What is Attrition?

A process where by employees leave their jobs for reasons such as retirement, resignation, transfer etc .

Cost Involved in Attrition

Cost Due to Person Leaving Recruitment Costs Training Costs Lost Productivity Costs New Hire Costs Lost Sales Cost

Curbing High Attrition Rate

Top Management should continuously communicate with all employees about the vision and mission of the company.
Line Managers should establish a connection between the lower level and top management. Support HR initiatives aimed at retaining people.

Curbing High Attrition Rate

Manage Companys growth Properly
Develop Leaders at all Levels. Train Leaders in the skills they need to manage effectively. Treat Employees Like customers.

Why People Leave?

Monetary Factors
Lack of Good Working Condition No Flexible Work Schedules Lack of Respect and Pride Very few Supportive Colleagues

Why People Leave?

Lack of Appreciation
Lack of Challenges in Job Mismatch between Job and Person Lack of Coaching and Feedback Work Life Imbalace

Employee Retention
Process in which the Employees are encouraged to remain with the organization for the maximum period of time.

Employee Retention
Companies that lose top performers may not only experience declines in productivity but also incur significant costs in replacing these professionals.

Effective Employee Retention Strategies

Intelligent Employers always realize the importance of retaining h best talent.
Retention of key Employee is critical to the long term health and success of any organization.

Retention Strategies
Communicate Effectively With the Employees
Encourage your Employees to share their concerns with you and in turn share your concerns with them. This fosters openness and trust between all parties involved.

Retention Strategies
Search for Ways to Redeploy Employees
It doesn't make sense, financially or otherwise, to get rid of valuable employees during an economic downturn. Instead, shift these workers to other areas that are still performing well

Retention Strategies
Make Wiser Choices When Hiring Employees
Consider the corporate culture that this prospective employee must fit into and determine if there is a match.

Retention Strategies
Be an Effective, Ethical Leader
39% of workers said their supervisor failed to keep promises.

37% indicated their supervisor failed to give credit. 31% said their supervisor gave them the "silent treatment 27% report their supervisor made negative comments about them to other employees or managers. 23% said their supervisor blamed other to cover up personal mistakes or minimize embarrassment

Retention Strategies
Be an Effective Motivator and Innovator
Inspire your employees to achieve great things.

Believe in their capabilities. Encourage them often to stretch out of their comfort zones.

Listen to their ideas and implement them.

In a nutshell, champion them and they will champion you and the company.

Retention Strategies
Treat Employees Respectfully Your employees are your company's best asset and you must protect and nurture them. Whether you know it or not, you are in the business of growing people.

Let them know how valuable their contributions are to the company.

Retention Strategies
Provide Alternate Work Schedules Allows employees to gain greater control over how, where, and when they work which leads to better work/life balance and helps to retain them.

Conclusion
Do everything you can to make sure that you keep your employees happy, engaged, and productive. Your company depends on it