Anushree Panicker (SIES College of Management Studies)
Sugandhi Murali (SIES College of Management Studies)
Surabhi Nair (Institute of Management and Computer Studies)
Table of Contents
| | | |
|Sr No. |Particulars |Page No |
|1. |Executive Summary |3 ...view middle of the document...
|Benchmarking |17 |
|13. |Why employees call it quits? |21 |
|14. |Exit Analysis |22 |
|15. |Recommendations |24 |
|16. |Conclusion |25 |
|17. |Bibliography |26 |
The study was conducted to understand the attrition trends across various industries in India, in particular, Manufacturing and Engineering Industry and to compare the same with Mukand’s attrition rate. The comparative findings of the study will help the company to benchmark its attrition rate across different parameters.
The study was conducted by analyzing various surveys pertaining to compensation trends and attrition rates. The survey contained reports/research articles published by different independent organizations in the country, such as Deloitte Human Capital Consulting: Compensation Trend Survey 2015-16 and Team Lease Employment Outlook Report 2014-15.
The attrition rate of the Indian Industry, as a whole has been compared with Mukand Ltd. This helps the company to know its relative position with respect to the Indian Market and set a benchmark. ITeS and Hi-Tech continue to report the highest employee churn with average voluntary attrition rates of 21.9 percent and 19.9 per cent respectively, whereas Energy and Natural resources (10.5 per cent) and Chemicals (10.7 per cent) report the lowest average attrition rates across industries in 2014-15.
Across industries, the highest attrition rates are observed at clerical and junior management levels as compared to the other management cadres. According to Deloitte, better pay, better career prospects are the most widely reported reasons for attrition along with other personal reasons such as health, marriage or pursuing higher education etc
Across industries, a performance driven variable plan, long term incentives and cash / non-cash recognitions or awards are the primary levers used for talent retention. To attract skilled talent from the market, organizations across industries use sign-on bonuses, attractive benefits offerings along with practices of partially guaranteeing or assuring variable pay for a brief- initial period from joining as primary tools for talent attraction.
1. To understand the trend for attrition rates across all sectors and compare it with that of Mukand Ltd.
2. To understand the trend for attrition rate in the...