attrition & retention
DESCRIPTION
Attrition:Attrition is also called total turnover or wastage rate. Employee attrition refers to the rate at which employees leave a company of their own volition (i.e. not being terminated by the employer). This can be for a variety of reasons including retirement, leaving for a higher paying or more suitable job, or disillusionment with some aspect of their job.Retention:Employee retention involves taking measures to encourage employees to remain in the organization for the maximum period of time. Corporate is facing a lot of problem in employee retention these days.“Love them or Lose them”The above statement conveys love the employees or lose them.Conclusion:The process of retention is not as easy as it seems. There are so many tactics & strategies used in retention of employees by the organization. The basic purpose of these strategies is to increase employee satisfaction, boost employee morale, & hence achieve “RETENTION”TRANSCRIPT
HUMAN ATTRITION & RETENTION
ATTRITION
Attrition is also called total turnover or wastage rate. Employee attrition refers to the rate at which employees leave a company of their own volition (i.e. not being terminated by the employer). This can be for a variety of reasons including retirement, leaving for a higher paying or more suitable job, or disillusionment with some aspect of their job.
WHY DO EMPLOYEES LEAVE JOB..?
It is said that people leave their bosses, not organizations. When employees are happy with their superiors they choose to stay, if not they look for a switch.
Poor relationship Compensation
performance & rewards
Lack of appreciation, recognition &
rewards
Insufficient coaching
EFFECT ON ORGANIZATION IF ITS EMPLOYEE LEAVE
• Loss of productivity • Replacing qualified employees
• Poor retention creates a “revolving door” culture within the organization lowering morale and confidence.
• Cost of overtime or temporary help
• Recruiting costs, Interviewing costs• Time spent in orientation
RETENTION
“The picture states the latest statement that corporate believes in “Love them or
Lose them”
Employee retention involves taking measures to encourage employees to remain in the organization for the maximum period of time. Corporate is facing a lot of problem in employee retention these days.
IMPORTANCE OF RETENTION
Reduce Cost of turn over
Verify employee satisfaction
Knowledge sharing
Making employees
proud.
Goodwill of the company
Fulfill further needs of
employees
Why is retention so important..? Is it just to reduce the turnover cost?
EMPLOYEE RETENTION INVOLVES 5 MAJOR THINGS
Compensation Relation
Environment Growth
Support
OBJECTIVES OF RETENTION
• To fulfill the further needs of employees.
• To verify the satisfaction level of the employees in the organization.
• To make employees proud of their own company.
• To understand the rules & policies followed by organization.
• To take efforts & measures to improve the situation
• Condition of employment
CONCLUSION
The process of retention is not as easy as it seems. There are so many tactics & strategies used in retention of employees by the organization. The basic purpose of these strategies is to increase employee satisfaction, boost employee morale, & hence achieve “RETENTION”
THANK YOU…