Employees are the assets of the organisation. Since the slow destruction rate is high, organisation must understand the various causes for this problem. Retention of employee involves taking measures to encourage employees to remain in the organization for the maximum period of time. Corporate is facing lot of problems in employee retention these days. Hiring knowledgeable people for the job is essential for an employer. But retention is even more important than hiring. There is no shortage of opportunities for a talented person. There are many organizations which are looking for such employees. If people are not satisfied with their job, they may switch over to some other more suitable job. In today’s environment it becomes very important for organizations to retain their employees. This paper aims to study the retention strategy which will show the way to victory in the modern era of Education industry. Keywords: Retention, switchover, focus on education sector
The Indian education sector has been recognized as a “Sunrise Sector” for investment in the recent past. This recognition stems from the fact that the sector offers a huge untapped market in regulated and non-regulated segments due to low literacy rate, high concentration in urban areas and growing per capita income. The Government has also been proactively playing the role of facilitator in this sector.
The higher education sector, owing to its huge potential, holds very promising prospects. With an estimated 150 million people in the age group of 18-23 years, the sector offers one of the most attractive yet highly complex market for the private/foreign players.
Despite some inherent concerns with respect to choice of entity, not for profit character and foreign investment in formal education space; the industry does offer various innovative business opportunities, which can be explored for establishing a presence.
The Government of India has recently reignited its reforms agenda by opening up certain sensitive sectors to foreign investment such as retail and civil aviation, which should ideally result in increased economic activity and employment generation. In order to capitalize on this huge employment opportunity, in the higher education sector also by reducing the complexities governing foreign investment. This should also help the Government in achieving its aggressive goals of access, equity and excellence in higher education.
The Planning Commission in its approach paper to 12th Five Year Plan had suggested that the current “not-for-profit” approach in the education sector should be re-examined in a pragmatic manner so as to ensure quality without losing focus on equity – we believe that the Government should seriously consider this suggestion to attract private/foreign investment in this sector.
This Report provides an overview of the higher education sector in terms of sub-segments, market size and latest trends, regulatory framework, sectoral challenges and present/future opportunities for investment. The primary finding of our analysis is that the opportunity for investment and capital appreciation being offered by the Indian higher education sector is unparalleled. However, one needs to be wary about the various complexities in terms of structuring of investment, market offering, entity options and tax implications.
Employability in education sector increase day by day and same ratio of retention will move downwards there is two major factor firstly, opportunities and secondly, growth rate this will lead to employee move one organization to another for that educational institution has to think seriously for retention rate.
Current higher education sector in India:
•India has a total of 610 universities. 43 central universities, 299 state universities, 140 private Universities, 128 deemed universities and 5 institutions established through state legislation, 30 Institutions of National...
...Employeeretention is very important to organizations. If employees can not be retained, the company will have to invest money for training new employees time and time again. The cost of replacing an employee is high not only financially, but in terms of lost productivity, the time taken by the employer to go through the resumes and the cost incurred to conduct interviews. The best away to avoid this costly affair is to focus on theretention of employees as otherwise it will have a castigating effect on the organization as a whole. By taking a look at the past it is possible to avoid the mistake of losing your central operating powers in the future. When an employee leaves the organization, the employer must make it a point to conduct exit interviews to know the reason for him to quit the organization.(pg 161 Dessler) The employer's real skill lies in identifying the real motive of the employee to quit the organization, because most of the employees reveal the false reasons. At the same time he/she must also equally concentrate on the rest of the employees who have not yet left and indulge in casual conversation to keep their morale high.
Turnover can be a positive process when an employer manages to bring new recruits, along with their new ideas and vigor into the organization. Yet, unmanaged employee turnover can easily steal your company's knowledge base, profits and...
Essay: Employeeretention & Hospitality
Bindiya Salat (19176)
* Employeeretention is a process in which the employees are encouraged to remain with the organization for the maximum period of time.
* Employeeretention is beneficial for the organization as well as the employee.
* As soon as employees feel dissatisfied with the current employer or the job, they switch over to the next job especially in hotel industry.
* It is the responsibility of the employer to retain their best employees. If they don’t, they would be left with no-good employees.
* A good employer should know how to attract and retain its employees. Most employees feel that they are worth more than they are actually paid.
* There is a natural disparity between what people think they should be paid and what organizations spend in compensation.
* Employees comprise the most vital assets of the company.
* In a work place where employees are not able to use their full potential and not heard and valued, they are likely to leave because of stress and frustration.
* In a transparent environment while employees get a sense of achievement and belongingness from a healthy work environment, the company is benefited with a stronger, reliable work-force harboring bright new ideas for its...
...practices conform to various regulations. Activities also include managing your approach to employee benefits and compensation, employee records and personnel policies. Usually small businesses (for-profit or nonprofit) have to carry out these activities themselves because they can't yet afford part- or full-time help. However, they should always ensure that employees have -- and are aware of -- personnel policies which conform to current regulations. These policies are often in the form of employee manuals, which all employees have.
Effective employeeretention is a systematic effort by employers to create and foster an environment that encourages current employees to remain employed by having policies and practices in place that address their diverse needs. A strong retention strategy becomes a powerful recruitment tool.
Retention of key employees is critical to the long-term health and success of any organization. It is a known fact that retaining your best employees ensures customer satisfaction, increased product sales, satisfied colleagues and reporting staff, effective succession planning and deeply imbedded organizational knowledge and learning.
Employeeretention matters as organizational issues such as training time and investment; lost knowledge; insecure employees and a costly...
...INTRODUCTION: Ever since its inception, the IT industry has been in news for various reasons, largely because of the revenues it has been generating and the employment it has created for millions of people. Because of huge profits and lucrative market size, lot of small and big players have entered into this market, and therefore a major chunk of youngsters are taking their careers into IT sector. Along with the major players in IT sector like Infosys, TCS, Wipro, there is a colossal number of medium and small scale IT industries in India. When there are so many IT Industries, employees have an option of switching over their jobs very frequently. Employees are considering good working condition, challenging projects, perks and a decent salary package and also expecting support for their higher studies from their employees..The moment they feel they are being underutilized, they start searching for a new job, and most often they get the job of their choice. In such a scenario, organizations face a lot of trouble, as a high turnover rate may lead to under productivity. To avoid such situations, organization have to adapt retention strategies to make employees stay for sufficient period in which the employee is able to contribute and perform. An important concern here is which strategy or strategies should be adapted, which works well with all the employees. This is an ambiguous question, as every...
... 1. Introduction.
2. What is EmployeeRetention?
3. Importance of EmployeeRetention.
4. What makes employee leave?
5. Retention Myths.
6. Benefits of Attrition.
7. EmployeeRetention strategies.
* Low Level
* Medium Level
* High Level.
8. Manager’s Role in Retention.
IntroductionEmployeeRetention involves taking measures to encourage employees to remain in the organization for the maximum period of time. Corporate is facing a lot of problems in employeeretention these days. Hiring knowledgeable people for the job is essential for an employer. But retention is even more important than hiring. There is no dearth of opportunities for a talented person. There are many organizations which are looking for such employees. If a person is not satisfied by the job he’s doing, he may switch over to some other more suitable job. In today’s environment it becomes very important for organizations to retain their employees. The top organizations are on the top because they value their employees and they know how to keep them glued to the organization. Employees stay and leave organizations for some reasons. The reason may be personal or professional. These reasons should be understood by the employer and should be taken care...
...establish clear and mutually understood expectations between education and practice. Information such as resources to utilize at any time during the orientation process in order for the new nurse to effectively communicate concerns or continue to build on the confidence needed to function safely. This information needs to be understood by the new nurse as open opportunity to sanction their needs and feel self-confident when delivering patient care and making judgments. At this time, protocols and standardized facility procedures need to be understood in order for the new nurse to function safely on the job.
(1e) The AACN’s past president, Dorrie Fontaine stated, “Nurses are a hospital’s most precious resource. The one that is in shortest supply. Would you expect a precious resource to go chasing after urinals and linen? Yet hospitals seem willing to spend hundreds of thousands of dollars recruiting new nurses, instead of addressing solvable system errors that will retain nurses in the first place.” With that said, this orientation program will affect the budget. Initially, there will be additional expense involved with paying the preceptor for their knowledge and ability to deliver it to the successors of the business. However, if this orientation process is provided successfully the retention of this nurse will return the deficit and the hospital will profit by patient satisfaction and employee...
ZAIN SOHAIL (MBA)
SUPERIOR UNIVERSITY LAHORE
How the employeeretention in educational institutions affects Organizational effectiveness
Purpose – The purpose of this paper is to put forward a framework of employeeretention in the educational institutions which enables them to work for longer time periods and less chance of leaving the place. It also discusses the factors that how the retention of employee affects the organizational effectiveness. Three different levels of schools have been chosen to collect the information from the employees to analyze the organizational effectiveness. The close-ended questionnaire has been established for this purpose. The sample size of 214 will be taken. The SPSS is used to analyze the data and findings of that are given in the context. The limitation of the study is time constraint. The data collection procedure becomes very much difficult. This study is only for the education sector in developing countries like Pakistan.
Key words: Leadership style, Recognition, Motivation, educational institutions.
This study is about producing and retaining human resource. Hence the research is about the study for the retention of employees in the...
...A STUDY ON EMPLOYEERETENTION AT
HMT MACHINE TOOLS LTD
A SUMMER PROJECT REPORT
Miss Vijaya R
IN PARTIAL FULFILMENT OF THE REQUIREMENTS FOR
THE DEGREE OF
MASTER OF BUSINESS ADMINISTRATION
IT ORGANISATION AND ADMINISTRATION
UNDER THE GUIDANCE OF
Miss Sasikala Devi, M B A
AVINASHILINGAM SCHOOL OF MANAGEMENT
AVINASHILINGAM UNIVERSITY FOR WOMEN
I acknowledge the chancellor Mr. T. K. Shanmugananthan, B.A, B.L and the Vice Chancellor Dr. Saroja Prabhakaran, M.A, Dip. Ed, Ph.D and the Registrar Dr. Gowri Ramakrishnan, M.Sc, M.Phil, Ph.D of Avinashilingam University for Women, Coimbatore for having given an opportunity to undertake this project work which forms a part of my curriculum.
I express my hearty gratitude to the Dean, Department of Management Studies Dr. Shantha B Kurup, M.Com, M.Phil, Dip.Ed, M.B.A, Ph.D for her support and encouragement.
This work would not have materialized but for the timely guidance given by Miss Sasikala Devi, M.B.A, Lecturer, Department of Management Studies who assisted and extended support through out the project.
I express my heartfelt thanks to all the faculty members of the Department of Management Studies, whose...