A SYNOPSIS REPORT On

Employee Retention In

kotak Iife Insurance.

INTRODUCTION:
Life insurance used to provide financial protection to your family and dependents in the event of any unforeseen event or your untimely death. But nowadays, life insurance has become synonymous with savings, wealth generation and protection. Life insurance companies-these days-provide plans through which you can not only secure the financial future of your dependents in the event of death but also build wealth for them and be financially secure from eventualities such as disease and disability. Different Types of Life Insurance Plans Traditional life insurance plans: Traditional life insurance plans, also known as non-unit linked insurance plans, ensure that the majority of the investments made by the policyholders are in to safe debt instruments. These plans are ideal for risk-averse investors as they provide assurance of returns to a large extent. Unit Linked Insurance Plans (ULIPs): ULIPs, also known as market-linked life insurance plans, allow for investments made by the policyholders to get exposed to equities. ULIPs are suited for customers who aim for wealth creation over a long term. Life insurance is required because of the following factors - Life insurance takes care of those who are financially dependent on you even when you are not around to look after them. Retirement planning takes care of your retirement, as there is no guarantee of a consistent income post retirement. The expenses you may incur in future will keep increasing due to inflation, and thus even a fluctuation in your income may lead to a compromised lifestyle. Savings plan enables individuals to secure their financial future by helping you to get attractive returns

COMPANY PROFILE:
About Kotak Mahindra Group Established in 1985, the Kotak Mahindra group is one of India's leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group's flagship company, received a banking license from the Reserve Bank of India (RBI). With this, KMFL became the first non-banking finance company in India to become a bank Kotak Mahindra Bank Limited. The consolidated balance sheet of Kotak Mahindra group is over Rs. 1.17 lakh crore and the consolidated net worth of the Group stands at Rs. 17,228 crore (approx US$ 2.9 billion) as on June 30, 2013. The Group offers a wide range of financial services that encompass every sphere of life. From commercial banking, to stock broking, mutual funds, life insurance and investment banking, the Group caters to the diverse financial needs of individuals and the corporate sector. The Group has a wide distribution network through branches and franchisees across India, and international offices in London, New York, Dubai, Abu Dhabi, Mauritius and Singapore.

Vision and Mission Statement

Apart from common beliefs, values and objectives we believe in the vision of a better tomorrow. It is this deep veneer of faith that has brought us together and fortified our bond. The global Indian financial services brand Our customers will enjoy the benefits of dealing with a global Indian brand that best understands their needs and delivers customised pragmatic solutions across multiple platforms. We will be a world-class Indian financial services group. Our technology and best practices will be benchmarked along international lines while our understanding of customers will be uniquely Indian. We will be more than a repository of our customers' savings. We, the group, will be a single window to every financial service in a customer's universe. The most preferred employer in financial services A culture of empowerment coupled with a spirit of enterprise, attracts bright minds with an entrepreneurial streak to join us and stay with us. Working with a home-grown, professionally-managed company, which has partnerships with international leaders, gives our people a perspective that is universal as well as unique. The most trusted financial services companyWe will create an ethos of trust across all our constituents. Adhering to high standards of compliance and corporate governance will be an integral part of building trust. Value creation Value creation rather than size alone will be our business driver. VARIOUS INSURANCE PLANS Protection Plans Kotak Saral Suraksha Kotak e-Term/e-Preferred Term Kotak Term Plan/Kotak Preferred Term Plan Kotak Eternal Life Plans Kotak Assured Protection Plan Riders Riders Savings & Investment Plans Kotak Single Invest Plus Kotak Assured Income Plan Kotak Platinum Kotak Single Invest Advantage Kotak Ace Investment Plan Kotak Wealth Insurance Kotak Endowment Plan Kotak Money Back Plan Kotak Premium Return Plan

Kotak Surakshit Jeevan Kotak Invest Maxima Kotak Gramin Bima Yojana Child Plans Kotak Child Advantage Plan Kotak Headstart Child Assure Kotak Child Edu Plan Kotak Child Future Plan Retirement Plans Kotak Capital Multiplier Plan Kotak Lifetime Income Plan

INTRODUCTION TO THE TOPIC: Employee Retention

An effctive employee retention is a systematic effort by employers to create and foster an environment that encourages current employees to remain employed by having policies and practices in place that address their diverse needs. A strong retention strategy becomes a powerful recruitment tool. Retention of key employees is critical to the long-term health and success of any organization. It is a known fact that retaining your best employees ensures customer satisfaction, increased product sales, satisfied colleagues and reporting staff, effective succession planning and deeply imbedded organizational knowledge and learning. Employee retention matters as organizational issues such as training time and investment; lost knowledge; insecure employees and a costly candidate search are involved. Hence failing to retain a key employee is a costly proposition for an organization. Various estimates suggest that losing a middle manager in most organizations costs up to five times of his salary. Intelligent employers always realise the importance of retaining the best talent. Retaining talent has never been so important in the Indian scenario; however, things have changed in recent years. In prominent Indian metros at least, there is no dearth of opportunities for the best in the business, or even for the second or the third best. Retention of key employees and treating attrition troubles has never been so important to companies.

In an intensely competitive environment, where HR managers are poaching from each other, organisations can either hold on to their employees tight or lose them to competition. For gone are the days, when employees would stick to an employer for years for want of a better choice. Now, opportunities abound. It is a fact that, retention of key employees is critical to the long-term health and success of any organisation. The performance of employees is often linked directly to quality work, customer satisfaction, and increased product sales and even to the image of a company. Whereas the same is often indirectly linked to, satisfied colleagues and reporting staff, effective succession planning and deeply embedded organisational knowledge and learning. Employee retention matters, as, organisational issues such as training time and investment, costly candidate search etc., are involved. Hence, failing to retain a key employee is a costly proposition for any organisation. Various estimates suggest that losing a middle manager in most organisations, translates to a loss of up to five times his salary. This might be worse for BPO companies where fresh talent is intensively trained and inducted and then further groomed to the successive stages. In this scenario, the loss of a middle manager can often prove dear. In fact, some reports suggest that attrition levels in IT companies are as high as 40 per cent. The only way out is to develop appropriate retention strategies. Though BPO industry shoots ahead at 40 to 50 per cent a year, it is now losing 35 to 40 per cent of its 350,000-odd employees as well. In India there are few sectors where the attrition level is much larger compared to other sectors. For example: IT sector and BPO. Where as there are organizations like Air India, HAL, DRDO, BARC where the attrition is nearly 5% or less than that. Employee Retention Strategies helps organizations provide effective employee communication to improve commitment and enhance workforce support for key corporate initiatives.

The Importance of Retaining Employees

The challenge of keeping employees: Its changing face has stumped managers and business owners alike. How do you manage this challenge? How do you build a workplace that employees want to remain with and outsiders want to be hired into? Successful managers and business owners ask themselves these and other questions becausesimply putemployee retention matters: High turnover often leaves customers and employees in the lurch; departing employees take a great deal of knowledge with them. This lack of continuity makes it hard to meet your organizations goals and serve customers well. Replacing employees costs money. The cost of replacing an employee is estimated as up to twice the individuals annual salary (or higher for some positions, such as middle management), and this doesnt even include the cost of lost knowledge.

 Recruiting employees consumes a great deal of time and effort, much of it futile. Youre not the only one out there vying for qualified employees, and job searchers make decisions based on more than the sum of salary and benefits. Bringing employees up to speed takes even more time. And when youre short-staffed, you often need to put in extra time to get the work done.

OBJECTIVES OF THE STUDY

To study the employee retention To know about how to reduce the turnover cost of the employees. To study the necessary changes opted by the company to retain their employees. To know about how to retain the organization with loyal people. To know about the different components which help in employee retention.

RESEARCH METHODOLOGY
Methodology is the process of collecting the information and helps to find out the solution to the topic selected by the researcher. Whereas Research helps to study and find out the techniques with the proper process. It is a systematic way of presenting information.

Research Design
Exploratory and Descriptive

Exploratory Research The reasons will be found out about employees dissatisfactions towards the working in any organization. The basic investigation will be carried out in order to know the reasons about their retention in any organization. Descriptive Research-

Compensation Growth Support Relationship Environment Research methodology is the way to systematically solve the research problem. In order to collect the required information for the project the following methods will be adopted:-

Research Methodology

Primary Method

Secondary Method

Primary Data:
Data that has been collected from first-hand-experience is known as primary data. Primary data has not been published yet and is more reliable, authentic and objective. Primary data has not been changed or altered by human beings, therefore its validity is greater than secondary data. Some sources are: Experiments, Survey etc.

Secondary data
Data collected from a source that has already been published in any form is called as secondary data. The review of literature in my research will be based on secondary data. Mostly from books, journals and periodicals. Secondary data is often readily available. After the expense of electronic media and internet the availability of secondary data will become much easier. Eg: Published Printed Sources, Published Electronic Sources, Unpublished Personal Records, Governement Records, Public Sector Records etc.

Data sources in this project will be: Primary Method Questionnaires Sample Size Observation Discussion Secondary Method Schemes 200 Books/ Magazine Website

Area of Operation: LUDHIANA Sampling unit: Sample Size :

Employees in Kotak Life Insurance. , Ludhiana. 200 employees

QUESTIONNAIRE

Name 1. Please indicate your office: Admission Financial Aid & Scholarships Network Support Registrar Student Recruitment

Contact Number

2. Please indicate the position: Financial Advisor-ABM SM ABM BM

3. Please indicate the number of years you have worked in your current office: Less than one year One to three years Four to five years More than five years.

4. I feel am a valued part of this office: Strongly agree Somewhat agree Neutral Somewhat disagree

 Strongly disagree 5. Communication among staff in this office is effective: Strongly agree Somewhat agree Neutral Somewhat disagree Strongly disagree

6. I have a clear sense of the future direction of this office: Strongly agree Somewhat agree Neutral Somewhat disagree Strongly disagree

7. This offices atmosphere is generally friendly: Strongly agree Somewhat agree Neutral Somewhat disagree Strongly disagree

8. Our Seniors are cooperative to us: Strongly agree Somewhat agree Neutral Somewhat disagree Strongly disagree

9. This office has policies that are supportive to its staff: Strongly agree

Somewhat agree Neutral Somewhat disagree Strongly disagree

10. My workload & expected completion time are reasonable: Strongly agree Somewhat agree Neutral Somewhat disagree Strongly disagree

11. I feel fairly Compensated for the work I do in this office: Strongly agree Somewhat agree Neutral Somewhat disagree Strongly disagree 12. Higher Authority maintains good relationship with its juniors: Strongly agree Somewhat agree Neutral Somewhat disagree Strongly disagree

13. The chances of Growth are high in this office: Strongly agree Somewhat agree Neutral Somewhat disagree Strongly disagree

14. The working conditions & environment of the office is suitable for our work: Strongly agree

Somewhat agree Neutral Somewhat disagree Strongly disagree

15. The staff member & seniors are supportive to each other: Strongly agree Somewhat agree Neutral Somewhat disagree Strongly disagree

16. Conflict among staff in my office is managed effectively: Strongly agree Somewhat agree Neutral Somewhat disagree Strongly disagree

17. The workload in the office is distributed equality: Strongly agree Somewhat agree Neutral Somewhat disagree Strongly disagree

18. This office has regular staff meeting to plan and coordinate work and to make announcements: Strongly agree Somewhat agree Neutral Somewhat disagree Strongly disagree

19. I like my job:

Strongly agree Somewhat agree Neutral Somewhat disagree Strongly disagree

20. I think often about seeking employment elsewhere: No-I dont think about it. Yes A higher ranking position in this office. Yes A higher ranking position outside this office.