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Attrition Control and Retention Strategies
Attrition Control and Retention Strategies
In any industry the work can often be monotonous and opportunities for career
growth minimal. So when opportunities beckon, the high rate of attrition is
not surprising. However, there are some common reasons that especially
cause people to leave. Most common reasons are money, inability to handle
various types of stress, monotonous work; company policies, lack of career
growth, problems with those in senior positions etc
ii) What is the cause?
Have a survey among employees to find the reasons for attrition. Have exit
interviews to know the reasons for resignations. If a key employee resigns, it
should be taken up on a priority basis and the senior management should
meet the employee to discuss his reasons for leaving and evaluate whether
his issues bear merit and whether they can be resolved. Steps can be taken
to avoid similar reasons from occurring in the case of others, in similar
positions. We can also get the reasons for attrition from those who have
already quit.
iii) What can be done?
Retention of key employees is critical to the long-term health and success of any
organization. Hence, failing to retain a key employee is a costly proposition for
any organization
Now we re-define Retention:
Fundamental changes are taking place in the work force and the workplace that
promise to radically alter the way companies relate to their employees. Hiring
and retaining good employees have become the chief concerns of nearly every
company in every industry..
Retention is all the more important because of the severe competition among
employers for qualified workers. This fierce competition for qualified workers
results from a number of workplace trends, including:
A robust economy
Shift in how people view their careers
Changes in the unspoken "contract“ between employer and
employee
A new generation of workers
Changes in social mores
Life balance
Retention tools for Changing times:
Fair compensation alone does not guarantee employee loyalty, but offering
below-market salaries makes it much more likely that employees will look for
greener pastures. Go for Employee Engagement Surveys / ESS, to find out
what perks, benefits and forms of compensation other than money will help
keep them motivated.
Although benefits are not a key reason why employees stick with a company,
the benefits you offer can't be markedly worse than those offered by your
competitors and like minded industries. Eg Medical insurances, Corporate
Credit cards and Discount Coupons
Retention tools for Changing times:
It can't be said repeatedly that people stay or leave because of their bosses
and not the companies. Improve managers' leadership, communication and
interpersonal skills through coaching, training and feedback . Harp upon the
competencies and substantially invest in human capital irrespective of ROI.
Make sure your employees know what is expected of them every day, every
month and every year, what types of decisions they are allowed to make on
their own, and to whom they are supposed to report. Provide clear vision, and
consistent communication, teamwork and respect for human capital' efforts.
Retention tools for Changing times:
Measure your turnover rate and identify a process owner responsible for
containing it. If customer returns, in-house rejections and non-confirming
products can have a process owner as a countermeasure why not a process
owner for implementation of retention strategies?
You won't know what's wrong... or what's right … unless you practice. To
check the pulse of your organization, conduct employee satisfaction surveys on
a regular basis. Go in for its analysis and implementation. One idea: Ask
employees what they want more of and what they want less of – Capture Voice
of Employees
Retention tools for Changing times:
It takes effort to build an effective team, but the result is greater productivity,
better use of resources, improved customer service and increased morale. Give
great emphasis on cross functional approach as it endorses acceptance and
accountability,
11.Transparency in communication.
Create opportunities for your key performers and technologists to grow and
learn. Encourage every employee to learn at least one new thing every week,
and you'll create a work force that is excited, motivated and committed.
Retention tools for Changing times:
Implement a formal orientation program that's at least a week long and includes
a thorough overview of every area of your department and an introduction to
other departments
Recognize outstanding achievements promptly and publicly, but also take time
to commend on the many small contributions your staff makes every day to the
organization's vision, mission and growth. DO NOT FORGET — THESE ARE
THE PEOPLE WHO MAKE YOU LOOK GOOD!
Conclusion
As they say, happiness can be contagious. So make sure the work place is a
happy one, which every employee would love to spend time. Human resources
department along with senior management must take steps to make sure of
this.