Companies are facing a high attrition rate globally. As per a survey research by Hay Group, “one in every four employee is actively looking for a job change”. Along with that, the rate of a whole new recruitment and training process often proves to be costlier than retaining the existing talent.
The reasons employees are leaving organizations at such a high rate majorly revolve around salary, work conditions, job security, status and fringe benefits. More than 55% of Indian employees have doubts about their salary compensation, whereas around 48% of working professionals feel that benefits offered by the company doesn’t meet their requirements. Around 36-39% employees are worried about lack of mentorship, coaching and learning and development opportunities, with37% face lack of better career opportunities in their current organizations.
So, is there anything which can be done to control or at least minimize the rate of employee attrition in companies?
The answer is yes. One can apply various types of intrinsic and extrinsic motivational factors and rewards in order to ensure the employee happiness and boost their morale at work which in return minimize the attrition.
Intrinsic Motivational Factors: Recognition on a job well done, career and personal growthopportunities, employee achievement etc.
Extrinsic Motivational Factors: Competitive salary package sans any biases towards sex, religion, ethnicity and skin color, better work conditions, job security, pension plans, health insurance, status etc.
Other factors that can go a long way to control employee attrition are:
Minimize the communication gap between employees and top management: A flat structure policy is applied by many of the companies to ensure transparent communication among peers and workers.
Device options to provide better personal and career growth opportunities: Companies held seminars and workshops on personal development, etiquette training, andhealth camps and often encourage workers to pursue a course inlatest technology.
Conduct motivational sessions: Regular team interaction and motivational sessions are conducted by many firms to keep employees in high morale. By encouraging mutual communicating, thought sharing and offering help in cases of problems, companies make employees feel appreciated and satisfied, which in return boosts productivity.
Be proactive and make rapport with employees: Employees are normal people, and go through various ups & downs both professionally and personally. By being proactive about your employee’srequirements and problems and offering them a helping hand in times of need companies can earn their loyalty for life time. This approach can help people open up and feel more comfortable with their employers, and they will do the same for the company.
Work dynamics are changing. Now is the era of millennials, which are hard to hire and even harder to retain. With many better options across the globe and companies with improvedfacilities, nobody is willing to settle for less. Even if a company successfully hires a star talent, establishing proper employee engagement and retention policies are vital to retain it for long term.