1. SUMMER TRAINING PROJECT REPORT
ON
STUDY ON “RETENTION ISSUE OF METLIFE INDIA”
SUBMITTED IN PARTIAL FULFILLMENT OF
REQUIREMENTS
OF BACHELOR OF BUSINESS ADMINISTRATION
(B.B.A.)
BBA V (E)
BATCH -2010-2013
Submitted To: Submitted by:
Ms. Shalini Aggarwal Karanvir saluja
(Asst. Professor) 04524501710
JAGANNATH INTERNATIONAL MANAGEMENT
SCHOOL
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2. STUDENT’S UNDERTAKING
I hereby certify that this is my original work and it has never been
submitted elsewhere.
Project Guide:
Ms. SHALINI AGGARWAL
(Asst. Professor)
By: Karanvir singh saluja
2

3. STUDENT DECLARATION
I karanvir singh saluja, student of BBA here by declared that the research report
entitled “RETENTION ISSUES OF METLIFE IN INDIA” is completed and submitted
under the guidance of Ms.Shalini Aggarwal is my original work. The imperial
finding in this report is based on the data collected by me. I have submitted this
project report to JIMS (Jagannath Institute of Management School) Kalkaji, New
Delhi
DATE: KARANVIR SALUJA
BBA Vth SEM
ROLL NO. 04524501710
3

4. ACKNOWLEDGEMENT
I acknowledge the sincere assistance provided to me from several rather
unexpected quarters during the course of execution of this study. It would be
a mammoth task to place on record my gratitude to each and every one of
them but a whole hearted attempt would be made nevertheless, least I be
branded ungrateful.
I am extremely thankful to Mr.VINOD BALODI, (General Manager) for giving
me an opportunity to undergo training in METLIFE INDIA INSURANCE
CO.LTD and making my stay at METLIFE INSURANCE a memorable learning
experience.
Where the emotions are involved words cease to work. I am deeply indebted to
MS.SHALINI AGGARWAL for her encouragement, affections, valuable advice
and guidance that helped me to complete this project successfully.
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5. LIST OF CONTENTS:
SR NO: CONTENTS PAGE NO:
CHAPTER 1
1.1 Introduction 9
1.2 Employee retention 12
CHAPTER 2
2.1 Introduction 18
2.2 Statement of the Problem 24
2.3 Scope of the Study 25
2.4 Objectives of the study 26
2.5 Operational Definitions 27
2.6 Methodology 28
2.7 Tools and Techniques 29
2.8 Limitation 30
2.9 Overview
CHAPTER 3
3.1 History 32
5

6. 3.2 Functional structure 34
3.3 Organization Structure 37
3.4 SWOT Analysis 39
3.5
3.6
3.7
CHAPTER 4
4.1 Analysis and Interpretation 41
CHAPTER 5
5.1 Summary of Findings, Conclusions and 58
suggestions
6

7. CHAPTER 1:
HUMAN RESOURCE MANAGEMENT
1.1 INTRODUCTION
7

8. 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 (for-profit or nonprofit) have to carry
out these activities themselves because they can't yet afford part or full-time help.
However, they should always ensure that employees have -- and are aware of --
personnel policies which conform to current regulations. These policies are often
in the form of employee manuals, which all employees have
1.2 Employee Retention:
8

9. Effective employee retention is a systematic effort by employers to create and
foster and 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 realize 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, organizations can either hold on to their employees tight or lose them
to
9

10. 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 organizational
knowledge and learning. Employee retention matters, as, organizational 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.
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11. WHAT IS EMPLOYEE RETENTION?
The picture states the latest
statement that corporate
believes in
“Love
them or lose them”
Employee Retention involves taking measures to encourage employees to remain
in the organization for the maximum period of time. Corporate is facing a lot of
problems in employee retention these days. Hiring knowledgeable people for the
job is essential for an employer. But retention is even more important than hiring.
There is no dearth of opportunities for a talented person. There are many
organizations which are looking for such employees. If a person is not satisfied by
the job he’s doing, he may switch over to some other more suitable job.
In today’s environment it becomes very important for organizations to retain their
employees. The top organizations are on the top because they value their
employees and they know how to keep them glued to the organization. Employees
stay and leave organizations for some reasons. The reason may be personal or
professional. These reasons should be understood by the employer and should be
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12. taken care of. The organizations are becoming aware of these reasons and
adopting many strategies for employee retention.
1.3 IMPORTANCE OF EMPLOYEE RETENTION:
Now that so much is being done by organizations to retain its employees, why is
retention so important? Is it just to reduce the turnover costs? Well, the answer is a
definite no. It’s not only the cost incurred by a company that emphasizes the need
of retaining employees but also the need to retain talented employees from getting
poached.
The process of employee retention will benefit an organization in the following
ways:
1. The Cost of Turnover: The cost of employee turnover adds hundreds of
thousands of money to a company's expenses. While it is difficult to fully
calculate the cost of turnover (including hiring costs, training costs and
productivity loss), industry experts often quote 25% of the average employee
salary as a conservative estimate.
2. Loss of Company Knowledge: When an employee leaves, he takes with him
valuable knowledge about the company, customers, current projects and past
history (sometimes to competitors). Often much time and money has been spent
on the employee in expectation of a future return. When the employee leaves, the
investment is not realized.
12

13. 3. Interruption of Customer Service: Customers and clients do business with a
company in part because of the people. Relationships are developed that
encourage continued sponsorship of the business. When an employee leaves, the
relationships that employee built for the company are severed, which could lead to
potential customer loss.
4. Turnover leads to more turnovers: When an employee terminates, the effect
is felt throughout the organization. Co-workers are often required to pick up the
slack. The unspoken negativity often intensifies for the remaining staff.
5. Goodwill of the company: The goodwill of a company is maintained when the
attrition rates are low. Higher retention rates motivate potential employees to join
the organization
.
6. Regaining efficiency: If an employee resigns, then good amount of time is lost
in hiring a new employee and then training him/her and this goes to the loss of the
company directly which many a times goes unnoticed. And even after this you
cannot assure us of the same efficiency from the new employee.
13

14. 1.4 WHAT MAKES EMPLOYEE LEAVES?
Employees do not leave an organization without any significant reason. There are
certain circumstances that lead to their leaving the organization. The most
common reasons can be: Job is not what the employee expected to be: Sometimes
the job responsibilities don’t come out to be same as expected by the candidates.
Unexpected job responsibilities lead to job dissatisfaction.
1. Job and person mismatch: A candidate may be fit to do a certain type of job
which matches his personality. If he is given a job which mismatches his
personality, then he won’t be able to perform it well and will try to find out
reasons to leave the job.
2. No growth opportunities: No or less learning and growth opportunities in the
current job will make candidate’s job and career stagnant.
3. Lack of appreciation: If the work is not appreciated by the supervisor, the
employee feels de-motivated and loses interest in job.
4. Lack of trust and support in co-workers, seniors and management: Trust is
the most important factor that is required for an individual to stay in the job. Non
supportive co-workers, seniors and management can make office environment
unfriendly and difficult to work in.
5. Stress from overwork and work life imbalance: Job stress can lead to work
life imbalance which ultimately many times lead to employee leaving the
organization.
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15. 6. Compensation: Better compensation packages being offered by other
companies may attract employees towards themselves.
7. New job offer: An attractive job offer which an employee thinks is good for
him with respect to job responsibility, compensation, growth and learning etc. can
lead an employee to leave the organization.
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16. CHAPTER 2
DESIGN OF THE STUDY
2.1 INTRODUCTION:
16

17. Employee retention 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.
Employees today are different. They are not the ones who don’t have good
opportunities in hand. As soon as they feel dissatisfied with the current employer
or the job, they switch over to the next job. It is the responsibility of the employer
to retain their best employees. If they don’t, they would be left with no good
employees. A good employer should know how to attract and retain its employees.
Retention involves three major things:
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18. COMPENSATION SUPPORT GROWTH
Compensation:
Compensation constitutes the largest part of the employee retention process. The
employees always have high expectations regarding their compensation packages.
Compensation packages vary from industry to industry. So an attractive
compensation package plays a critical role in retaining the employees.
Compensation includes salary and wages, bonuses, benefits, prerequisites, stock
options, bonuses, vacations, etc. While setting up the packages, the following
components should be kept in mind:
Salary and monthly wage: It is the biggest component of the compensation
package. It is also the most common factor of comparison among employees. It
includes
 Basic wage
 House rent allowance
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19.  Dearness allowance
 City compensatory allowance
Salary and wages represent the level of skill and experience an individual has.
Time to time increase in the salaries and wages of employees should be done. And
this increase should be based on the employee’s performance and his contribution
to the organization.
Bonus: Bonuses are usually given to the employees at the end of the year or on a
festival.
Economic benefits: It includes paid holidays, leave travel concession, etc.
Long-term incentives: Long term incentives include stock options or stock
grants. These incentives help retain employees in the organization's startup stage.
Health insurance: Health insurance is a great benefit to the employees. It saves
employees money as well as gives them a peace of mind that they have somebody
to take care of them in bad times. It also shows the employee that the organization
cares about the employee and its family.
After retirement: It includes payments that an Employee gets after he retires like
EPF (Employee Provident Fund) etc.
Miscellaneous compensation: It may include employee assistance programs (like
psychological counseling, legal assistance etc), discounts on company products,
use of a company cars, etc.
19

20. Growth and Career:
Growth and development are the integral part of every individual’s career. If an
employee can not foresee his path of career development in his current
organization, there are chances that he’ll 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: The work profile on which the employee is working should be in
sync with his capabilities. The profile should not be too low or too high.
Personal growth and dreams: Employees responsibilities in the organization
should help him achieve his personal goals also. Organizations cannot keep aside
the individual goals of employees and foster organizations goals. Employees’
priority is to work for them and later on comes the organization. If he’s not
satisfied with his growth, he’ll not be able to contribute in organization growth.
Training and development: Employees should be trained and given chance to
improve and enhance their skills. Many employers fear that if the employees are
well rained, they’ll leave the organization for better jobs. Organization should not
20

21. limit the resources on which organization’s success depends. These trainings can
be given to improve many skills like:
 Communications skills
 Technical skills
 In-house processes and procedures improvement related skills
 C or customer satisfaction related skills
 Special project related skills
Need for such trainings can be recognized from individual performance reviews,
individual meetings, employee satisfaction surveys and by being in constant touch
with the employees.
21

22. Support:
Lack of support from management can sometimes serve as a reason for employee
retention. Supervisor should support his subordinates in a way so that each one of
them is a success. Management should try to focus on its employees and support
them not only in their difficult times at work but also through the times of
personal crisis.
The feedback from supervisor helps the employee to feel more responsible,
confident and empowered. Top management can also support its employees in
their personal crisis by providing personal loans during emergencies, childcare
services, employee assistance programs, counseling services, et al.
Employers can also support their employees by creating an environment of trust
and inculcating the organizational values into employees. Thus employers can
support their employees in a number of ways as follows:
o By providing feedback
o By giving recognition and rewards
o By counseling them
o By providing emotional support
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23. 2.2 STATEMENT OF THE PROBLEM:
Retention is the major concerning issue in many of the organizations today.
Employee Retention involves taking measures to encourage employees to remain
in the organization for the maximum period of time. Corporate is facing a lot of
problems in employee retention these days. Hiring knowledgeable people for the
job is essential for an employer. But retention is even more important than hiring.
There is no dearth of opportunities for a talented person. There are many
organizations which are looking for such employees. If a person is not satisfied by
the job he’s doing, he may switch over to some other more suitable job. In today’s
environment it becomes very important for organizations to retain their
employees.
The top organizations are on the top because they value their employees and they
know how to keep them glued to the organization. Employees stay and leave
organizations for some reasons. Thus it is important to know the reasons to reduce
attrition in the organisation.
23

24. 2.3 SCOPE OF STUDY:
The project limits to only 1 branch of MetLife in Bangalore and the project was
accomplished with the complete support of all the printed materials required and
the information needed and a supportive staff.
24

25. 2.4 OBJECTIVES OF THE STUDY:
• To study retention strategies implemented in MetLife
• To analyze employee perception on retention strategies
• To study factors which help in employee retention
• To study the drawback of current strategy used
• To develop new retention strategies
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26. 2.5 OPERTIONAL DEFINATION OF CONCEPTS:
i. Compensation
Compensation constitutes the largest part of the employee retention process.
The employees always have high expectations regarding their compensation
packages.
Compensation packages vary from industry to industry. So an attractive
compensation package plays a critical role in retaining the employees.
ii. Attrition rate:
Attrition rate/ churn rate is a measure of the number of individuals or items
moving into or out of a collection over a specific period.
It is a reduction in the number of employees through retirement, resignation or
death. Thus, we can see that attrition rate and retention rate are very closely
related and loosely speaking attrition rate is inverse of retention rate.
26

27. 2.6 RESEARCH METHODOLOGY:
RESEARCH DESIGN: An exploratory research design is used for the project
SAMPLE SIZE : 50 respondents
SAMPLE DESIGN :
A Sample design is a definite plan for obtaining a sample from a given population.
It is the procedure used by the researcher in selecting items for the sample. Thus
Stratified Random Sampling technique is used.
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28. 2.7 TECHNIQUES OF DATA COLLECTION:
PRIMARY SOURCE:
• Personal discussions with HR manager
• Questionnaire
SECONDARY SOURCE:
• Journals
• Books
• Websites (given in the annexure)
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29. 2.8 LIMITATIONS:
• One constraint has been regarding the cost, as study involves the collection
of primary and secondary data. Therefore, the cost incurred was much
more.
• Another constraint has been geographical area, which is confined only to
MetLife (M.G Road Branch.)
• Normally employees hesitate to disclose the information.
29

30. CHAPTER 3
PROFILE OF THE COMPANY
30

31. 3.1 HISTORY:
MetLife: A Fortune 500 company in India. The Metropolitan Life Insurance
Company (MetLife ®), established in1868, is one of the largest insurers in the US,
with over US$ 2.4 trillion of life insurance. MetLife serves approximately 10
million individual households in the US as well as 88 of the Fortune 100
companies. MetLife’s institutional clients have approximately 33 million
employees and members. MetLife India Life Insurance Company Private Limited
was incorporated in India in 2001 as a joint venture between MetLife International
Holdings Inc., The Jammu and Kashmir Bank, M. Palling and Co. Pvt. Ltd. and
other private investors. MetLife India has developed and distributes a range of life
insurance products in India.
MetLife India is headquartered in Bangalore with offices and presence in major
Indian cities, and an additional 1000 outreach points through its channel partners.
MetLife India is driven by the principles of uncompromising integrity and the
highest level of professionalism. Its mission is to work with utmost integrity,
fairness and financial prudence in all its dealings.
The company has 600 employees, 3,000 commission agents and 300- 400 other
distributors. MetLife India has a capital base of US$ 35 million. Working towards
a goal of 5 million customers by 2010, MetLife India currently has more than
100,000 customers.
31

32. MetLife is a joint venture between its parent company, Metropolitan Life
Insurance Company (MetLife), Jammu and Kashmir Bank, M.Pallonji and Co.
and other private investors. MetLife, having 130-year-old reputation, is the largest
Life Insurance Company in the U.S. MetLife operates in 15 countries throughout
Americas, Europe and Asia and it serves approximately 9 million individual
households in the U.S as well as 87 of the Fortune 100 companies.
MetLife benefits from its parent company’s global presence in the field of
insurance, track record of establishing successful insurance operations in
emerging markets and the unique strengths of its other Indian promoters. MetLife,
headquartered in Bangalore, delivers value and world class service to customers
through its financial advisors and corporate sales representatives.
VISION:
“To be formidable player in the industry in the Indian Life Insurance Industry”
METLIFE CORE VALUES:
• INTEGRITY AND HONESTY
• INNOVATION
• PARTNERSHIP
32

33. MetLife Worldwide:
• Financially strong company
• A recognized brand name
• Serves 90 of 100 Fortune 500 companies
• Largest life insurer by sales
• A Fortune -39 company
• A 140 year old financial giant
• Assets> USD 580 Billion
• Trustworthy company -70 Million customers world wide
• Highest ratings by external agencies
3.2 FUNCTIONAL STRUCTURE:
MetLife’s sales function is divided into two functional structures within the
organization. These two Structures are: Banc assurance, Agency
Both types of structures are described as follows:
BANCASSURANCE OR BANCA: -
33

34. MetLife is a pioneer in offering life insurance solutions through banks and
alliances. Within a short span of two years, and with nearly a large number of
partners, B & A has emerged as a vital component of the company’s sales and
distribution strategy, contributing to approximately one third of company’s total
business. The business philosophy at B&A is to leverage distribution synergies
with their partners and add value to its customers as well as the partners.
Flexibility, adaptation and experimenting with new ideas are the hallmarks of this
channel. The business philosophy at B&A is to leverage distribution synergies
with its partners and add value to the business of both. Bancassurance Team
include
Banks:
• The Jammu and Kashmir Bank
• Axis Bank
• Dhanalakshmi Bank
• Karnataka Bank
Corporate Agents:
• Karvy Consultants Limited
• Geojit Securities
• Way2wealth Consultancy
• Mini Muthoottu Bank
34

35. AGENCY:-Agency is the largest distribution channel of MetLife comprising a
large advisor force that targets various customer segments. The strength of agency
lies in an aggressive strategy of expanding and procuring quality business. With
focus on sales & people development, agency has emerged as a robust, predictable
and sustainable business model. Generally this advisors works under the
leadership
of sales manager, who motivate them in every step by providing training and
guidance to them, usually each sales manager have 20 to 30 advisors under them.
• Branch Sales Manager (BSM)/ Area manager
• Agency Manager(AM)
• Sales Manager (SM)
Advisors:- Advisors are the people who are the regular employees of the
METLIFE, Commissioned agents are also a part of agency but they are not the
regular employees of the company and are being paid for insuring peoples with
MetLife’s traditional and nontraditional insurance policy.
35

36. 3.3 ORGANIZTIONAL STRUCTURE:
MANAGING DIRECTOR
ACTURIAL COMPLIANCE AGENCY HUMAN MARKETING
ACTURIAL COMPLIANCE AGENCY HUMAN MARKETING
RESOURCES
RESOURCES
STATUTORY
STATUTORY INERNAL
INERNAL REGIONAL
REGIONAL REWARDS AND
REWARDS AND BRAND MGMT
BRAND MGMT
VALUATION CONTROL AGENCY SALES
AGENCY SALES PERFORMANCE
VALUATION CONTROL PERFORMANCE
INDIVIDUAL
INDIVIDUAL BOARD AFFAIRS
BOARD AFFAIRS CHANNEL
CHANNEL
CORE AGENCY
CORE AGENCY REGIONAL HR
REGIONAL HR
PRICING
PRICING MKTG
GROUP IRDA INTERNAL
AGENCY RECRUITMENT
BUSINESS COMM.
STRATEGY
GAAP RBI SALES TRAINING PAYROLL GOVT.
SERVICES RELATIONS
Fig: 1
36

37. BANGALORE AGENCY:
MetLife Bangalore branch is divided into three agency headed by one agency
manager with senior sales managers and sales managers in their individual team.
Then the sales manager appoint financial advisors who work as the agents for the
company. The multiple distribution channels will help an insurance company to
offer a range of contact points to the customer, thereby increasing the chances of
success.
However, along with these distribution channels comes the challenge of
'relationship management'. Since most of the new channels involve collaboration
with various entities whose demands and powers of negotiation are varied, it
requires delicate skills on the part of the insurance company to manage these
relationships. Effective management of channel conflict, and curtailing the costs
of distribution will be of utmost importance. The advisory agents undergo proper
training prior to join the organization in assigned branches.
37

38. 3.4 SWOT ANALYSIS:
38

39. 39

40. CHAPTER 4
ANALYSIS AND INTERPRETATION
4.1 ANALYSIS AND INTERPRETATION OF DATA:
40

41. This chapter analysis the data collected with respect to the objectives of the
project and draws appropriate inferences there from
Objective 1: To study the retention strategies implemented in MetLife
TABLE 1: For how long have you been working in MetLife?
NUMBER OF YEARS NUMBER OF
RESPONDENTS
3-4 YEARS 35
2-3 YEARS 10
1-2 YEARS 3
<1 YEAR 2
GRAPH 1:
INFERENCE:
41

42. The graph(1) shows that there are 35 employees who have been working in
MetLife for almost 5 years and only 5 have joined within a time span of 1-2 years.
TABLE 2: Are you satisfied with your current job?
OPTIONS NUMBER OF RESPONDENTS
YES 45
NO 5
42

43. GRAPH 2:
INFERENCE:
The graph (2) shows that maximum numbers of employees are satisfied with the
job in MetLife and only 5 employees are dissatisfied.
ANALYSIS:
The company takes ample measure to retain their employees in the organization
for the company to grow in all ways.
The major issue faced by all employees in all jobs is the growth career and it is
resolved only through identification of proper adequate training needs and
implementing it.
MetLife always initiates training requirements and supports the employees. The
main aim of MetLife is to equipping the employees to become an all –round sales
professional through world class training and coaching. This training support is
done through:
• Product and Process training
• Sales Personality development
• Skills training
43

44. • Professional courses
Sales and Entrepreneurship Programme (STEP): a half day training intervention
program was introduced to ensure consistent knowledge and skill development of
sales management.
MetLife Management Induction school Program (MMIS): was introduced to train
all the employees in Management issues faced in the organization as their day to
day activities.
“In an organization every employee tends to rise to his level of incompetence thus
work is accomplished by those who have not reached their level of
incompetence.” In order to incentivize each one of the employees a whole new
Recruitment Rewards and Recognition Program (R&R) is been launched.
The R&R includes Monetary and the Non Monetary benefits such as
• Free training camps
• Free coupons for the Month end
• Free service ( free insurance life policy)
• Awards and certificates
• Medal of honor for the excellent performance of the year
Launch of long term retention programmes for both managers and the employees
is the initiative taken in this current year by the Director Mr. Samal Bansal.
44

45. The goal sheets have been simplified in order to provide the employees with an
opportunity to aspire for better and higher achievements. The agency structure
also has been simplified to enable faster decision making and career progression.
MetLife conducts monthly all round meetings with all its employees and
managers for discussing the current issues faced by them in the organization for
implementing the transparencies in the working of the organization.
Job rotation is on employee need basis and the need for the organization for both
in the benefit of the employee as well as the managers.
The hirechial structure is becoming quite narrow and the manager needs to handle
only 4-5 employees in a row, which speeds up the decision-making process and
makes the employees happy, as they need not report to many managers at a time.
The work is also inclusive of incentive-based structure as and when clients are
increased, the monetary benefits are raised to the next level.
45

46. Objective 2: To analyze employee perception on retention strategies
TABLE 3: Do you think MetLife does consider retention issues seriously?
OPTIONS NUMBER OF RESPONDENTS
YES 45
NO 5
GRAPH (3):
46

47. INFERENCE:
As shown in the graph (3) the employees feel that the managers are making ample
measures to safeguard the interest of the employees in the organization and it
makes the employees happy and satisfied to work in MetLife.
TABLE 4: Is MetLife flexible when it comes to modifying its strategies?
RESPONSE NUMBER OF
RESPONDENTS
FLEXIBLE 40
NOT VERY FLEXIBLE 5
RIGID 5
GRAPH (4):
47

48. INFERENCE:
As shown in the graph (4) 40 employees feel that the strategies implemented are
quite flexible in nature and can be modified as per the results achieved by the
organization and only five employees feel it is rigid.
TABLE 5: Do you have the authority to take part in the formulation of retention
strategies?
OPTIONS NUMBER OF RESPONDENTS
YES 40
NO 10
GRAPH 5:
INFERENCE:
48

49. As shown in the graph (5) majority of the employees have the authority to have a
say in the affairs of the company rewards and recognition policy.
ANALYSIS:
MetLife is an organization that endeavors in equal participation of employees as
well as the employers in the functioning of the company for its future existence
and for the goodwill of the company.
This also helps the employees in building good rapport between the management
and the staff in order to create a congenial atmosphere to work in.
A good relation with the manager and the peers is one of the factor which tends to
make the employees stick to the organization for a longer period of time and thus
resulting in reduction of attrition rates.
49

50. Objective3: To study factors which help in employee retention
TABLE 6: Rate the factors in a scale of (1-4) for you to retain in MetLife
(lowest to highest)
OPTIONS NUMBER OF
RESPONDENTS
FLEXIBILITY 5
PAY PACKAGE 25
GROWTH OPPURTUNITY 15
RELATIONSHIP WITH PEER 5
AND MANAGER
GRAPH (6):
50

51. INFERENCE:
As shown in the graph (6) pay package and growth opportunities are the most
important factors that motivate the employees to stay in the organization
ANALYSIS:
The most important factor pertaining to employees is the pay package and the
growth career in their lives. These two factors gives them satisfaction and
personal growth and development to climb the ladder in the corporate world.
The flexibility is the secondary factor that helps in maintains a balance between
the professional and the personal life of the employees. It can be possible if the
work is done from home or there is shift timings whichever is comfortable to the
employees and the work is not hampered in any of the ways.
The relationship with the manager and the peers is also a very crucial factor as the
behavior and the integrity of the employee is known and analyzed in this factor.
This helps the work to be done in a cordial and friendly manner that results in
proper understanding and avoids conflicts and chaos in an organization.
The work culture and the work behavior is maintained.
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52. Objective 4: To study the drawback of current strategy used
TABLE 7: Do you think the current strategies used with respect to Retention are
motivating the employees to stay in the organization?
OPTIONS NUMBER OF RESPONDENTS
YES 40
NO 10
GRAPH 7:
INFERENCE:
As shown in the graph (7) majority of the employees are satisfied with the current
strategies used in the organization and that is the reason the attrition rate is too
52

53. low. Only 10 employees feel that there needs to be changed with respect to
flexibility in timing i.e. work from home can be introduced if required.
TABLE 8: Do you feel there needs to be a change in the retention Policies
undertaken?
OPTIONS NUMBER OF RESPONDENTS
YES 10
NO 40
GRAPH 8:
53

54. INFERENCE: As shown in the graph (8) maximum employees do not need any
change in the retention strategies in the organization, as they are able to balance
their professional with their personal life.
ANALYSIS:
The employees in MetLife feel that the strategies used are quite acceptable to
them with only the rigidness of timings and the implementation of shift timings
would be an alterations in the policies.
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55. Objective 5: To develop new retention strategies
Implementation of the shift timings and the flexibility of work from
home will be a new way to make the employees build a balance between
the personal and the professional life which will result in the reduction
of attrition rate.
Fun activities, games to be organized so that employees feel the ease in
the work pressure and tend to come to work happily and thus feel
contended and satisfied.
No uniforms to be implemented so that employees are free to wear their
choice and are more adaptable to changes in a positive manner
Attainable targets to be formulated and given to the employees to be
achieved.
Personal counseling to be provided to all the employees so that they feel
de-stressed and relaxed to work
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56. CHAPTER 5
SUMMARY OF FINDINGS, CONCLUSIONS
AND SUGGESTIONS
5.1SUMMARY OF FINDINGS:
The findings include the following:
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57. • High salaries and incentives is the primary tool for employee retention.
Most of the companies attract the employees by paying them high salaries and
other incentives time to time. Monetary packages are able to attract and retain
talent, however, in long run it becomes limiting for the organization to pay huge
cash.
• The best and foremost HR practice to retain employees is proper and
tangible recognition and appreciation to employees for their individual
performance. The tools like employer of the year/month, best performer/trainee
of the project etc are those appreciations that not only retain employees but also
encourage them for better performance.
• For employee satisfaction, the most important aspect to take care by the
organization is that the job profiles offered should match with individual
capabilities and aspirations. This makes the employee feel satisfied and glad in
his job.
• Better work culture is also very important where the relationship between
employee and employer is such that individual problems and conflicts are
properly addressed with time.
• Excellent career growth should be provided to the employees to move on
the vertical ladder of organizational hierarchy. The most common reason for
leaving
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58. the job is the expectation of higher level of responsibility and position.
• Work-life balance initiatives are important. Innovative and practical
employee policies pertaining to flexible working hours and schemes, granting
compassionate and urgency leave, providing healthcare for self, family and
dependants, etc. are important for most people. Work-life balance policies would
have a positive impact on retaining skilled employees, as well as on attracting
high-caliber recruits.
• Organized training, counseling and development programmes for
employees also used to motivate them for their work. Best performers should be
encouraged to share their experiences with others and guide others. The emphasis
is to create the desire to learn, enjoy and be passionate about the work they do.
CONCLUSION:
58

59. As employees are the bases for company so retention of employees is a major
focus for HR 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.
It is only the employees that implement and give tangibility to the corporate
mission. In other words if it is the highest rung in the corporate hierarchy that has
ideas, it is the employees’ rung that has the chisel to bring the vision to life.
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 of
advancement and flexible schedules so they could attend to personal or family
needs when necessary. And never leave. But then there’s the real world. And in
the real world, 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
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60. development programs and planning etc should be used to improve employee
retention.
SUGGESTIONS:
1. Following steps/ efforts should organization take to retain its employees:
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61. o Lucrative opportunities
o Implement good employment practices
o Maintain healthy organizational climate
o Proper training should be provided to employees according to their skills
o Proper salary structure should be there.
2. Need to restructure company’s policy and follow certain process to overcome
problems.
3. Should make a hierarchy for various positions.
BIBLIOGRAPHY:
(A) BOOKS:
61

62. • Gupta Shashi K. & Joshi Rosy, Human Resource Management, Tata
McGraw Hill, Fourth Revised & Enlarged Edition, 2007. (Page 20.9-20.14)
• KOTHARI C.R., Research methodology, New Age Publishing House,
Second Edition.
(B) WEBSITES
• www.google.com
• www.yahoo.com
• www.scribd.com
Questionnaire:
Name :
62

63. Designation :
Q.1) For how long have you been working in MetLife?
a) 3-4 years
b) 2-3 years
c) 1-2 years
d) < 1 year
Q.2) Are you satisfied with your current job?
a) Yes
b) No
Q.3) Do you think MetLife does consider retention issues seriously?
a) Yes
b) No
Q.4)Is MetLife flexible when it comes to modifying its strategies?
a) Flexible
b) Not very flexible
c) Rigid
Q.5) Do you have the authority to take part in the formulation of retention
strategies?
a) Yes
b) No
63

64. Q.6) Rate the factors in a scale of (1-4) for you to retain in MetLife(lowest to
highest)
a) Flexibility in job timing
b) Pay package
c) Growth opportunities
d) Relationship with the peers and the managers
Q.7) Do you think the current strategies used with respect to Retention are motivating
the employees to stay in the organization?
a) Yes
b) No
If No, specify which strategy.....................................................................
Q.8) Do you feel there needs to be a change in the retention Policies undertaken?
a) Yes
b) No
64