Advances for Employees. Mean Score 4.33 3.33 3.5 4.17 3.83 4.33 Mean Score 4.42 3.71 4.71

Non-Monetary Incentive Practices.Very low extent 1 Low extent 2 Moderate extent 3 High extent 4 Very high extent 5

Chart-10 We can see here that the highly effective Non-Monetary practices for public sector and private sector companies are as follows-

Non Monetary Incentive Practices (Public Sector)Non-monetary incentives fixed by the management on regular time intervals.

Mean Score 3.67Page | 35

Incentives as per the employees interest or need, like a tour package to an adventure loving guy.

3.33 Mean Score 3.86

Non Monetary Incentive Practices (Private Sector)Non-monetary incentives fixed by the management on regular time intervals.

Transparent Work Culture and Communication Practices.Very low extent 1 Low extent 2 Moderate extent 3 High extent 4 Very high extent 5

Chart-11 From the responses we can see the highly effective Transparent Work Culture and Communication Practices as per public sector and private sector companies are as follows:Transparent Work Culture and Communication Practices (Public Sector) Unbiased policies for awards, rewards, promotions & appraisals. Sharing the policies, future plans, upcoming projects & achievements with the employees. Continuous encouragement for coming up with new ideas by immediate boss. An open door culture to encourage sharing of thoughts, ideas, grievances, etc. Encourage frequent formal and informal discussions among the teams. Use of Emails, Newsletters, Intranet to boost the effective communication among the employees. Transparent Work Culture and Communication Practices (Private Sector) Unbiased policies for awards, rewards, promotions & appraisals. Sharing the policies, future plans, upcoming projects & achievements with the employees. Continuous encouragement for coming up with new ideas by immediate boss. An open door culture to encourage sharing of thoughts, ideas, grievances, etc. Encourage frequent formal and informal discussions among the teams. Frequent meetings and Social gatherings. Mean Score 4.83 3.5 3.83 3.5 3.67 3.5 Mean Score 4.00 3.71 3.57 3.43 3.57 3.14Page | 36

Use of Emails, Newsletters, Intranet to boost the effective communication among the employees.

3.43

Quality Work Environment and Work Life Balance Practices.

Very low extent 1

Low extent 2

Moderate extent 3

High extent 4

Very high extent 5

Chart-12

It can be observed from the graph that the Quality Work Environment and Work Life Balance Practices rated highly effective by the public sector and private sector companies are as follows Quality Work Environment and Work Life Balance Practices (Public Sector) Addressing their work life issues i.e. the physical work environment, social environment. Suitable and flexible working hours. Medical benefits, and other benefits like pick & drop cab, work place cafeteria, etc. Job enrichment and clear information about jobs need to be performed. Continuous career oriented training for personal/professional development. Extended paternal/maternal leave in case of single father/mother. Quality Work Environment and Work Life Balance Practices (Private Sector) Addressing their work life issues i.e. the physical work environment, social environment. Mean Score 3.33 3.17 4.33 3.83 3.83 4.00 Mean Score 3.43Page | 37

Suitable and flexible working hours. Medical benefits, and other benefits like pick & drop cab, work place cafeteria, etc. Job enrichment and clear information about jobs need to be performed. Continuous career oriented training for personal/professional development.

3.14 3.86 4 3.43

Empowerment Practices.Very low extent 1 Low extent 2 Moderate extent 3 High extent 4 Very high extent 5

Chart-13

Page | 38

The highly effective Empowerment Practices rated by public sector and private sector companies are -

Empowerment Practices (Public Sector)Encouraging The Managers to share the authority and accountability with the junior employees. Promoting a Suggestion system among the employees and evaluating & implementing the suggestions. Encourage employees to feel free to provide feedbacks and share their views. Providing mentors to the new employees to make them understand the organizations culture in a better way.

Mean Score 3.5 3.33 4 4.33 Mean Score 3.57 3.71 4 3

Empowerment Practices (Private Sector)Encouraging The Managers to share the authority and accountability with the junior employees. Promoting a Suggestion system among the employees and evaluating & implementing the suggestions. Encourage employees to feel free to provide feedbacks and share their views. Providing mentors to the new employees to make them understand the organizations culture in a better way.

KEY FINDINGSPage | 39

THE SUCCESSFUL COMPLETION OF THE STUDY PROJECTS FOLLOWING FINDINGS:-

1. At NTPC the HR department practices following policies for retention management : a. Career Advancement & Opportunities b. Sound Communication & Employee participation c. Rewards & Recognitions d. Knowledge Management in NTPC e. Innovate, Create, Compete f. Quality of Work-Life g. Training & Development h. Education Up-gradation Schemes i. Employees Relations j. Seeking Feedback2. The average stay of majority of employees in a single company comes out to be

Sectors Public Sector Companies Private Sector Companies

Years More than 10 years 3-5 years

Percentage of Employees 50% 71%

It is up to 24 years in case of NTPC. This explains the ultra-low 0.9% attrition and the highly efficient 0.82 man-to-megawatt ratio.

3. In comparison of 67 % of public sector companies only 43 % of private sector companies stated Talent Retention to be of higher importance for their organization.

4. 50 % public sector companies keep their retention policies changing as per the need where as only 42.85 % private sector companies bring changes in their policies.

5. Social Practices rated highly effective for talent retention by both the public sector as well as private sector companies are Practices Mean Score Public Mean ScorePage | 40

Sector companies Giving gifts to employee on occasions like, birthdays, anniversaries, marriage, etc. Celebrate birthdays, anniversaries, retirement and promotions of employees. Arrangements for indoor games at the premises. Organizing get together for watching football, hockey and cricket matches. Organizing annual sports meets for employees. Personalized well done and thank-you cards from supervisors. 4.17 4 4 4.67 3.17 3.5

Private Sector companies 3.29 3.29 3.29 3.57 3.85 3.57

6. Financial Practices rated highly effective for talent retention by both the public sector as well as private sector companies are Practices Mean Score Public Sector companies 4.33 4.17 4.33 Mean Score Private Sector companies 4.42 3.71 4.71

Competitive pay packages. Providing insurance plans like: - health insurance, travel insurance, etc. Loans and Advances for Employees.

7. Non-Monetary Incentive Practices rated highly effective for talent retention by both the public sector as well as private sector companies are Practices Mean Score Public Sector companies 3.67 Mean Score Private Sector companies 3.86Page | 41

Non-monetary incentives fixed by the management on regular time

intervals.

8. Transparent Work Culture and Communication Practices rated highly effective for talent retention by

both the public sector as well as private sector companies are Practices Mean Score Public Sector companies 4.83 3.5 3.83 3.5 3.67 3.5 Mean Score Private Sector companies 4.00 3.71 3.57 3.43 3.57 3.43

Unbiased policies for awards, rewards, promotions & appraisals. Sharing the policies, future plans, upcoming projects & achievements with the employees. Continuous encouragement for coming up with new ideas by immediate boss. An open door culture to encourage sharing of thoughts, ideas, grievances, etc. Encourage frequent formal and informal discussions among the teams. Use of Emails, Newsletters, Intranet to boost the effective communication among the employees.

9. Quality Work Environment and Work Life Balance Practices rated highly effective for talent retention

by both the public sector as well as private sector companies are Practices Mean Score Public Sector companies 3.33 3.17 4.33 Mean Score Private Sector companies 3.43 3.14 3.86Page | 42

Addressing their work life issues i.e. the physical work environment, social environment. Suitable and flexible working hours. Medical benefits, and other benefits like pick & drop cab, work place

cafeteria, etc. Job enrichment and clear information about jobs need to be performed. Continuous career development. oriented training for personal/professional 3.83 3.83 4 3.43

10. Empowerment Practices rated highly effective for talent retention by both the public sector as well as

private sector companies are Practices Mean Score Public Sector companies 3.5 3.33 4 4.33 Mean Score Private Sector companies 3.57 3.71 4 3

Encouraging The Managers to share the authority and accountability with the junior employees. Promoting a Suggestion system among the employees and evaluating & implementing the suggestions. Encourage employees to feel free to provide feedbacks and share their views. Providing mentors to the new employees to make them understand the organizations culture in a better way.

11. By the responses of public sector and private sector companies stated above we observe that many

practices are equally effective for talent retention companies of both the sectors.

6.1 CONCLUSIONIn the dynamic business world, competition is inevitable. Climbing to the top is relatively easy than staying at top. Many organizations have grown at a very fast speed but simultaneously they have failed to sustain their growth. Sustenance of growth requires proportionate development. Such world-class organizations are those who remain ahead of competitors and have managed to maintain sustainable competitive growth. NTPC Ltd is one of those world-class organizations, which have maintained its excellence over the years by continuously working towards growth and development. Such an ambitious goal requires an excellent planning and perfect implementation of the strategies. For this it becomes extremely necessary to retain the Talent by engaging the employees with the organization so that the organization can fulfill its goal of sustenance of growth.

Page | 43

The organization has been recruiting hundreds of graduates and post graduates every year who are providing there worth in the company. But what happens after the recruitment process? The organization spend its resources to train the recruits and to make them best fit for what job they are performing or going to perform, but eventually due to lack of encouragement for engagement with the organization the company losses its valuable assets the employees. There is a need of policies to retain those hired and trained people. The credibility of the process can be estimated form this that NTPC not only recruit and train executives to fulfill the requirements of its plants/ stations but it also practice such policies which makes a strong bond between the employee and the employer. Such policies are termed as retention policies which encourage employee engagement and helps in fulfillment of ultimate goal of sustainable competitive growth. After being in business for such a long time, it has gained expertise in both recruiting and retaining its technical and non-technical employees of the organization. After a thorough study of benchmarking best practices of retention and engagement, I learned that the role of recruitment and retention of employees are of equal importance as they are an asset to the company. NTPC, as a constantly learning organization, has realized the need to streamline its retention policies with the social, psychological and economical factors in order to achieve its goals.

The Recruitment and Retention policies in NTPC ltd. are one of the major tasks of the Corporate HRD. While undertaking this project and working upon the recruitment process with the ET Recruitment Cell of HRD, I made some interesting observations. The following observations establish the recruitment and retention policies at NTPC ltd. as one the best practices in the corporate world:

The processes and policies practiced at NTPC ltd. are very much based on idealistic process for recruitment and retention.

There are well defined requirements and expectations from the candidates and employees. The policies and policies are also well defined. The whole process is much more transparent and fair as it clearly states the companys people oriented approach.

Selection process for candidates is given due importance so as to screen the quality candidates keeping in mind the companys corporate objectives, goals, vision, mission, and values. The quality candidates make the retention practices more important.

The whole process of recruitment is so designed to check the candidates of his/her technical knowledge, the general aptitude, the attitude and the physical well being. Thus only best suited candidates get selected.

Page | 44

SUGGESTIONS It would be a great job for the HR department if they regularly take feedback of its employees on the retention policies to keep the policies updated as the change is inevitable and the needs of employees changes with time, so a timely up gradation of policies keep the organization ahead of all. NTPC should showcase the recruitment department at community outreach fairs and special events. To make the department more visible both inside and outside the organization they should go for go speaking at conferences/seminars and universities. The Right Employee at the Right Place at the Right Time is the key mantra for the success of the goals of the organization. So efficient recruitment is very important. Quantify the organizations promotion rates, publicly thanking those who have excelled and been promoted via publicizing in local news papers and publicizing internal contests and competitions. It would be very beneficial for the organization to make the prospective future employees aware of its people oriented policies at the time of advertising for recruitments as it will develop a brand image of the organization and will attract the best candidates for the vacancies. The employees should be encouraged to tell their own stories about how NTPCs people oriented policies have affected their lives. There should be Exit Interviews to keep a check on where did the company lacked in its retention policies and required steps should be taken.Page | 45

6.4 LIMITATIONSIn every research there are certain limitations, and this research is not an exception, so in whole process of research the situation in which the research conducted can affect the research to a small extent. The research conducted come across certain restrictions and limitations, so some of these limitations can be overlooked for the successful conduction of research. Some of the limitations that can be over looked are:-

A. The findings of the study are subjected to bias and prejudice of the respondents. B. Area of the study is confined to the employees in Delhi NCR only. C. Due to time constraint the questionnaire could not be administered to most of the competent companies and so the representative sample was only 5%. D. The findings of the study are solely based on the information provided by the respondents. E. Many of the respondents did not wish to respond to a few questions and because of that total score went down and could not get an accurate analysis. F. For benchmarking, it was really difficult to get information from different companies people were not ready to shell out information about their companies

Page | 46

G. Since the retention factor varies from industry to industry and company to company the outcomes were really not in any one direction. H. Findings of the research may change due to area, demography, age condition of economy etc.

Questionnaire Name Designation : ______________________________ : ______________________________

Organization : ______________________________

Q1. Rank the following statements from 1 to 9 in order of your preference for talent retention.Page | 47

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.

Q2. What is the average stay per employee in your organization? 0-3 years 3-5 years 5-8 years 8-10 years more than 10 years.

Q3. As per your organization how important the Talent Retention is? Very Important Important Least Important Not Important

Q4. Does your organization have strategies for talent retention? Very low extent Low extent Moderate High extent Very high extent

Q5. Does the organization keep these strategies up to date? Yes No

Q6. How effective are the following measures for employee retention, rate them on the scale of 1 to 5, (5 for most effective & 1 for least effective) as per your organization.

A. SOCIALPage | 48

a. Giving gifts to employee on occasions like, birthdays, anniversaries, marriage, etc. b. Celebrate birthdays, anniversaries, retirement and promotions of employees.c. Get-togethers for employees & family members on occasions like Diwali, Holi,

New Year, etc. d. Arrangements for indoor games at the premises. e. Organizing get together for watching football, hockey and cricket matches.f. Organizing annual sports meets for employees.

g. Ice cream Fridays. h. Child care and elder care services. i. Outing on weekend with the immediate boss once a month. j. Personalized well done and thank-you cards from supervisors. k. Voicemails or messages from top management.

A. FINANCIAL a. Competitive pay packages. b. Assistance with tax calculations and submission of forms. c. Financial planning assistance. d. Providing insurance plans like: - health insurance, travel insurance, etc. e. Scholarships for employees children. f. Loans and Advances for Employees.

A. NON-MONETARY INCENTIVE. a. Non-Monetary incentives fixed by the management on regular time intervals. b. Incentives as per the employees interest or need, like a tour package to an

adventure loving guy.c. Varying amount of incentive as per the level in organization irrespective of their

achievement. d. Incentives to all the employees irrespective of any achievement or not.

B. TRANSPARENT WORK CULTURE AND COMMUNICATION.Page | 49

a. Unbiased policies for awards, rewards, promotions & appraisals.b. Sharing the policies, future plans, upcoming projects & achievements with the

employees. c. Continuous encouragement for coming up with new ideas by immediate boss. d. An open door culture to encourage sharing of thoughts, ideas, grievances, etc. e. Encourage frequent formal and informal discussions among the teams. f. Frequent meetings and Social gatherings.g. Use of Emails, Newsletters, Intranet to boost the effective communication

among the employees.

A. QUALITY WORK ENVIRONMENT AND WORK LIFE BALANCE.a. Addressing their work life issues i.e. the physical work environment,

social environment. b. Suitable and flexible working hours. c. Self planning of leaves in the calendar by employees.d. Medical benefits, and other benefits like pick & drop cab, work place

cafeteria, etc. e. Autonomous work groups. f. Job enrichment and clear information about jobs need to be performed.Page | 50

g. Continuous career oriented training for personal/professional development.h. Only job oriented training to make employees most suitable for the particular job.

Page | 51

i. j.

Extended paternal/maternal leave in case of single father/mother. Day care facility for the employees kids at the work place.

Page | 52

k. Provision for female employees to bring their baby of less than 1 yr along at

the work place.

Page | 53

A. EMPOWERMENTa. Encouraging The Managers to share the authority and accountability with the

junior employees

Page | 54

b. Promoting a Suggestion system among the employees and evaluating &

implementing the suggestions. c. Encourage employees to feel free to provide feedbacks and share their views.

Page | 55

d. Providing mentors to the new employees to make them understand the

organizations culture in a better way.

Page | 56

Q7. Being an employee what would you suggest as the mantra for employee engagement other then what has already been mentioned? a.________________________________

Page | 57

b.________________________________ c.________________________________

Page | 58

BIBLIOGRAPHYBooks

Venkata Ratnam, C.S. and Srivastava, B.K. Personnel Management & Human Resource. Tata Mcgraw-Hill publishing company Ltd, 2005. Burack, Elmer H and Smith, Robert D. Personnel Management: a Human Resource system Approach. John Wiley & Sons Inc Pattanayak, Bniswajeet. Human Resource Management. Prentice-Hall of India Pvt. Ltd, 2005. Rao, V.S.P. Human Resource Management.

WEBLINKS http://www.publishingindia.com/Research/Article-Listing.aspx?

IssueID=88&IssueYear=2010&IssueName=Issue%201&ProductName=Indian%20Journal %20of%20Industrial%20Relations&VolumeName=Volume%2046&ProductID=22 Paper on Work Life Balance, Employee Engagement, Emotional Consonance/Dissonance & Turnover Intention by Tara Shankar & Jyotsna Bhatnagar & Paper on Employee Engagement: Role of Self-efficacy, Organizational Support & Supervisor Support by Surya Prakash Pati & Pankaj Kumar http://wjn.sagepub.com/content/30/1/39.abstract

Paper on Impact of the Health Insurance Portability and Accountability Act on Participant Recruitment and Retention http://aer.sagepub.com/content/40/3/769.abstract Paper on Effect of Paced and Unpaced Practice on Skill Application and Retention: How Much Is Enough? http://www.citehr.com/32436-article-retention.html#axzz16LSAmarZ, Oct 12, 2010. http://www.citehr.com/62371-retention-strategies.html#axzz16LSYS038, Oct 15, 2010 www.ntpc.co.in

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1. Ranking of Practices for the purpose of Talent Retention form 1 to 9.

PracticesHire the right people in the first place. Empower the employees I Employees the most valuable asset of the organization n d Have faith in them, trust and respect them. i Provide them information and knowledge. a Keep providing them feedback on their performance. B u Recognize and appreciate their achievements. ll Keep their morale high. s Create an environment where the employees want to work and have fun.

N T P C1 6 H 5 C 9 3 8 2 7 4

N H P C1 9F 4r 7 g 3 8r 2

F C I2 9D 3e 5 a 4 7e 1

ID BI Ba nk1 9 R 8 S 7 5 4 3 6 2

S B B J1 9 T a5

D M R C3 2 N 7 I

Practices

L

i

n v

A

o

i f 5i 6c o A ll a n a L t d1 9 2 7 3 5 6 8 4

L t 8d 6.

j7 G 3 r 7 o u 2 p 8 o f4 H o t e l s

I 6 T 89 5 4 1

Hire the right people in the first place. Empower the employees Employees the most valuable asset of the organization. Have faith in them, trust and respect them. Provide them information and knowledge. Keep providing them feedback on their performance. Recognize and appreciate their achievements. Keep their morale high. Create an environment where the employees want to work and have fun.

2 3 8 6 7 5 4 9 1

1 6 5 8 4 9 2 7 3

2 7 6 4 3 5 1 9 8

1 6 7 4 2 9 5 8 3

1 8 2 6 4 9 5 7 3

1 9 5 3 8 4 6 7 2

Page | 60

2. What is the Average Stay per employee in your organization? Average Stay NT PC N HP C FC I ID BI Ba nk SB BJ D M RC

0-3 Years 3-5 Years 5-8 Years 8-10 years More Than 10 Years Average Stay

In di a B ul ls H C L Fr ig or ifi co Al la na

N II T

D en av e Lt d.

R S A T aj G ro u p of H ot el s

0-3 Years 3-5 Years 5-8 Years 8-10 years More Than 10 Years

Page | 61

3. As Per Your Organization How Important Talent Retention is?Very low extent 1 Low extent 2 Moderate extent 3 High extent 4 Very high extent 5

Sl. No. Name of the company1 2 3 4 5 6 1 2 3 4 5 6 7 NTPC NHPC FCI IDBI BANK SBBJ DMRC India Bulls HCL Frigorifico Allana Denave Ind Ltd. RSA Taj Group of Hotels NIIT

Five Point Ratings4 5 4 5 4 4 2 3 4 4 5 4 5

4. Does your organization have strategies for talent retention?Very low extent 1 Low extent 2 Moderate extent 3 High extent 4 Very high extent 5

Sl. No. Name of the company1 2 3 4 5 6 1 2 3 4 5 NTPC NHPC FCI IDBI BANK SBBJ DMRC India Bulls HCL Frigorifico Allana Denave Ind Ltd. RSA

Five Point Ratings4 3 3 3 4 2 2 2 2 3 4 Page | 62

6 7

Taj Group of Hotels NIIT

4 3

5. Does your organization keeps these strategies up to date?Yes 1 No 2

Sl. No. Name of the company1 2 3 4 5 6 1 2 3 4 5 6 7 NTPC NHPC FCI IDBI BANK SBBJ DMRC India Bulls HCL Frigorifico Allana Denave Ind Ltd. RSA Taj Group of Hotels NIIT

Five Point Ratings1 2 2 2 1 1 2 2 2 2 1 1 1

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6. How effective are the following practices for employee retention rate on five point rating scale?Very low extent Low extent Moderate extent High extent Very high extent

1

2

3

4

5

In Case of Social Practices

Social Practices

N T P C

N H P C

F C I

I D B I B a n k

S B B J

D M R C

Giving gifts to employee on occasions like, birthdays, anniversaries, marriage, etc. Celebrate birthdays, anniversaries, retirement and promotions of employees. Get-togethers for employees & family members on occasions like Diwali, Holi, New Year, etc. Arrangements for indoor games at the premises. Organizing get together for watching football, hockey and cricket matches. Organizing annual sports meets for employees. Ice cream Fridays. Child care and elder care services. Outing on weekend with the immediate boss once a month. Personalized well done and thank-you cards from supervisors. Voicemails or messages from top management.

5 4 5 5 4 4 3 4 3 5 4

3 3 5 5 2 5 1 2 1 4 3

2 3 2 4 3 3 1 1 1 3 3

5 3 3 5 4 3 3 2 4 5 3

5 3 5 5 3 3 1 2 4 5 3

5 4 4 4 3 3 3 1 4 3 2

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Social Practices

I n di a B ul ls

H C L

F ri g o ri fi c o A ll a n a4 3 4 3 3 3 1 2 2 3 2

D e n a v e L td .

R S A

T aj G r o u p of H ot el s3 4 2 3 4 5 4 2 2 3 2

N II T

Giving gifts to employee on occasions like, birthdays, anniversaries, marriage, etc. Celebrate birthdays, anniversaries, retirement and promotions of employees. Get-togethers for employees & family members on occasions like Diwali, Holi, New Year, etc. Arrangements for indoor games at the premises. Organizing get together for watching football, hockey and cricket matches. Organizing annual sports meets for employees. Ice cream Fridays. Child care and elder care services. Outing on weekend with the immediate boss once a month. Personalized well done and thank-you cards from supervisors. Voicemails or messages from top management.

2 3 2 3 5 4 1 2 2 4 3

3 4 2 3 3 4 3 1 2 5 4

4 3 2 4 4 4 1 1 1 4 3

4 4 4 3 3 3 3 3 2 4 2

3 2 4 4 3 4 2 3 4 2 4

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In Case of Financial Practices.Very low extent Low extent Moderate extent High extent Very high extent

1

2

3

4N T P C N H P C F C I I D B I B a n k

5S B B J D M R C

Financial Practices

Competitive pay packages. Assistance with tax calculations and submission of forms. Financial planning assistance. Providing insurance plans like: - health insurance, travel insurance, etc. Scholarships for employees children. Loans and Advances for Employees.

4 4 4 3 4 4

3 2 2 4 4 5

4 3 2 4 2 3

5 4 5 5 5 5

5 4 5 5 4 5

5 3 3 4 4 4

Financial Practices

I n d i a B u l l s

H C L

F r i g o r i f i c o A l l a n a

D e n a v e L t d .

R S A

T a j G r o u p o f H o t e l s

N I I T

Competitive pay packages.

4

4

4

5

4

5

5

Page | 66

Assistance with tax calculations and submission of forms. Financial planning assistance. Providing insurance plans like: - health insurance, travel insurance, etc. Scholarships for employees children. Loans and Advances for Employees.

2 1 3 2 5

3 2 3 1 4

5 3 5 1 5

2 2 3 1 5

2 4 4 1 4

2 3 4 2 5

4 3 4 1 5

In Case of Non-Monetary Incentive Practices.Very low extent Low extent Moderate extent High extent Very high extent

1

2

3N T P C

4N H P C F C I I D B I B a n k4 4 2 1

5S B B J D M R C

Non-Monetary Incentive Practices

Non-Monetary incentives fixed by the management on regular time intervals. Incentives as per the employees interest or need, like a tour package to an adventure loving guy. Varying amount of incentive as per the level in organization irrespective of their achievement. Incentives to all the employees irrespective of any achievement or not.

4 4 4 2

3 2 3 3

3 1 3 3

4 4 3 3

4 5 3 3

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In Case of Transparent Work Culture and Communication Practices.Very low extent Low extent Moderate extent High extent N4 N T H P P C C F C I Very high extent I D B I B a n k5 3

Transparent Work Culture and Communication Practices

1

2

3

5SB B J

D M R C

Unbiased policies for awards, rewards, promotions & appraisals. Sharing the policies, future plans, upcoming projects & I H Non-Monetary Incentive achievements with the employees. n C Continuous encouragement for coming up with new ideas by L d Practices immediate boss. i An open door culture to encourage sharing of thoughts, ideas, a grievances, etc. B u Encourage frequent formal and informal discussions among ll the teams. s Frequent meetings and Social gatherings. Use of Emails, Newsletters, Intranet to boost the effective communication among the employees.

5 4 5 5 4 3 4

3

3

5 3

5 4

F r i g o r if i c o A ll a n a5 4 3 1

3 3 2 3 3 3

D e n a v e L t d .

4

R T N S a I 3 5 3 A j I 4 G T 3 5 r 3 3 o 4 4 u 4 3 p 2 2 o 2 2 f 2 4 H4 4 o t e l s4 3 2 2 4 2 4 1 3 3 3 1

Non-Monetary incentives fixed by the management on regular time intervals. Incentives as per the employees interest or need, like a tour package to an adventure loving guy. Varying amount of incentive as per the level in organization irrespective of their achievement. Incentives to all the employees irrespective of any achievement or not.

4 3 2 1

3 2 4 2

4 2 2 1

Page | 68

Transparent Work Culture and Communication Practices

In di a B ul ls

H C L

F ri g or ifi co A ll a n a

D e n a v e L t d .

R S A

T a j G r o u p o f H o t e ls4 3 3 2 4 4 2

N I I T

Unbiased policies for awards, rewards, promotions & appraisals. Sharing the policies, future plans, upcoming projects & achievements with the employees. Continuous encouragement for coming up with new ideas by immediate boss. An open door culture to encourage sharing of thoughts, ideas, grievances, etc. Encourage frequent formal and informal discussions among the teams. Frequent meetings and Social gatherings. Use of Emails, Newsletters, Intranet to boost the effective communication among the employees.

4 4 3 3 4 5 4

5 3 4 4 4 3 5

3 4 3 3 3 2 2

5 5 5 4 3 2 2

5 4 4 4 4 4 4

2 3 3 4 3 2 5

In Case of Quality Work Environment and Work Life Balance Practices.

Very low extent

Low extent

Moderate extent

High extent

Very high extent

1

2

3NT PC N HP C

4F CI ID BI B an k4

5S B B J D M R C

Quality Work Environment and Work Life Balance PracticesAddressing their work life issues i.e. the physical work environment, social environment.

4

2

2

4

4 Page | 69

Suitable and flexible working hours. Self planning of leaves in the calendar by employees. Medical benefits, and other benefits like pick & drop cab, work place cafeteria, etc. Autonomous work groups Job enrichment and clear information about jobs need to be performed. Continuous career oriented training for personal/professional development. Only job oriented training to make employees most suitable for the particular job. Extended paternal/maternal leave in case of single father/mother. Day care facility for the employees kids at the work place. Provision for female employees to bring their baby of less than 1 yr along at the work place.

3 3 5 4 4 4 3 4 2 2

1 1 4 2 3 4 5 5 1 1

3 2 2 2 3 2 2 3 1 1

4 4 5 2 5 5 3 4 5 1

3 3 5 2 4 4 2 4 1 1

5 4 5 3 4 4 2 4 2 2

Quality Work Environment and Work Life Balance Practices

I n di a B ul ls

H C L

F ri g o ri fi c o A ll a n a

D e n a v e L t d .

R S A

T a j G r o u p o f H o t el s3 3

N I I T

Addressing their work life issues i.e. the physical work environment, social environment. Suitable and flexible working hours.

4 4

3 4

3 3

5 2

3 2

3 4

Page | 70

Self planning of leaves in the calendar by employees. Medical benefits, and other benefits like pick & drop cab, work place cafeteria, etc. Autonomous work groups Job enrichment and clear information about jobs need to be performed. Continuous career oriented training for personal/professional development. Only job oriented training to make employees most suitable for the particular job. Extended paternal/maternal leave in case of single father/mother. Day care facility for the employees kids at the work place. Provision for female employees to bring their baby of less than 1 yr along at the work place.

3 5 2 4 5 2 1 1 2

5 4 4 4 4 3 2 1 1

1 1 1 3 2 3 2 1 1

2 4 1 5 4 2 2 1 1

3 4 4 4 3 3 3 1 1

3 4 3 5 4 3 2 2 1

3 5 2 3 2 4 4 2 1

In Case of Empowerment Practices.Very low extent Low extent Moderate extent High extent Very high extent

1

2

3

4

5

Page | 71

Empowerment Practices

NT PC

NH PC

F C I

I D B I B a n k4 4 5 4

S B B J

D M R C

Encouraging The Managers to share the authority and accountability with the junior employees. Promoting a Suggestion system among the employees and evaluating & implementing the suggestions. Encourage employees to feel free to provide feedbacks and share their views. Providing mentors to the new employees to make them understand the organizations culture in a better way.

4 4 4 5

2 2 3 4

3 2 4 3

4 4 4 5

4 4 4 5

Empowerment Practices

Ind ia Bul ls

H C L

F r i g o r i f i c o A l l a n a

D e n a v e L t d .

R S A

T a j G r o u p o f H o t e l s

N I I T

Encouraging The Managers to share the authority and accountability with the junior employees. Promoting a Suggestion system among the employees and evaluating & implementing the suggestions. Encourage employees to feel free to provide feedbacks and share their views. Providing mentors to the new employees to make them understand the organizations culture in a better way.

2 3 4 2

3 3 4 5

4 3 3 2

5 5 5 1

3 3 4 4

4 5 5 2

4 4 3 5

Page | 72

Page | 73