EXECUTIVE SUMMARY
CHAPTER1
µArya Vaidya Pharmacy (cbe) Ltd-a profile¶ provide details about history, vision and founder of the company. It also provide details about the product profile and divisions of the company. CHAPTER 2
µMain theme of the project¶ gives a general idea about the problem. It includes statement of problem, objectives, scope and limitation of the study etc. µT heoretical heoretical Framework¶ gives a clear idea about meaning, definition, importance, reasons of the labour turnover. CHAPTER 3 Entitled
µData Analysis and Interpretation¶ includes a detailed analysis analysis of collected data.
Conclusion. CHAPTER 4
The summary of findings, suggestions
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CHAPTER 1 INTRODUCTION The Arya Vaidya Pharmacy was founded in 1943 by late Arya vaidyan P.V. RAMA VARIER, a renowned r enowned physician physician trained in the th e age old Ayurvedic traditions of Kerala. There is a dedicated dedicate d team of over 650 people including includi ng over 100 Ayurvedic physicians, well qualified and rigorously trained in all aspects of Ayurveda. Turnover is willingness of employees to leave the organization. This is of great concern to any organization. Therefore each organization strives hard to retain their employees. Many factors play a role in the employee turnover rate of any company and they can stem from both the employer and the employees. Wages, company benefits and job performance are all factors that play a significant role in employee turnover. turnover. So S o the organization should consider employee turnover as a very crucial problem. Ayurveda is the oldest and most holistic medical system available on the planet today.India is known worldwide for its Ayurveda treatment. Kerala is the most famous destination for Ayurvedic treatment in India.It attracts tourists not only from different parts of India, but also from different differ ent countries. There is enormous enormous demand for Ayurveda in future which needs the team effort which requires employee cooperation for t he existence and growth of organization. organization. It is really an expense expense to the organization and it also affects the productivity, profitability and moreover all aspects of the organization. Thus researcher has conducted a study on employee turnover of Arya Vaidya Pharmacy (Coimbatore) ltd.
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CHAPTER 1 INTRODUCTION The Arya Vaidya Pharmacy was founded in 1943 by late Arya vaidyan P.V. RAMA VARIER, a renowned r enowned physician physician trained in the th e age old Ayurvedic traditions of Kerala. There is a dedicated dedicate d team of over 650 people including includi ng over 100 Ayurvedic physicians, well qualified and rigorously trained in all aspects of Ayurveda. Turnover is willingness of employees to leave the organization. This is of great concern to any organization. Therefore each organization strives hard to retain their employees. Many factors play a role in the employee turnover rate of any company and they can stem from both the employer and the employees. Wages, company benefits and job performance are all factors that play a significant role in employee turnover. turnover. So S o the organization should consider employee turnover as a very crucial problem. Ayurveda is the oldest and most holistic medical system available on the planet today.India is known worldwide for its Ayurveda treatment. Kerala is the most famous destination for Ayurvedic treatment in India.It attracts tourists not only from different parts of India, but also from different differ ent countries. There is enormous enormous demand for Ayurveda in future which needs the team effort which requires employee cooperation for t he existence and growth of organization. organization. It is really an expense expense to the organization and it also affects the productivity, profitability and moreover all aspects of the organization. Thus researcher has conducted a study on employee turnover of Arya Vaidya Pharmacy (Coimbatore) ltd.
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INDUSTRY PROFILE THE HISTORY OF AYURVEDA Ayuveda the science of life prevention and longevity is the oldest and the most holistic medical system available on the planet today. It was placed in written form over 5000 years ago in India, it was said to be a world medicine dealing with both body and the spirit. Before the advent of writing the ancient wisdom of this healing system was a part of the spiritual tradition of the sangtang dharma (universal religion) or vedic religion, veda vyasa the famous sage, shaktavesha avatar of the Vishnu put into writing the complete knowledge of the ayurveda along with the more directly spiritual insights of self realization into a body of spiritual literature called the Vedas and a nd the vedic literatures. There was originally four main books of the spirituality which included among other topic, health, astrology, spiritual, business, government, army, poetry and spiritual living and behavior. These books are knows as the four Vedas, risk sama, yajur and atharva. The rik veda a compilation of verse of the nature of existanceis the oldest survining book of any intoeuropean language (3000) BC the Rik veda also known as Rig veda refers to the cosmology known as sankhya which lies at the base of the both ayurveda and yoga contains verse on the nature of the health and disease, pathogenis and principle of the treatment among the Rig veda are found discussed of the three dosas, vayu, pitta and kapha and the use of herbs to heal the disease of the mind and body and to fister longevity the atharvaveda lists the eight divisions of the ayuveda, internal medicines surgery of head and the neck, pathmology and otorinolaryngology, otorinolaryngology, surgery, toxicology t oxicology,, psychiatry pediatrics, gerontology or science of rejuvenation and the science of the fertility, the vedic usages took the passage from the vedic scriptures relkatuby ayurveda.. One of these books called the atreya sambita is the oldest medical book in the world, the vedic Brahman¶s were not only priests performing religious rites and ce c eremonies they also become vaidyas (physicians it ayurveda) t he sage-physiciansage-physiciansurgeons of the times were the same sages or deeply devoted holy people who saw health as an integral part of the t he spiritual life. It is said that t hat they received their training of the ayurveda through direct cognition during meditation in other words, the knowledge of the use of various methods of the healing, prevention, longerity and surgery came through divine revelation there was no guessing or testing and harming animals these revelations were transcribes from the oral traditions into book form interest with the other aspects of the life and the spirituality what is fascinating is ayurvedasuse of the herbs, foods, armas, gems, 3
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colors. Voga mantras, life style and surgery. Consequently ayurveda grew into a respected and widely used system of healing in India. Around 1500 BC ayurveda was declined into eight specific branches of medicine there are two main schools of ayurveda of that time schools of ayurveda at that time. Atrey the school of physicians and bhanvantari the school of surgeons these two schools made ayuveda a more scientifically verifiable and classifiable medical system. People from numerous countries came to Indian ayurvedic schools to learn abut the world medicine and the religious scriptures it sprang from learned men from china Tibet, the Greek, roman, Egyptian, Afghanistan Persians and more travelled to learn the complete wisdom a nd bring it back to their own countries. Ayurvedic texts were translated in Arabic and under physicians such as Avicenna and Razi Sempion both of whom quoted India Ayurvedic texts established Islamic medicines this style became popular in
European
and helped to form the
foundations of the European traditions in medicine. In 16th century European Paracelsus who is known as the father of modern western medicine. Practiced and propagated a system of the medicine which borrowed heavily from the Ayurveda. There are two main re organizers of Ayurveda whose works still exists in fact today charak and sushrut the third major treatise is called the Ashtanga Hridaya which is a concise version of the works of the charak and sushrut. Thus the three main ayurvedic texts that are still used today are the charak samhita (compilation of the oldest book atreya sahita) sushrut samhita and the ashtangha hridayasamhita. These books are believed to medicine that the ayurveda is know today as the only complete medical system still in existence. Other forms od the medicines from the various cultures although parallel are missing parties of the original information. Ayurveda is considered to be the most ancient medical form it mainly developed during Vedic times the origin can be traced back to more than 5000 years. Etymology
it is composed of two words Ayur and Veda, Ayur means life and Veda means
science r knowledge. Hence literally ayurveda means science of life. Ayurveda is not only a medical system it is a way of life, a philosophy, life according to ayurveda is a combination of senses, mind, body and soul. It deals not only with the physical aspects but also spiritual health too. The laws of the nature govern it. The ayurvedic treatment not only curses a particular disease but also goes deep into the root cause. The concept of the ayuveda is to promote health rather than just treat disease all the remedies and the suggestions are solely 4
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based on nature. It cure a particular disease not just from the physical aspect but it also takes the mental, emotional and spiritual well being into account. According to ayurveda the structural aspect of every individual is made up of five elements namely earth, water, fire, air and space. The functional aspect of the body is governed but the three biological humor. Traditional techniques and the process are used to prepare the medicines at home while certain amount of mechanized is inevitably used for large scale production. The beauty of the therapeutically is that they contains the active principle in their natural forms and their administration is prescribed dozen does not cause any side effect to the patients. India knows world wide for its ayurveda treatment. There are various century¶s across the country which gives and authentic ayurvedic treatment. Kerala is t he most famous destination for ayurveda treatment in India it attracts tourists not only from the other parts of the India but also from the different countries. The tr eatment mainly comprises of the powders tablets decoctions. Medicated oil etc. prepared from the natural plants and minerals pancha karma therapy and herbal medicines. Pancha karma means five types of actions or techniques or treatments as the waste are estimated from the body the person becomes healthy. Ayurveda gives a complete look into the life style of a person like starting from his personality to his daily food habits. Ayurveda helps us in understanding each at a very subtitle personal level and giving a detailed description about the diet daily routines life style actions and activities to be followed. It¶s a science that teaches how to live life in a true and natural balance. Ayurveda aims at having a healthy and happy society free from at diseases two most important aims of the ayurveda are to maintain the health for the healthy people and to cure the diseases of sick people.
PROSPECTS OF AYURVEDA INDUSTRY GLOBAL OPPORTUNITY Ayurveda is composed of two words, Ayu which means life (longevity) and veda which means knowledge (science) hence ayurveda means science of life. This is an established time tested and volumes on various aspects of the life as known to our modern medical science. Few of the important aspects covered are life style in view of the western and the developed countries preference for the natural and the herbal for the health and health care is increasing the ayurveda science, practice and the industry has great scope of the development during the 21st century, India with an agriculture base and the scientific expertise can deliver the goods the world needs. We have knowledge and technology but yet it is not an easy task unless wept sincere geniuses and hard work benefits will not be forth coming. 5
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There is a danger that in the race to earn quick money he may lose and bring a bad name to ayurveda. The business prospects are $20 billion ready market, which is growing at much faster rate and as per the World Bank estimates by the 2050 $ 5 billion markets. Major questions from the global perspectives are What do they means by the herbal or the natural? What quality standards they demand how can we explains them ayurveda? How practice of t he ayurveda is introduced to them? How we can educate them on the ayurveda? This is a slow process but need to be pursued professionally for the success we are dealing with highly educated and technically sound population.
Even
we need to explains and educate our country people in this aspects proper
meaning of the ayurveda terminology may not be possible to translate in other language. Hence need to include this terminology as new words and its correct explanation understanding of body functions and approach to the treatment and medications needs to be explained. This is to be done cautiously beginning with simple and understandable approach where do we begin? The rough ayurvedic principle? Or through herbs? Or do we start with the products or practice? The Chinese have entered with acupuncture and are now introducing herms with the modern scientific studies. We have to decide our strategy. We start with the simple practice yoga is a good way of beginning but do we have properly educated yoga specialist to takes over the job on large scale? have we done any efforts to train. Yoga teachers? If yoga is wrongly performed it may give bad effect and yoga will be cursed, panchakarma is another aspect to start with how much of it is practiced and how many trained experts are available within the country? Cultivation variety constitution for the market standardization microscopy and macroscopic standards. Physical constant human clinical records epidemiological studies of the safety are all essential for the each plant and protect, supportive biochemical pharmacological and clinical records will go very well for market, example Ginko, Biloba,
Echinacea, Hypericum,
Ginseng etc each of the them has sales in millions required funding. This is the work that needs funds for the initial investment for the development of a product. Hence only companies that can with stand demand of funds should start such works other players can becomes team¶s partners. Also institutions venture entrepreneurs and governments can do this. 6
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COMPANY PROFILE The Arya vaidya pharmacy was established on 12 th July 1943 and had its humble beginning is a small rented building on trichy road Coimbatore on 1 st April 1948 the Arya vaidya pharmacy Coimbatore was registered as a public limited company. Arya vaidya pharmacy manufactured around 400 therapeutically formulations in the two GMP certified production facilities in Kerala. It is the first Ayurveda Company in South India to gain government GMP certification for the production standards under the WHO guidelines for a Ayurveda products manufactured at thenillapuram. AVP has 50 branches with the full time consulting services of Ayurveda physicians some also having therapeutically treatment facilities under trained ayurveda therapists. AVP¶s marketing and services department takes care of the nationwide distribution of th e ayurveda medicine through agents and over 1000 agencies.
VISION ³Farsighted,
indeed has been the vision of our great saints who enlightened US about the use
of the traditional medicines officious in the treatment of all disease for all clinics and for all times. As proud citizens of India it is our duty to ensure that the Ayurveda born in the soil of India serves that suffering humanity all over the world´.
FOUNDER Arya Vaidyan P.V.Rama Variar was born in 1908 as the only son of Vaidyavichakshanan Mankulangara Kunjan Variar, a reputed Sanskrit scholar, poet and physician and Smt.Putiya Variyath Kutty Varasiar. He joined the Ayurvedic College at Kottakal after his high school studies and was the trusted disciple of Vaidyaratnam P.S.Variar.. He was given the independent charge of the Calicut branch of Kottakal Arya Vaidya Sala in 190,which he continued till 1943.The thirteen years of his office under the able Guru found in him a trusted lieutenant, a well known Ayurvedic physician and a man reckoned with in various spheres of public activity. His deep knowledge, innate sincerity, humility and capacity for untiring hard work won for him the deep affection and trust of all
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those who came into contact with him. He resigned his job on 30 th June 1943 and with his blessing of his Guru and good wishes of his colleagues set out on his new venture.
HISTORY The Arya Vaidya Pharmacy (Coimbatore) Ltd. (AVP), was founded in 1943 by late Arya Vaidyan P. V. Rama Variar who was a humanitarian, philosopher and physician par excellence. The milestones of Arya Vaidya Pharmacy since its inception are given below. 1943 - Establishment of AVP 1948 - Formation of Arya Vaidya Pharmacy (Coimbatore) Limited as a public limited
company 1950 - Establishment of Arya Vaidya Chikitsalayam, an Ayurveda Hospital at Coimbatore 1976 - The World Health Organization and ICMR sign an agreement with the Arya Vaidya
Chikitsalayam for clinical research on Ayurveda remedies for rheumatoid arthritis. 1978 - Establishment of Arya Vaidyan Rama Varier Educational Foundation of Ayurveda
(AVR EFA) and commencement of Degree course in Ayurveda in a unique gurukula model. 1979 - Establishment of International Institute of Ayurveda under AVR Educational
Foundation of Ayurveda. 1980 - Release of the first copy of Ancient Science of Life an internationally acclaimed
journal on Ayurveda. 1982 - Recognition of the research institution by the Dept. of Science & Technology and
various universities as a research centre. 1983 - Commencement of comprehensive Rural Health Programme sponsored by USAID
through the Govt. of India in application of Ayurveda and Siddha in promoting healthcare through primary health centres. 1985 - Introduction of Heal range of specialized OTC Products. 1989 - Commissioning of AVP second manufacturing unit at Thennilapuram. 1995 - Agreement with TBGRI, Thiruvanthapuram, to manufacture and market Jeevani
unique herbal immunoenhancing product. 50% of the Royalty & License fees goes to the Kani tribals of Kerala, towards intellectual property right over the medicine (first ever recognition of a community intellectual property) 1997 - Granting of the Good Manufacturing Practice (GMP) certificate to the Thennilapuram
unit from the Drug Controller, Government of India. 1999 - Recognition of R&D of AVP by DSIR of Ministry of Science and Technology, 8
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Government of India. 2000 - Setting up of AVP first Ayurveda Therapeutic Centre abroad in Kuala Lu mpur 003-
Setting up of AVTAR , the research division of AVP. National Institutes of Health, USA awards PICRC Research Grant to Ayurvedic Trust through the University of Washington, Seattle Granting of the Good Manufacturing Practice (GMP) certificate to the Kanjikode Unit. 2003 - RUDRA Random Uninterrupted Documentation for Retrospective Analysis was
initiated in the Out Patient Department of Arya Vaidya Chikitsalayam and Research Institute 2005 - Inauguration of exclusive AVP Clinic & Information Centre at Trichy Road,
Coimbatore. 2006 - Setting up of exclusive Capsuling and Tableting Division and exclusive Cosmetic
Division in Coimbatore. 2008 -Coconut development Board, Govt. of India, sectioned a Project to AVTAR for
research on value addition to Virgin Coconut Oil. -New factory unit inaugurated at Kanjikode. 2010 - Department of AYUSH, Ministry of Health and Family Welfare, Govt. of India
awarded center of excellence grant. -New sophisticated OP Department was inaugurated at Ayurvedic trust campus by Dr. S. K. Sharma, advisor, Department of AYUSH, Ministry of Health a nd Family Welfare, Govt. of India
DIVISIONS Arya
Vaidya Pharmacy
AVP
Cosmetics Unit
AVP
Training Academy
The
Ayurvedic Trust
The
Arya Vaidya Chikitsalayam
AVT
Institute of Advanced Research
Saranya
Multispecialty Ayurveda Hospital
AVR Educational
Foundation of Ayurveda
Ayurveda College Centre
for Indian Medical Heritage(CIMH)
International
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Institute of Ayurveda
Ayushman Ksheera
Ayurvedic Trust
Sagara Diary
ORGANISATION CHART OF ARYA VAIDYA PHARMACY (CBE)
AVP MANAGEMENT
Padmasree P.R.Krishnakumar, son of the illustrious leader Sri.P.V.Rama Variar,is head of the AVP Group. He has dedicated his life to the promotion of Indian science, art and 10 | P a g e
culture in particular Ayurveda. Well versed in Ayurveda, Indian architecture, astrology, philosophy and other allied subjects. Sri.Krishnakumar is on the advisory board of several government and non governmental organizations involved in the propagation of Ayurveda. He was instrumental in bringing Ayurveda to the attention of the World Health Organization (WHO). MANUFACTURING
The Arya Vaidya Pharmacy has a state of the art GMP certified ayurveda medicines factory that manufactures about 450 classical Ayurvedic medicines. It is located at Kanjikode, very close to Palakkad in Kerala State very near to Western Ghats and it is in one of the biggest industrial area in Palghat District of Kerala State. Our's is the first Factory established in the Kanjikode Industrial Area. The advantage of the ayurveda factory is that plenty of fresh herbs are available from Western Ghats. Our Ayurveda Medicines factory is situated in the pollution free area and good quality water is also available. Our second factory is at Thennilapuram near Alathur which is also in Palghat District. Thennilapuram is a rural village where plenty of raw material and good quality water is available. In Kanjikode factory we are manufacturing Traditional Kerala Type medicines in the traditional way of processing. Some of the traditional ayurveda products packing changed to modern pharmaceutical modes like Tablets, Capsules. We are manufacturing around 429 ayurveda products consisting of the following ranges.
Arishtas & Asavas - 41 Items (Naturally fermented Product).
Kashayam - 58 Items
Lehyam - 33 Items (Semisolid Preparation).
Ghritham - 32 Items (Ghee Preparation).
Bhasmam - 19 Items (Mineral Preparation).
Choornam - 36 Items (Mixed Herbal Powder)
Kashayam Tablets - 16 Items.
Soft gel Capsules - 5 Items.
Lepas - 4 Items.
Medicated Oils - 150 Items.
PRODUCT PROFILE
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The Arya vaidya pharmacy is one of the leading Ayurvedic products manufacturing companies producing more than 450 varies of traditional ayurvedic medicine and more than 50 over the counter Ayurvedic product. The Arya Vaidya Pharmacy, was established on 12th July 1943, and had its humble beginning in a small rented building on Trichy Road, Coimbatore. SOME OF THE IMPORTANT PRODUCT OF ARYA VAIDYA PHARMACY 1. Lavanya 2. Lean heal 3. Heal pain balm 4. Arthojith 5. Sahachadal thailam 6. Narahimsa rasaynam 7. Maharasana yogarajagulgula kashayam 8. Panda thailam 9. Dasamolaristam 10. Rasaudi 11. Vathashamana thailam 12. Jeevani 13. Aswajith 14. Firm up 15. Heal transportent soap 16. Sree kandasavam 17. Kumkumadi thailam 18. Thaleesapathradi choornam 19. Brahma rasayanam 20. Rhem heal 21. Bhasmam 22. Kunthalakanthi coconut oil 23. Oil 24. Soft gel capsule
CHAPTER 2
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MAIN THEME OF THE PROJECT STATEMENT OF PROBLEM The Arya Vaidya Pharmacy Ltd is one of the growing industries in ayurvedic industry. Organization is adopting good strategies for their growth. But no serious effort has been taken so far for studying the causes of employee tur nover in the organization. The management of the company is forward looking as they are lacking their best effort to reduce the existing rate of employee turnover The need of the study on employee turnover is to find out the reasons and the best possible ways to solve the employees problem. The management is in need to take decisions which contribute to the satisfaction of employees. So this stud hel the management to know the causes of employee turnover and thus they can take corrective steps to solve the problems of employees.
OBJECTIVES OF THE STUDY 13 | P a g e
PRIMARY OBJECTIVES: y
The main objective of this study is to analyze the employee turnover in Arya Vaidya Pharmacy Ltd Coimbatore.
SECONDARY OBJECTIVES: y
To study the factors affecting employee turnover.
y
To study the action taken by the management to reduce employee turnover.
y
To suggest measures to overcome employee turnover.
SCOPE OF THE STUDY The study is of immense importance to the researcher to understand the various reasons of employee turnover in the organization.It also help the management to understand the attitude of employees towards various aspects like salary, working conditions, managerial relation, etc. This study will be beneficial to the management to take necessary actions to improve the performance of employees. From this study the researcher gets more practical knowledge about various strategies and measures to overcome the employee turnover.
LIMITATIONS OF THE STUDY y
The time was limited to conduct the study.
y
The respondents would have given biased views.
y
Since the respondents were busy with their works, it was difficult to collect the data
RESEARCH METHODOLOGY 14 | P a g e
Research methodology is a way to solve the research problem systematically. According to Robert Ross ³research is essentially an investigation, a recording and an analysis of evidence for the purpose of gaining knowledge´.
RESEARCH DESIGN The research design constitutes the blue print for the collection, measurement and analysis of data. It aids the scientist in the allocation of his limited resources by posing crucial choices. Descriptive Research Design is adopted for the study because it aims at studying state of affairs at present.
SAMPLING DESIGN TOTAL POPULATION
The population includes 650 employees within the organization. SAMPLE SIZE
For this study a sample size of 100 employees was selected. SAMPLING METHOD
Convenient sampling method was used for this study.
SOURCES OF DATA The data required for the study is derived from primary and secondary data. PRIMARY DATA: y
Primary data was collected using structured questionnaire
SECONDARY DATA: y
Secondary data are those data which have been collected by someone else and which have already passed through statistical process
y
For this study several journals, books, internet, company records and other reference manuals were utilized
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TOOLS FOR DATA ANALYSIS y
Simple percentage method was used for this study
RESEARCH PERIOD y
From 1st June2011 to 15th July2011
REVIEW OF LITERATURE HUMAN RESOURCE MANAGEMENT 16 | P a g e
Human Resource Management (HRM) is the strategic and coherent approach to the management of an organization¶s most valued assets. The people working there who individually and collectively contribute to the achievement of t he objectives of the business. The terms ³Human Resource Management´ and ³Human Resources´ have largely replaced the term ³Personnel Management´ as a description of the processes involved in managing people in organizations. In simple sense, HRM means employing people, developing their resources, utilizing, maintaining and compensating their services in tune with the job a nd organizational requirement.
Functions The Human Resources Management (HRM) function includes a variety of activities, and key among them is deciding what staffing needs you have and whether to use independent contractors or hire employees to fill these needs, recruiting and training the best employees, ensuring they are high performers, dealing with performance issues, and ensuring your personal and management practices conform to various regulations. Activities also include managing the approach to employee benefit and compensation, employee records and personnel policies. Note that some people distinguish a difference between HRM (a major management activity) and HRD (human Resources Development, a profession). Those people might include HRM in HRD, explaining that HRD includes the broader range of activities to develop personal inside of organizations, including, Eg: Career development, training, organization development, etc. There is a long-standing argument about where HR- related functions should be organized into large organizations, eg. ³should HR be in the Organization Development department or the other way around?´ The HRM function and HRD profession have undergone tremendous change over the past 20-30 years. Many years ago, large organization looked to the ³Personnel Department,´ mostly to manage the proper work around hiring and paying people. More recently organizations consider the ³HR Department´ as playing a major role in staffing, training and helping to manage people so that people and the organization are performing at maximum capability in a highly fulfilling manner.
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LABOUR TURNOVER Skilled workers and employees are considered as the real assets of an organization. An enterprise can move forward with skilled and efficient persons even out of adverse conditions. The very existence as well as progress of an organization largely depends upon the material and mental satisfaction of the work force. Labor turnover denotes the percentage changes in the labor force in an organization. Employees
who are not satisfied with their career in t he present organization
may seek suitable employment in other organizations. Similarly, organizations may also prefer candidates from the external sources, if the internal candidates are not found suitable. This situation In career development of both individual and the organizations result in external mobility or employee turnover. Turnover is willingness of employee to leave the organization. It creates a special challenge for human resource development. According to Fredric J. Gaudet, turnover can be defined as, ³the rate of change in the number of employees of a concern during a definite period´. AVOIDABLE & UNAVOIDABLE TURNOVER
Turnover can be classified as avoidable or unavoidable. Avoidable turnover is controllable. It can be controlled by overcoming the reasons of turnover.
Example for
avoidable turnover is providing better salary, better working condition, etc. unavoidable turnover is not controllable. This turnover cannot be avoided.
Example
for unavoidable
turnover is marriage, illness etc. INTERNAL AND EXTERNAL TURNOVER
Turnover can be classified as internal or external. Internal turnover involves employees leaving their current position, and take a new position with the same organization. Internal turnover might be moderated and controlled by typical HR mechanisms, such as internal recruitment policy or formal succession planning.
VOLUNTARY AND INVOLUNTARY TURNOVER
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Voluntary turnover, initiated at the choice of employees. In involuntary turnover employees has no choice in their termination. Involuntary turnover such as long term sickness, death, moving overseas, or employer initiated termination. Typically, the characteristics of employees who engage in voluntary turnover are no different from job slayers. However, voluntary turnover can be predicated by the construct of turnover intent. REASONS FOR EMPLOYEE TURNOVER Employees
resign for many difference reasons. Sometimes it is attraction of a new job
or the prospect of the period outside the workforce which ³ pulls´ them, on other occasions they may ³ pushed´ due to dissatisfaction in their present job to seek alt ernative employment. Sometimes it is mixture of both pulls and push factors. For a forth group reasons for leaving are entirely explained by domestic circumstances outside the control of any employer, as in the case when someone relocate with their spouse or partner. A lack of training and development opportunities is also major reasons for voluntary turnover. The major reasons can be found in any organization are: y
Less compensation or compensation package differences
y
Less recognition
y
Less growth opportunities
y
Less or no appreciation for work done
y
Job and employee skill mismatch: the job may be less or more satisfying and challenging according to the employee
y
Inferior facilities, tools, etc
y
Poor working condition
y
Poor training
y
Poor supervision
What initial steps can be taken to reduce turnover? 19 | P a g e
First, hire the right people and continue to develop their careers. Does your company
have an ongoing career development program, tuition reimbursement, or skills training program? An investment in upgrading the workforce is one of the best investments a company can make when looking at long-term growth, Hiring the people that are a good ³fit´ with the culture of the organization---meaning that their values, principles, and goals clearly match those of the company--- and then training as necessary will go a long way toward ensuring employee loyalty and retention. Second, most companies with low turnover rates are very employee oriented.
They solicit input and involvement from all employees and maintain a true ³open-door´ policy that avoids closed-door meetings.
E mployees
are given an opportunity for
advancement and are not micro-managed. Intrinsic rewards are critical.
Employees
must
believe they have a voice and are recognized for their contribution. Remember that ³trust´ and ³loyalty´ are a two way street. Third, develop an overall strategic compensation package that includes not only base and
variable pay scales, but long-turn incentive composition, bonus and gain-sharing plans to address the health and welfare issues of the employees, and non-cash rewards and perks as well. To be competitive in today¶s labor market, most companies find it necessary to offer a standard benefit package, including health, dental, and life insurance, vacation and leave policies, and investment and retirement plans. But what more could be done that would be cost effective toward creating an employee-oriented work environment? Creativity in compensation and benefit can make quit a difference to the welfare of the employee. A company should asses overall employee needs when addressing retention issues.
MEASURES TO OVERCOME EMPLOYEE TURNOVER 20
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1.
Hire the right people and continue to develop careers
2.
Develop the overall strategic compensation package that includes not only base and variable pay scales, but long-term incentives, compensations, bonus, non-cash rewards, etc.
3. Provide safe and secure work environment in which the employee doesn¶t feel
threatened. 4. Provide feedback to employees. 5. Ensure that employees are managed properly by providing management training and
feedback 6. Provide flexible working hours and family-friendly policies. 7. Provide opportunities for growth and development. 8. Involve employees in business matters and keep them abreast of company
happenings. 9. Don¶t send the message that employees are expendable. 10. Creating and sustaining fair relationship with employees that are considerate of
procedural and distributive justice issues will help build commitment.
CHAPTER 3 21
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DATA ANALYSIS AND INTERPRETATION, CONCLUSION TABLE-1
R EASONS WHICH MAK ES THE EMPLOYEES TO LEAVE THE ORGANIZATION
OPINION
NUMBER OF
PERCE NTAGE (%)
R ESPONDE NTS LOW SALARY
28
28
NO GOOD WORKING
7
7
NO GOOD R ELATIONSHIP
5
5
MARRIAGE
17
17
TRANSFER/PROMOTION
11
11
CHANCE TO BETTER JOB
30
30
ANY OTHER
2
2
TOTAL
100
100
CONDITION
ANALYSIS 30% of respondents opined that the chance to get better job is the reason for the employees to leave the organization, 28% of respondents opined that low salary, 17% of respondents opined that the reason is due to marriage,11% of respondents opined that due to transfer and promotion, 7% of respondents opined bad working condition,5% opined no good relationship and rest of them opined that due to some other factors.
CHART-1
22
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R EASONS WHICH MAK ES THE EMPLOYEES TO LEAVE THE ORGANIZATION
35 30
30
28
25 20
17
15 11 10
7
5
PERCENTAGE (%)
5
2
0
INTERPR ETATION From this chart it is clear that majority of employees are leaving the organization because of their chance to get better job and another reason is low salary.
TABLE-2
23
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OPINION ABOUT THE WORKING CONDITIONS OF THE ORGANISATION OPINION
NUMBER OF
PERCE NTAGE (%)
R ESPONDE NTS HIGHLY SATISFIED
29
29
SATISFIED
55
55
NEUTRAL
14
14
DISSATISFIED
2
2
HIGHLY DISSATISFIED
0
0
TOTAL
100
100
ANALYSIS It is stated that 55% of the respondents are satisfied with the working conditions of the organization, 29% are highly satisfied, 14% were opined neutral and rest of them were opined that dissatisfied with working conditions.
CHART-2 24
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OPINION ABOUT THE WORKING CONDITIONS OF THE ORGANISATION 60 55
50
40
29
30
PERCENTAGE (%) 20 14 10 2
0
0 HIGHLY SATISFIED
SATISFIED
NEUTRAL
DISSATISFIED
HIGHLY DISSATISFIED
INTERPR ETATION It is clear that the majority of the employees in the organization are satisfied with th e working conditions of the organization
TABLE-3
25
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THE R ELATIONS IN WORK PLACE BETWEE N MANAGEME NT AND WORK ERS OPINION
NUMBER OF
PERCE NTAGE (%)
R ESPONDE NTS VERY GOOD
22
22
GOOD
38
38
NEUTRAL
26
26
BAD
14
14
VERY BAD
0
0
TOTAL
100
100
ANALYSIS It is stated that 38% of respondents opined about the relations in work place between management and workers is good, 26% opined neutral, 22% opined very good, 14% opined bad.
CHART-3 26
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THE R ELATIONS IN WORK PLACE BETWEE N MANAGEME NT AND WORK ERS 40
38
35 30 26 25
22
20 PERCENTAGE
16 15 10 5 0
0 VERY GOOD
GOOD
NEUTRAL
BAD
VERY BAD
INTERPR ETATION From the above study it is clear that majority of respondents comment that the relationship between management and workers are good.
TABLE-4 27
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R ESPONDE NTS ACCEPTANCE R EGARDING THE ORGANIZATIONS VALUES OPINION
NUMBER OF
PERCE NTAGE (%)
R ESPONDE NTS STRONGLY AGR EE
29
29
AGR EE
56
56
NEUTRAL
15
15
DISAGR EE
0
0
STRONGLY DISAGR EE
0
0
TOTAL
100
100
ANALYSIS It is stated that 56% of respondents agree with organizations set of values, 29% strongly agrees and 15% of respondents neutrally accepted.
CHART-4
R ESPONDE NTS ACCEPTE NCE R EGARDING 28
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THE ORGANISATIONS VALUES 60
56
50
40
29
30
PERCENTAGE 20
18
10 0
0
DISAGREE
STRONGLY DISAGREE
0 STRONGLY AGREE
AGREE
NEUTRAL
INTERPR ETATION From the above study it is clear that majority of respondents agrees the set of values in the organizations.
TABLE-5
WHETHER R ESPONDE NTS PESTER ED BY THEIR SUPERIORS 29
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OR ABSTRACT ED BY UNDUE ADVANTAGES OPINION
NO OF R ESPONDE NTS
PERCE NTAGE
YES
0
0
NO
100
100
TOTAL
100
100
ANALYSIS It is stated that 100% of respondents does not feel pestered by their superiors or abstracted by undue advantages.
CHART-5
WHETHER R ESPONDE NTS PESTER ED BY THEIR SUPERIORS 30
|Page
OR ABSTRACT ED BY UNDUE ADVANTAGES
YES NO
INTERPR ETATION From the above study it is clear that majority of respondents does not feel pestered by their superiors or abstracted by undue advantages.
TABLE-6
R ESPONDE NTS EVER FEEL HARD TO TAK E TIME OFF DURING THEIR
31
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WORK TO TAK E CAR E OF PERSONAL OR FAMILY MATTER OPINION
NO OF R ESPONDE NTS
PERCE NTAGE (%)
YES
23
23
NO
77
77
TOTOAL
100
100
ANALYSIS It is based on that 77% of respondents does not feel hard to take time off during their work to take care of personal or family matter, 23% of respondents feel hard to take time off during their work to take care of personal or family matter.
CHART-6
R ESPONDE NTS EVER FEEL HARD TO TAK E TIME OFF DURING THEIR 32
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WORK TO TAK E CAR E OF PERSONAL OR FAMILY MATTER
23
YES NO
77
INTERPR ETATION From the above study it is clear that majority of respondents does not feel hard to take hard to take time off during their work to take care of personal or family matter.
TABLE-7
R ESPONDE NT OPINION ABOUT WHETHER THEIR JOB
33
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IS PRAISED BY SUPERVISORS OPINION
NO OF R ESPONDE NTS
PERCE NTAGE (%)
YES
72
72
NO
28
28
TOTOAL
100
100
ANALYSIS It is stated that 72% of respondents opined that job done by them are praised by supervisors and 28% opined that they are never praised by the supervisors.
CHART-7
R ESPONDE NT OPINION ABOUT WHETHER THEIR JOB IS PRAISED BY SUPERVISORS 34
|Page
28
YES NO
72
INTERPR ETATION From the above study it is clear that majority of respondents felt that job done by them are praised by supervision.
TABLE-8
OPINION ABOUT THE FACILITIES PROVIDED BY THE ORGANIZATION OPINION
NUMBER OF R ESPONDE NTS
35
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PERCE NTAGE (%)
VERY GOOD
31
31
GOOD
39
39
NEUTRAL
16
16
BAD
14
14
VERY BAD
0
0
TOTAL
100
100
ANALYSIS It is stated that 39% respondents opined facilities provided by the organizations is good, 31% of respondents opined very good,16% of respondents opined neutral and 14% of respondents opined bad and none of them opined very bad.
CHART-8
OPINION ABOUT THE FACILITIES PROVIDED BY THE ORGANIZATIONS
36
|Page
45 39
40 35 31 30 25
PERCENTAGE
20 16
15
14
10 5 0 0 VERY GOOD
GOOD
NEUTRAL
BAD
VERY BAD
INTERPR ETATION From the above study it is clear that majority of respondents feel good about the facilities provided by the organization.
TABLE-9
OPINION ABOUT THE SALARY PROVIDED BY THE ORGANIZATION
37
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OPINION
NUMBER OF
PERCE NTAGE (%)
R ESPONDE NTS HIGHLY SATISFIED
9
9
SATISFIED
20
20
NEUTRAL
15
15
DISSATISFIED
39
39
HIGHLY DISSATISFIED
17
17
TOTAL
100
100
ANALYSIS 39% of the respondent opined that they are dissatisfied with the salary provided by the organization, 17% of respondents opined they are highly dissatisfied, 15% of respondents opined neutral, 20% of respondents opined satisfied , 9% opined highly satisfied.
CHART-9
OPINION ABOUT THE SALARY PROVIDED BY THE ORGANISATION 38
|Page
45 39
40 35 30 25 20
20
17
PERCENTAGE
15
15 9
10 5 0
HIGHLY SATISFIED
SATISFIED
NEUTRAL
DISSATISFIED
HIGHLY DISSATISFIED
INTERPR ETATION From the above study it is clear that majority of respondent are dissatisfied with the salary provided by the organization.
TABLE-10
WHETHER R ESPONDE NTS GET INCE NTIVES OR PAYHIK E
39
|Page
WHE N DO THEIR JOB WELL OPINION
NO OF R ESPONDE NTS
PERCE NTAGE
YES
14
14
NO
86
86
TOTAL
100
100
ANALYSIS 86% of respondents opined that they did not get any incentives or pay hike when they do their job well.14% opined they get incentives or pay hike when they do their job well.
CHART-10
WHETHER R ESPONDE NT GET INCE NTIVES OR PAYHIK E WHE N DO THEIR JOB WELL 40
|Page
14
YES NO
86
INTERPR ETATION From the above study it is clear that majority of respondents does not get incentives or pay hike when they do their job well.
TABLE-11
OPINION ABOUT THE EXTRA R EMUNERATION R EWARDS PROVIDED BY THE ORGANISATION OPINION 41
|Page
NUMBER OF
PERCE NTAGE (%)
R ESPONDE NTS VERY GOOD
4
4
GOOD
22
22
NEUTRAL
17
17
BAD
39
39
VERY BAD
18
18
TOTAL
100
100
ANALYSIS 39% opined that the extra remuneration/rewards provided by the organization is bad, 22% opined good,18% opined very bad,17% opined good and 4% opined very good.
CHART-11
OPINION ABOUT THE EXTRA R EMUNERATION R EWARDS PROVIDED BY THE ORGANISATION
42
|Page
40
38
35 30 25 22 20
18
17
PERCENTAGE
15 10 4
5 0
VERY GOOD
GOOD
NEUTRAL
BAD
VERY BAD
INTERPR ETATION From the above study it is clear that majority of employees feel bad about the extra remuneration/rewards provided by the organization.
TABLE-12
R ESPONDE NTS OPINION ABOUT LEAVE POLICY OF THE ORGANISATION
43
|Page
OPINION
NUMBER OF
PERCE NTAGE (%)
R ESPONDE NTS VERY GOOD
14
14
GOOD
42
42
NEUTRAL
29
29
BAD
11
11
VERY BAD
4
4
TOTAL
100
100
ANALYSIS 42% of respondents opined about the leave policy of the organization is good, 29% opined neutral, 14% opined very good, 11% opined bad, 4% opined very bad.
CHART-12
R ESPONDE NTS OPINION ABOUT LEAVE POLICY OF THE ORGANISATION
44
|Page
45
42
40 35 30
29
25 PERCENTAGE
20 14
15
11 10 4
5 0 VERY GOOD
GOOD
NEUTRAL
BAD
VERY BAD
INTERPR ETATION From the above study it is clear that the organization is almost good in leave policy. Only a few think it is bad
TABLE-13
R ESPONDE NTS OPINION ABOUT WELFAR E MEASUR ES OF THE COMPANY
45
|Page
OPINION
ESI
BONUS
R ECR EATION TRANSPO- CANT EE N LOAN FACILITY
RTATION
FACILITY
SAFETY MEASUR ES
FACILITY EXCELLE NT
30
50
0
2
10
35
0
VERY GOOD
62
30
4
4
15
30
9
GOOD
6
16
17
10
32
22
5
SATISFICATORY
2
4
44
31
24
8
16
POOR
0
0
35
53
19
5
70
TOTAL
100
100
100
100
100
100
100
ANALYSIS 62% of respondents opined about the ESI provided by the organization are very good. 50% of respondents opined about the bonus provided by the organization are excellent. 44% of respondents opined about the recreation facility provided by the organization are satisfactory. 53% of respondents opined about the transportation provided by the organization are poor. 32% of respondents opined about the canteen facility provided by the organization are good. 35% of respondents opined about the loan provided by the organization are excellent. 70% of respondents opined about the safety measures provided by the organization are poor.
CHART ± 13
R ESPONDE NT OPINION ABOUT WELFAR E MEASUR ES OF THE COMPANY
46
|Page
80 70 70 62 60
53 50
50
44
40 32
35
30
POOR SATISFACTORY GOOD
20
VERY GOOD 10
EXCELLENT
0
INTERPR ETATION Majority of respondents felt that ESI provided by the organization is very good. Majority of respondents felt that bonus provided by the organization is excellent. Majority of respondents felt that recreation facility provided by the organization is satisfactory. Majority of respondents felt that transportation provided by the organization is poor. Majority of respondents felt that canteen facility provided by the organization is good. Majority of respondents felt that loan provided by the organization is excellent. Majority of respondents felt that safety measures provided by the organization is poor TABLE-14
R ESPONDE NTS OPINION ABOUT SUPERVISION AND
47
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GUIDANCE FROM THE ORGANIZATION OPINION
NUMBER OF
PERCE NTAGE (%)
R ESPONDE NTS HIGHLY SATISFIED
23
23
SATISFIED
58
58
NEUTRAL
19
19
DISSATISFIED
0
0
HIGHLY DISSATISFIED
0
0
TOTAL
100
100
ANALYSIS 58% of respondents satisfied about the supervision and guidance from the organization,23% organizat ion,23% of respondents respondent s highly satisfied,19% satisf ied,19% of respondents respon dents opinion opinion was neutral
CHART-14
R ESPONDE NTS OPINION ABOUT SUPERVISION AND 48
|Page
GUIDANCE FROM THE ORGANIZATION
70 58
60
50
40
PERCENTAGE(%)
30 23 19
20
10 0
0
D ISSATISFIE D
HIG HLY DISSATISFIED
0 HIGHLY SATISFIED
SATI SFI ED
NE UTRAL
INTERPR ETATION From this study it is clear that the supervision and guidance from the organization was satisfactory to the employees. employees.
TABLE-15
R ESPONDE NTS OPINION ABOUT TRAINING 49
|Page
PROGRAMMES OF THE ORGANIZATION OPINION
NUMBER OF
PERCE NTAGE (%)
R ESPONDE NTS VERY GOOD
11
11
GOOD
62
62
NEUTRAL
24
24
BAD
3
3
VERY BAD
0
0
TOTAL
100
100
ANALYSIS 62% of respondents opined that the training programmes of the organization is good, 24% of respondents respond ents opined neutral, 11% of respondents respond ents opined very good, 3% of respondents opined bad and none of the respondents opined very bad.
CHART-15
R ESPONDE NTS OPINION ABOUT TRAINING PROGRAMMES OF THE ORGANIZATION 50
|Page
70 62 60
50
40 PERCENTAGE
30 24 20 11 10 3 0 0 VERY GOOD
GOOD
NEUTRAL
BAD
VERY BAD
INTERPR ETATION From the above chart it is clear that majority of respondents opinion about the training programme provided by the organization is good.
TABLE-16
WHETHER COMPANY PERMIT THE EMPLOYEES TO TAK E DECISION IN JOB R ELATED MATTERS 51
|Page
OPINION
NUMBER OF
PERCE NTAGE (%)
R ESPONDE NTS VERY HIGH EXTE NT
11
11
HIGH EXTE NT
24
24
MODERATE EXTE NT
62
62
LOW EXTE NT
3
3
VERY LOW EXTE NT
0
0
TOTAL
100
100
ANALYSIS 62% of respondents opined that company permit employees to take decision in jobrelated matters to a moderate extent, 24% of respondents opines high extent, 11% were opined very high extent and 3% of respondents opined low extent.
CHART-16
WHETHER COMPANY PERMIT THE EMPLOYEES TO TAK E DECISION IN JOB R ELATED MATTERS 52
|Page
70 62 60
50
40
PERCENTAGE (%)
30 24 20 11 10 3 0 0 VERY HIGH EXTENT
HIGH EXTENT
MODERATE EXTENT
LOW EXTENT
VERY LOW EXTENT
INTERPR ETATION From the above chart it is clear that majority of respondents state that the company permits employees to take decision in job-related matters to a moderate extent.
TABLE-17
WHETHER ORGANISATION E NCOURAGES THE CR EATIVE IDEAS FROM THE EMPLOYEES
53
|Page
OPINION
NUMBER OF
PERCE NTAGE(%)
R ESPONDE NTS STRONGLY AGR EE
27
27
AGR EE
33
33
NEUTRAL
9
9
DISAGR EE
21
21
STRONGLY DISAGR EE
10
10
TOTAL
100
100
ANALYSIS 33% of respondents opined that they agree about the organization encouraging creative ideas from employees, 27% of respondents opined that they are strongly agree, 21% of respondents opined that they disagree and 9% of respondents opined neutral and rest of the 10% were opined that they strongly disagree.
CHART-17
WHETHER ORGANISATION E NCOURAGES THE CR EATIVE IDEAS FROM THE EMPLOYEES 54
|Page
35
33
30 27 25 21 20
15
PERCENTAGE(%) 10
9
10
5
0 STRONGLY AGREE
AGREE
NEUTRAL
DISAGREE
STRONGLY DISAGREE
INTERPR ETATION From the above study it is clear that majority of respondents felt that the organization encourages the creative ideas from employees.
TABLE-18
R ESPONDE NTS OPINION ABOUT ORGANISATIONS OPPORTUNITIES FOR CAR EER DEVELOPME NT
55
|Page
OPINION
NUMBER OF
PERCE NTAGE (%)
R ESPONDE NTS VERY GOOD
17
17
GOOD
38
38
NEUTRAL
7
7
BAD
22
22
VERY BAD
16
16
TOTAL
100
100
ANALYSIS 38% of respondents opined about the organization opportunities for career development is good, 22% of respondents opined bad, 17% of respondents opined very good, 16% of respondents opined very bad and rest were opined neutral
CHART-18
R ESPONDE NTS OPINION ABOUT ORGANISATIONS OPPORTUNITIES FOR CAR EER DEVELOPME NT
56
|Page
40 38 35
30
25 22 20 17
16
PERCENTAGE (%)
15
10 7 5
0 1
2
3
4
5
INTERPR ETATION From this it is clear that majority of respondents felt that organization is good in opportunities for career development.
TABLE-19
R ESPONDE NTS OPINION ABOUT JOB BURDE NS AND JOB STR ESS CAUSES TURNOVER 57
|Page
OPINION
NUMBER OF
PERCE NTAGE (%)
R ESPONDE NTS HIGHLY AGR EE
47
47
AGR EE
38
38
NEUTRAL
0
0
DISAGR EE
9
9
HIGHLY DISAGR EE
6
6
TOTAL
100
100
ANALYSIS 47% of respondents highly agree with the job burdens and job stress as a reason for employee turnover,38% of respondents opined agree, none of them opined neutral,9% opined disagree and 6% of respondents were highly disagreed
CHART-19
R ESPONDE NTS OPINION ABOUT JOB BURDE NS AND JOB STR ESS CAUSES TURNOVER 58
|Page
50 47 45 40
38
35 30 25 PERCENTAGE (%) 20 15 9
10
6 5 0 0 HIGHLY AGREE
AGREE
NEUTRAL
DISAGREE
HIGHLY DISAGREE
INTERPR ETATION From this it is clear that majority of respondents are agree with the job burdens and job stress is a reason for labor turnover. So one of the major reasons of employee turnover is job burden and job stress.
CONCLUSION The project work has been carrying out to know the various reasons for Employee turnover in Arya Vaidya Pharmacy (Coimbatore)Ltd, with the help of employees opinion
59
|Page
about various aspects of Job. Based on these aspects, the findings have given to the management to take effective actions. Turnover may be reduced to a great extend if the management takes initiative in providing better compensation to employees. It is to be noted that no single measure can be effective in controlling employee turnover; but a skillful combination of measures would definitely lead to the desired results. Turnover is a u niversal problem and every organization should strive to tackle this problem for their better future.
CHAPTER 4 FINDINGS & SUGGESTIONS
60
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FINDINGS 1. Majority of respondents felt that reasons for employees leaving the organisation is
getting the chance for better job and some of the respondents felt that the employees leaving the organization is low salary. 2. Majority of the respondents felt that they are satisfied with the working conditions of
the organization. 3. Most of the respondents comment t hat the relationship between management and
workers is good. 4. Majority of the respondents does not feel hard to take time off during their work to
take care of personal and family matter. 5. Most of respondents are dissatisfied with the salary provided by the organization 6. Most of the respondents felt that they does not get incentive or pay hike when they do
their job well. 7. More number of respondents opined that the transportation provided by the
organization is good. 8. Majority of the respondents opined about the loan provided by the organization is
excellent. 9. Most of respondents opined about the housing facility provided by the organization is
poor. 10. Majority of the respondents state that they are highly disagree about the transfer
causes to leave the company employees.
SUGGESTIONS
61
|Page
y
Create a good work atmosphere and provide more responsibilities to employees. It will make a feeling in their minds like they are a part of the organization. It is a powerful tool to retain the employees in the organization.
y
In order to keep the employees in the organization, the management may adopt new strategies like extra non-monetary benefits, better recognition, etc.
y
The company may provide better salary and allowances to the employees according to their role and performance. Because it is one of the problem which is mentioned by employees to leave the organization.
y
Make a feeling in the employee¶s mind like they are participating in the decision making of the organization. It will help to make a good atmosphere in the organization.
y
They may reduce the job stress and job burdens so that the employees can have the work life balance.
y
Organization may provide better career opportunities to the employees to reduce the labor turnover.
y
Setting a good working conditions that will satisfy the employees.
BIBILIOGRAPHY
62
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