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CHAPTER 1 INTRODUCTION
1
1.1 INTRODUCTION Human resource management (HRM) is the strategic and coherent approach to the of management an organization's most valued assets - the people working there who individually and collectively contribute to the achievement of the objectives of the business. The terms "human resource management" and "human resources" (HR) have largely replaced the term "personnel management" as a description of the processes involved in managing people in organizations. Human Resource management is evolving rapidly. Human resource management is both an academic theory and a business practice that addresses the theoretical and practical techniques of managing a workforce. 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 personnel and management practices conform to various regulations. Activities also include managing your approach to employee benefits and compensation, employee records and personnel policies. Usually small businesses (forprofit 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. HRM is seen by practitioners in the field as a more innovative view of workplace management than the traditional approach. Its techniques force the managers of an enterprise to express their goals with specificity so that they can be understood and undertaken by the workforce and to provide the resources needed for them to successfully accomplish their assignments. As such, HRM techniques, when properly practiced, are expressive of the goals and operating practices of the enterprise overall. HRM is also seen by many to have a key role in risk reduction within organizations. There is a long-standing argument about where HR-related functions should be organized into large organizations, eg, "should HR be in the Organization Development department or the other way around? 2
The HRM function and HRD profession have undergone tremendous change over the past 20-30 years. Many years ago, large organizations looked to the "Personnel Department," mostly to manage the paperwork around hiring and paying people. More recently, organizations consider the "HR 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.
3
1.2 COMPANY Hyundai Motor India Limited (HMIL) is a wholly owned subsidiary of Hyundai Motor Company (HMC), South Korea and is the largest passenger car exporter and the second largest car manufacturer in India. HMIL presently markets 6 models of passenger cars across segments. The A2 segment includes the Santro, i10 and the i20, the A3 segment includes the Accent and the Verna, the A5 segment includes the Sonata Transform. HMIL’s fully integrated state-of-the-art manufacturing plant near Chennai boasts of the most advanced production, quality and testing capabilities in the country. To cater to rising demand, HMIL commissioned its second plant in February 2008, which produces an additional 300,000 units per annum, raising HMIL’s total production capacity to 600,000 units per annum. In continuation with its commitment to providing Indian customers with cutting -edge global technology, HMIL has set up a modern multi -million dollar research and development facility in the cyber city of Hyderabad. It aims to become a centre of excellence for automobile engineering and ensure quick turnaround t ime to changing consumer needs.To support its growth and expansion plans, HMIL currently has a 290 strong dealer network and 580 strong service points across India, which will see further expansion in 2010. To support its growth and expansion plans, HMIL currently has a 290 strong dealer network and 580 strong service points across India. 1.2
COMANY’S HISTORY
The beginning of Hyundai Motor Company dates to April 1946 when founder, Ju-Yung Chung established Hyundai Auto Service in Seoul, South Korea at The age of 31 years. The name Hyundai was chosen for its meaning which in English translates to “modern.” The Hyundai logo is symbolic of The Company's desire to expand. The oval shape represents The Company's global expansion and The stylized "H" is symbolic of two people (The Company and customer) shaking hands. Hyundai Motor India Limited was formed in 6 May 1996 by The Hyundai Motor Company of Korea.
The
first
production
plant
was
established
in
Irrungattukotai
near Chennai, India. HMIL's first car, The Hyundai Santro was launched in 23 September 1998 and was a runaway success. Within a few months of its inception HMIL became The second largest automobile manufacturer and The largest automobile exporter in India.
4
Hyundai sells several models in India, The most popular being The Santro Xing, i10 and The i20. Other models Include Getz Prime, Accent, Verna TRANSFORM, Tucson, and The Sonata Transform.
Brand Manifesto We exist to enhance people’s lives. Because we believe that life’s most remarkable moments and experiences Weren’t meant for a select few, but for all. We think beyond product and technology to create meaningful experiences. How? By challenging the standards of design and workmanship, Leading a new era of customer care, And rethinking the future of mobility. Looking forward, We believe in a world where mobility will enhance life And will be defined by people, for people. With our unyielding can-do spirit, We will be steadfast in pursuit of this vision, For we do not seek to satisfy the few, But to be loved by many. Brand Essence Simple Simplifying what's complicated, while focusing on the most important necessities. Modern Premium is all about realizing the values and experiences them in a more simplified and convenient way. Creative For change and innovation that best provides the most important necessities. The creative thinking that Modern Premium seeks is about providing actual benefits to the customer while addressing their needs in the smartest and most efficient way. Caring Cars that care for the driver with heightened reliability, a safer environment and emotional value. The care that is reflected in Hyundai Motor's Modern Premium delivers our concern and consideration through emotional values.
5
CHAPTER 2 REVIEW OF LITERATURE
6
REVIEW OF LITERATURE Effective employee retention is a systematic effort by employers to create and foster an environment that encourages current employees to remain employed by having policies and practices in place that address their diverse needs. A strong retention strategy becomes a powerful recruitment tool. Retention of key employees is critical to the long-term health and success of any organization. It is a known fact that retaining your best employees ensures customer satisfaction, increased product sales, satisfied colleagues and reporting staff, effective succession planning and deeply imbedded organizational knowledge and learning. Employee retention matters as organizational issues such as training time and investment; lost knowledge; insecure employees and a costly candidate search are involved. Hence failing to retain a key employee is a costly proposition for an organization. Various estimates suggest that losing a middle manager in most organizations costs up to five times of his salary. Intelligent employers always realise the importance of retaining the best talent. Retaining talent has never been so important in the Indian scenario; however, things have changed in recent years. In prominent Indian metros at least, there is no dearth of opportunities for the best in the business, or even for the second or the third best. Retention of key employees and treating attrition troubles has never been so important to companies. In an intensely competitive environment, where HR managers are poaching from each other, organisations can either hold on to their employees tight or lose them to competition. For gone are the days, when employees would stick to an employer for years for want of a better choice. Now, opportunities abound. It is a fact that, retention of key employees is critical to the long-term health and success of any organisation. The performance of employees is often linked directly to quality work, customer satisfaction, and increased product sales and even to the image of a company. Whereas the same is often indirectly linked to, satisfied colleagues and reporting staff, effective succession planning and deeply embedded organisational knowledge and learning.
7
Employee retention matters, as, organisational issues such as training time and investment, costly candidate search etc., are involved. Hence, failing to retain a key employee is a costly proposition for any organisation. Various estimates suggest that losing a middle manager in most organisations, translates to a loss of up to five times his salary. This might be worse for BPO companies where fresh talent is intensively trained and inducted and then further groomed to the successive stages. In this scenario, the loss of a middle manager can often prove dear. In fact, some reports suggest that attrition levels in IT companies are as high as 40 per cent. The only way out is to develop appropriate retention strategies. Though BPO industry shoots ahead at 40 to 50 per cent a year, it is now losing 35 to 40 per cent of its 350,000-odd employees as well. In India there are few sectors where the attrition level is much larger compared to other sectors. For example: IT sector and BPO. Where as there are organizations like Air India, HAL, DRDO, BARC where the attrition is nearly 5% or less than that. Employee Retention Strategies helps organizations provide effective employee communication to improve commitment and enhance workforce support for key corporate initiatives.
8
CHAPTER 3 OBJECTIVES & SCOPE
9
3.1 OBJECTIVE OF THE STUDY The objectives of the study are as follows:
To study about the employee retention of AM Hyundai, Jammu. To ascertain the problems of the employee in the organization. To offer suggestion on the employee retention of AM Hyundai, Jammu To study about the incentives & work environment in AM Hyundai, Jammu
10
CHAPTER 4 RESEARCH METHODOLOGY
11
RESEARCH METHODOLOGY Research in common parlance refers to search for knowledge. Redman and Mory define research as a “Systematized effort to gain new knowledge. Research is an academic activity and such the term should be used in technical sense. According to Clifford Woody, Research comprises defining and redefining problem, formulating hypothesis or suggested solutions; collecting, organizing and evaluating data; making deductions and research conclusions; and at last carefully testing the conclusions to determine whether they fit the formulating hypothesis. Research is thus an original contribution to the existing stock of knowledge making for its advertisement. It is pursuit of truth with the help of study, observation, comparison and experiment. In short the search for knowledge through objective and systematic method of finding solution to problem is research. 4.1 RESEARCH DESIGN A Research design is the arrangement of conditions for collection and analysis of data in a manner that aims to combine relevance to the Research purpose with economy in procedure. In fact the Research design is the conceptual structure within which Research is conducted: it constitutes the blueprint for the collection measurement and analysis of data. It must be able to define clearly what they want to measure and must find adequate methods for measuring it along with a clear cut definition of population wants to study. Since the aim is to obtain complete and accurate information in these studies, the procedure to be used must be carefully planned. The research design must make enough provision for protection against bias and must maximize reliability with due concern for the economical completion of the search study. Descriptive research is adopted for this study. It includes surveys and fact finding enquires of different kinds. The major purpose of descriptive research is description of the state affairs as it exists at present. The main characteristic of this method is that the researcher has no control over the variables. He can only report what has happened or what is happened. 4.2 SAMPLING DESIGN A sample design is a definite plan for obtaining a sample from the sampling frame, it refers to the technique or procedure the researcher would adopt in selecting some sampling units from which interferences about the population is drawn. Sampling type used is Simple Random sampling technique. 4.2.1 POPULATION AND SAMPLE SIZE A decision has to be taken concerning sampling unit before selecting sample. The population for this study includes the employees from the AM Hyundai, Jammu. 25 employees were undertaken for the study. 12
4.3 DATA COLLECTIONS For achieving the specific objectives of this study, data were gathered from both primary and secondary sources. 4.3.1 Primary Sources • Direct conversation with the respective officers of the Departments. • Face to face conversation with the employees. • Employee’s opinion collected through Questions. • Observation of HR activities. 4.3.2 Secondary Sources: • Various records of the Company. • Different Types of system information • Different newsletters. • Annual Performance Appraisal Form of company.
13
CHAPTER 5 DATA ANALYSIS & INTERPRETATION
14
1.
To which age group do you belong?
Scale
No. of Respondents
Percentage Analysis
18-20
0
00.00
21-30
15
60.00
31-40
6
24.00
41-50
4
16.00
51 and above
0
10.00
Total
25
100.00
41-50 16%
18-20 0%
51 and above 0%
31-40 24%
21-30 60%
Interpretation: Majority of the people were of age group 21-30 i.e. 60%
15
2.
What is your gender?
Scale
No. of Respondents
Percentage Analysis
MALE
18
72.00
FEMALE
7
28.00
Total
25
100.00
FEMALE 28%
MALE 72%
Interpretation: Majority of the employees were male i.e. 72%.
16
3.
Job provides security.
Scale
No. of Respondents
Percentage Analysis
Strongly Agree
16
64.00
Agree
7
28.00
Neutral
2
8.00
Disagree
0
00.00
Strongly Disagree
0
00.00
Total
25
100.00
Strongly disagree Disagree 0% 0%
Neutral 8%
Agree 28%
Strongly agree 64%
Interpretation: Most of the respondents strongly agree that Job provides security i.e. 64%
17
4. The company helps in overall development. Scale
No. of Respondents
Percentage Analysis
Strongly Agree
12
48.00
Agree
1
04.00
Neutral
0
00.00
Disagree
0
00.00
Strongly Disagree
12
48.00
Total
25
100.00
Strongly disagree 48% Strongly agree 48%
Agree 4%
Disagree 0%
Neutral 0%
Interpretation: Most of the respondents strongly agree that company helps in overall development 48%
18
5.
The organization provides timely rewards. Scale
No. of Respondents
Percentage Analysis
Strongly Agree
8
32.00
Agree
12
48.00
Neutral
2
8.00
Disagree
3
12.00
Strongly Disagree
0
00.00
Total
25
100.00
Strongly disagree 0%
Disagree 12%
Strongly agree 32%
Neutral 8%
Agree 48%
Interpretation: Most of the respondents agreed that the organization provides timely rewards i.e. 48%.
19
6. The organization provides regular promotion opportunities.
Scale
No. of Respondents
Percentage Analysis
Strongly Agree
9
36.00
Agree
11
44.00
Neutral
3
12.00
Disagree
2
8.00
Strongly Disagree
0
00.00
Total
25
100.00
Strongly disagree 0%
Strongly agree 36%
Disagree 8% Neutral 12%
Agree 44%
Interpretation: Most of the respondents agreed that the organization provides regular promotion opportunities i.e. 44%
20
7. Employees are treated with respect.
Scale
No. of Respondents
Percentage Analysis
Strongly Agree
7
28.00
Agree
13
52.00
Neutral
1
4.00
Disagree
4
16.00
Strongly Disagree
0
00.00
Total
25
100.00
Strongly disagree 0%
Disagree 16%
Strongly agree 28% Neutral 4%
Agree 52%
Interpretation: Most of the respondents agreed that Employees are treated with respect i.e. 52%.
21
8. Good work done is appreciated.
Scale
No. of Respondents
Percentage Analysis
Strongly Agree
12
48.00
Agree
8
32.00
Neutral
5
20.00
Disagree
0
00.00
Strongly Disagree
0
00.00
Total
25
100.00
Strongly disagree Disagree 0% 0% Neutral 20%
Strongly agree 48%
Agree 32%
Interpretation: Most of the respondents strongly agreed that Good work done is appreciated i.e. 48%
22
9. Optimum use of skills and abilities is done while performing the tasks at NEXA. Scale
No. of Respondents
Percentage Analysis
Strongly Agree
5
20.00
Agree
13
52.00
Neutral
5
20.00
Disagree
2
8.00
Strongly Disagree
0
00.00
Total
25
100.00
Strongly agree 20%
Strongly disagree 0%
Disagree 8%
Neutral 20%
Agree 52%
Interpretation: Most of the respondents agreed that Employee’s suggestions and grievances’ are considered i.e. 52%.
23
10. Ventilation Facilities are maintained well.
Scale
No. of Respondents
Percentage Analysis
Strongly Agree
2
8.00
Agree
9
36.00
Neutral
7
28.00
Disagree
7
28.00
Strongly Disagree
0
0.00
Total
25
100.00
Strongly agree 8%
Strongly disagree 0% Disagree 28%
Agree 36%
Neutral 28%
Interpretation: Most of the respondents disagreed that Ventilation Facilities are maintained well. i.e. 36%
24
11. The organization provides performance based incentives..
Scale
No. of Respondents
Percentage Analysis
Strongly Agree
25
100.00
Agree
0
00.00
Neutral
0
00.00
Disagree
0
00.00
Strongly Disagree
0
00.00
Total
25
100.00
Agree 0%
Strongly disagree 0%
Neutral 0%
Disagree 0%
Strongly agree 100%
Interpretation: Most of the respondents strongly agreed the organization provides performance based incentives. i.e. 100%
25
12. The salaries provided for working overtime are justified. Scale
No. of Respondents
Percentage Analysis
Strongly Agree
7
28.00
Agree
12
48.00
Neutral
2
8.00
Disagree
4
16.00
Strongly Disagree
0
0.00
Total
25
100.00
Strongly disagree 0%
Disagree 16%
Strongly agree 28% Neutral 8%
Agree 48%
Interpretation: Most of the respondents agreed that the salaries provided for working overtime are justified i.e.48%
26
13. The organization provides with a fair salary structure. Scale
No. of Respondents
Percentage Analysis
Strongly Agree
14
56.00
Agree
7
28.00
Neutral
4
16.00
Disagree
0
0.00
Strongly Disagree
0
0.00
Total
25
100.00
Strongly disagree Disagree 0% 0% Neutral 16%
Strongly agree 56%
Agree 28%
Interpretation: Most of the respondents strongly agreed that the organization provides with a fair salary structure i.e. 56%
27
14. The organization supports yearly bonus schemes.
Scale
No. of Respondents
Percentage Analysis
Strongly Agree
7
28.00
Agree
9
36.00
Neutral
6
24.00
Disagree
2
8.00
Strongly Disagree
1
4.00
Total
25
100.00
Strongly disagree 4%
Disagree 8%
Strongly agree 28%
Neutral 24%
Agree 36%
Interpretation: Most of the respondents agreed that the organization supports yearly bonus schemes i.e. 36%.
28
15. Compensations paid by the organisation during layoffs or during accidents are satisfactory. Scale
No. of Respondents
Percentage Analysis
Strongly Agree
4
16.00
Agree
12
48.00
Neutral
6
24.00
Disagree
3
12.00
Strongly Disagree
0
0.00
Total
25
100.00
Strongly disagree 0%
Disagree 8% Neutral 12%
Strongly agree 48%
Agree 32%
Interpretation: Most of the respondents agreed Compensations paid by the organisation during layoffs or during accidents are satisfactory i.e. 48%
29
16. The supervisors periodically reinforce and support the working system.
Scale
No. of Respondents
Percentage Analysis
Strongly Agree
1
4.00
Agree
4
16.00
Neutral
11
44.00
Disagree
7
28.00
Strongly Disagree
2
8.00
Total
25
100.00
Agree 16%
Strongly agree 4%
Strongly disagree 8%
Disagree 28%
Neutral 44%
Interpretation: Most of the respondents had a neutral the supervisors periodically reinforce and support the working system i.e. 44%
30
17. The Employees are allowed to take responsibility and authority.
Scale
No. of Respondents
Percentage Analysis
Strongly Agree
16
64.00
Agree
7
28.00
Neutral
2
8.00
Disagree
0
00.00
Strongly Disagree
0
00.00
Total
25
100.00
Strongly disagree Disagree 0% Neutral 0% 8%
Agree 28%
Strongly agree 64%
Interpretation: Most of the respondents strongly agreed that The Employees are allowed to take responsibility and authority i.e. 64%
31
18. The working environment is open and trustworthy. Scale
No. of Respondents
Percentage Analysis
Strongly Agree
5
20.00
Agree
7
28.00
Neutral
5
20.00
Disagree
7
28.00
Strongly Disagree
1
4.00
Total
25
100.00
Strongly agree 20%
Strongly disagree 4%
Disagree 28%
Agree 28% Neutral 20%
Interpretation: Most of the respondents agreed that the working environment is open and trustworthy.i.e. 28%
32
19. There is workers participation in management activities. Scale
No. of Respondents
Percentage Analysis
Strongly Agree
14
56.00
Agree
7
28.00
Neutral
4
16.00
Disagree
0
0.00
Strongly Disagree
0
0.00
Total
25
100.00
Strongly disagree Disagree 0% 0% Neutral 16%
Strongly agree 56%
Agree 28%
Interpretation: Most of the respondents strongly agreed that there is workers participation in management activities i.e. 56%
33
CHAPTER 6 FINDINGS
34
FINDINGS 1. 2. 3. 4. 5. 6. 7. 8.
Majority of the people were of age group 21-30 i.e. 60% Majority of the employees were male i.e. 72%. Most of the respondents strongly agree that Job provides security i.e. 64% Most of the respondents strongly agree that company helps in overall development 48% Most of the respondents agreed that the organization provides timely rewards i.e. 48%. Most of the respondents agreed that the organization provides regular promotion opportunities i.e. 44% Most of the respondents agreed that Employees are treated with respect i.e. 52%. Most of the respondents strongly agreed that Good work done is appreciated i.e. 48%
9.
Most of the respondents agreed that Employee’s suggestions and grievances’ are considered i.e. 52%. 10. Most of the respondents disagreed that Ventilation Facilities are maintained well. i.e. 36% 11. Most of the respondents strongly agreed the organization provides performance based incentives. i.e. 100% 12. Most of the respondents agreed that the salaries provided for working overtime are justified i.e.48% 13. Most of the respondents strongly agreed that the organization provides with a fair salary structure i.e. 56% 14. Most of the respondents agreed that the organization supports yearly bonus schemes i.e. 36%. 15. Most of the respondents agreed Compensations paid by the organisation during layoffs or during accidents are satisfactory i.e. 48% 16. Most of the respondents had a neutral the supervisors periodically reinforce and support the working system i.e. 44% 17. Most of the respondents strongly agreed that The Employees are allowed to take responsibility and authority i.e. 64% 18. Most of the respondents agreed that the working environment is open and trustworthy.i.e. 28% 19. Most of the respondents strongly agreed that there is workers participation in management activities i.e. 56%
35
CHAPTER 7 LIMITATIONS
36
LIMITATIONS The limitations of the study are as follows:1. 2. 3. 4. 5.
Some of the questionnaires were incomplete. Few employees sometime felt disturbed, as they were busy in their job. Sometimes it was difficult to collect data from their files, because important files are kept in vault for safety. It is difficult to make information based a rich report in short time of period. This report was prepared in short time.
37
CHAPTER 8 CONCLUSIONS & RECOMMENDATIONS
38
CONCLUSION
The company organizes cultural program as and when possible but most of the times, once in a quarter, in which all the employees are given an opportunity to display their talents in dramatics, singing, acting, dancing etc. Apart from that the organizations also conduct various sports programs such as Cricket, football, etc and regularly play matches with the teams of other organizations and colleges.
In several companies employee referral scheme is implemented to encourage employees to refer friends and relatives for employment in the organization.
Company have performance based incentive scheme. The parameters for calculation are process performance i.e. speed, accuracy and productivity of each process.
Company helps to increase the career opportunities for the employees, with the growth of employees the company also grow as there is specialization in the organisation.
39
RECOMMENDATIONS 1. 2. 3. 4. 5.
Incentives should be based on employee performance Work environment should be improved. Regular meeting and informal get together should be organised within the organisation. Monetary incentives should be given with work targets. There should be employee referral policy in the organisation.
40
BIBLIOGRAPHY
41
BOOKS Human Resource Management. By S. Seetharaman & B.Venkateswara Prasad, Scitech Publication, 2007. Kothari, C.R., Research Methodology- Methods & Techniques, New Delhi, New Age international(P)Ltd.,Publishers,SecondEdition,2004.
42
ANNEXURE
43
QUESTIONNAIRE
Employee Retention Strategies a Case Study of AM Hyundai I Archit Mahajan of B.B.A Semester Vth is undertaking my project report of B.B.A degree from Govt. S.P.M.R College of Commerce affiliated with University of Jammu. In view of this, I am conducting a survey towards Employee Retention Strategies a Case Study of AM Hyundai The contents of this questionnaire are only for the academic purposes and information provided by you will be kept confidential.
Personal Information
1. Name:
2. Age:
(a) 18-20 (b) 21-30 years (c) 31-40 years (d) 41-50 years (e) 51 years & above
3. Gender:
(a) Male (b) Female
44
Employee Retention Strategies S.no.
Statement
1.
Job provides security
2.
The company helps in overall development The organization provides timely rewards The organization provides regular promotion opportunities
3. 4.
Strongly Disagree
Disagree
Neutral
Agree
Strongly Agree
Strongly Disagree
Disagree
Neutral
Agree
Strongly Agree
Strongly Disagree
Disagree
Neutral
Agree
Strongly Agree
Working Environment S.no.
Statement
1.
Employees are treated with respect Good work done is appreciated Employee’s suggestions and grievances’ are considered Ventilation Facilities are maintained well.
2. 3.
4.
Rewards & Incentives S.no.
Statement
1.
The organization provides performance based incentives. The salaries provided for working overtime are justified The organization provides with a fair salary structure The organization supports yearly bonus schemes Compensations paid by the organization during layoffs or during accidents are satisfactory
2.
3.
4.
5.
45
Employee Participation S.no.
Statement
Strongly Disagree
1.
The supervisors periodically reinforce and support the working system
2.
The Employees are allowed to take responsibility and authority
3.
The working environment is open and trustworthy.
4.
There is workers participation in management activities
Disagree
Neutral
Agree
Strongly Agree
Thankyou for your participation.
46
1
1.1 INTRODUCTION Human resource management (HRM) is the strategic and coherent approach to the of management an organization's most valued assets - the people working there who individually and collectively contribute to the achievement of the objectives of the business. The terms "human resource management" and "human resources" (HR) have largely replaced the term "personnel management" as a description of the processes involved in managing people in organizations. Human Resource management is evolving rapidly. Human resource management is both an academic theory and a business practice that addresses the theoretical and practical techniques of managing a workforce. 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 personnel and management practices conform to various regulations. Activities also include managing your approach to employee benefits and compensation, employee records and personnel policies. Usually small businesses (forprofit 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. HRM is seen by practitioners in the field as a more innovative view of workplace management than the traditional approach. Its techniques force the managers of an enterprise to express their goals with specificity so that they can be understood and undertaken by the workforce and to provide the resources needed for them to successfully accomplish their assignments. As such, HRM techniques, when properly practiced, are expressive of the goals and operating practices of the enterprise overall. HRM is also seen by many to have a key role in risk reduction within organizations. There is a long-standing argument about where HR-related functions should be organized into large organizations, eg, "should HR be in the Organization Development department or the other way around? 2
The HRM function and HRD profession have undergone tremendous change over the past 20-30 years. Many years ago, large organizations looked to the "Personnel Department," mostly to manage the paperwork around hiring and paying people. More recently, organizations consider the "HR 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.
3
1.2 COMPANY Hyundai Motor India Limited (HMIL) is a wholly owned subsidiary of Hyundai Motor Company (HMC), South Korea and is the largest passenger car exporter and the second largest car manufacturer in India. HMIL presently markets 6 models of passenger cars across segments. The A2 segment includes the Santro, i10 and the i20, the A3 segment includes the Accent and the Verna, the A5 segment includes the Sonata Transform. HMIL’s fully integrated state-of-the-art manufacturing plant near Chennai boasts of the most advanced production, quality and testing capabilities in the country. To cater to rising demand, HMIL commissioned its second plant in February 2008, which produces an additional 300,000 units per annum, raising HMIL’s total production capacity to 600,000 units per annum. In continuation with its commitment to providing Indian customers with cutting -edge global technology, HMIL has set up a modern multi -million dollar research and development facility in the cyber city of Hyderabad. It aims to become a centre of excellence for automobile engineering and ensure quick turnaround t ime to changing consumer needs.To support its growth and expansion plans, HMIL currently has a 290 strong dealer network and 580 strong service points across India, which will see further expansion in 2010. To support its growth and expansion plans, HMIL currently has a 290 strong dealer network and 580 strong service points across India. 1.2
COMANY’S HISTORY
The beginning of Hyundai Motor Company dates to April 1946 when founder, Ju-Yung Chung established Hyundai Auto Service in Seoul, South Korea at The age of 31 years. The name Hyundai was chosen for its meaning which in English translates to “modern.” The Hyundai logo is symbolic of The Company's desire to expand. The oval shape represents The Company's global expansion and The stylized "H" is symbolic of two people (The Company and customer) shaking hands. Hyundai Motor India Limited was formed in 6 May 1996 by The Hyundai Motor Company of Korea.
The
first
production
plant
was
established
in
Irrungattukotai
near Chennai, India. HMIL's first car, The Hyundai Santro was launched in 23 September 1998 and was a runaway success. Within a few months of its inception HMIL became The second largest automobile manufacturer and The largest automobile exporter in India.
4
Hyundai sells several models in India, The most popular being The Santro Xing, i10 and The i20. Other models Include Getz Prime, Accent, Verna TRANSFORM, Tucson, and The Sonata Transform.
Brand Manifesto We exist to enhance people’s lives. Because we believe that life’s most remarkable moments and experiences Weren’t meant for a select few, but for all. We think beyond product and technology to create meaningful experiences. How? By challenging the standards of design and workmanship, Leading a new era of customer care, And rethinking the future of mobility. Looking forward, We believe in a world where mobility will enhance life And will be defined by people, for people. With our unyielding can-do spirit, We will be steadfast in pursuit of this vision, For we do not seek to satisfy the few, But to be loved by many. Brand Essence Simple Simplifying what's complicated, while focusing on the most important necessities. Modern Premium is all about realizing the values and experiences them in a more simplified and convenient way. Creative For change and innovation that best provides the most important necessities. The creative thinking that Modern Premium seeks is about providing actual benefits to the customer while addressing their needs in the smartest and most efficient way. Caring Cars that care for the driver with heightened reliability, a safer environment and emotional value. The care that is reflected in Hyundai Motor's Modern Premium delivers our concern and consideration through emotional values.
5
CHAPTER 2 REVIEW OF LITERATURE
6
REVIEW OF LITERATURE Effective employee retention is a systematic effort by employers to create and foster an environment that encourages current employees to remain employed by having policies and practices in place that address their diverse needs. A strong retention strategy becomes a powerful recruitment tool. Retention of key employees is critical to the long-term health and success of any organization. It is a known fact that retaining your best employees ensures customer satisfaction, increased product sales, satisfied colleagues and reporting staff, effective succession planning and deeply imbedded organizational knowledge and learning. Employee retention matters as organizational issues such as training time and investment; lost knowledge; insecure employees and a costly candidate search are involved. Hence failing to retain a key employee is a costly proposition for an organization. Various estimates suggest that losing a middle manager in most organizations costs up to five times of his salary. Intelligent employers always realise the importance of retaining the best talent. Retaining talent has never been so important in the Indian scenario; however, things have changed in recent years. In prominent Indian metros at least, there is no dearth of opportunities for the best in the business, or even for the second or the third best. Retention of key employees and treating attrition troubles has never been so important to companies. In an intensely competitive environment, where HR managers are poaching from each other, organisations can either hold on to their employees tight or lose them to competition. For gone are the days, when employees would stick to an employer for years for want of a better choice. Now, opportunities abound. It is a fact that, retention of key employees is critical to the long-term health and success of any organisation. The performance of employees is often linked directly to quality work, customer satisfaction, and increased product sales and even to the image of a company. Whereas the same is often indirectly linked to, satisfied colleagues and reporting staff, effective succession planning and deeply embedded organisational knowledge and learning.
7
Employee retention matters, as, organisational issues such as training time and investment, costly candidate search etc., are involved. Hence, failing to retain a key employee is a costly proposition for any organisation. Various estimates suggest that losing a middle manager in most organisations, translates to a loss of up to five times his salary. This might be worse for BPO companies where fresh talent is intensively trained and inducted and then further groomed to the successive stages. In this scenario, the loss of a middle manager can often prove dear. In fact, some reports suggest that attrition levels in IT companies are as high as 40 per cent. The only way out is to develop appropriate retention strategies. Though BPO industry shoots ahead at 40 to 50 per cent a year, it is now losing 35 to 40 per cent of its 350,000-odd employees as well. In India there are few sectors where the attrition level is much larger compared to other sectors. For example: IT sector and BPO. Where as there are organizations like Air India, HAL, DRDO, BARC where the attrition is nearly 5% or less than that. Employee Retention Strategies helps organizations provide effective employee communication to improve commitment and enhance workforce support for key corporate initiatives.
8
CHAPTER 3 OBJECTIVES & SCOPE
9
3.1 OBJECTIVE OF THE STUDY The objectives of the study are as follows:
To study about the employee retention of AM Hyundai, Jammu. To ascertain the problems of the employee in the organization. To offer suggestion on the employee retention of AM Hyundai, Jammu To study about the incentives & work environment in AM Hyundai, Jammu
10
CHAPTER 4 RESEARCH METHODOLOGY
11
RESEARCH METHODOLOGY Research in common parlance refers to search for knowledge. Redman and Mory define research as a “Systematized effort to gain new knowledge. Research is an academic activity and such the term should be used in technical sense. According to Clifford Woody, Research comprises defining and redefining problem, formulating hypothesis or suggested solutions; collecting, organizing and evaluating data; making deductions and research conclusions; and at last carefully testing the conclusions to determine whether they fit the formulating hypothesis. Research is thus an original contribution to the existing stock of knowledge making for its advertisement. It is pursuit of truth with the help of study, observation, comparison and experiment. In short the search for knowledge through objective and systematic method of finding solution to problem is research. 4.1 RESEARCH DESIGN A Research design is the arrangement of conditions for collection and analysis of data in a manner that aims to combine relevance to the Research purpose with economy in procedure. In fact the Research design is the conceptual structure within which Research is conducted: it constitutes the blueprint for the collection measurement and analysis of data. It must be able to define clearly what they want to measure and must find adequate methods for measuring it along with a clear cut definition of population wants to study. Since the aim is to obtain complete and accurate information in these studies, the procedure to be used must be carefully planned. The research design must make enough provision for protection against bias and must maximize reliability with due concern for the economical completion of the search study. Descriptive research is adopted for this study. It includes surveys and fact finding enquires of different kinds. The major purpose of descriptive research is description of the state affairs as it exists at present. The main characteristic of this method is that the researcher has no control over the variables. He can only report what has happened or what is happened. 4.2 SAMPLING DESIGN A sample design is a definite plan for obtaining a sample from the sampling frame, it refers to the technique or procedure the researcher would adopt in selecting some sampling units from which interferences about the population is drawn. Sampling type used is Simple Random sampling technique. 4.2.1 POPULATION AND SAMPLE SIZE A decision has to be taken concerning sampling unit before selecting sample. The population for this study includes the employees from the AM Hyundai, Jammu. 25 employees were undertaken for the study. 12
4.3 DATA COLLECTIONS For achieving the specific objectives of this study, data were gathered from both primary and secondary sources. 4.3.1 Primary Sources • Direct conversation with the respective officers of the Departments. • Face to face conversation with the employees. • Employee’s opinion collected through Questions. • Observation of HR activities. 4.3.2 Secondary Sources: • Various records of the Company. • Different Types of system information • Different newsletters. • Annual Performance Appraisal Form of company.
13
CHAPTER 5 DATA ANALYSIS & INTERPRETATION
14
1.
To which age group do you belong?
Scale
No. of Respondents
Percentage Analysis
18-20
0
00.00
21-30
15
60.00
31-40
6
24.00
41-50
4
16.00
51 and above
0
10.00
Total
25
100.00
41-50 16%
18-20 0%
51 and above 0%
31-40 24%
21-30 60%
Interpretation: Majority of the people were of age group 21-30 i.e. 60%
15
2.
What is your gender?
Scale
No. of Respondents
Percentage Analysis
MALE
18
72.00
FEMALE
7
28.00
Total
25
100.00
FEMALE 28%
MALE 72%
Interpretation: Majority of the employees were male i.e. 72%.
16
3.
Job provides security.
Scale
No. of Respondents
Percentage Analysis
Strongly Agree
16
64.00
Agree
7
28.00
Neutral
2
8.00
Disagree
0
00.00
Strongly Disagree
0
00.00
Total
25
100.00
Strongly disagree Disagree 0% 0%
Neutral 8%
Agree 28%
Strongly agree 64%
Interpretation: Most of the respondents strongly agree that Job provides security i.e. 64%
17
4. The company helps in overall development. Scale
No. of Respondents
Percentage Analysis
Strongly Agree
12
48.00
Agree
1
04.00
Neutral
0
00.00
Disagree
0
00.00
Strongly Disagree
12
48.00
Total
25
100.00
Strongly disagree 48% Strongly agree 48%
Agree 4%
Disagree 0%
Neutral 0%
Interpretation: Most of the respondents strongly agree that company helps in overall development 48%
18
5.
The organization provides timely rewards. Scale
No. of Respondents
Percentage Analysis
Strongly Agree
8
32.00
Agree
12
48.00
Neutral
2
8.00
Disagree
3
12.00
Strongly Disagree
0
00.00
Total
25
100.00
Strongly disagree 0%
Disagree 12%
Strongly agree 32%
Neutral 8%
Agree 48%
Interpretation: Most of the respondents agreed that the organization provides timely rewards i.e. 48%.
19
6. The organization provides regular promotion opportunities.
Scale
No. of Respondents
Percentage Analysis
Strongly Agree
9
36.00
Agree
11
44.00
Neutral
3
12.00
Disagree
2
8.00
Strongly Disagree
0
00.00
Total
25
100.00
Strongly disagree 0%
Strongly agree 36%
Disagree 8% Neutral 12%
Agree 44%
Interpretation: Most of the respondents agreed that the organization provides regular promotion opportunities i.e. 44%
20
7. Employees are treated with respect.
Scale
No. of Respondents
Percentage Analysis
Strongly Agree
7
28.00
Agree
13
52.00
Neutral
1
4.00
Disagree
4
16.00
Strongly Disagree
0
00.00
Total
25
100.00
Strongly disagree 0%
Disagree 16%
Strongly agree 28% Neutral 4%
Agree 52%
Interpretation: Most of the respondents agreed that Employees are treated with respect i.e. 52%.
21
8. Good work done is appreciated.
Scale
No. of Respondents
Percentage Analysis
Strongly Agree
12
48.00
Agree
8
32.00
Neutral
5
20.00
Disagree
0
00.00
Strongly Disagree
0
00.00
Total
25
100.00
Strongly disagree Disagree 0% 0% Neutral 20%
Strongly agree 48%
Agree 32%
Interpretation: Most of the respondents strongly agreed that Good work done is appreciated i.e. 48%
22
9. Optimum use of skills and abilities is done while performing the tasks at NEXA. Scale
No. of Respondents
Percentage Analysis
Strongly Agree
5
20.00
Agree
13
52.00
Neutral
5
20.00
Disagree
2
8.00
Strongly Disagree
0
00.00
Total
25
100.00
Strongly agree 20%
Strongly disagree 0%
Disagree 8%
Neutral 20%
Agree 52%
Interpretation: Most of the respondents agreed that Employee’s suggestions and grievances’ are considered i.e. 52%.
23
10. Ventilation Facilities are maintained well.
Scale
No. of Respondents
Percentage Analysis
Strongly Agree
2
8.00
Agree
9
36.00
Neutral
7
28.00
Disagree
7
28.00
Strongly Disagree
0
0.00
Total
25
100.00
Strongly agree 8%
Strongly disagree 0% Disagree 28%
Agree 36%
Neutral 28%
Interpretation: Most of the respondents disagreed that Ventilation Facilities are maintained well. i.e. 36%
24
11. The organization provides performance based incentives..
Scale
No. of Respondents
Percentage Analysis
Strongly Agree
25
100.00
Agree
0
00.00
Neutral
0
00.00
Disagree
0
00.00
Strongly Disagree
0
00.00
Total
25
100.00
Agree 0%
Strongly disagree 0%
Neutral 0%
Disagree 0%
Strongly agree 100%
Interpretation: Most of the respondents strongly agreed the organization provides performance based incentives. i.e. 100%
25
12. The salaries provided for working overtime are justified. Scale
No. of Respondents
Percentage Analysis
Strongly Agree
7
28.00
Agree
12
48.00
Neutral
2
8.00
Disagree
4
16.00
Strongly Disagree
0
0.00
Total
25
100.00
Strongly disagree 0%
Disagree 16%
Strongly agree 28% Neutral 8%
Agree 48%
Interpretation: Most of the respondents agreed that the salaries provided for working overtime are justified i.e.48%
26
13. The organization provides with a fair salary structure. Scale
No. of Respondents
Percentage Analysis
Strongly Agree
14
56.00
Agree
7
28.00
Neutral
4
16.00
Disagree
0
0.00
Strongly Disagree
0
0.00
Total
25
100.00
Strongly disagree Disagree 0% 0% Neutral 16%
Strongly agree 56%
Agree 28%
Interpretation: Most of the respondents strongly agreed that the organization provides with a fair salary structure i.e. 56%
27
14. The organization supports yearly bonus schemes.
Scale
No. of Respondents
Percentage Analysis
Strongly Agree
7
28.00
Agree
9
36.00
Neutral
6
24.00
Disagree
2
8.00
Strongly Disagree
1
4.00
Total
25
100.00
Strongly disagree 4%
Disagree 8%
Strongly agree 28%
Neutral 24%
Agree 36%
Interpretation: Most of the respondents agreed that the organization supports yearly bonus schemes i.e. 36%.
28
15. Compensations paid by the organisation during layoffs or during accidents are satisfactory. Scale
No. of Respondents
Percentage Analysis
Strongly Agree
4
16.00
Agree
12
48.00
Neutral
6
24.00
Disagree
3
12.00
Strongly Disagree
0
0.00
Total
25
100.00
Strongly disagree 0%
Disagree 8% Neutral 12%
Strongly agree 48%
Agree 32%
Interpretation: Most of the respondents agreed Compensations paid by the organisation during layoffs or during accidents are satisfactory i.e. 48%
29
16. The supervisors periodically reinforce and support the working system.
Scale
No. of Respondents
Percentage Analysis
Strongly Agree
1
4.00
Agree
4
16.00
Neutral
11
44.00
Disagree
7
28.00
Strongly Disagree
2
8.00
Total
25
100.00
Agree 16%
Strongly agree 4%
Strongly disagree 8%
Disagree 28%
Neutral 44%
Interpretation: Most of the respondents had a neutral the supervisors periodically reinforce and support the working system i.e. 44%
30
17. The Employees are allowed to take responsibility and authority.
Scale
No. of Respondents
Percentage Analysis
Strongly Agree
16
64.00
Agree
7
28.00
Neutral
2
8.00
Disagree
0
00.00
Strongly Disagree
0
00.00
Total
25
100.00
Strongly disagree Disagree 0% Neutral 0% 8%
Agree 28%
Strongly agree 64%
Interpretation: Most of the respondents strongly agreed that The Employees are allowed to take responsibility and authority i.e. 64%
31
18. The working environment is open and trustworthy. Scale
No. of Respondents
Percentage Analysis
Strongly Agree
5
20.00
Agree
7
28.00
Neutral
5
20.00
Disagree
7
28.00
Strongly Disagree
1
4.00
Total
25
100.00
Strongly agree 20%
Strongly disagree 4%
Disagree 28%
Agree 28% Neutral 20%
Interpretation: Most of the respondents agreed that the working environment is open and trustworthy.i.e. 28%
32
19. There is workers participation in management activities. Scale
No. of Respondents
Percentage Analysis
Strongly Agree
14
56.00
Agree
7
28.00
Neutral
4
16.00
Disagree
0
0.00
Strongly Disagree
0
0.00
Total
25
100.00
Strongly disagree Disagree 0% 0% Neutral 16%
Strongly agree 56%
Agree 28%
Interpretation: Most of the respondents strongly agreed that there is workers participation in management activities i.e. 56%
33
CHAPTER 6 FINDINGS
34
FINDINGS 1. 2. 3. 4. 5. 6. 7. 8.
Majority of the people were of age group 21-30 i.e. 60% Majority of the employees were male i.e. 72%. Most of the respondents strongly agree that Job provides security i.e. 64% Most of the respondents strongly agree that company helps in overall development 48% Most of the respondents agreed that the organization provides timely rewards i.e. 48%. Most of the respondents agreed that the organization provides regular promotion opportunities i.e. 44% Most of the respondents agreed that Employees are treated with respect i.e. 52%. Most of the respondents strongly agreed that Good work done is appreciated i.e. 48%
9.
Most of the respondents agreed that Employee’s suggestions and grievances’ are considered i.e. 52%. 10. Most of the respondents disagreed that Ventilation Facilities are maintained well. i.e. 36% 11. Most of the respondents strongly agreed the organization provides performance based incentives. i.e. 100% 12. Most of the respondents agreed that the salaries provided for working overtime are justified i.e.48% 13. Most of the respondents strongly agreed that the organization provides with a fair salary structure i.e. 56% 14. Most of the respondents agreed that the organization supports yearly bonus schemes i.e. 36%. 15. Most of the respondents agreed Compensations paid by the organisation during layoffs or during accidents are satisfactory i.e. 48% 16. Most of the respondents had a neutral the supervisors periodically reinforce and support the working system i.e. 44% 17. Most of the respondents strongly agreed that The Employees are allowed to take responsibility and authority i.e. 64% 18. Most of the respondents agreed that the working environment is open and trustworthy.i.e. 28% 19. Most of the respondents strongly agreed that there is workers participation in management activities i.e. 56%
35
CHAPTER 7 LIMITATIONS
36
LIMITATIONS The limitations of the study are as follows:1. 2. 3. 4. 5.
Some of the questionnaires were incomplete. Few employees sometime felt disturbed, as they were busy in their job. Sometimes it was difficult to collect data from their files, because important files are kept in vault for safety. It is difficult to make information based a rich report in short time of period. This report was prepared in short time.
37
CHAPTER 8 CONCLUSIONS & RECOMMENDATIONS
38
CONCLUSION
The company organizes cultural program as and when possible but most of the times, once in a quarter, in which all the employees are given an opportunity to display their talents in dramatics, singing, acting, dancing etc. Apart from that the organizations also conduct various sports programs such as Cricket, football, etc and regularly play matches with the teams of other organizations and colleges.
In several companies employee referral scheme is implemented to encourage employees to refer friends and relatives for employment in the organization.
Company have performance based incentive scheme. The parameters for calculation are process performance i.e. speed, accuracy and productivity of each process.
Company helps to increase the career opportunities for the employees, with the growth of employees the company also grow as there is specialization in the organisation.
39
RECOMMENDATIONS 1. 2. 3. 4. 5.
Incentives should be based on employee performance Work environment should be improved. Regular meeting and informal get together should be organised within the organisation. Monetary incentives should be given with work targets. There should be employee referral policy in the organisation.
40
BIBLIOGRAPHY
41
BOOKS Human Resource Management. By S. Seetharaman & B.Venkateswara Prasad, Scitech Publication, 2007. Kothari, C.R., Research Methodology- Methods & Techniques, New Delhi, New Age international(P)Ltd.,Publishers,SecondEdition,2004.
42
ANNEXURE
43
QUESTIONNAIRE
Employee Retention Strategies a Case Study of AM Hyundai I Archit Mahajan of B.B.A Semester Vth is undertaking my project report of B.B.A degree from Govt. S.P.M.R College of Commerce affiliated with University of Jammu. In view of this, I am conducting a survey towards Employee Retention Strategies a Case Study of AM Hyundai The contents of this questionnaire are only for the academic purposes and information provided by you will be kept confidential.
Personal Information
1. Name:
2. Age:
(a) 18-20 (b) 21-30 years (c) 31-40 years (d) 41-50 years (e) 51 years & above
3. Gender:
(a) Male (b) Female
44
Employee Retention Strategies S.no.
Statement
1.
Job provides security
2.
The company helps in overall development The organization provides timely rewards The organization provides regular promotion opportunities
3. 4.
Strongly Disagree
Disagree
Neutral
Agree
Strongly Agree
Strongly Disagree
Disagree
Neutral
Agree
Strongly Agree
Strongly Disagree
Disagree
Neutral
Agree
Strongly Agree
Working Environment S.no.
Statement
1.
Employees are treated with respect Good work done is appreciated Employee’s suggestions and grievances’ are considered Ventilation Facilities are maintained well.
2. 3.
4.
Rewards & Incentives S.no.
Statement
1.
The organization provides performance based incentives. The salaries provided for working overtime are justified The organization provides with a fair salary structure The organization supports yearly bonus schemes Compensations paid by the organization during layoffs or during accidents are satisfactory
2.
3.
4.
5.
45
Employee Participation S.no.
Statement
Strongly Disagree
1.
The supervisors periodically reinforce and support the working system
2.
The Employees are allowed to take responsibility and authority
3.
The working environment is open and trustworthy.
4.
There is workers participation in management activities
Disagree
Neutral
Agree
Strongly Agree
Thankyou for your participation.
46
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