ABSTRACT: This project focuses on Effectiveness of employee retention at Bajaj Allianz Life Insurance Company Limited .

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. INTRODUCTION: INDUSTRY PROFILE: Insurance is a contract whereby, in return for the payment of premium by the insured, the insurers pay the financial losses suffered by the insured as a result of the occurrence of unforeseen events. With the help of Insurance, large number of people exposed to a similar risk makes contributions to a common fund out of which the losses suffered by the unfortunate few, due to accidental events, are made good. Insurance may be described as a social device to reduce or eliminate risk of life and property. Under the plan of insurance, a large number of people associate themselves by sharing risk, attached to individual. The risk, which can be insured against include fire, the peril of sea, death, incident, & burglary. Any risk contingent upon these may be insured against at a premium commensurate with the risk involved. Insurance is actually a contract between 2 parties whereby one party called insurer undertakes in exchange for a fixed sum called premium to pay the other party happening of a certain event. COMPANY PROFILE: Bajaj Allianz is the joint venture of 74:26 between Bajaj auto one of the biggest 2, 3 wheeler manufacture in the world, Allianz AG (Germany) one of the world largest insurer. Bajaj Allianz is the leading private sector life insurer and today has a network presence in over 900 towns spread across the country. Bajaj Allianz strengthen its product portfolio and aggressively expanded its distribution network from 60 cities t0 117 cities, 200 towns and also opened 170 satellite offices.

BALIC came into being on 12th March 2001. Bajaj Allianz Life Insurance started its journey on May 2, 2001 when it received the certificate of Registration from Insurance Regulatory and Development Authority (IRDA) for conducting General Insurance business in India including Health Insurance. RESEARCH METHODOLOGY: BACKGROUND OF THE STUDY: Organizations these days want to protect their biggest and most valuable asset and they want to do this in a way that best suits their organizational culture. Retaining employees is a difficult task; it is not about managing retention. It is about managing people. If an organization manages people well, employee retention will take care of itself. Philosophically, employee retention is important; in almost all cases, it is senseless to allow good people to leave your organization. When they leave, they take with them intellectual property, relationships, investments (in both time and money), an occasional employee or two, and a chunk of your future. In todays competitive world no business organization can run without effective and efficient human resource. There may be larger amount of money involved but its proper use depends upon the man power. Attrition has become a major problem. Organization is very concerned about retaining employee for their long term success and growth. At the same time human resource is a very sensitive and dynamic resource. Manpower is very valuable and precious for its long run success. The purpose of retaining its employee is an important issue, various tools and measures are used in order to retain employees for long. Since employee turnover involves cost for company. To have a complete edge organization is very much concerned about retention of employee. STATEMENT OF THE PROBLEM: The purpose of the research is to investigate and analyze how company can retain their key employees and to see what factors are more influential than others, so that proper factors could be used to analyze to reduce attrition rates by human resource department at Bajaj Allianz Life Insurance Company Limited.

There are many factors which are responsible for retention of employees. This study is to find out effectiveness of retention of employees at Bajaj Allianz Life Insurance Company Limited. NEED AND IMPORTANCE OF THE STUDY: The study provides an overall view about how to retain the employees in the organization and how to reduce turnover of employees. The study focuses to find out the factors and also suggest some of the remedial measures to overcome the barriers and the study also focuses on how to curb attrition rates at Bajaj Allianz Life Insurance Company Limited. OBJECTIVES OF THE RESEARCH: To identify the risk areas that might cause turnover of the employees in the organization. To determine the factors that retains the employees in the organization.

TYPE OF RESEARCH: Descriptive Research: This particular design is suited for my study as I attempted to study the extent of differences in the needs, perception, attitudes and characteristics of the employees. It seeks to answer why and how questions. SAMPLING TECHNIQUE: Non- probability Sampling: Convenient Sampling. RESEARCH INSTRUMENT: The Structured questionnaire is used as the research instrument for the study. The questionnaire consists of closed ended questions, open ended questions, Dichotomous questions(Yes or No), Likert 5 point scale questions (Highly satisfied, Satisfied, Neither Satisfied nor dissatisfied, Dissatisfied, Highly dissatisfied), Category scale (Multiple items) questions in order to get data. The statistical tools used for analyzing the data collected are percentage method, and pie diagrams.

ACTUAL COLLECTION OF DATA: Primary Sources: Primary data is the new or fresh data collected through distribution of questionnaires and knowing the response of the employees. Secondary Sources: Data has also been collected from companys records, brochures, magazines and Web sites. FINDINGS: 1) The risk areas that might cause turnover of the employees in the organization were: All most all the employees are dissatisfied with the working hours of the organization. All most 66% of the employees are dissatisfied with the salary offered for them by the organization. All most 64% of the employees are not satisfied with the benefits offered by the organization. The 44% of the employees under the age group 36 - 40 and above 40 are dissatisfied with the working hours of the organization. All the age group of the employees feels that there is no job security in this organization. All the age groups are satisfied with the opportunities offered by the organization for further advancement in accordance with the age. Most of the employees are satisfied with the opportunities offered by the organization for further advancement in accordance with the educational qualification. Most of the employees are highly qualified. And they are satisfied with the chances given to them to take decision. Both the married and unmarried employees are dissatisfied with the flexibility of working hours in the organization.

The 58% of the married employees are satisfied with the benefits offered in the organization.

30% of male employees are satisfied with the benefits offered by the organization and 29% of female employees are satisfied with the benefits offered by the organization.

Most of employees are experienced between 4 - 7 years and above 7 years they are satisfied with their involvement in decision making.

Most of the employees are satisfied with the promotions, performance appraisal and grievance handling in the organization among all other factors.

Most of the male employees are satisfied with the organization culture. Most of the employees agree that exit interviews are conducted in the organization. The work standards followed in the organization is not satisfactory.

2) The factors that can retain the employees in the organization were: Flexibility in working hours. Increase in pay scale. Authority to take decisions. Providing more benefits. Providing opportunity for advancement.

SUGGESSTIONS: 1. To improve the pay scale of the employees. 2. To provide better training for the employees join. 3. To provide more benefits. 4. To maintain flexibility in working hours. 5. To provide more job security.

6. Develop an attractive employee value proposition. 7. Create a total reward structure that includes more than compensation

RECOMMENDATIONS: 1. Give feedback on employee performance on a regular basis. 2. Flexible in terms of work-life balance. 3. Create a culture of engagement. 4. Train managers to be effective.

CONCLUSION As employees are the bases for company so retention of employees is a major focus for human resource department. The management should identify the important factors that affect retention and should take necessary measures to improve these. Also, the management should take appropriate measure to identify the reasons of employee voluntarily leave. Retention comprises important elements such as the need or content, search and choice of strategies, goal-directed behavior, social comparison of rewards reinforcement, and performancesatisfaction. The increasing attention paid towards Retention is justified because of several reasons. Motivated employees come out with new ways of doing jobs. They are quality oriented. They are more productive. Any technology needs motivated employees to adopt it successfully. But employees, do, leave, either because they want more money, hate the working conditions, hate their co-workers, want a change, or because their spouse gets a dream job in another state. Unlike inanimate products and systems that subject themselves to fine tuning without any reaction, employees would not subject themselves to any measure taken without reaction and analysis. Hence managing human resources, particularly retaining them, is an art that calls for special skills and strategies. Employee survey and exit interviews can be used for assessing the reasons of employee voluntarily leave. HR interventions such as improving selection process, effective orientation and training, better employee relation, better career development programs and planning etc should be used to improve employee retention.