It also aims to know and study obstacles in the proper utilization and increase the effectiveness of training programs and try to suggest remedial measures wherever possible. I have taken a sample size of 785 employees. I have done a survey through a close ended questionnaire finding out the Retention rate of employees in JSPL. JSPL it seemed to me has understood the importance of developing a robust culture of retaining employees. This survey was carried out in various departments of the company .
In the course of study, it was found that the surveys analyzed were provided to all the employees of JSPL and was not specific to a particular category of employees. The in depth study of the welfare measures adopted by the company revealed that majority of employees were fairly satisfied with the organization and its programs. Jindal Steel & Power limited (JSPL) is one of the leading power in steel industry with interests spanning across the spectrum from mining iron ore, to manufacturing value-added steel products. The company has a capacity of producing MT steel and has plans to expand further.
Production is very important for any company but the management of the products is also very important. The steel industry is growing at a very rapid rate and technological changes are very frequent today. The competition is getting fierce as compared to earlier days as every company is designing their own strategies to grow at a rapid rate. Mergers and acquisitions are also very common in steel industry. The need for a better and improved system is a must for any industry. INDUSTRY PROFILE [pic] An overview: The steel industry The Indian Steel industry is almost 100 years old now.
Till 1990, the Indian steel industry operated under a regulated environment with insulated markets and large-scale capacities reserved for the public sector. Production and prices were determined and regulated by the Government, while SAIL and Tata Steel were the main producers, the latter being the only private player. The industry took its first faltering steps in 1907 with the setup of the first integrated steel plant in Jamshedpur by TISCO. Since then the Indian steel industry has emerged as one of the core sectors in the Indian economy with a very significant impact on economic growth.
The 90’s were a very tumultuous time for the Indian economy 1992 saw India takes its first steps towards economic liberalization. Along with the opening up of the economy Indian Steel also saw the entry of a number of domestic players. Private investment flowed into the industry adding fresh capacities. The major growth came after economic liberalization in 1992. Steel production and consumption, which were earlier controlled by government, were liberalized. This encouraged the growth of private enterprises that were further responsible for the growth of the industry, especially between 1990-2005.
In 1990, the Indian steel Industry had a production capacity of 23 MT, the last decade saw the Indian steel industry integrating with the global economy and evolving considerably to adopt world-class production technology to produce high quality steel. The total investment in the Indian steel since 1990 is over Rs 25 000 crores mostly in plant equipments, which have been installed after 1990. The current production capacity of Indian Steel is an estimated 43 MT. The years between 1997 and 2001 once again saw a downturn in the global steel industry some of the significant characteristics of this period were:
Demand . supply mismatch. Unremunerative prices. Erosion of bottom line. But the industry weathered the storm only to recover in 2002 and is beginning to get back on its feet given the strong domestic economic growth and revival of demand in global markets. Today, India produces international standard steel of almost all grades/varieties and has been a net exporter for the past few years, underlining the growing acceptability of its products in the global market The Indian steel industry – Backbone of the Indian economy- Provides direct/indirect employment to over 2 million people.
Ranks 4th out of 60 sectors in the CSO index of Indian economy with a forward linkage of 4. 79. Rupees one lakh of output generates 1. 3 man years of employment. Steel is a highly capital intensive industry and cyclic in nature. Its growth is intertwined with the growth of the economy at large, and in particular the steel consuming industries such as manufacturing, housing and infrastructure. As India moves ahead in the new millennium, the steel industry will play a critical role in transforming India into an economic superpower.
Major Players: Also known as Integrated Steel Producers (ISPs), this group includes large steel producers with high levels of backward integration and capacities of over 1 MT. The following companies form this group: Steel Authority of India Limited (SAIL). Tata Steel (TISCO). Rashtriya Ispat Nigam Limited (RINL). Jindal Steel & Power Limited (JSPL). Essar Steel. Ispat Industries. SAIL, TISCO and RINL produce steel using the blast furnace/basic oxygen furnace (BF/BOF) route that uses iron ore, coal/coke as the basic input mix for producing finished steel.
Other major producers such as Essar Steel, Ispat Industries and JVSL use routes other than BF/BOF for producing steel. While Essar Steel and Ispat Industries employ Electric Arc Furnace (EAF) route that uses sponge iron, melting scrap or a mix of both as input, JSPL uses COREX, a revolutionary technology for making steel using basically iron-ore and coal. The Major producers are vital to the industry as they account for most of the mild steel production in the country. The group produces most of the flat steel products in the country including Hot Rolled, Cold Rolled and Galvanized steel.
At RAIGARH, it has the world largest coal-based plant sponge iron manufacturing capability. JSPL is the only sponge iron producer in the country with its own raw material source and power generation, making it one of the most cost effective producers of sponge iron in the country. We have taken yet another major step forwarding putting India and Raigarh on the world steel map. A state of the art Rail and Universal Beam Rolling Mill had been commissioned in March 2004, to manufacture the world’s longest Rail, 120 M long. For the Indian Railways and global markets. Also, the mill manufactures H-beams and columns in larger sizes for the infrastructure and construction sector for the first time in India.
A further increase in the steel-manufacturing capacity is part of its growth and expansion plans with a new steel melt shop near the Rail Mill on the anvil. Growth is the keyword and by the end of 2006-07 its steel production will exceed 3 million MTPA, offering a range of steel products that best leverage the strengths of its facility, quality and technology. JSPL is utilizing waste hot gases and coal washery rejects to generate 150MW power. Another 55MW power plant is under installation. A new company Jindal Power Limited has been set up which is currently working on plans to establish a 1000 MW plant at Raigarh. This determined pursuit of business opportunity and global markets has not in any manner affected its keen sense of duty as concerned corporate citizens.
JSPL’s facilities at Raigarh and Raipur fall under the newly formed state of Chhattisgarh. We have been and will continue stand committed to the progress of the state and its people. JSPL recognize that environmental protection is an integral part of the company’s activities. JSPL is an OHSAS 18001 certified organization, committed to conducting it’s business safely, ethically & in environmentally responsible manner that protects the natural resources and the environment in which we live. JSPL VISION AND MISSION JSPL Vision [pic] JSPL Mission Our employees are the most valued assets of our organisation, essential participants with a shared responsibility in fulfilling our mission: ?
To attract, nurture and retain the best talent by inculcating a culture of learning, performing, developing creativity and teamwork. ? To build excellence focused, development oriented, value driven and people sensitive organization. ? To enrich quality of life of employees and develop their potential. ? To develop employee engagement, mutual trust, co-operation and openness through empowerment, recognition and reward. [pic] Core Values The Company embraces certain core values in order to function ethically, effectively and prosper further: • Integrity: Conduct all business dealings along transparent lines Respect for Individual: Recognize Individual’s contribution in the growth and development of the Company.
Treat all “Jindalites” with respect and dignity Meritocracy: Foster an environment of excellence in performance Dynamic Thinking: Demonstrate a winner’s attitude with a crystal clear focus to deliver sustained values for all stakeholders. Creativity & Innovation: Encourage creative experimentation, embrace new ideas and institutionalize continuous improvement in all aspects of business and performance Social Responsibility: Dedicate efforts to the social and environmental issues to enrich the quality of life within the community we serve. JSPL IN INDIA The following map shows the spread of JSPL which is in all corners of India. The map • shows the entire registered corporate, branch and marketing offices, mines works and proposed projects.
Indian pharma industry has been extensively been engaged in honing its skill and competencies to fructify and accentuate the sustainable ‘india Advantage’ in space of contract manufacturing ,Drug Development and Drug Discovery and Research. India has one of the strongest Streams of scientific talent flow, compliances with the highest quality and regulatory standards , a large patient pool with some of the fastest patients requirement rates and innovation and original research engine , which has exhibited success in its research collaborations with global innovator companies. Related to each of these segments of the pharma industry, India’s set of competitive advantages are being increasingly recognized by global industry as distinct and sustainable. GROUP PROFILE Jindal Group of Companies • Jindal Steel and Power Ltd. JSPL, has set up a 1000 MW O P Jindal Super Thermal Power Plant at Raigarh, with an investment of over Rs. 4500 crore. The last unit was commissioned in the first week of September, 2008.
JSPL has added a new dimension that of exploration and mining of high value minerals and metals, like diamond, precious stones, gold, platinum group of minerals, base metals, tar sands etc. Jindal Iron and Steel Ltd- JSW Group is one of the fastest growing business conglomerates with a strong presence in the core economic sector. This Sajjan Jindal led enterprise has grown from a steel rolling mill in 1982 to a multi business conglomerate worth US $ 3. 7 billion within a short span of time. As part of the US $ 8 billion O. P. Jindal Group, JSW Group has diversified interests in Steel, Energy, Minerals and Mining, Aluminum, Infrastructure and Logistic, Cement and Information Technology. SAW Pipes Ltd. – Jindal SAW Limited has announces that the receipt of orders or letter of award aggregating to more than INR 1000 crore for supply of Large Diameter Pipes and Ductile Iron Pipes in domestic and export markets. While domestic supply orders are from GAIL and, HPCL etc, the export orders are primarily from middle-eastern market.
With these orders, the total order book of Jindal SAW Ltd stands at approximately USD 750 million. These orders are scheduled to be executed by March 2010. Jindal Stainless Steel Ltd. Jindal Stainless is a ISO: 9001 & ISO: 14001 company is the flagship company of the Jindal Organization. The company today, has come a long way from a single factory establishment, started in 1970. As the numero uno it has taken on the task of making stainless steel a part of everybody’s life by taking a 360 degrees approach from production of raw materials to supply of architecture and lifestyle related products. About JSPL- Awards & Recognition’s [pic] ? Second prize in the National Safety Award 1998 for longest accident-free period instituted by the Ministry of Labour, Government of India. ? First prize in the IIM Awards 2001 for Quality by the Indian Institute of Metals. National Energy Conservation Award 2001 in the Integrated Steel Plants category instituted by the Ministry of Power, Government of India. ?
Tapping the vast pool of technology and our efficient manpower, we believe in transforming opportunities into advantages. The dream of expanding our capacities and working with zeal to implement new ideas and innovations has kept us ahead. Literature Review ? “Human Resource Management is that field of management which has to do with planning, organizing, directing, and controlling various operative functions of procuring, developing, maintaining and utilizing a labour force such that a) Objectives, for which the company is established are attained economically and effectively; b) Objectives of all levels of personnel are served to the highest possible degree; c) Objectives of community are duly considered and served. -Prof. Jucius According to this definition, Human Resource Management is concerned with managerial function (planning, organizing, directing, and controlling) and operative (procurement, development, maintenance, and utilization) functions, with a view to attaining the organizational goals economically and effectively and meeting the individual and social goals. Human Resource has at least two meanings depending on context. The original usage derives from political economy and economics, where it was originally called labour, one of the fit’s factors of production.
The more common usage within corporations and businesses refers to the individuals within the firm, and to the portion of the firm’s organization that deals in hiring, firing, training, and other personnel issues. This article addresses both definitions. Human resource management serves these key functions; 1. Hiring (recruitment) 2. Compensation 3. Evaluation & Management of performance 4. Promotions 5. Managing Relations It is the responsibility of human resource managers to conduct these activities in an effective, legal, fair, and consistent manner. The objective of Human Resource is to maximize the return on investment from the organization’s human capital. Human Resource Management aims to improve the productive contribution of individuals while simultaneously attempting to attain other societal and individual employee objectives” Schwind, Das & Wagar (2005) Raigarh as part of the $10 billion Jindal group plays an important role in the overall industrial landscape of not just the state of Chhattisgarh but the country as well.
It’s one of the largest integrated plants producing steel and power (not just for captive consumption) in the country producing a plethora of products. In order to attain the goals JSPL employs over 8000 people, a number that has been steadily growing over the last few years. JSPL has been one of the fastest growing organizations in the country. However its not just the production or profitability that has propelled it to an enviable position, a committed and talented workforce is one of the main reasons behind it. It is a fact that has been recognized even by the top level management of this organization. The details given in the following pages are an attempt to try and identify some of the tasks, challenges, their corresponding responses and initiatives that is behind this success. HR covers a variety of processes and procedures that begins even before an individual is hired till the time the individual is there in the company. There are in fact two departments that deal with the people’s affair of the company. Apart from the HR department it’s the Personnel & Administration department.
The following are the important functions of Personnel and Administration department are as follows; Wage and Salary management Travel and Leave management Time Maintenance Contract labour management Provident Fund Management Compensation and benefit Colony and Estate management In order to perform the above mentioned functions there are a number of sections like payroll, travel and leave management, contract labour section etc. Another very important function of the personnel and administration department is to ensure compliance with regards to various labour laws that are applicable to the various departments of the organization.
All the sections have to work in tandem with each other for the attainment of organisational goal. Every organisation/ association or even a department is guided by a vision, which in turn acts as a guide for attainment of the mission It is a process of inviting the people for job in a particular company by different means saying that there is a vacancy for a particular job . Whereas “selection” is a process of appointing the person for a particular task from among the applicants. Identification of vacancy:-primarily the vacancy is identified on the following basis: New expansion/ Technological changes Additional workload Retirement/superannuation Turnover and natural separation trend. Any other business consideration Resource requisition form The respective HOD /functional heads fill up a resource requisition form clearly indicating the comprehensive job description, job specification, reporting structure time frame for filling up vacancy to understand overall needs and requirement and send it to the recruitment section to be approved by the authorities. After approval it is communicated to the department head and then department head send it to the recruitment section to fill the position within the given time.
A component of a position consisting of one or more duties and responsibilities that contributes towards accomplishing organisational goals and objectives which is of such importance that unacceptable performance on the element would result in unacceptable performance in the position. Performance Appraisal Followed At JSPL: JSPL follow 180 degree type of appraisal to measure the performance of the employee. It means that they send an appraisal form to the HOD of various department. The appraisal system is done on annual basis. However there is a mid-year review which is conducted around the month of November to assess the progress of various employees with respect to their KRA’s. It is worth noting that the entire workforce at JSPL is divided into two categories. This whole process of KRA setting and evaluation against it is done for staff category employees and not for the workers.
The appraisal form is send to the HOD of various department and they fill the form and send to the PMS & OD Department. The concerned employee is to fill up his/her Key Result Areas (KRA’s) in consultation with the HOD. At the same time the HOD defines certain Key Performance Indicators(KPI’s) against which the employee is to be assessed. Another important part of the whole process is training need identification. As a part of the format the HOD is also expected to specify the training requirement for the employees working under him. Organizational development is the one of important part of HRD, which is being practiced at JSPL.
With this in view, every department has to identify & nominate one / two” GEM OF JSPL” per month & bimonthly. The term smile suggests “self motivated individuals for learning & empowerment”. SMILE is for solving problems and making decisions in a better way. By skillfully over coming problems & making productive decisions, it will turn our team into a community of success. Scope of SMILE: 1. Innovativeness in the project. 2. Degree of creativity. Cost reduction/ cost control/ cost saving. Optimization of safety, health & environment. 5. Standards/ norms 6. Mandays/ time saving 7. Optimization of existing resources 8. No extra capital expenditures. For worker and executive level
Training and its process at JSPL for the workers and executives: – As far as worker training need identification is concerned the skill mapping exercise forms the basis. With regards to executives training is identified in various ways like; Competency matrix and the corresponding Gap analysis. Organizational need based training 3. Need identified through the Performance Management System In line with business strategy of the organization/ request from employees. Training necessitated due to technological upgradation. 6. Through questionnaire ( to be implemented) Thereafter the training department goes about its business in the following manner;
Preparation of training calendar (both monthly as well as well on an annual basis) 2. Contacting the respective faculty members and coordinating with them 3. Informing respective departments about the training program. In case of open nomination the department head is free to send in people from his department on his own accord. In some cases however certain individuals are already identified, who are then informed in this regard. 4. The Training and Development cell then has to take care of all the facilities that are to be provided with regards to the training program. If the program is an outbound one then the entire activity is to be coordinated like-wise. 5.
The Training & Development cell is entrusted with maintenance of attendance record of the programs along with collecting immediate reaction feedback with the help of ‘smile sheets’. 6. The entire data in this regard is constantly uploaded on to SAP. According to company policy a learning evaluation form is sent to the respective departmental HOD’s at least two-months after the training program had been conducted On the basis of the feedback received the program is rated on a scale of 10. On the basis of subject matter covered training can be classified into; Technical On the basis of the location it can classified as;
External training programs (it also includes various seminars, MDP’s etc) 2. Internal training programs JSPL Follows ADDIE process for training need analysis: ANALYSIS – An analysis of training need is an essential requirement to the design of effective training. The purpose of training need analysis is to determine whether there is a gap between what is required for effective performance and present level of performance. Training need analysis is conducted to determine whether resources required are available or not. It helps to plan the budget of the company, areas where training is required, and also highlights the occasions where training might not be appropriate but requires alternate action.
Corporate need and training need are interdependent because the organization performance ultimately depends on the performance of its individual employee and its sub group This phase consist of training need assessment, job analysis, and target audience analysis. the analysis is done through performance management system, competency mapping ,questionnaire, individual ,organizational based , mandatory,HOD’S. This phase consist of setting goal of the learning outcome, instructional objectives that measures behavior of a participant after the training, types of training material, media selection, methods of evaluating the trainee, trainer and the training program, strategies to impart knowledge i. e. election of content, sequencing of content, etc This phase translates design decisions into training material. It consists of developing course material for the trainer including handouts, workbooks, visual aids, demonstration props, etc, course material for the trainee including handouts of summary. This phase focuses on logistical arrangements, such as arranging speakers, equipments, benches, podium, food facilities, cooling, lighting, parking, and other training accessories.The purpose of this phase is to make sure that the training program has achieved its aim in terms of subsequent work performance.
Trainees should be selected on the basis of self nomination, recommendations of supervisors or by the HR department itself. Whatever is the basis, it is advisable to have two or more target audiences. For example, rank-and-file employees and their supervisors may effectively learn together about a new work process and their respective roles. Bringing several target audience together can also facilitate group processes such as problem solving and decision making, elements useful in quality circle projects. Who are the Trainers? Training and development programmes may be conducted by several people, including the following.
Specialists in other parts of the company, 5. Outside consultants, 6. Industry associations, and 7. Faculty members at universities. Who among these are selected to teach, often, depends on where the programme is held and the skill that is being taught. For example, programmes teaching basic skills are usually done by the members of the HR department or specialists in other departments of the company. On the other hand, interpersonal and conceptual skills for managers are taught at universities. Large organizations generally maintain their own training departments whose staff conducts the programmes. In addition, many organizations arrange basic-skills training for computer literacy.
Methods and Techniques of Training: A multitude of methods of training are used to train employees. On-the-job methods refer to methods that are applied in the workplace, while the employee is actually working. Off-the-job methods are used away from workplaces. Training techniques represent the medium of imparting skills and knowledge to employees. Obviously, training techniques are the means employed in the training methods. Among the most commonly used techniques are lectures, films, audio cassettes, case studies, role playing, video-tapes and simulations. Lectures: Lecture is a verbal presentation of information by an instructor to a large audience.
The lecturer is presumed to possess a considerable depth of knowledge of the subject at hand. A virtue of this method is that is can be used for very large groups, and hence the cost per trainee is low. This method is mainly used in colleges and universities, though its application is restricted in training factory employees. Limitations of the lecture method account for its low popularity. The method violates the principle of learning by practice. It constitutes a one-way communication. There is no feedback from the audience.. Continued lecturing is likely to bore the audience. To break the boredom, the lecturer often resorts to anecdotes, jokes and other attention-getters.
This activity may eventually overshadow the real purpose of instruction. However, the lecture method can be made effective it if is combined other methods of training. Audio-visual: Visuals Audio-visuals include television slides, overheads, video-types and films. These can be used to provide a wide range of realistic examples of job conditions and situations in the condensed period of time. Further, the quality of the presentation can be controlled and will remain equal for all training group. But, audio-visuals constitute a one-way system of communication with no scope for the audience to raise doubts for clarification. Further, there is no flexibility of presentation from audience to audience. Simulation
A simulator is any kind of equipment or technique that duplicates as nearly as possible the actual conditions encountered on the job. Simulation then, is an attempt to create a realistic decision-making environment for the trainee. Simulations present likely problem situation and alternatives to the trainee. For example, activities of an organization may be simulated and the trainee may be asked to make a decision in support to those activities. The results of those decisions are reported back to the trainee with an explanation of what would have happened had they actually made in the workplace. The trainee learns from this feedback and improves his/her ubsequent simulation and workplace decisions. The more widely held simulation exercises are case study, role playing and vestibu1 training. Case Study It is a written description of an actual situation in business which provokes, in the reader, the need to decide what is going on, what the situation really is or what the problems are, and what can and should be done.
Taken from the actual experiences of organizations, these cases represent to describe, as accurately as possible, real problems that managers have faced. Trainee studies the cases to determine problems, analyses causes, develop alternative solutions, select the best one, and implement it. Case study can provide stimulating discussions among participants as well as excellent opportunities for individuals to defend their analytical and judgment abilities. It appears to be an ideal method to promote decision-making abilities within the constraints of limited data. Role playing Generally focuses on emotional (mainly human relations) issues rather than actual ones. The essence of role playing is to create a realistic situation, as in case study, and then have the trainee assume the parts of specific personalities in the situation. For example, a male worker may assume the role of a female supervisor, and the supervisor may assume the role of a male worker.
Then, both may be given a typical work situation and asked to respond as they expect others to do. The consequences are a better understanding among individuals. Role playing helps promote interpersonal relation. Attitude change is another result of role playing. Case study and role playing are used in MDPs The advantage of simulation is the opportunity to ‘create an environment’ similar to real situations the manager incurs, but without the high costs involved should the actions prove undesirable. The disadvantage is it is difficult to duplicate the pressures and realities of actual decision-making non the job and individuals often act differently in real-life situations than they do in acting out a simulated exercise.
At the lowest level, the employee or potential employee must acquire fundamental knowledge. This means developing a basic understanding of a field and becoming acquainted with the language, concepts and relationships involved in it. The goal of the next level is skills development, or acquiring the ability to perform in a particular skill area. The highest level aims at increased operational proficiency. This involves obtaining additional experience and improving skills that have already been developed. All the inputs of training can be offered at the three levels. How effectively they are learned depends on several principles of learning. Learning Principles
Training and its process at jspl for the workers and executives: For the training firstly they do training need identification through different ways, for the worker they used a format for each department and they sent to each department of the organization and mention the training programs for the respective department and head of department fill the format as per his observation for the workers in his department, and sent back to the training and development department. In this way training and development department collect the data from all the departments and compile the data and finally identify the workers and employee who require training. After that they make- 1. Training program 2. Training batches of workers and employee 3. Select the trainers either internal or external 4. Selection of location 5. Duration of training 6. Choose the pedagogy for the training 7. In this way they make training module description and make training menu card also. In JSPL they make a training program for the employee and workers. Training program is also called training module.
Each training module has Training Program Code, Program Duration, Program Contents / Objectives, Training Methodology / Pedagogy. For better understanding I am showing through a table. Thereafter the training department goes about its business in the following manner: Preparation of training calendar (both monthly as well as well on an annual basis) Contacting the respective faculty members and co-ordinating with them 3. Informing respective departments about the training program. In case of open nomination the department head is free to send in people from his department on his own accord. In some cases however certain individuals are already identified, who are then informed in this regard.
The Training and Development cell then has to take care of all the facilities that are to be provided with regards to the training program. If the program is an outbound one then the entire activity is to be coordinated like-wise. The Training & Development cell is entrusted with maintenance of attendance record of the programs along with collecting immediate reaction feedback with the help of ‘smile sheets’. The entire data in this regard is constantly uploaded on to SAP. According to company policy a learning evaluation form is sent to the respective departmental HOD’s at least two-months after the training program had been conducted. On the basis of the feedback received the program is rated on a scale of . It is only with committed employees that one can create the right environment for employee retention and sustained success in the market” Retention is a critical element of an organization’s more general approach to talent management, which is defined as “the implementation of integrated strategies or systems designed to increase workplace productivity by developing improved processes for attracting, developing, retaining, and utilizing people with the required skills and aptitude to meet current and future business needs”.
An effective retention effort is the cornerstone of strategic employee management. An organization’s ability to promote employee’s success, persistence, and knowledge speaks to the quality of its job experience Retaining key employees is critical to the long-term health and success of business. Most of the managers readily agree that retaining good employees ensures customer satisfaction, high productivity, satisfied co-workers, effective planning and increased organizational knowledge and learning. Employee retention does matters a lot. Employee retention plays a significant role in the context of customer retention and companies’ enduring success within their markets. This is why we need to develop the Employee Retention Analysis which evaluates JSPL employees’ retention factors towards the company. We need to work to make our organization one of the few, the best that truly honour and appreciate employees. If we treat our employees wonderfully, we will seriously reduce employee turnover. When these things are done well, not only do retention rates increase, it becomes easier to recruit new employees as well.
From a financial perspective, retaining more employees is the most cost effective approach for improving institutional budget outcomes. What insights can be gained from this Analysis? The analysis will show you… The proportion of committed and high-risk employees within the workforce, It will point out the factors determining the retention of your employees, How employees rate the factors important for employee retention in your company, and The measures for improvement that can be derived from all this. We may establish for you the degree of retention felt within the employees. In addition we may show you the proportion of employees who feel inclined to leave or who feel ‘trapped’. We can conduct an analysis of the current state of organization’s retention efforts, identify the areas with the greatest need of additional attention, and assist in developing a plan for long term success.
Within the framework of an employee retention analysis it is often necessary to distinguish between different departments. Here we have sufficiently large employee numbers, our approach can also supply the desired data at departmental level, or provide concrete recommendations for action destined for certain departments. If you are seeking an immediate, hard-and-fast answer to the question of how many employees JSPL can expect to retain. Then we are sorry to say that there are many factors and complexities to impact the final outcome. The Retention Analysis will be powerful only when coordinated under your guidance and words of wisdom. Our Goal will be to improve retention and decrease employee turnover at all departments by focusing attention and resources on employee retention, re-entry and exit.
The relevance of the subject can be understood from the advantages that the organization stands to gain by retaining the best employees. The following are the advantages that can accrue to an organization due to highly skilled employees; ? Employees will stay with the company, be an advocate of the company and its products and services, and contribute to bottom line business success. They will normally perform better and are more motivated. ? There is a significant link between employee retention and profitability. ? They form an emotional connection with the company. This impacts their attitude towards the company’s clients, and thereby improves customer satisfaction and service levels ? It builds passion, commitment and alignment with the organization’s strategies and goals. ? Increases employees’ trust in the organization ? Creates a sense of loyalty in a competitive environment ? Provides a high-energy working environment ? Boosts business growth ? Makes the employees effective brand ambassadors for the company Importance of the Study
An effective retention effort is the cornerstone of strategic employee management. Employee retention plays a significant role in the context of customer retention and companies’ enduring success within their markets. In my study, I collected information from employees, regarding their job satisfaction, work experience, employee engagement, organization culture etc. In my research on the employee opinion survey were conducted and responses were recorded. This exercise gave the respondent freeness to give response regarding Jindal steel and power limited. The sample size for the survey was 785.
The sampling technique used was convenience sampling. The target population of the study was JSPL’s employees from different departments. SOURCE OF DATA (primary) All the data collected for the study was primary as it was collected directly from the JSPL employees. The information regarding the company was collected from companies journals and the Internet which constituted the secondary sources. Based on the employees’ opinion, the data collected was analyzed using figures. No rigorous mathematical analysis could be done. All estimations are solely on judgment. For questions percentage was calculated and represented in the form of charts.