Employee Retention Practices Managed By The Private Sector Life Insurers
The study is proposed to measure Employee Retention Practices in Private Sector Insurance Companies in Chennai City. The insurance business in India has seen significant enlargement in the last decade, along with an opening of a considerable number of advanced products. It leads to fierce competition with a positive and healthy outcome among the insurers. The insurance division in India plays an energetic function in the welfare of the economy. Due to hectic competition among the insurers, the insurers are managing employee retention programs to sustain the well-performed employees in their organization. The study utilized both secondary and primary data to attain the objectives of the study. The primary data is gathered from the sales-related employees from the select private sector life insurers. The secondary data was collected from the research articles, magazines, newspapers, IRDA reports. The study used a purposive sampling method. The study sample size is 571. The paper found four predominant factors of employee retention practices managing in select private sector life insurance companies: Fair Compensation, Career Development and Growth, Participation in Decision Making Process, and Encouragement. Besides, the study originated that the employees are satisfied with the retention practices adopted by the select private sector life insurers in the study region. The study results also suggest no significant difference among the private sector life insurers concerning employee retention programs in the study area.