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7/27/2019 Syn Emp Retension
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A
SYNOPSIS REPORT
On
Employee Retention
In
kotak Iife Insurance.
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INTRODUCTION:
Life insurance used to provide financial protection to your family and dependents in the event of
any unforeseen event or your untimely death. But nowadays, life insurance has become
synonymous with savings, wealth generation and protection. Life insurance companies-these
days-provide plans through which you can not only secure the financial future of your
dependents in the event of death but also build wealth for them and be financially secure from
eventualities such as disease and disability. Different Types of Life Insurance Plans Traditional
life insurance plans: Traditional life insurance plans, also known as non-unit linked insurance
plans, ensure that the majority of the investments made by the policyholders are in to safe debt
instruments. These plans are ideal for risk-averse investors as they provide assurance of returns
to a large extent. Unit Linked Insurance Plans (ULIPs): ULIPs, also known as market-linked life
insurance plans, allow for investments made by the policyholders to get exposed to equities.
ULIPs are suited for customers who aim for wealth creation over a long term.
Life insurance is required because of the following factors - Life insurance takes care of those
who are financially dependent on you even when you are not around to look after them.
Retirement planning takes care of your retirement, as there is no guarantee of a consistent
income post retirement. The expenses you may incur in future will keep increasing due to
inflation, and thus even a fluctuation in your income may lead to a compromised lifestyle.
Savings plan enables individuals to secure their financial future by helping you to get attractive
returns
COMPANY PROFILE:
About Kotak Mahindra Group Established in 1985, the Kotak Mahindra group is one of India's
leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd.
(KMFL), the Group's flagship company, received a banking license from the Reserve Bank of
India (RBI). With this, KMFL became the first non-banking finance company in India to become
a bank Kotak Mahindra Bank Limited. The consolidated balance sheet of Kotak Mahindra
group is over Rs. 1.17 lakh crore and the consolidated net worth of the Group stands at Rs.
17,228 crore (approx US$ 2.9 billion) as on June 30, 2013. The Group offers a wide range of
financial services that encompass every sphere of life. From commercial banking, to stockbroking, mutual funds, life insurance and investment banking, the Group caters to the diverse
financial needs of individuals and the corporate sector. The Group has a wide distribution
network through branches and franchisees across India, and international offices in London, New
York, Dubai, Abu Dhabi, Mauritius and Singapore.
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Vision and Mission Statement
Apart from common beliefs, values and objectives we believe in the vision of a better
tomorrow. It is this deep veneer of faith that has brought us together and fortified our bond. The
global Indian financial services brand Our customers will enjoy the benefits of dealing with a
global Indian brand that best understands their needs and delivers customised pragmatic
solutions across multiple platforms.
We will be a world-class Indian financial services group. Our technology and best practices
will be benchmarked along international lines while our understanding of customers will be
uniquely Indian. We will be more than a repository of our customers' savings. We, the group,
will be a single window to every financial service in a customer's universe. The most preferred
employer in financial services A culture of empowerment coupled with a spirit of enterprise,
attracts bright minds with an entrepreneurial streak to join us and stay with us. Working with a
home-grown, professionally-managed company, which has partnerships with international
leaders, gives our people a perspective that is universal as well as unique.
The most trusted financial services companyWe will create an ethos of trust across all ourconstituents. Adhering to high standards of compliance and corporate governance will be an
integral part of building trust. Value creation Value creation rather than size alone will be our
business driver.
VARIOUS INSURANCE PLANS
Protection Plans
Kotak Saral Suraksha Kotak e-Term/e-Preferred
Term Kotak Term Plan/Kotak Preferred Term Plan
Kotak Eternal Life PlansKotak Assured Protection Plan
Riders
Riders
Savings & Investment Plans
Kotak Single Invest Plus
Kotak Assured Income Plan
Kotak Platinum
Kotak Single Invest Advantage
Kotak Ace Investment Plan
Kotak Wealth Insurance
Kotak Endowment Plan
Kotak Money Back Plan
Kotak Premium Return Plan
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Kotak Surakshit Jeevan
Kotak Invest Maxima
Kotak Gramin Bima Yojana
Child Plans
Kotak Child Advantage Plan
Kotak Headstart Child Assure
Kotak Child Edu Plan
Kotak Child Future Plan
Retirement Plans
Kotak Capital Multiplier Plan
Kotak Lifetime Income Plan
INTRODUCTION TO THE TOPIC:
Employee Retention
An effctive employee retention is a systematic effort by employers to create and foster anenvironment 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.
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In an intensely competitive environment, where HR managers are poaching from each other,
organisations can either hold on to their employees tight or lose them to competition. For gone
are the days, when employees would stick to an employer for years for want of a better choice.
Now, opportunities abound.
It is a fact that, retention of key employees is critical to the long-term health and success of any
organisation. The performance of employees is often linked directly to quality work, customer
satisfaction, and increased product sales and even to the image of a company. Whereas the same
is often indirectly linked to, satisfied colleagues and reporting staff, effective succession
planning and deeply embedded organisational knowledge and learning.
Employee retention matters, as, organisational issues such as training time and investment, costly
candidate search etc., are involved. Hence, failing to retain a key employee is a costly
proposition for any organisation. Various estimates suggest that losing a middle manager in most
organisations, translates to a loss of up to five times his salary. This might be worse for BPO
companies where fresh talent is intensively trained and inducted and then further groomed to the
successive stages. In this scenario, the loss of a middle manager can often prove dear.In fact, some reports suggest that attrition levels in IT companies are as high as 40 per cent. The
only way out is to develop appropriate retention strategies.
Though BPO industry shoots ahead at 40 to 50 per cent a year, it is now losing 35 to 40 per cent
of its 350,000-odd employees as well.
In India there are few sectors where the attrition level is much larger compared to other sectors.
For example: IT sector and BPO. Where as there are organizations like Air India, HAL, DRDO,
BARC where the attrition is nearly 5% or less than that.
Employee Retention Strategies helps organizations provide effective employee communicationto improve commitment and enhance workforce support for key corporate initiatives.
The Importance of Retaining Employees
The challenge of keeping employees: Its changing face has stumped managers and business
owners alike. How do you manage this challenge? How do you build a workplace that employees
want to remain with and outsiders want to be hired into? Successful managers and business
owners ask themselves these and other questions becausesimply putemployee retention
matters:
High turnover often leaves customers and employees in the lurch; departing employees take agreat deal of knowledge with them. This lack of continuity makes it hard to meet your
organizations goals and serve customers well.
Replacing employees costs money. The cost of replacing an employee is estimated as up to
twice the individuals annual salary (or higher for some positions, such as middle management),
and this doesnt even include the cost of lost knowledge.
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Recruiting employees consumes a great deal of time and effort, much of it futile. Youre not
the only one out there vying for qualified employees, and job searchers make decisions based on
more than the sum of salary and benefits.
Bringing employees up to speed takes even more time. And when youre short-staffed, you
often need to put in extra time to get the work done.
OBJECTIVES OF THE STUDY
To study the employee retention
To know about how to reduce the turnover cost of the employees.
To study the necessary changes opted by the company to retain their employees.
To know about how to retain the organization with loyal people.
To know about the different components which help in employee retention.
RESEARCH METHODOLOGY
Methodology is the process of collecting the information and helps to find out the solution
to the topic selected by the researcher.
Whereas Research helps to study and find out the techniques with the proper process. It is
a systematic way of presenting information.
Research Design
Exploratory and Descriptive
Exploratory Research -
The reasons will be found out about employees dissatisfactions towards the working in any
organization. The basic investigation will be carried out in order to know the reasons about their
retention in any organization.
Descriptive Research-
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Compensation
Growth
Support
Relationship
Environment
Research methodology is the way to systematically solve the research problem.
In order to collect the required information for the project the following methods will be
adopted:-
Primary Data:
Data that has been collected from first-hand-experience is known asprimary data. Primary data
has not been published yet and is more reliable, authentic and objective. Primary data has not
been changed or altered by human beings, therefore its validity is greater than secondary data.
Some sources are: Experiments, Survey etc.
Secondary data
Data collected from a source that has already been published in any form is called as secondary
data. The review of literature in my research will be based on secondary data. Mostly from
books, journals and periodicals. Secondary data is often readily available. After the expense ofelectronic media and internet the availability of secondary data will become much easier. Eg:
Published Printed Sources, Published Electronic Sources, Unpublished Personal Records,
Governement Records, Public Sector Records etc.
Primary Method Secondary Method
ResearchMethodology
http://readingcraze.com/index.php/types-of-primary-data/http://readingcraze.com/index.php/types-of-primary-data/7/27/2019 Syn Emp Retension
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Data sources in this project will be:
Area of Operation: LUDHIANA
Sampling unit: Employees in Kotak Life Insurance. , Ludhiana.
Sample Size : 200 employees
Primary Method Secondary Method
Questionnaires SchemesSample Size 200Observation Books/ MagazineDiscussion Website
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QUESTIONNAIRE
Name Contact Number
1. Please indicate your office:
Admission Financial Aid & Scholarships
Network Support
Registrar
Student Recruitment
2. Please indicate the position:
Financial Advisor-ABM
SM
ABM
BM
3. Please indicate the number of years you have worked in your current office:
Less than one year
One to three years
Four to five years
More than five years.
4. I feel am a valued part of this office:
Stronglyagree
Somewhat agree
Neutral
Somewhat disagree
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Strongly disagree
5. Communication among staff in this office is effective:
Stronglyagree
Somewhat agree
Neutral
Somewhat disagree
Strongly disagree
6. I have a clear sense of the future direction of this office:
Stronglyagree
Somewhat agree
Neutral
Somewhat disagree
Strongly disagree
7. This offices atmosphere is generally friendly:
Stronglyagree
Somewhat agree
Neutral Somewhat disagree
Strongly disagree
8. Our Seniors are cooperative to us:
Stronglyagree
Somewhat agree
Neutral
Somewhat disagree Strongly disagree
9. This office has policies that are supportive to its staff:
Stronglyagree
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Somewhat agree
Neutral
Somewhat disagree
Strongly disagree
10. My workload & expected completion time are reasonable:
Stronglyagree
Somewhat agree
Neutral
Somewhat disagree
Strongly disagree
11. I feel fairly Compensated for the work I do in this office:
Stronglyagree
Somewhat agree
Neutral
Somewhat disagree
Strongly disagree
12. Higher Authority maintains good relationship with its juniors:
Stronglyagree
Somewhat agree
Neutral
Somewhat disagree
Strongly disagree
13. The chances of Growth are high in this office:
Strongly agree
Somewhat agree
Neutral Somewhat disagree
Strongly disagree
14. The working conditions & environment of the office is suitable for our work:
Strongly agree
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Somewhat agree
Neutral
Somewhat disagree
Strongly disagree
15. The staff member & seniors are supportive to each other:
Strongly agree
Somewhat agree
Neutral
Somewhat disagree
Strongly disagree
16. Conflict among staff in my office is managed effectively:
Strongly agree
Somewhat agree
Neutral
Somewhat disagree
Strongly disagree
17. The workload in the office is distributed equality:
Strongly agree Somewhat agree
Neutral
Somewhat disagree
Strongly disagree
18. This office has regular staff meeting to plan and coordinate work and to make
announcements:
Strongly agree Somewhat agree
Neutral
Somewhat disagree
Strongly disagree
19. I like my job:
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Strongly agree
Somewhat agree
Neutral
Somewhat disagree
Strongly disagree
20. I think often about seeking employment elsewhere:
No-I dont think about it.
Yes A higher ranking position in this office.
Yes A higher ranking position outside this office.