7 Employee Development Strategies to Reduce Attrition
The reduction of employee attrition is an attempt to understand the opinion and attitudes of the various categories of employees of the IT sector towards the reduction of employee attrition in the organizations. Employee attrition is a serious issue, especially in today’s knowledge-driven marketplace where employee engagement is one of the most important capital assets. Attrition indirectly or directly impacts an organization’s competitive advantage.
The tangible costs of employee attrition would be the cost of training new employees, the recruitment and selection costs, adjustment time, possible product or service quality problems, costs of temporary staff, the cost of training, and the cost of the position remaining vacant till a suitable replacement is found.
Every organization needs to understand what attracts and retains a potential candidate and predict attrition early in the recruitment process to critical significant loss of productivity among hiring managers and recruiters.
Employee attrition is never good for business. If you are at a loss on how to stop your employees from leaving, here are some suggestions:
Opportunity for Growth and Development
Fresh graduates should be provided enough development and training before the job is assigned to them. The individual should be given job rotation so they can understand the needs of the organization and motivate them to make their work more effectively. de
Salary and Benefits
The pay should be given according to their grade, but there should be an increment or hike every year. This will motivate the employees to stay and work for the organization. The employees should be given add-on benefits that cover their family as a whole; for example, the insurance cover to the employees’ whole family.
A Set Schedule
Allowing the employees, the opportunity to choose which days off they want, or at least giving them two in a row and not making them work for the days more than five, would be extremely beneficial in employee retention.
Employees get burned out on performing the same job every hour of every day. Cross-training should be done to avoid burn out.
A positive attitude from superiors
Managers and supervisors should have a positive attitude toward their employees and never insult, criticize, or berate them.
Proper Training for management
Managers should be trained thoroughly and consistently. The policies from location to location should the same, and every manager and supervisor in the Company should be trained the same way and agree and consistent with Company policies. Managers should be trained to treat their employees with respect because without those employees the business could not operate.
The organization can conduct employee engagement surveys and suggest feedback forums and employee committees. Also, the organization can hold meetings with employees on a regular basis to identify their desires and needs. This will help them to understand the employees’ need and importance and their decision to the organization.
Employee attrition or turnovers can be a detrimental effect on an organization. The management should be prepared to take the proper action after the turnover event occurs. All efforts should be focused on maintaining job satisfaction and managing controllable caused by turnover.