Retention Management Practices in RAHIMAFROOZ (Bangladesh) Limited.

Abstract

This report is prepared on the basis of my practical experience at Rahimafrooz (Bangladesh) Limited. This internship report helped me to learn about the practical scenario of Retention Management Practices in well reputed business organizations out here in our country. Rahimafrooz has been a partner in the development journey of this nation for more than sixty years now. Its business success has been complemented by its commitment to the environment, society and community. Retention of employees is the final component of an overall staffing. While some loss of employees is both inevitable and desirable, Retention management seeks to keep sufficient numbers and types of employees so that organizational effectiveness is not jeopardized. Retention management must be based on a thorough analysis of the organization’s turnover. Attention then turns to retention initiatives. Rahimafrooz has proved itself a caring organization to the existing employees. As a result, apart from some exception, turnover rate is still very low which is less than 2%. Over last one year, total work force of the group ha s increased by 5%. Overall, manning trend line is almost flat. All these manifest compelling retention management practices in Rahimafrooz. Time is changing. The corporate environment is getting competitive. Constant supervision of the environment and application of modern retention management practices are necessary to cope with the competition. To prepare this analysis based report I have tried my best to know about the nature of the employee retention management of the organization. I have gone through their annual reports and other necessary documents needed for this analysis. I have compared ratios with a similar industry and interpreted the findings. I hope this paper fulfills the requirement of the assignment.