A STUDY ON EMPLOYEE RETENTION PRACTICES OF AUTOMOBILE INDUSTRIES IN INDIA WITH SPECIAL REFERENCE TO HYUNDAI MOTORS, CHENNAI

The Automobile Industries have now realized the importance of retention management. However, the study focus on identifying the present retention process and aims at providing suggestions and recommendations for the organizations to improve its retention strategy. The study not only focuses on retention but also helps to identify employees overall satisfaction by taking into accounts the factors such as work culture, pay, training and coordination. The research will diagnose the causes of turnover like lack of job satisfaction, Commitment to the organization, Availability of other jobs, Pay and benefits, or any other direct or indirect factors therein. The research helps to identify how the employee retention strategy paves the way for the growth of a company. The HRD can identify the individual and organizational goals, objectives and policies of the selected automobile companies. The research will provide information enabling the organization to think on the following aspects like, the Employee Retention strategy needed so that the company can reduce its cost of recruitment as well as create a good work environment so that the morale of employee will be high which is very much required in this competitive world. A tentative conclusion is that by advocating employee retention strategy in an organization it will lead to better human relationship and it will eliminate the discrepancies in the scalar chain which will lead to better work environment. The outcome of the study brings about as how to reduce stress, improve performance, how to raise the standard of living of the employee, what training are to be provided and finally it includes identifying all the monetary and fringe benefits so that the rate of turnover is low and employee retention is high. The findings from the research will provide the outcome in a way such that it will provide benefit both to employees and employer which in turn on the whole will lead to development of the organization within a short span of time.