Abstract :
In this modern business arena, a successful employer will not only plan to expand his business activities but also ensures that his employees and work forces are kept intact. Every successful employer knows 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. In this research study it throws light on the retention strategies followed by private insurance companies. For this study the researcher had chosen Chennai area. This research seeks to address the gap which is unexplored by the human resources department of these private insurance companies. The Data for the study was collected via a structured generic Questionnaire from 236 individuals within the population. The population for this study was chosen from the employees of eleven private insurance companies. The response was filled in and obtained by 5-point Likert Scale and hypothesis tested using Chi-Square Test, Weighted Average Method, and Friedman Test Analysis. The research findings reveal the effectiveness level of employee retention strategies carried out by the Human resources Department by these private insurance companies. The findings of the study lead to a final conclusion that it is very much important for the Private insurance companies to address the needs of their employees to strengthen their motivation level, monetary benefits, work atmosphere, and commitment leading to minimizing the employee’s turnover through which they can enhance their employee retention strategies.
Author Name : Dr.T.Vetrivel & P.Prabakaran
Keywords: Employee’s Retention, Work Atmosphere and Human Resource Practices.
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