attritioncontrol and retentionstrategiesforchangingtimes-120627015218-phpapp02

7/24/2019 attritioncontrol and retentionstrategiesforchangingtimes-120627015218-phpapp02

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Attrition Control andRetention Strategies for

Changing times


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In order to control attrition and employ effective retention measures we

need to find answers to the following questions :

i) Why people leave ?

In any industry the work can often be monotonous and opportunities for career

growth minimal. So when opportunities beckon, the high rate of attrition isnot 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


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ii) What is the cause?

Have a survey among employees to find the reasons for attrition. Have e!it

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 shouldmeet 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. "e can also get the reasons for attrition from those who have

already quit.


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iii) What can be done?

#hough, it is impossible to scrap problems totally, there are certain ways by

which management can tackle attrition. Since the most corporate environments

are unique, companies need to develop innovative ways to tackle them. Human$esources department must address these issues, and along with the

management need to evolve strategies to retain employees at all levels.

$etention of key employees is critical to the long%term health and success of any

organi&ation. Hence, failing to retain a key employee is a costly proposition for

any organi&ation


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'ow we re%define $etention:

(undamental 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..

$etention is all the more important because of the severe competition amongemployers for qualified workers. #his fierce competition for qualified workers

results from a number of workplace trends, including:

) robust economy Shift in how people view their careers *hanges in the unspoken +contract between employer and employee

) new generation of workers *hanges in social mores -ife balance


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$etention tools for *hanging times:

1. Offer Compensation Attractive And Competitive.

(air compensation alone does not guarantee employee loyalty, but offering

below%market salaries makes it much more likely that employees will look for

greener pastures. o for /mployee /ngagement Surveys 0 /SS, to find outwhat perks, benefits and forms of compensation other than money will help

keep them motivated.

2.Benefits eed !o Be "uantified And "ualitative.

)lthough benefits are not a key reason why employees stick with a company,the benefits you offer can1t be markedly worse than those offered by your

competitors and like minded industries. /g Medical insurances, *orporate

*redit cards and 2iscount *oupons


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#.!rain your front$line% mana&ers and administrators.

It can1t be said repeatedly that people stay or leave because of their bosses

and not the companies. Improve managers1 leadership, communication and

interpersonal skills through coaching, training and feedback . Harp upon thecompetencies and substantially invest in human capital irrespective of $3I.

'.(oles and responsibilities needs to be dovetailed.

Make sure your employees know what is e!pected of them every day, everymonth and every year, what types of decisions they are allowed to make on

their own, and to whom they are supposed to report. 4rovide clear vision, and

consistent communication, teamwork and respect for human capital1 efforts.


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.*nhancement% Advancement And +ro&ression Opportunities.

#o foster employee loyalty, implement a career ladder and make sure

employees know what they must do to earn and go in for progression. ) clear

professional development plan gives employees an incentive to stick around.2o away with you 4erformance Management System if it has turned to '35)

6'on 5alue )dded )ctivity7 and go in for instant performance rewards. #hink out

of the bo!8

,. Offer retention bonus.

/mployee longevity typically is rewarded with an annual raise and mandatoryvacation time after three, five or ten years. 9ut why not offer other seniority%

based rewards such as a paid membership in the employee1s professional

association after one year, a paid membership to a local etc.


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-. (etention strate&ies implementation needs to have a process oner.

Measure your turnover rate and identify a process owner responsible for

containing it. If customer returns, in%house reections and non%confirming

products can have a process owner as a countermeasure why not a processowner for implementation of retention strategies;

/.0o in for *mployee *n&a&ement +ractices.

*apture 5oice

of /mployees


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.!eamor And Cross 3unctional !eams.

It takes effort to build an effective team, but the result is greater productivity,

better use of resources, improved customer service and increased morale. ive

great emphasis on cross functional approach as it endorses acceptance andaccountability,

14. 3un 5s 6ust.

*elebrate successes and recogni&e when milestones are reached. 9uffetlunches, birthday parties, employee picnics and creative contests will help

remind people why an organi&ation is a great place to work. Include fun

elements at work like 4arties, bashes, outings, picnics etc


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11.!ransparency in communication.

/mployees are more loyal to a company when they believe management or

those at the helm of affairs keep them informed about key issues. #hat means

that you regularly keep our people up to date with important events affecting thecompany. If 'ovember was good, let them know, and while you1re at it, tell them

what you e!pect to happen in 2ecember.

12.*ncoura&e hi&her learnin&.

*reate opportunities for your key performers and technologists to grow andlearn. /ncourage every employee to learn at least one new thing every week,

and you1ll create a work force that is e!cited, motivated and committed.


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1#.7evelop an effective induction pro&ram.

Implement a formal orientation program that1s at least a week long and includes

a thorough overview of every area of your department and an introduction to

other departments

1'. 8alue your employees.

$ecogni&e outstanding achievements promptly and publicly, but also take time

to commend on the many small contributions your staff makes every day to theorgani&ation1s vision, mission and growth. 7O O! 3O(0*! 9 !:*;* A(*

!:* +*O+O


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*onclusion

)s 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.

/ffective human resource management must be practiced at both strategic andday%to%day levels. H$ management practices must reflect company policy as to

how it will manage and relate to its employees. #he H$ strategy should evolve

from a transactional support role to partnering in the organisations business

strategy. H$ must take steps to be aware of employee problems and try to

solve them, creatively.


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#H)'?

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