INTRODUCTION TO ATTRITION

"A reduction in the number of employees through retirement, resignation or death" In the best of worlds, employees would love their jobs, like their coworkers, work hard for their employers, get paid well for their work, have ample chances for advancement, and flexible schedules so they could attend to personal or family needs when necessary. And never leave. But then there's the real world. And in the real world, employees, do leave, either because they want more money, hate the working conditions, hate their coworkers, want a change, or because their spouse gets a dream job in another state. So, what does that entire turnover cost? And what employees are likely to have the highest turnover? Who is likely to stay the longest? ATTRITION RATE Attrition rate can be defined as the rate of shrinkage in size or number of the workforce of an organization. A formula had to be devised keeping in view the nature of the business and different job functions. Attrition rates can be calculated using a simple formula: Attrition = (No. of employees who left in the year / average employees in the year) x 100 Besides this, there are various other types of attrition that should be taken into account. These are: Fresher attrition that tells the number of freshers who left the organization within one year. Critical resource attrition which tell the attrition in terms of key personnel like senior executives leaving the organization. Low performance attrition: It tells the attrition of those who left due to poor performance. MAIN CAUSES OF ATTRITION JOB SATISFACTION Employees seek a job, which offers them stratosphere level of responsibility and high growth of trajectory. If the organizations donot deliver on these expectations, employ exodus cannot be contained. SALARY AND PERKS There may be any number of reasons as to why an employee leaves and one of the major facts is the money. Nowadays companies have started wooing the best of the talents with mind boggling salary levels and attractive designations.

WORK ENVIRONMENT An employee may leave an organization if the fairness of the system does not inspire his/her confidence. Organizations, which pay scant regards towards employee safety and care, will also have to face the mounting attrition levels. PRESSURE OF WORK Companies in their zeal to squeeze out every little ounce of productivity from their employees and further increase profitability may opt for less number of employees. In such situation employees will be constrained to rethink their priorities and join an organization that promises a relaxed piece of work. RELATIONSHIP WITH SUPERVISORS AND CO-WORKERS If the supervisor lacks confidence, empathy and trust in employees, they will fail to command the respect of the sub-ordinates. Similarly lack of cordial relationship with co-workers will also cause high rate of attrition. MISCELLANEOUS In addition to all the above factors some of the other causes of attrition can be health condition of the person, geographical location and competency in the working environment.

COSTS INVOLVED WITH THE TERM ATTRITION A. Recruitment cost Time spent on sourcing replacement Time spent on recruitment and selection Travel expenses, if any Re-location costs, if any n Training/ramp-up time Background/reference screening

B. Training and development cost Training materials Technology Employee benefits Trainers Time

C. Administration cost Set up communication systems Add employees to the HR system Set up the new hires workspace Set up ID-cards, access cards, etc.

BENEFITS OF ATTRITION Attrition rates are considered to be beneficial in some ways: If all employees stay in the same organization for a very long time, most of them will be at the top of their pay scale which will result in excessive manpower costs. When certain employees leave, whose continuation of service would have negatively impacted productivity and profitability of the company, the company is benefited. New employees bring new ideas, approaches, abilities & attitudes which can keep the organization from becoming stagnant. There are also some people in the organization who have a negative and demoralizing influence on the work culture and team spirit. This, in the long-term, is detrimental to organizational health. Desirable attrition also includes termination of employees with whom the organization does not want to continue a relationship. It benefits the organization in the following ways: 1. It removes bottleneck in the progress of the company 2. It creates space for the entry of new talents 3. It assists in evolving high performance teams There are people who are not able to balance their performance as per expectations, lack potential for future or need disciplinary action. Furthermore, as the rewards are limited, business pressures do not allow the management to over-reward the performers. Some companies believe attrition in any form is bad for an organization for it means that a wrong choice was made at the beginning while recruiting. Even good attrition indicates loss as recruitment is a time consuming and costly affair. The only positive point is that the realization has initiated action that will lead to cutting loss. ATTRITION LEVELS ON THE RISE IN INSURANCE Everyone might have heard of high job attrition rates of between 15 per cent and 20 per cent in the software sector. But even these pale in comparison to the kind of turnover that the insurance industry witnesses with its employees. Conservative estimates put the attrition rates at 35-40 per cent. The opening up of the sector nearly nine years ago provided insurance employees with new opportunities and an image makeover as "life insurance employees". But little has changed in the basic nature of the business - insurance still needs to be sold to a reluctant populace. Most employees who join in enthusiastically, spurred by dreams of "getting
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full reward for the hard work" and other such motivational spiel, meet reality soon enough. Once the initial list of potential customers such as close relatives, friends and neighbours is exhausted, the climb for an employee is uphill. Even meeting the minimum requirement of bringing in two viable insurance proposals every month proves daunting. When the rejections start and the doors start getting banged in the face, new employees confront failure. The dropouts begin. Some insurance companies complain that the booming economy has caused the rampant poaching of insurance employees They say that in a business such as insurance one has to accept the fact that 20 per cent of the work force will bring in 80 per cent of their business. But, while private insurance companies are still struggling to break even, the rising attrition rate is yet another challenge that they have to battle. New-age insurance companies are experiencing high levels of attrition, ranging from 40% to 60%. New entrants have been poaching into the front-line and mid-level management of older private insurance companies. While most insurers are not willing to share the number of staff members they lost to competitors and other sectors in recent times, industry sources indicated that newer companies like Reliance, Bharti Axa, IDBI Fortis, Pantaloons-Generali and others have been active on fresh recruitments of officials from established companies like ICICI Prudential Life, Birla SunLife, HDFC Standard Life. "The biggest attrition levels affect front-line sales and this is truly the biggest challenge for HR. Talent is scarce and every company tries to recruit the best of employees. Today the bunch of insurance companies operating in India are truly national and international brands in themselves that offer a lucrative ground for poaching for newer insurers and for the non-insurance companies as well,"Prashant Khambaswadkar, head, human resources and administration, HDFC Standard Life, told DNA Money. It is estimated that the level of attrition has increased manifold over the last few months. While 35-40% churn has been experienced in the front-line sales category, 25-30% of the middle management has moved from one place to another. A much smaller 10% shift is said to be happening at the top management levels. Insurers also say that it will settle down once they have their expanding networks are in place. Insurance companies believe that adequate training will help in contain the problem in some measure.

ENTRANCE OF NEW PLAYERS IN THE INSURANCE SECTOR Hiring from big names like HDFC SL is a common practice amongst insurance companies. Employees, especially in middle and junior levels of the sales function, tend to move amongst insurance companies. Availability of quality talent is still scarce. Given the huge demand for talent, and since not all of this requirement can be met by fresher, companies tend to poach from competitors. The private Insurance Companies aim to syndicate norms for employee movements for the industry the way the BPO sector has done. The sales staff usually just walks out of the company without following the basic decorum. They want to create a basic norm which will ensure that when an employee quits, he follows all the formalities and then only he can join the next company. This way they may be able to effectively manage attrition and regulate indiscriminate employee movement. The forum will also seek ways to eliminate fake CVs.

INTRODUCTION TO RETENTION
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. Retention involves five major things: Compensation Environment Growth Relationship Support

Employee retention would require a lot of efforts, energy, and resources but the results are worth it. 1.) Compensation Compensation constitutes the largest part of the employee retention process. The employees always have high expectations regarding their compensation packages. Compensation packages in HDFC SLIC vary from designation to designation between the employees within the organization. So an attractive compensation package plays a critical role in retaining the employees. Compensation includes salary and wages, bonuses, benefits, prerequisites, stock options, bonuses, vacations, etc. While setting up the packages, the above components should be kept in mind. 2.) Organization Environment People want to work for an organization which provides Appreciation for the work done, ample opportunities to grow, a friendly and cooperative environment, a feeling that the organization is second home to the employee Types of environment the employee needs in an organization Learning environment Support environment
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Work environment

Lack or absence of such environment pushes employees to look for new opportunities. The environment should be such that the employee feels connected to the organization in every respect. 3) Growth and Career Growth and development are the integral part of every individuals career. If an employee can not foresee his path of career development in his current organization, there are chances that hell leave the organization as soon as he gets an opportunity. The important factors in employee growth that an employee looks for himself are: Work profile Personal growth and dreams Training and development

4) Importance of Relationship in Employee Retention Program Sometimes the relationship with the management and the peers becomes the reason for an employee to leave the organization. There are times when an employee starts feeling bitterness towards the management or peers. A supportive work culture helps grow employee professionally and boosts employee satisfaction. To enhance good professional relationships at work, HDFC SL focuses more on the following points: Respect for the individual Relationship with the immediate manager Relationship with colleagues Recruit whole heartedly Promote an employee based culture Individual development Induce loyalty

5) Support Thus employers can support their employees in a number of ways as follows: By providing feedback By giving recognition and rewards By counseling them By providing emotional support
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Managing Employtention The task of managing employees can be understood as a three stage process:

Identify the cost of employee turnover Understand why employee leave Implement retention strategies

RETENTION SUCCESS MANTRAS A) Transparent Work CultureIn todays fast paced insurance industry where employees are constantly striving to achieve business goals under time restrictions; open minded and transparent work culture plays a vital role in employee retention. HDFC SL invests many hours and monies in training and educating employees. More and more companies have now realized the importance of a healthy work culture and have a gamut of people management good practices for employees to have that ideal fresh work-life. Employees comprise the most vital assets of HDFC SL and company provides a work place where employees are able to use their full potential.

B) Quality Of WorkThe success of any organization depends on how it attracts, recruits, motivates, and retains its workforce. Organizations need to be more flexible so that they develop their talented workforce and gain their commitment. Thus, organizations are required to retain employees by addressing their work life issues. The elements that are relevant to an individuals quality of work life include the task, the physical work environment, social environment within the organization, administrative system and relationship between life on and off the job. The basic objectives of HDFC SL QWL program are improved working conditions for the employee and increase organizational effectiveness.

C) Supporting EmployeesEmployers can support their employees by creating an environment of trust and inculcating the organizational values into employees. The management can support employees directly or indirectly. Directly, they provide support in terms of personal crises, managing stress and
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personal development. Management can support employees, indirectly, in a number of ways as follows: Manage employee turnover

Employee turnover affects the whole organization in terms of productivity. Managing the turnover, hence, becomes an important task. A proactive approach can be adopted to reduce attrition. Strategies should be framed in advance and implemented when the times arrives. Turnover costs should also be taken into consideration while framing these strategies.

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Feedback

Feedback acts as a channel of communication between the employee and his manager. The amount of information employees receive about how well or how poorly they have performed is what we call feedback. It is a dialog between a manager and an employee which acts as a way of sharing information about the performance. It suggests where the employee performance is effective and where performance has to improve. Managers can provide either positive feedback or negative feedback to employees. This feedback helps the employee assess his performance and identify the improvement areas. Communication Between Employee and Employer

Communication is the solution to almost everything in this world. Same applies to employee retention also. Straight-from-the-shoulder communication is what the employees need from their employers. Employees look for organizations where communication and process are transparent. Nothing is hidden and shared with the employees. So there should be effective communication across the organization and this communication should be two-way. Communication alone can lead to unimaginable heights of employee retention.

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Importance Of Employee Retention The Cost of Turnover will be reduced. Company Knowledge can be secured more efficiently. Customer Service can be improved. Goodwill of the company will spread. Efficiency can be regained.

EMPLOYEE RETENTION PRACTICES These practices can be categorized in 3 levels: Low, medium and high level.

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RETENTION STRATEGIES ADOPTED BY HDFC SL PARICHAY SUCCESS BRINGS SUCCESS Parichay is an Employee Referral Program. Objective of the programme is to provide employees a route to refer professional who they know through their personal/social/professional network and make a direct impact to expansion plans. It is applicable for all employees, all functions, all locations from band G to band E. Referral fees are paid to the referring employee for one successful reference. List of positions that can be referred and its corresponding referral amount is mentioned in the following table:

SHIKHAR Shikhar is an Employee Recognition Program. Objective of the program is to reward and recognize outstanding contributions to business. It is applicable to all employees of HDFC SL. Frequency of recognition: Bi-monthly. Criteria of recognition is: 1. It should be derived on the basis of extra ordinary performance Above and Beyond KRA. 2. Initiatives on the lines of company mission & vision in his/her own capacity. 3. It should contribute to cover all goal of the company.

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 SPARSH SPARSH, an employee communication programme is conducted annually across the company with the objective of connecting employees to the companys vision and building workforce understanding about the companys objectives and plans. It provides a platform for the employees to meet key decision makers under one roof and enter into an open dialogue with them. This initiative is a step towards building transparency in the system thus making HDFC SL a stronger workplace. UMANG It is a kind of fun@work programme . Objective of the programme is to create is to create a fun filled work environment at the workplace. Umang coordinators are appointed in every region to chalk out activities every month and ensure its implementation. Umang calendars are updated every month on the green page under the section UMANG that gives details of the activities planned for the following month. Umang dashboard gives details of the monthly conducted activities and the same is uploaded on the green page in the month following the month of activities.

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OBJECTIVES

1. To know about the causes of increasing rate of attrition in the company of its employees 2. Finding out some more retention tools apart from what company is already using.

3. To find out the causes of attrition and to study the various retention strategies used by the
company by getting response from the employees who are going to leave or already left HDFC SL.

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COMPANY PROFILE

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HDFC STANDARD LIFE INSURANCE COMPANY LIMITED :

HDFC Standard Life Insurance Company Limited. is one of India's leading private insurance companies, which offers a range of individual and group insurance solutions. It is a joint venture between Housing Development Finance Corporation Limited (HDFC Limited), India's leading housing finance institution and a Group Company of the Standard Life Plc, UK. As on February 28, 2009 HDFC Ltd. holds 72.43% and Standard Life (Mauritius Holding) 2006, Ltd. Holds 26.00% of equity in the joint venture, while the rest is held by others. HDFC and standard life first came together in a joint venture to enter the life insurance market, and the company was incorporated on 14th august 2000 under the name of HDFC Standard Life Insurance Company. It was clear from the outset that both companies shared similar values and beliefs and a strong relationship was quickly formed. Being a joint venture of top financial services groups, HDFC Standard Life has adequate financial expertise to manage long-term investments safely and resourcefully. HDFC manages over Rs. 28000 crore in assets and standard life manages over US $ 100 billion in assets. Both the promoters are well known for their ethical dealings, their financial strength and their commitment to be a long term player in the life insurance market. HDFC Standard Life Insurance offers a range of individual and group solutions, which can be easily personalized to specific needs. Its group solutions have been planned to offer complete flexibility, together with a low charging structure. HDFC Standard Life Insurance Company Limited. gross premium income, for the year ending March 31, 2009 stood at Rs. 5,564.69 crores. The company has covered over 8,33,070 lives as on March 31, 2009.

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SPONSORS
HDFC LIMITED : HDFC Limited, Indias premier housing finance institution has assisted more than 3.3 million families own a home, since its inception in 1977 across 2400 cities and towns through its network of over 250 offices. It has international offices in Dubai, London and Singapore with service associates in Saudi Arabia, Qatar, Kuwait and Oman to assist NRIs and PIOs to own a home back in India. As of December 2008, the total asset size has crossed more than Rs. 95,000 crores including the mortgage loan assets of more than Rs. 82,800 crores. The corporation has a deposit base of Rs. 17,551 crores, earning the trust of more than 9,00,000 depositors. Customer Service and satisfaction has been the mainstay of the organization. HDFC has set benchmarks for the Indian housing finance industry. Recognition for the service to the sector has come from several national and international entities including the World Bank that has lauded HDFC as a model housing finance company for the developing countries. HDFC has undertaken a lot of consultancies abroad assisting different countries including Egypt, Maldives, and Bangladesh in the setting up of housing finance companies. STANDARD LIFE GROUP (STANDARD LIFE PLC AND ITS SUBSIDIARIES) : The Standard Life Group has been looking after the financial needs of customers for over 180 years. It currently has a customer base of around 7 million people who rely on the company for their insurance, pension, investment, banking and health-care needs. Its investment manager currently administers 125 billion in assets. It is a leading pensions provider in the UK, and is rated by Standard & Poor's as 'strong' with a rating of A+ and as 'good' with a rating of A1 by Moody's. Standard Life was awarded the 'Best Pension Provider' in 2004, 2005 and 2006 at the Money Marketing Awards, and it was voted a 5 star life and pensions provider at the Financial Adviser Service Awards for the last 10 years running. The '5 Star' accolade has also been awarded to Standard Life Investments for the last 10 years, and to Standard Life Bank since its inception in 1998. Standard Life Bank was awarded the 'Best Flexible Mortgage Lender' at the Mortgage Magazine Awards in 2006.

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OUR VISION AND VALUES

OUR VISION 'The most successful and admired life insurance company, which means that we are the most trusted company, the easiest to deal with, offer the best value for money, and set the standards in the industry'. In short, 'The most obvious choice for all'. OUR VALUES Values that define how we work: Integrity Innovation Customer centric People Care Team work Joy and Simplicity Besides the above (which provides an insight into the Corporate Structure of the Company), the Committees appointed by the Board focus on specific areas and take informed decisions within the framework of delegated authority, and make specific recommendations to the Board on matters within their areas of purview. All decisions and recommendations of the Committees are placed before the Board for information or for approval.

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INSURANCE PRODUCTS
Given below is a comprehensive list of policies and products on offer by HDFC SL:

Protection Plans Protection Plans help you shield your family from uncertainties in life due to financial losses in terms of loss of income that may dawn upon them in case of your untimely demise or critical illness. HDFC Term Assurance Plan HDFC Loan Cover Term Assurance Plan HDFC Home Loan Protection Plan

Children's Plans Childrens Plans helps you save so that you can fulfill your childs dreams and aspirations. These plans go a long way in securing your childs future by financing the key milestones in their lives even if you are no longer around to oversee them. HDFC Children's Plan HDFC Unit Linked Young Star II HDFC Unit Linked Young Star Plus II HDFC Unit Linked YoungStar Champion

Retirement Plans Retirement Plans provide you with financial security so that when your professional income starts to ebb, you can still live with pride without compromising on your living standards. HDFC Personal Pension Plan HDFC Unit Linked Pension II HDFC Unit Linked Pension Maximiser II HDFC Immediate Annuity

Savings & Investment Plans Our Savings & Investment Plans provide you the assurance of lump sum funds for your and your familys future expenses. HDFC Unit Linked Endowment Plus II HDFC SimpliLife HDFC Unit Linked Endowment II
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HDFC Unit Linked Enhanced Life Protection II HDFC Unit Linked Wealth Maximiser Plus HDFC Unit Linked Endowment Winner HDFC Endowment Assurance Plan HDFC Money Back Plan HDFC Single Premium Whole of Life Insurance Plan HDFC Assurance Plan HDFC Savings Assurance Plan

Health Plans Health plans give you the financial security to meet health related contingencies. Due to changing lifestyles, health issues have acquired completely new dimension overtime, becoming more complex in nature. HDFC Critical Care Plan HDFC SurgiCare Plan

Group Plans The most comprehensive list of products for progressive employers who wish to provide the best and most innovative employee benefit solutions to their employees. Group Term Insurance Plan Group Variable Term Insurance Plan Group Unit Linked Plan - Gratuity Group Unit Linked Plan - Superannuation Group Unit Linked Plan - Leave Encashment

CHAIRMANS PROFILE Mr. Deepak S. Parekh is the Chairman of the Company. He is also the Executive Chairman of Housing Development Finance Corporation Limited (HDFC Limited). He joined HDFC Limited in a senior management position in 1978. He was inducted as a whole-time director of HDFC Limited in 1985 and was appointed as its Executive Chairman in 1993. He is the Chief Executive Officer of HDFC Limited. Mr. Parekh is a Fellow of the Institute of Chartered Accountants (England & Wales).

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BOARD OF DIRECTORS Mr. Deepak S. Parekh Sir Alexander M. Crombie Mr. Keki M. Mistry Ms. Marcia D. Campbell Ms. Renu S. Karnad Mr. Norman K. Skeoch Mr. Gautam R. Divan Mr. Ranjan Pant Mr. Ravi Narain Mr. Gerald E. Grimstone Mr. Paresh Parasnis

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ORGANIZATION STRUCTURE

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ZONAL STRUCTURE

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HIERARCHY LEVELS IN HR DEPARTMENT AT HDFC SL All the HR activities take place at the headquarters itself. At headquarters following hierarchy is followed:

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Employee Classification- The employees are classified in 4 categories: 1. 2. 3. 4. Permanent Probationary Trainee Contract

1. Recruitment and Selection: Sources of Recruitment: Internal Sourcing External Sourcing 2. Joining: After selection, the joining process of employees is as follows: Generate the offer letter Signature of HR head Photocopy of offer letter Sending of original offer letter and joining kit to the selected candidates. Keeping the photocopy of offer letter and assessment sheet. At the time of joining, take the sign of employee on each sheet of offer letter. Filing the joining kit.

3. Induction: Induction program conducted by the organization to introduce the new joiners to different departmental heads and their colleague and to brief them about the history of HDFC Standard Life and the organizational structure. The time period of induction program depends on the band in which employee is going to join the organization. 4. Probation and Confirmation: In HDFC SL, new employees are on probation as per their bands in which they have joined the organization. After which their performance is reviewed and their joining is confirmed accordingly by issuing a confirmation letter.

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5. Performance Appraisal: After finishing the probation period, every employee has to go through various performance appraisals. Performance appraisal helps in recognizing the good employees. Performance appraisal helps to rate the performance of the employees and evaluate their contribution towards the organizational goals. Procedure of performance appraisal is as follows: Generate list of eligible employees for appraisal. Prepare an appraise matrix. Distribute appraisal forms among departmental heads. Department heads distribute it among the employees. Appraisal form filled by employees must be handed over to the department heads. Department heads discuss and make changes if required. Forms are send to HR Department, discussions take place and then ratings are given to employees. According to ratings, performance linked incentives and salary hike is given.

6. Transfer In case of transfer of an employee, a transfer letter is issued. Entitlements for travel, stay and shifting are given. Expenses can be reimbursed. 7. Separation: In HDFC SL, separation with employees is carried with utmost dignity. Relieving letter is issued and exit interview is taken. After that full and final settlement is done for the settlement of financial obligations.

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8. Employee Welfare: Following benefits are provided to employees keeping employees welfare in mind: Leave travel allowance Domiciliary medical reimbursement Mediclaim insurance policy Group term cover insurance scheme Housing loan Educational scholarship Picnics/ annual get together Assistance for PG education Self Development

9. Grievance Resolution: HDFC SL focuses a lot in solving employees grievances. In HDFC SL, if employee is having any problem he can make a complain to his immediate boss. Employee can also communicate his problem to his HR. If he is still not satisfied, then he can move to the next higher level. 10. Training and Development: Company believes that the best way of shaping a strong HDFC SL for tomorrow is to invest in their best resource: their people. Companys training & Development initiatives are aimed at both functional and behavioral development. HDFC SL is having its training and development centre in Gurgaon which is spread over a huge area. Every employee goes through training in that centre. Different kind of training and development programs are there in HDFC SL for its employees as per their needs.

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RESEARCH METHODOLOGY
Management Question

What are the main causes of increasing attrition among employees of HDFC SL and what HDFC SL can do retain its employees for a longer time? Research Questions 1. Were employees satisfied with the working environment which they were getting in HDFC SL? 2. What are the main causes of attrition in HDFC SL? 3. What more HDFC SL can do to retain its employees for longer time duration? Research Design

The design used in the project is Exploratory Research Design. It is the initial researchconducted to clarify and define the nature of the study. It is the qualitative analysis of information collected through all possible sources. Therefore information collected is subjective in nature. The other design used for the study is descriptive under conclusive design. It is a quantitative design where the defined hypothesis is tested on the basis of primary data which is collected with the help of a structured tool called questionnaire. Therefore, the research work is descriptive in nature and is studied to provide the basic information required by the research objectives. Sampling Plan

1. TYPE OF UNIVERSE: The type of universe selected in sample design is finite universe. 2. SAMPLING UNIT: Sampling unit in this research is limited up to employees who are going to leave or already left HDFC SL. 3. SIZE OF SAMPLE: The optimum sample is one, which fulfils the requirements of efficiency, representativeness, reliability and flexibility.

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Sample Design

The study was done with a sample size of 100 respondents. The respondents were selected for the study from the various departments of HDFC SL. A random sampling was taken. Data Collection

The details of Data Collection in this respect are as follows: 1. Data Collection Approach: Survey Method 2. Contact Method: Direct & Personal 3. Data Source: Primary data Secondary data

- Primary Data: Data collected for the purpose of this project is through: Observations Survey through Questionnaire - Secondary Data: Secondary data collected through: Websites Books Newspapers Magazines Research Instrument

The research instrument or tool used for the preparation of this project is Questionnaire. A questionnaire consists of a list of questions printed in a definite order on a form to be asked from respondent. Analysis of Collected Data is done through the following processing operations: Editing Tabulation Classification

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Data Analysis and Interpretation

SATISFACTION WITH SALARY, COMPENSATIONS AND OTHER BENEFITS

15% Highly satisfied 35% Highly Dissatisfied 22% Somewhat Satisfied Neither Satisfied Nor Dissatisfied 28%

In HDFC SL, 15% are Highly Satisfied, 22% are Highly Dissatisfied, 28% are Somewhat Satisfied and 35% are neither Satisfied Nor Dissatisfied.

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PERCEPTION REGARDING GROWTH OPPORTUNITIES

32% Yes No 68%

In HDFC SL, 68% are satisfied with growth and 32% are not satisfied with the growth .

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SEARCH FOR BETTER JOBS

15%

Yes No 27% 58% Can't say

In HDFC Sl, 58% employees say Yes, 27% employees say No and 15% employees say Cant say

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PROBLEM OF MONOTONY IN JOB PROFILE

30% Yes No 70%

In HDFC SL, 30 % of the employees say Yes and 70% of the employee say No

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WORKING ENVIRONMENT IN HDFC SL

10% 20% Excellent 25% Good Average Poor 45%

In HDFC SL, 20 % of working environment is Excellent, 45% is Good, 25% is Average and 10% is Poor

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RELATIONSHIP WITH IMMEDIATE SUPERIOR AND COLLEAGUES

20%

20% Excellent Good Average

25% 35%

Poor

In HDFC SL, 20% of the employee relationship with immediate supervisor and colleagues is Excellent, 35% is Good, 25% is Average and 20% is Poor.

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APPRAISAL SYSTEM IN HDFC SL

20%

15% Highly Satisfied Somewhat Dissatisfied Somewhat Satisfied 33% Highly Dissatisfied

32%

In HDFC SL, 15% of the Appraisal System is Highly Satisfied, 35% is Somewhat Dissatisfied, 32% is somewhat satisfied and 20% is Highly Dissatisfied

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ORGANIZATIONS STEP TOWARDS EMPLOYEES PERSONAL PROBLEMS

47% 53%

Yes No

In HDFC SL, 47% is Yes and 53% is No

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SEARCH FOR BETTER JOBS

15%

Yes No 27% 58% Can't say

In HDFC SL, 58% of the employees say Yes, 27% say No and 15% say Cant say

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RETENTION TOOLS WHICH HDFC SL CAN ADOPT

15% Salary Increment 33% Promotion 25% Transfer to preferred location Others 27%

In HDFC SL, 33% Salary Increment , 27% Promotion, 25% Transfer to preferred location and 15% Others can be done to retain its employees

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RESEARCH FINDINGS
Most of the people surveyed were satisfied with the working conditions provided by HDFC SL and they were very much aware of the companys product & their comparative advantages over the competition in the market. Job profile provided by the company was also liked by the respondents. There were respondents who were having a good experience of working with HDFC SL. It was clear and evident from the study that there was no problem like bad behavior of colleagues and superiors in the organization. Most of the respondents were fully aware of the companys terms and conditions since joining the organization. The problem was present in the training and development part. Employees were not satisfied with the type and schedule of training and development programmes run by the organization. Further, the next problem that was evident in the form of entrance of new life insurance players in the market. Employees appraisal system was also found to be one of the causes of attrition. As we all know that insurance sector is full of stress and working hours are too hectic. Same is the case in HDFC SL; employees were not satisfied with the working hours in the system.

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CONCLUSION AND SUGGESTIONS

During the project, I found the causes or reasons of increasing attrition in HDFC SL and I think these can be removed or can be overcome by taking necessary steps. There I would like to suggest few points or some retention tools over which top management should think and take corrective action to overcome those causes due to which HDFC SL and various insurance companies are facing high rate of attrition. The basic practices which should be kept in mind in the employee retention strategies are: Hire the right people in the first place. Empower the employees: Give the employees the authority to get things done. Make employees realize that they are the most valuable asset of the organization. Have faith in them, trust them 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.

Finally, winding up the project in an organization, Human Resource is the most important asset of any. The success of any organization ultimately depends on how efficient and effective its manpower is. Therefore the main aim of the organization must be to retain its talented employees for longer time duration. Moreover it improves employee job performance and encourages employees to express their views. Broaden their outlook, capacity and potential with the effective utilization of manpower.

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ANNEXURE
NAME............................ AGE. GENDER 1) How much you were satisfied with the salary, compensations and other benefits provided by HDFC SL?

Somewhat Satisfied

2) Were you satisfied with the kind of growth opportunities in HDFC SL?

Dissatisfied

3) Were companys terms and conditions one of the factors that influenced you to leave?

4) Were you facing any problem of monotony in job profile in HDFC SL?

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5) How would you rate the working environment provided in HDFC SL?

6) How was your relationship with your immediate superior and your colleagues in HDFC SL?

7) How was the appraisal system of the employees in HDFC SL?

Highly Dissatisfied

8) Does organization takes care of employees personal problems?

9) Did the search for better jobs become a major reason for you to leave the HDFC SL?

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10) What do you think HDFC Standard Life Insurance Company can do to retain its employees for a longer time?

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REFERENCES
Books: 1) Human Resource Management by V.S.P.Rao 2) Human Resource Management by K. Aswathappa 3) Human Resource Management by Gary Desseler 4) Research Methodology by Kothari Search Engines : Google Internet Sites: www.hdfcinsurance.com www.irda.com www.hdfc.com

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