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EMPLOYEE ATTRITION AND RETENTION STRATEGIES
INDUSTRY OVERVIEW
INTRODUCTION
Brokerage firms are the business entities that deal with stock trading. India, with an increasing capital market and a growing number of investors, has a number of brokerage firms. In Indian retail brokerage industry, the brokerage firms primarily work as agents for buying and selling of securities like shares, stocks and other financial instruments and earn commission for each of the transactions. There are plenty of brokerage firms in India. Stock exchanges to some extent play an important role as indicators, reflecting the performance of the countrys economic state of health. Stock market i s a p l a c e where securities are bought and sold. It is exposed to a high degree of volatility; prices fluctuate within minutes and are determined by the demand and supply of stocks at a given time. Stock brokers are the ones who buy and sell securities on behalf of individuals and institutions for some commission. The Securities and Exchange Board of India (SEBI) is the authorized body, which regulates the operations of stock exchanges, banks and other financial institutions. T h e past performances in the capital markets especially the securities s c a m b y Hasrshad Mehta has led to tightening of the operations by SEBI. International trading and investment exposure has made it imperative to better o p e r a t i o n a l e f f i c i e n c y . W i t h t h e v i e w t o i m p r o v e , d i s c i p l i n e a n d b r i n g g r e a t e r transparency in this sector, constant efforts are being made and to a certain extent improvements have been made
INDUS INSTITUTE OF TECHNOLOGY & ENGINNERING
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HISTORY OF THE STOCK BROKING INDUSTRY

Indian Stock Markets are one of the oldest in Asia. Its history dates back to nearly200 years ago. The earliest records of security dealings in India are meagre and obscure. By 1830's business on corporate stocks and shares in Bank and Cotton presses took place in Bombay. Though the trading list was broader in 1839, there were only half do z e n b r o k e r s r e c o g n i z e d b y b a n k s a n d m e r c h a n t s d u r i n g 1 8 4 0 and1850.
The1850's witnessed a rapid development of commercial enterprise an d brokerage business attracted many men into the field and by 1860 t h e n u m b e r o f b r o k e r s increased into 60.In 1860-61 the American Civil War broke out and cotton supply from United States of Europe was stopped; thus, the 'Share Mania' in India begun. The number of brokers increased to about 200 to 250. However, at the end of the American Civil War, in1865, a disastrous slump began (for example, Bank of Bombay Share which had t ouched Rs 2850 could only be sold at Rs. 87). At the end of the American Civil War, the brokers who thrived out of Civil War in 1874, found a place in a street (now appropriately called as Dalal Street) where they would conveniently assemble and transact business. In 1887, they formally established in Bombay, the "Native Share and Stock Brokers Association" (which is alternatively known as "The Stock Exchange"). In 1895, the Stock Exchange acquired a premise in the same street and it was inaugurated in 1899. Thus, the Stock Exchange at Bombay was consolidated. Thus in the same way, gradually with the passage of time number of exchanges were increased and at currently it reached to the figure of 24 stock exchanges. 2
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INTRODUCTION OF COMPANY
AnandRathi is a leading full service investment bank founded in 1994 offering a wide range of financial services and wealth management solutions to institutions, corporations, high net worth individuals and families. The firm has rapidly expanded its footprint to over 350 locations across India with international presence in Hong Kong, Dubai & London. Founded by Mr. Anand Rathi and Mr. Pradeep Gupta, the group today employs over 2,500 professionals through out India and its international offices. The firms philosophy is entirely client centric, with a clear focus on providing long term value addition to clients, while maintaining the highest standards of excellence, ethics and professionalism. The entire firm activities are divided across distinct client groups: Individuals, Private Clients, Corporate and Institutions. AnandRathi has been named The Best Domestic Private Bank in India by Asia money in their Fifth Annual Private Banking Poll 2009. The firm has emerged a winner across all key segments in Asia moneys largest survey of high net worth individuals in India.
In year 2007 Citigroup Venture Capital International joined the group as a financial partner.
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KEY GROUP COMPNIES
Corporate Structure
Anand Rathi Financial Services Limited
Anand Rathi Wealth Advisors
Anand Rathi Commodities Limited
AR Venture Funds
Management
AR Middle East DMCC
Private Wealth
Management
Member - NCDEX, MCX & NMCE
Real Estate Private Equity
Member, Dubai Gold & Commodities Exchange
Anand Rathi
Advisors
Anand Rathi Share and Stock Brokers
Rathi Global Finance NBFC
Anand Rathi
Insurance Brokers
Investment Banking Member - NSE/BSE Depository participant NSDL/CDSL
Insurance Broking
PRIVATE & CONFIDENTIAL
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VISSION & PHILOSOPHY OF ARG
PHILOSOPHY OF ANANDRATHI
Wealth Management needs to be far more holistic than just investment advisory. We believe that separation of advisory from product manufacturing is critical to offering a conflict-free and truly objective advice to our clients. We therefore offer only third-party products and do not manufacture any in-house products. As an extension to this philosophy, we do not hold any proprietary stake in the markets.
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CORE VALUES OF ARG
Business ethics
Customer focus Speed and innovation Professional pride Mutual respect
HR PHILOSOPHY AT ARG
A strong focus on our human resources operations is closely integrated into the firm's business strategy. At AnandRathi we believe in providing an entrepreneurial environment, within a strong focus on result orientation At each level, AnandRathi employees have a pre-defined career path and hence an opportunity for continuous growth. They also believe in a complete meritocracy in deciding on promotions and reward systems AR's ability to provide world-class financial services is a result of its talented manpower pool.
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LIST OF NEW INVENTIONS IN SUCCESSIVE YEAR

Year 1994: 1995: 1997: 1999: 2001: 2002: 2003: Milestones Started. activities in consulting and Institutional equity sales with staff of 15 Set up a research desk and empanelled with major institutional investors. Introduced investment banking businesses Retail brokerage services launched. Lead managed first IPO and executed first M & A deal Initiated Wealth Management Services. Retail business expansion recommences with ownership model. Wealth Management assets cross Rs1500 crores.Insurance broking launched. Launch of Wealth Management services in Dubai. Retail Branch network exceeds 50. Real Estate Private Equity Fund Launched. Retail Branch network expands across 200 locations within India. ANAND RATHI Middle East, WOS acquires membership of Dubai Gold & Commodity Exchange (DGCX) Ranked amongst South Asia's top 5 wealth managers for the ultra-rich by Asia Money 2006 poll. Ranked 6th in FY2006 for All India Broker Performance in equity distribution in the High Net worth Individuals (HNI) Category. Ranked 9th in the Retail Category having more than 5% market share. Completes its presence in all States across the country with offices at 300+ locations within India. Citigroup Venture Capital International picks up 19.9% equity stake Retail customer base crosses 100 thousand. Establishes presence in over 350 locations.
2005: 2006:
2007:
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ARGS CORE STRENGTHS

Breadth of Services In line with its client-centric philosophy, the firm offers to its clients the entire spectrum of financial services ranging from brokerage services in equities and commodities, distribution of mutual funds, IPOs and insurance products, real estate, investment banking, merger and acquisitions, corporate finance and corporate advisory. Clients deal with a relationship manager who leverages and brings together the product specialists from across the firm to create an optimum solution to the client needs. Management Team ANAND RATHI brings together a highly professional core management team that comprises of individuals with extensive business as well as industry experience. In-Depth Research Our research expertise is at the core of the value proposition that we offer to our clients. Research teams across the firm continuously track various markets and products. The aim is however common - to go far deeper than others, to deliver incisive insights and ideas and be accountable for results. Client Testimony We have been ranked thrice in a row as the #1 Private Bank - Domestic and #2 Private Bank Overall BY OUR CLIENTS in an international Private Banking Poll (2009, 2010 & 2011) conducted by the Asia money publication. Asia money Polls is a unique survey run by Asia's regional financial publication that surveys the end-user i.e. our clients. It is the leading and definitive industry survey in the region. We believe that this honor would not have come our way without the goodwill, support and patronage of our clients and the trust they placed in us and our advisory. Client-centric Ethos Our belief is that there is a spark in every person that distinguishes him as an individual, and defines his aspirations and goals. A Wealth Management solution for every individual is therefore unique. You deserve a customized solution for managing your wealth that is specific to your needs and not a generic template based offering. Strong Research Capabilities Our Advisory process is rooted in the strength of our research team, giving us expertise across various asset classes. Our Economic Research team has been ranked among the top 20 in Asia by Institutional Investor and is one among the only 2 teams from India to feature in this list.
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TOP MANAGEMENT
Mr. Anand Rathi Founder & Chairman Gold medalist Chartered Accountant with over 40 years of industry. Formal Executive of Birla and the driving force behind setting up of Birla Group's Cement and Financial Services business among others. Instrumental in setting up the Online trading system and Central Depository Services Ltd in India.
Mr. Pradeep Gupta Co-Founder wise Chairman Founder Partner Over 20 years of experience in financial services and capital Market. Key driver of Retail & Institutional Equities business of the group.
Mr.Amit Rathi Managing Director A rank holder Chartered Accountant and MBA from Leonard N. Stern School of business, New York. Joined the group in 1998 and was instrumental in establishing the group's private wealth management and investment banking businesses. Calling him a Financial Guru', theTimes of India group, listed Amit in 2008 amongst the top 51 young Marwaris in India (under the age of 40)
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ARGS REGINIONAL HUB
Mumbai head office

Central India Delhi and NCR
Gujarat Andhra Pradesh
Eastern India
Rajasthan ROM Southern India U.P and Uttaranchal Dubai London Hong Kong
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INCOMPARABLE PRODUCTS RANGE UNDER ONE ROOF
1) 2) 3) 4) 5)
Equities (NSE Cash & BSE cash) Derivatives (NSE F&O) Commodities Currencies E- Gold (Through National Spot Exchange Limited
6) 7) 8) 9)
DP (CDSL / NSDL) Portfolio Management Services (PMS) Mutual Funds Fixed Deposits & NCDs 10) Loan against Shares (through External Agency)
11) IPO & IPO Funding 12) Life & Non Life Insurance 13) Premium Security (through Spread Co. 14) Specialized Currency Advisory Services etc. 15) Loans(Auto,Personal,Home&BusinessLoans,through External Agency)
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ARGS MEMBERSHIP
Equity: National stock exchange (NSE) Bombay stock exchange (BSE) Commodities: Multi commodities exchange (MCX) National commodities exchange (NCDEX) Currency: National stock exchange (NSE) MCX-SX (multi commodities exchange- currency) E- Gold: National spot Exchange Limited (NSEL) Depository participation: Central depository Service limited (CDSL) National securities Depository limited (NSDL)
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SECTORS SERVED
Industrial and Capital Goods Business Services Technology Telecom Media Retail Real Estate Consumer Services Natural Resources Financial Institutions Professional Services Education Clean Energy Healthcare Infrastructure Transportation and Logistics
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AWARDS & RECOGNITION
Ranked No.1 Domestic Banker 2009, 2010 & 2011 (Wealth Management Company) by Asia Money Poll. Ms. Priti Gupta got Women Leader of the year Award" in 2010 in Financial Category by NDTV Profit.
Mr. D. D. Sharma awarded as Best Analyst 2010 by Zee Business. Best Contribution in Investor Education in Currency and Category Enhancement of the Year in Bloomberg UTV Financial Leadership Awards.
Mr. Anand Rathi awarded by Zee Business for his contribution towards Indias Capital market in January,2010. Private Wealth Team was awarded for generating the Highest AUM growth in 2010 for Kotak MF (by Mr. Uday Kotak himself)
ARGS CURRENT OPERATION

No(s) Of Clients No(s) Of Direct Employee No(s) Of Registered Sub-brokers Office Presence Location Presence International Presence : : : : : : 350000+ 2500+ 1000+ 1200+ 320+ 3
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LEVEL OF HIERARCHY AT ANANDRATHI
Chairman
MD
RD
Commodity Head
Cross Product Head
HNI
HR
RM
Dealer
FP
Dealer
RM
Dealer
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COMPITIORS OF ANANDRATHI
SR.NO. 1 2 3 4 5 6 7 8 9 10
COMPANY NAME
India Infoline ICICI Direct Share khan India bulls Securities Kotak Securities Motilal Oswal Securities HDFC Securities Angel Trade SBICAP Securities Reliance Money
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CHAPTER-2 EMPLOYEE ATTRITION AND RETENTION STRATEGIES
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INTRODUCTION TO TOPIC EMPLOYEE ATTRITION AND EMPLOYEE RETENTION
In the best of worlds, employees would love their jobs, like their co-workers, work hard for their employers, get paid well for their work ,have ample chances for advancement and flexible schedules so they could attend to personal or family needs when necessary. Specifically at Brokerage industry normally No of employees leaves organization is always high. so For HR manger it is a big challenge to maintain the attrition rate of their organization. HR Manager is not only required to fulfil this Responsibility, but also find the right kind of people who can keep pace with the unique work patterns in industry. The toughest concern for an HR Manager is However the Attrition Rate.
MEANING OF ATTRITION:
The wearing down of an Adversary, making him weaker by repeal attacking them or wearing down of resources i.e. the process of reducing the number of people who are employed by an organization by not replacing people who leave the job.
WHAT IS EMLOYEE ATTRITION:A

through retirement, resignation or death.
reduction in number of employees
The action or process of gradually reducing the strength or effectiveness of someone or something through sustained attack or pressure. The gradual reduction of employees leaving and not being replaced rather than by their being laid off.
INDUS INSTITUTE OF TECHNOLOGY & ENGINNERING Page 18
WHAT IS ATTRITION RATE: The rate of shrinkage in size or number.

The rate of shrinkage in size or number of employees is known as Attrition Rate. It is usually expressed in percentage. An Attrition Rate also known as churn rate, can be a measure of two things. It can be a measure of how many people leave over a certain period of time or how many employees leave over a certain period of time. Employee attrition is a serious issue, especially in todays knowledge-driven marketplace where employees are the most important human capital assets; attrition impacts an organizations competitive advantage.
CYCLE OF ATTRITION
Decresed Productivity
Drivers of attrition
Greater Attrition
Cost Reduction/ Austerity
Incresed cost/Redus ed Revenue
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Attrition brings decreased Productivity. People leave causing others to work harder. This contributes to more Attrition, which contributes to increased costs and lowers Revenue. This forces additional cost reduction and austerity measures. This in turn makes working more difficult, causing the best performers with the most external opportunities to leave
COST OF ATTRITION
Cost of advertising for new positions the cost and time involved in interviews and background checks, costs associated with search firms or placement agencies, relocation costs of new employees Training and orientation costs
The tangible costs of employee attrition would be the cost of training new employees, the recruitment and selection costs, adjustment time, possible product and/or service quality problems, costs of agency workers/temporary staff, the cost of loss productivity, the cost of lost knowledge and the cost of the position remaining vacant till a suitable replacement is found. The intangible costs, which may be even more significant than the tangibles, involve the effect of turnover on organizational culture, employee morale, social capital or organizational memory. All these costs would significantly take away the profitability and the competitive advantage of the firm.
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REASONS FOR ATTRITION
I. II. III. IV. V. VI. VII.
Deliberately Ruining the Relationship Persistently Annoying the Employee. Compelling Offer Expectation is Not Shaped Properly Life cycle Changes Not Managed Developmental Needs Beyond the Functional Are Not Met Wrong Hire
THE BRIGHTER SIDE OF ATTRITION:

Some employee turnover positively benefits organizations. This happens whenever a poor performer is replaced by a more effective employee, and can happen when a senior retirement allows the promotion or acquisition of welcome 'fresh blood'. Moderate levels of staff turnover can also help to reduce staff costs in organizations where business levels are unpredictable month on month. In such situations when business is slack it is straightforward to hold off filling recently created vacancies for some weeks.
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DISADVANTAGES OF ATTRITION
1. Whats Your Top Performing Employee Worth to You? Your best employees are invaluable it's as simple as that! For every penny they generate in sales, contract negotiation, savings, or whatever it is that they do, there's an untold wealth being tapped by their skills as ambassadors for your company. The goodwill they engender, the relationships they forge, can be worth more than you can calculate in profit alone. 2. So What Do You Lose When One Of Your Top Performers Quits? When that time comes, the cost can be just as hard to calculate. Of course, you'll lose the profit they've been creating. But what about all that goodwill? What about the relationships? What about the positive effect they've been having on all those around them inspiring greater performance from their colleagues as others aspire to be just like them? You need to know that when you recruit that special person, that you have the systems in place to retain them, and allow them to blossom with you not force them to take your training and investment and then look for a new employer whom they feel will really "appreciate" them! 3. Our Employee Engagement Barometer Can Put An End To The Heartache Of Watching Your Top Guns Heading For The Door. The Employee Engagement Barometer TM is essentially an "off-the-shelf" solution, which can be scaled and adapted to perfectly suit your needs, for a fraction of the cost of recruiting even a single candidate. Beginning with an initial consultation, we'll work together to assess your employee attrition rate, determine the scope of the project and agree the desired outcomes. You'll then have custom made post-induction and exit interviews crafted to get to the very heart of your business. Once the structure is in place, you can hand over the reins to us freeing up your time and allowing you to get on with what you do best!
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EMPLOYEE RETENTION
WHAT IS EMPLOYEE RETENTION?

Employee retention refers to the various policies and practices which let the employees stick to an organization for a longer period of time. Every organization invests time and money to groom a new joined, make him a corporate ready material and bring him at par with the existing employees. The organization is completely at loss when the employees leave their job once they are fully trained. Employee retention takes into account the various measures taken so that an individual stays in an organization for the maximum period of time. It is a process in which the employees are encouraged to remain with the organization for the maximum period of time or until the completion of the project. Employee retention is beneficial for the organization as well as the employee.
WHAT IS RETENTION ALL ABOUT?
R- REMUNERATE COMPETITIVELY E-ENCOURAGEMENT AND EXPECTATION T-TRAINING AND DEVELOPMENT A-ANNUAL REVIEW CYCLES I- INFORM AND INVOLVE N- NURTURE
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NEED & IMPORTANCE OF EMPLOYEE RETENTION
Let us understand why retaining a valuable employee is essential for an organization. Hiring is not an easy process: An organization invests time and money in grooming an individual and makes him ready to work and understand the corporate culture: When an individual resigns from his present organization, it is more likely that he would join the competitors: The employees working for a longer period of time are more familiar with the companys policies, guidelines and thus they adjust better: It has been observed that individuals sticking to an organization for a longer span are more loyal towards the management and the organization It is essential for the organization to retain the valuable employees having high potential.
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KEY AREAS IN EMPLOYEE RETENTION
COMPENSATION
SUPPORT
ENVIRONMENT
RELATIONSHIP
GROWTH
1) COMPENSATION: 2) It includes * * * * Basic wage House rent allowance Dearness allowance City compensatory allowance.
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2. ENVIRONMENT: Types of environment the employee needs in an organization: I. II. III. Learning environment: Supportive environment. Work environment.
3. GROWTH: Growth and Career Growth and development are the integral part of every individuals career. If an employee can not foresee his path of career development in his current organization, there are chances that hell leave the organization as soon as he gets an opportunity. The important factors in employee growth that an employee looks for himself are: Work profile Personal growth and dreams Training and development: 4. RELATIONSHIP Relationship with the immediate manager: Relationship with colleagues Induce loyalty
5. SUPPORT: Employers can support their employees in a number of ways as follows: By providing feedback By giving recognition and rewards By counselling them By providing emotional support
COMMON EMPLOYEE RETENTION STRATEGIES
The basic practices which should be kept in mind in the employee retention strategies are: 1. Hire the right people in the first place. 2. Empower the employees: Give the employees the authority to get things done. 3. Make employees realize that they are the most valuable asset of the organization. 4. Have faith in them, trust and respect them. 5. Provide them information and knowledge. 6. Keep providing them feedback on their performance. 7. Recognize and appreciate their achievements. 8. Keep their morale high. 9. Create an environment where the employees want to work and have fun. A. These practices can be categorized in 3 levels: * Low * medium * high level
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ROLE OF HR IN EMPLOYEE RETENTION
The Human Resource team plays an important role in employee retention. Let us find out their role in the same: Whenever an employee resigns from his current assignments, it is the responsibility of the HR to intervene immediately to find out the reasons which prompted the employee to resign It is the duty of the HR to sit with the employee and discuss the various issues face to face. Understand his problems and listen to his side of the story as well.. The HR person must ensure that he is recruiting the right employee who actually fits into the role. A right person doing the wrong job would never find his job interesting and certainly look for a change. The human resource department must conduct motivational activities at the workplace. Organize various internal as well as external trainings which help the employees to learn something extra apart from their routine work. The HR must launch various incentive schemes for the top performers to motivate them. This way the employees feel important for the organization and strive hard to perform even better the next time. Performance reviews are a must. The HR along with the respective team leaders must monitor their team members performance to ensure whether they are enjoying the work or not.
The HR professional must try his level best to motivate the employees, make them feel special in the organization so that they do not look for a change.
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CHALLENGES IN EMPLOYEE RETENTION
Monetary dissatisfaction is one of the major reasons for an employee to look for a change. Retention becomes a problem when an employee quotes an exceptionally high figure beyond the budget of the organization and is just not willing to compromise. In the current scenario, where there is no dearth of opportunities, stopping people to look for a change is a big challenge. Employees become greedy for money and position and thus look forward to changing the present job and join the competitors.. Individuals speak all kind of lies during interviews to get a job. It is only later do people realize that there has been a mismatch and thus look for a change. Problems arise whenever a right person is into a wrong profile. The human resource department should be very careful while recruiting new employees. Some individuals have a tendency to get bored in a short span of time. They might find a job really interesting in the beginning but soon find it monotonous and look for a change. The management finds it difficult to convince the employees in such cases. Unrealistic expectations from the job also lead to employees looking for a change. An individual must not look for a change due to small issues. One needs time to make his presence feel at the organization and must try his level best to stick to it for a good amount of time and ignore petty issues.
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HOW TO RETAIN THE KEY TELANT
Work should never become monotonous and must offer a new learning each day. Every individual should enjoy privacy at the workplace Every employee should be treated as one irrespective of his designation. The management must formulate employee friendly policies. Incentives, cash prizes, trophies, perks should be given to deserving employees to motivate them to perform up to the mark every time.
The performers must be made to participate in the decision making process.
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CHAPTER-3 RESEARCH METHODOLOGY
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RESEARCH METHODOLOGY
Research methodology is a way to systematically solve the research problem. It may be understood as a science of studying how research is done scientifically. In it we study steps that are generally adopted by a researcher in studying his research problem along with the logic behind them.
PROBLEM STATEMENT:-
A STUDY ON ATTRITION AND
RETENTION STRATEGY AT ANANDRATHI.
SIGNIFICANCE OF THE STUDY
The significance of the study lies in the detonation of the BROKERAGE industry in the recent years. Where on one hand the sector is growing with leaps and bounds, on the other the employee turnover has been alarmingly high, thus costing a lot to the company. The study is an attempt to assess the patterns of attrition in ANANDRATHI and analyze the Key factors of attrition rate and retain the employees.
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LITERATURE REVIEW
Employee attrition, a big cause for concern for firms, ranges between 15 per cent and 20 per cent. A company is not hurt because a certain person has left. The company is hurt because he/she takes away certain knowledge, and there is no ready replacement in the market. However, when jobs were scarce, the technology change was less rapid, voluntary attrition was small and companies managed it. However, with technology changing rapidly and manpower costs increasing, attrition is high and hurts badly. Many research and articles have been made on factors affecting attrition and retention strategy. According to Employee vulnerable study by NFO India 83% of employees are likely to seek new employment as the economy booms.48% of managers are likely to seek new employment with the improving economy. 56% of HR professionals indicated it is likely that voluntary turnover would rise due to the improving economoy. According to Phillips and Connell (2003:7), major changes have occurred in organizations both internally and externally making the employee retention issue more critical today than in previous years. Unfortunately, these changes will only worsen the crisis in the future. The following are the external drivers of retention: Economic growth, slower growth of job seekers, Unemployment rate at low levels, Shortage of special skill, Entrepreneurship, Job changes for more favorable climate. The following internal drivers, as highlighted by Phillips and Connell (2003:10) have a tremendous impact on turnover: Lack of organizational loyalty, Desire for challenging and useful work, Need for autonomy, flexibility, and independence, Need for performance-based rewards, Need for recognition of participation, accomplishments and contributions, Desire for all types of benefits, Career growth, need for caring supportive environment, need for work/life balance. Line managers have a key role in the employee retention process. As the person who has the most direct and immediate supervisory contact with the employee, the line manager is a critical

player in the implementation of a job retention strategy (Thornton, 1998; Cte et al. 2000; Krause et al. 2001;Unger et al. 2002). Livermore et al. (2001), note that the behaviors of immediate supervisors and especially their understanding of disability management and workplace accommodations plays a major role in supporting employees. When supervisors have a poor understanding in these areas, employment retention processes often fail. In a study of 31,200 Boeing employees, Colledge & Johnson (2000) found a strong correlation between the incidence of lost-time soft tissue injuries and a poor supervisor relationship, while Foreman et al. (2006) identify low or inadequate support from supervisors and colleagues that have a negative impact on job retention/return-to-work outcomes. Cunningham et al. (2003) recommend that the content of training delivered to managers should include the requirements of employment equality legislation and the possible implications of an employer failing to take appropriate action to facilitate an employees retention. Horwitz (2008:1) points out that in Asia, China and Japan, the problem of lack of skilled workers is seen to be the biggest threat organisations will face in the future. This places more pressure on South African organisations to compete for skilled labour in the global labour pool. In South Africa, according to Horwitz (2008:1), organisations are failing to retain workers, owing to the fact that employees quit their jobs because of lack of career advancement and ineffective utilization of their knowledge and skills. Attrition in India today is alarmingly high. The striking aspect is the insights different surveys and studies throw. According to Mercers study(1) (2011), almost 54% of Indians are seriously considering leaving their organization. This may not be directly connected to satisfaction with their organization; 66% of employees aged <25 are seriously considering leaving, but lead all age groups in satisfaction with their organization at 82%. The traditional understanding always points towards satisfaction as the reason of attrition if satisfaction is more, attrition should be less.
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OBJECTIVE OF THE STUDY

To understand the factors central to attrition. To calculate and analyse the attrition rate of Anandrathi.. To suggest the activities that they might undertake in order to decrease attrition rate & retain employees. To take efforts and measures to improve the situation and conditions of employment for retaining key talent. To understand the rules and policies followed by the organization of Exit interview.
ASSUMPTIONS
The assumptions made during the course of this project are as follows: The information provided by the person contacted is not having any kind of bias. The sample taken will represent the fair idea about study. It is believed that the employees will provide the real and authentic information.
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RESEARCH DESIGN
Research
Exploratory
Data Source
Primary Data
Research Technique
Telephonic Interview
(The list of questions used for survey is shown in Annexure and the type of questions is open ended.)
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SAMPLING PLAN:
Sampling Unit: The sampling unit mainly consists of employees who had left Anandrathi in 2010-11 from overall Gujarat.
Sample Size: We have done telephonic survey of about 150 employees out of which 120 have answered. So the sample size taken for analysis is 120.
SOURCES OF DATA:
Primary Data: Primary data has been collected through unstructured Questions having an informal talk with the employees who had left Anandrathi through telephone.
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LIMITATION OF STUDY T limitations LIMITATIONS:IONS:ATIONS: There are also some of this project, which must be kept in mind, they are as
follows:
Time was the most critical limiting factor. The responses from the employees could be casual in nature. This may be due to lack of interest or time on their part. Sample size taken is of 120, due to which we may not get the proper results. The method of study was the unstructured questions by telephonic survey which has its own limitations.
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CHAPTER-4 INFERENCES DRAWNAND ANALYSIS
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ATTRITION RATE OF ANANDRATHI

(The formula and correct logic behind calculation of ATTRITION RATE) ((No. Of attritions x 100) / (Actual Employees + New Joined)) /100
Attrition rate of 2010:
Actual Employees (Opening BAL) 180
No. Of people left (Attritions) 75
No. Of Joined
Total Employees (Current Headcount)
30
135
So according to the formula: ((75 x 100) / (180 + 30)) / 100 Which comes to 0.3571 i.e. 36% So Attrition rate in 2010 is 36%
Attrition rate of 2011:
Actual Employees (Opening BAL) 135
No. Of people left (Attritions) 44
No. Of Joined
Total Employees (Current Headcount)
23
114
So according to the formula: ((44 x 100) / (135+23)) / 100 Which comes to 0.2784 i.e. 28% So Attrition rate in 2011 is 28%
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ATTRITON RATE
28% 36%
2010 2011
INTERPRETATION OF ABOVE GRAPH:

From the above graph we can analyse that the attrition rate in 2010 was 36% whereas in 2011 it was 28%. The attrition rate in 2011 has decreased by 8% which is a good thing for Anandrathi.
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ANALYSIS DONE DURING OUR TRAINING
We have done analysis of employee attrition at Anandrathi for GUJARAT. There are total 7 branches currently. But we have taken the 2010 and 2011 attrition data at that time there were 13 branches and the no. of employees left the company according to the location are described below:
BRANCHES
NUMBER OF EMPLOYEES LEFT 3 8 12 3 29 20 24 7 2 5 4 2 1

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Adajan Anand C.G.Road Chandkheda Jetalpur Sattelite Surat Surat-Ringroad Vadodara-1 Vadodara-Commodities Vadodara-Retail Varachha Vyara
TELEPHONIC SURVEY
TELEPHONIC SURVEY:
We have done telephonic survey of total 150 employees out of which 120 have shared the
TELEPHONIC SURVEY: reasons for their resignation. Their distribution is as shown below.
SUB-DEPARTMENT
NO. EMPLOYEES
OF
Client Acquisition Sales Dealing Offline Broking Cross Products Franchisee Network Online Services Demat Operation & Support
4 40 24 6 27 7 8 2 2
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GRAPHICAL REPRESENTATION OF TELEPHONIC SURVEY

40 35 30 25 20 15 10 5 0 40
24
27
8 3 NO. OF EMPLOYEES LEFT 2
INTERPRETATION OF ABOVE GRAPH:

From the above graph we can analyse that maximum number of employees of Sales Department and Cross product department (have to sell third party product)leave the company and go for seeking better opportunity . While least number of employees of Operation & support and de-mat department leave the job.
Page 45
REASONS FOR ATTRITION OF EMPLOYEES NUMBER OF EMPLOYEES: REASONS

Stress from overwork and work-life imbalance Better Salary And Opportunity Too few growth and advancement opportunities Own Business Problem With The Company Culture And Supervisor Behaviour
AND THE
NUMBER OF EMPLOYEES
20 49 19 21 10
GRAPHICAL ANALYSIS OF THE SURVEY

49 50 45 40 35 30 25 20 15 10 5 0
20
19
21 10 N0. of Employees
Stress from overwork-
Better Salary-
Too few growth -
Own Business
Problem With The Bank Culture-
Page 46
INTERPRETATION OF THE GRAPH:

From the above graphical analysis we can conclude that the maximum number of employees leave the Company for better salary and opportunity. The next most common reason is few growth opportunities and starting of their own business.
10
20
Stress from overwork and worklife imbalance Better Salary And Opportunity Too few growth and advancement opportunities Own Business
21
19 49 Problem With The Company Culture-
Page 47
RETENTION STRATEGIES USED AT ANAND RATHI
Gives Warm welcome to the new joined. Provide them full information and knowledge about their products and Services. Recognize and appreciate their achievements by giving Rewards ( gifts, certificates, monetary and non monetary rewards). Gives an environment where the employees want to work and can have fun. During my 6 weeks training, I have noticed fun at work atmosphere at Anand Rathi. Provides training and development and personal growth opportunities to the employees. Intranet (intrarathi software) and internet is used as they provide full accesses to the information Newsletters, notice boards, etc. Celebrate birthday and anniversary of employees. Sends them a birth card for warm wishes. Med claim policy, travel expense policy, mobile expense policy, accidental policy, laptop policy are used for higher job satisfaction as well as to retain the employee. Employee referral policy is also used in which they give incentive from 5000 to 25000 according to the post. For retaining women employees they use special grievance policy.
Page 48
CHAPTER-5 FINDINGS & SUGGESTION
Page 49
FINDINGS
TELEPHONIC SURVEY:
From the above analysis of attrition rate in Anandrathi we can conclude that the employees are facing different problems due to which they resign or leave their supervisor or company. The attrition rate in 2010 was 36% that is decreased in 2011 and reached to 28% which is a good thing for anandrathi. From the above study we can note that 41.83% of the employees resign for better salary and opportunity. Highest no. Of employees left are from sales department. The other most serious problems that arises is few growth opportunity is 15.83% and leaving the company for starting their own business is 15%.
TELEPHONIC SURVEY:
As
the companys structure is flat and work atmosphere is good the least number of
employees left because of company culture and behaviour of the supervisor.
Page 50
SUGGESTION
TELEPHONIC SURVEY:
As maximum number of employees has left the company for better salary so
SURVEY: company should TELEPHONIC give hike in their salary at regular time interval.
As per their salary the work load is too much for employees so the company should decrease the work load for employees. As sitting arrangement is very congested at anandrathi so company should increase their space of working so the employees can feel relaxed and can enjoy work. The company should increase their staff of HR department in whole Gujarat for effective working as well as for retaining the key talents.
Page 51
CHAPTER-6 CONCLUSIONS
Page 52
CONCLUSION
TELEPHONIC SURVEY:
The study helped in TELEPHONIC understanding the SURVEY: relative important factors responsible for employee attrition. Our study helped in finding out the most critical reason of attrition at anandrathi that is salary better opportunity. From our study we also found that maximum numbers of employees who leave the company were from sales department. We also learned that though the salary might be high, employee would be willing to change their job for better development and opportunity as the second most critical reason is low growth and advancement opportunity. Anandrathi can retain employees by dealing with the most two critical factors behind attrition. Apart from the project there was also lots of things we learned at ananrathi which enhance our HR skills and gain a better understanding of functioning of HR.(like using the job portals like naukri.com, times job.com for job searching, job posting, mass mailing, Taking interviews, how to evaluate the candidates ,orientation, making offer letters etc.)
Page 53
BIBLIOGRAPHY
TELEPHONIC SURVEY: TELEPHONIC SURVEY:
1) Human resource management C.B.Memoria
2) Business Reserch methods Donald r copper, Pamela s schindler
3) Newspaper
WEBLIOGRAPHY:
(1) http://www.rathi.com (2) http://www.google.co.in/images?hl=en&source=imghp&q=electrotherm&gbv=2&aq=f&aqi=&a ql=&oq=&gs_rfai= (3) www.wikipedia.com (4) http://www.managementstudyguide.com/employee-retention.htm
Page 54
CHAPTER-7 ANNEXURE
Page 55
ANNEXURE
TELEPHONIC SURVEY:
This list of the questions listed TELEPHONIC below is suggested by the company for telephonic interview: SURVEY: 1. Name of the employee: 2. Branch name in which they were working: 3. supervisors name in which they were working: 4. At which post they are working in Anandrathi? 5. What salary they were offered in Anandrathi? 6. What are the reasons for leaving the bank? 7. Currently where they are working? 8. At which post and salary?
Page 56
EXIT INTERVIEW
Name: Designation: Reporting Authority: (1 being lowest and 4 being highest) THE JOB 1. The Opportunity to use your abilities and skills. 2. Recognition for the work you did. 3. Duties and Responsibilities were in Line with IPMs set. 4. The opportunity to do challenging and interesting work. COMMUNICATION, POLICIES & PRACTICES 1. The opportunity to talk with your Superior on a regular basis. 2. Information received on Companys policies, programs and projects through IWIN and your Superior. 3. Performance Appraisal, HR Policies and setting of IPM. WORKING CONDITIONS AND BENEFITS 1. Physical working conditions. 2. Opportunities to participate in decision-making. 3. Reception of new and original ideas. 4. Medical Benefits. 5. The Company as a place to work. 1 2 3 4 1 2 3 4 1 2 3 4 Employee Code: Department: Department Head:
Page 57
WHAT DID YOU THINK OF YOUR SUPERIOR ON THE FOLLOWING POINTS? YES NO 1. was consistently fair 2. Provided recognition 3. Resolved complaints 4. was sensitive to employees needs 5. Provided feedback on performance 6. was receptive to open communication WHAT WERE YOUR MOST IMPORTANT REASONS FOR LEAVING? Primary Reasons (Compulsory) Secondary Reasons Better Pay Better Prospect Dissatisfaction with Job Higher Study Medical Problem Personal Reason Relocation Personal Conflict with Superior Better Pay Better Prospect Dissatisfaction with Job Higher Study Medical Problem Personal Reason Relocation Personal Conflict with Superior
Page 58
EXIT INTERVIEW
When did you start thinking of resigning from the Job? One thing/ policy you like about Anandrathi?
One thing/ policy you would like to change in I Anandrathi?
Would you recommend Anandrathi to a friend as a good place to work for? If No, why not?
Would you consider working for Anandrathi in future? If No, why not?
If we could change some things to get you back, what would they be?
Signature of Employee Signature of Interviewer
Date Place
Please give your personal email id and contact number for future communication.
E-mail:
Tel/ Mobile:
Page 59
EXIT FORM
Emp. Name: _____________________________________ Emp. Code: ____________________ Date of Joining: _____/______/___________ Date of leaving: _____/______/___________ Notice period served(Y/N no of days): ________Notice period waived: _________________ Leave taken: _________________ Accrued: _________________ Dues Salary Reimbursement Other Total Amount(Rs) Advances Loan IOU taken Others Total Amount(Rs) Net Payable (Amount Rs)
Amt Received in full settlement (Rs) By Chq No. _____________ Drawn on Bank ______________________________________ Dated _________________ I hereby declare that I am resigning from the company and above information is true and correct. I shall be personally responsible for any false information. I also undertake to inform credit card, bank and cell phone Company for discontinuation of my services And also undertake that payment of these outstanding will be my personal responsibility. I further declare that I have not violated any confidentiality conditions and shall comply with them even after leaving the company. I confirm that I do not have any document or information related to the companys business, customers etc. I also confirm that all my dues have been fully settled and there is no outstanding payable from the company to me.
_________________________________ Signature of the Department Head
Signature of the Employee
Page 60
EXIT FORM
For Office Use Only
S.No
1 2 3 4 5 6 7 8 9 10 11 12 13
Particulars
Exit Interview Job responsibilities handed over to HR related formalities Company assets/documents returned to Mail ID disconnected/ Web ID disconnected Server/Other confidential Password Changed IOU/Loan Cleared / Corp. credit card ID Card Returned Sim Card / Data Card Handover of office keys/floppies etc Desktop Printer Any Other
Applicable (Yes/No)
Responsibilities
Name Signature
Remarks
Signature of the Dept Head ______________
Signature of the HR Dep_______________
Page 61

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EMPLOYEE ATTRITION AND RETENTION STRATEGIES

INDUS INSTITUTE OF TECHNOLOGY & ENGINNERING

EMPLOYEE ATTRITION AND RETENTION STRATEGIES

HISTORY OF THE STOCK BROKING INDUSTRY

INDUS INSTITUTE OF TECHNOLOGY & ENGINNERING

EMPLOYEE ATTRITION AND RETENTION STRATEGIES

INDUS INSTITUTE OF TECHNOLOGY & ENGINNERING

EMPLOYEE ATTRITION AND RETENTION STRATEGIES

KEY GROUP COMPNIES

Anand Rathi Financial Services Limited

Anand Rathi Wealth Advisors

Anand Rathi Commodities Limited

AR Middle East DMCC

Member - NCDEX, MCX & NMCE

Real Estate Private Equity

Member, Dubai Gold & Commodities Exchange

Anand Rathi Share and Stock Brokers

Rathi Global Finance NBFC

Investment Banking Member - NSE/BSE Depository participant NSDL/CDSL

PRIVATE & CONFIDENTIAL

INDUS INSTITUTE OF TECHNOLOGY & ENGINNERING

EMPLOYEE ATTRITION AND RETENTION STRATEGIES

VISSION & PHILOSOPHY OF ARG

INDUS INSTITUTE OF TECHNOLOGY & ENGINNERING

EMPLOYEE ATTRITION AND RETENTION STRATEGIES

CORE VALUES OF ARG

Customer focus Speed and innovation Professional pride Mutual respect

INDUS INSTITUTE OF TECHNOLOGY & ENGINNERING

EMPLOYEE ATTRITION AND RETENTION STRATEGIES

LIST OF NEW INVENTIONS IN SUCCESSIVE YEAR

INDUS INSTITUTE OF TECHNOLOGY & ENGINNERING

EMPLOYEE ATTRITION AND RETENTION STRATEGIES

ARGS CORE STRENGTHS

INDUS INSTITUTE OF TECHNOLOGY & ENGINNERING

EMPLOYEE ATTRITION AND RETENTION STRATEGIES

INDUS INSTITUTE OF TECHNOLOGY & ENGINNERING

EMPLOYEE ATTRITION AND RETENTION STRATEGIES

ARGS REGINIONAL HUB

Mumbai head office

INDUS INSTITUTE OF TECHNOLOGY & ENGINNERING

EMPLOYEE ATTRITION AND RETENTION STRATEGIES

INCOMPARABLE PRODUCTS RANGE UNDER ONE ROOF

INDUS INSTITUTE OF TECHNOLOGY & ENGINNERING

EMPLOYEE ATTRITION AND RETENTION STRATEGIES

INDUS INSTITUTE OF TECHNOLOGY & ENGINNERING

EMPLOYEE ATTRITION AND RETENTION STRATEGIES

INDUS INSTITUTE OF TECHNOLOGY & ENGINNERING

EMPLOYEE ATTRITION AND RETENTION STRATEGIES

AWARDS & RECOGNITION

ARGS CURRENT OPERATION

INDUS INSTITUTE OF TECHNOLOGY & ENGINNERING

EMPLOYEE ATTRITION AND RETENTION STRATEGIES

LEVEL OF HIERARCHY AT ANANDRATHI

Cross Product Head

INDUS INSTITUTE OF TECHNOLOGY & ENGINNERING

EMPLOYEE ATTRITION AND RETENTION STRATEGIES

INDUS INSTITUTE OF TECHNOLOGY & ENGINNERING

EMPLOYEE ATTRITION AND RETENTION STRATEGIES

CHAPTER-2 EMPLOYEE ATTRITION AND RETENTION STRATEGIES

INDUS INSTITUTE OF TECHNOLOGY & ENGINNERING

EMPLOYEE ATTRITION AND RETENTION STRATEGIES

INTRODUCTION TO TOPIC EMPLOYEE ATTRITION AND EMPLOYEE RETENTION

WHAT IS EMLOYEE ATTRITION:A