Employee Retention Strategy in the Consultancy Organization

The present study reports the organizational strategies that promote employee retention cross consulting organizations like TCS, Wipro, Ernst & Young, & Bank of America. Organizational practices these days have turned increasingly streamlined and integrated. These focus employee involvement and lay down a strong emphasis on collaboration and shared leadership. This paper seeks to help leaders discover and build on work practices that would support employee retention and morale within the organization. The paper reviews extant literature on organizational culture, leadership, staff morale and retention and later forms conclusions on basis of analysis of data collected through self-administered questionnaires.The study reveals two overarching themes, financial compensation and opportunities for growth and development. Strategies recommended are alternate compensation plans, leadership development and succession planning, and mentoring and coaching opportunities.