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Emerging economies such as India are seeing high attrition rates, which are estimated to be in double digits. "Attrition is a big challenge, especially as it results in massive costs for businesses. In India, attrition is one of the most challenging things to deal with (for companies)," Deloitte Global Service Line Leader (Global Employer Services) Bruce M Stewart told PTI. He is also the Regional Managing Partner (Asia Pacific Tax). Stressing on the overall negative impact of employees leaving a company, he noted that the attrition cost is about "three or four times" that of the individual’s salary. A young population in India is not only producing a wider talent pool, but also seem to be resulting in increased attrition across industries. Many companies are now focusing on talent retention initiatives, including skill development programmes and long term rewards. He said the cost of deployment for employees is rising and added that standardization of existing practices would help in ensuring better deployment processes. Pointing out that businesses are facing the risks related to compliance, he said that such risks could even drive up overall costs. There are various kinds of risks (of compliance) such as legal, tax-related and social security issues, among others. "The speed of doing business is increasing (worldwide)... which also brings an added level of complexity," he said. PTI RAM ARV
There are 3 major reasons for attrition in any organization. 1.) The position offered to the employee 2.) The pay offered to the employee & the hike factor 3.) The understanding between the employee and his manager. An employee gets frustrated doing the same work for a long time without getting any assurance of movement in terms of his position. Even if he is recognized as the best performer in the team, the recognition only stays for a certain period. The only step to get ahead of this is the manager should be able to cater the needs of the employee by providing technical trainings or helping him out in any way so as to speak to next level team and assures him to get what he wants. Hike factor is not much major when compared to movement to next levels because the pay automatically gets higher with respect to the position. This topic is left out for negotiation between the employee and the company. If the hike factor is good
Employee will perform his duties as and when required by his boss. they always set new goals at the current level and make the movement a problem demanding more than what an employee performs and throw questions at them which makes it very uncomfortable for the employee and thus attrition. It is time to retain a good resource and make him feel comfortable. Boss & employee relation.then the employee is retained and will be more excited towards work. Finally. I would like to conclude this topic by giving a note to all managers: please be advised to understand the good resources of your team and give them what you can in terms of position or pay. Employee even has much better vision than boss in some issues and will be much helpful in terms of work. In most of the cases it is bosses who initiate the problem and make it uncomfortable. rather than concentrating on the head count blah blah blah which is not so worthy!!!!!!!!!!!! .