The biggest challenge faced by organizations and their human resource departments is to effectively reduce attrition rate. Corporate India is struggling to retain talent for longer periods of time. Attrition is rife in all major industries and HR departments are trying their best to unravel the reasons behind. High attrition rates disrupt the functioning of an organization and impacts quality of products and services. This in turn creates adverse effect on organization’s brand image, its revenues and sustainability.
An effective way to reduce attrition is to develop an efficient retention strategy. Data collection should be the first step in this strategy, and the best way to collect data is an ‘Exit Interview’. It gives an opportunity to get an insight into the exact reasons why an employee is leaving. During the interview, initiate an open dialogue, so the employees can feel safe to share their honest feedback. Prepare a thorough set of questions whose answers will help assess the reasons behind the employee leaving. Also, take suggestions on how to further improve working conditions.
The next step would be to prepare a comprehensive report on the findings, and discuss the same with the management. Pinpoint the departments and teams where attrition is the highest. Formulate strategies to tackle the issues that come to the fore. Implement those strategies with dedication and conviction and you will observe that the attrition rates will gradually decrease.
Stagnation and lack of advancement opportunities is another reason why employees leave. Most employees look for advancement. Ensure that deserving employees get a chance to advance in their respective field of work. Review work on a regular basis. Get feedback from respective departmental heads, and recommend names to the senior management for promotions and raises. This will ensure employees are motivated and perform at their optimal level.
Ask the Employees
One of the easiest and best ways to tackle attrition is to ask the employees. Employee Engagement or Employee Satisfaction Surveys are the best tools to reach to the root cause of attrition. Conducting these surveys periodically, analyzing the data, strategizing and implementing employee engagement inititives that address the issues raised by employees are most effective way to reduce attrition. . These initiatives also create a happy and productive work environment.
We have mentioned just a few methods to reduce attrition however there are also multiple industry specific strategies to reduce attrition. To know many more effective strategies, you can contact us at CerveauSys Strategic. We have a team of highly competent HR and OD Consultants, with an exemplary track record in reducing attrition rate for organizations. We also provide other HR and Organizational Development services that will give you complete value for your investment. Please contact us for mutual sharing, learning and enrichment, to create optimally functioning, highly profitable and happy organization.