Employee attrition in an organization has forever been a real challenge and has impacted severely in many industries throughout the recent years. For both the management and employees, attrition is not an easy process to deal with. In order to tackle this challenge we need to first understand what is attrition.
Attrition in an organization means the reduction or decrease in the number of staff and employees through any normal means like resignation and retirement. In today’s fast paced business environment, there are various factors that contributes to this challenge. Right from intense business competition to higher brand value, competitive compensation to better work culture, the probability of your most favorite and talented employees leaving your organization and join your competition has been increasing steadily as we speak. So how do we tackle this problem?! How do we retain our best employees?! How do we identify our employees’ needs?! Today in this article we will discuss some vital aspects of this challenge.
Understanding the ‘WHY’
The first step of attempting to solve a problem is to understand the cause of the problem. In this case if your organization is suffering losses from employee attrition, the right decision will be to stop your requirement process for a while and understand the problems within your present workforce and think of ways to retain your valuable employees. Most of the times employee attrition contributes to more number of people walking out because of low morale and increasing pressure of work due to colleagues leaving. So try to understand the dynamics of your work environment and workforce. If someone is not happy or struggling with the type of work assigned to him or her, make a change and give it someone who is capable of giving it 100%. By this you will also give the employee a second chance to prove himself and often this leads to increased productivity.
Optimized recruitment drives:
Prevention is always better than cure. If you want to tackle the problem of attrition, you need to address and plan it right from the recruitment process. Look for candidates with stable and practical experience and enthusiasm about the job. Understand the type of person the job demands and set a standard. People are likely to be happy with their job if they feel they are well fit for it. Often it is seen that lack of proper training and mentoring also contributes significantly in de-motivating employees which in turn promote attrition rate. So early investment in proper training of your workforce will keep them motivated and will help you tackle attrition in its early stage.
Proper compensation & benefits:
Your employees work for your organization because you are paying them salary. But are you compensating you employees adequately?! A better compensation means there is lesser probability of your employees applying for jobs elsewhere. Sometimes secondary benefits also play a key part in employees decision-making process when it comes to job change. Your employees won’t be happy if you give them industry standard salary but cut away a family holiday. So strategic thinking is very important if you want to optimize the factors associated with attrition as a whole.