Retention process
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This document presents information about the jewellery company Joyeria. It discusses Joyeria's vision to be the world's most loved jewellery brand. It provides details on Joyeria's product lines including clay, beads, and gemstone jewellery. The document also outlines Joyeria's employee retention rates, which have increased over the years due to satisfaction, appreciation, and motivation policies like annual salary increments and reward programs. It compares Joyeria's stronger retention policies to a competitor.
Retention process
- 1. JOYERIA - A piece of art Presented By: Sakshi Beniwal 01 Bushra Jamadar 07 Yubeena Khan 11 Radhika Pendharkar - 16
- 2. Contents Introduction Vision & Mission Potential Customers & Competitors Organisation structure Employee Strength Retention rate Retention policies Retention graph for comparison
- 3. About Us Joyeria- Spanish name for jewellery Established in the year 2012 Headquarters in Surat Currently, Indias upcoming jewellery company Three varieties of jewellery produced: i. Clay Jewellery ii. Beads Jewellery iii. Gemstones Jewellery
- 8. About Us Imports Gems from Jaipur & Hyderabad Launched Online Shopping Website in 2013 which provides delivery all over India Our Website : www.Joyeria.com
- 9. Vision & Mission Vision Our vision is to become the worlds most loved jewellery brand Mission Our mission is to celebrate women by offering them the opportunity for personal expression through our universe of high-quality and contemporary jewellery at affordable prices
- 10. Primary Competitors Bello Jewels Pvt Ltd(Gurgaon) Sparkles Gems & Jewellers Pvt Ltd (Jaipur) Nazar Gems (Jaipur) Gem Plaza Jewellery Mfg. Co Pvt Ltd. Jaipur
- 11. Organisation Structure General manager Purchase Team Sr. Purchase Manager Purchase manager Purchase Executive Purchase Executive Trainee Production Team Sr. Production Manager Production Manager Production Executive Staff Packaging Team Packaging Head Packaging Trainee Sales Team Sr. Sales Manager Sales Manager Sales Executives HR Team Sr. HR Manager HR Manager HR Executive Finance Team Sr. Finance Manager Finance Manager Finance Executive
- 12. Employees Strength Total number of employees in the company 2350 Department wise distribution- Purchase Department- 195 Production Department-760 Packing Department-250 Sales Department-645 HR Department- 75 Finance Department- 425
- 13. Retention & Turnover Rate In Year 2015 No. of employees in the beginning 2200 No. of employees who left the company 250 No. of new people hired 400 Retention Rate 88.63% Turnover Rate 11.36% Voluntary turnover rate (137people) 54.8%
- 14. Turnover Rate Per Department 0 5 10 15 20 25 30 35 40 Purchase Department Production department Sales Department HR Department Finance Department Turnoverin% Departments
- 15. Reasons For Turnover 40% 8%4% 3% 19% 14% % of turnover No further growth Health Issues Dissatisfaction with management Changed Industry Contract Ended Relocation
- 16. Average Tenure of Employees Who Left 45 employees worked for 9 months(45*9) 405 110 employees worked for 11 months(110*11) 1210 40 employees worked for 6 months(40*6) 240 35 employees worked for 8 months(35*8) 280 20 employees worked for 4 months(20*4) 80 Total no of months 250 employees worked 2215 Average Tenure 9 Months
- 17. Retention Rate Over The Years 0 10 20 30 40 50 60 70 80 90 100 2013 2014 2015 Targets Results Years Retentionin%overyears
- 18. Retention Factors Main factors that has contributed in improving the retention rate of the last years are: Compensations, Incentive & Rewards- 45% Salary & Respectful treatment- 22% Job Security- 18% Communication and relationship among employees- 15% FACTORS
- 19. Retention Policies Of Joyeria Conducting of Exit as well as Stay interviews Employee advancement policy Adhocracy approach A fix increment of 10% in the salary every year for every employee & 15% increment to those employees who remained star performer for whole of the year
- 20. Reward Policies Rewarding the Employees a jewellery box with a jewellery of their own choice on their Birthday, who have completed 3 years in Joyeria Renting jewellery of up to Rs.15,000 to the employees once a year for any special occasion Offering a discount of 10% on purchase of any jewellery over & above Rs.20,000 by employees & their dependents
- 21. Keys To Retention The keys to retention simply put are based on a name we called SAM: Satisfaction - There are a number of elements to satisfaction which include salary, health plan and check-ups, work environment, and more Appreciation - Being recognized and appreciated for the work, both publicly and privately Motivation - Once an employee is satisfied and appreciated, that employee can be motivated. Ways to motivate include bonuses, promotions, conferences and training and more
- 22. Retention Policies by Competitors Sparkles Gems & Jewellers Pvt Ltd : Employee Performance is the only criteria for salary increment Dependents are given a discount of only 5% twice a year on the purchase of Rs.10,000 A proper hierarchy is followed for communication i.e. it works as a mechanistic structure. Work is given more importance then people.
- 23. Retention Rate Comparison 0 10 20 30 40 50 60 70 80 90 100 2013 2014 2015 Joyeria Sparkles Gems & Jewellers RetentionRate % Years
- 24. Evaluation Retention Policies of Joyeria are much better than Sparkles Gems & Jewellers Pvt Ltd and has helped retaining employees Retention graph shows increment over the years because employees have liked the environment of the company and helped in the growth of the company
- 25. CSR Activities Every year we gift jewellery to different NGOS for young girls and their women staff on Womens day
- 26. THANK YOU Are you buying the desired jewellery for yourself..?