What is Attrition
Attrition, in simple terms, is the number of employee exists from an organization. It may be through retirement, resignation, and death. And to manage this problem, some companies initiate measures and it is called Attrition management. Attrition Rate is good for the organization as long as the rate is at normal level.
Facts about attrition:
Not all attrition is bad for an organization
Attrition can be planned
Attrition can be reduced but can't be avoided.
Why do Employees leave the organization?
There may be various reasons for attrition:
The most obvious reason for the employees leaving the organization is higher pay.
Another factor may be career growth. Most of the employees look for other organization where there can be great opportunities for growth.
Points to be noted in case of Attrition Management
Hiring individuals who are truly fit to succeed in the position for hire will dramatically increase the chances of that employee being satisfied with his or her work, and remaining with the company for an extended period of time.
It is incredibly important to include employees in the decision making process, especially when decisions are related to employees. This can help to generate new ideas and perspectives that top management might never have thought of.
Any employee wants to be appropriately paid and fairly for the work he or she does. For this, conduct a research to find out the pay package in other similar type of organizations at regional as well as at national levels.
Exit Interview with the employees who are leaving the organization will help the organization to find out the reasons why the employees are leaving the organization. This will also help to find out any drawbacks in the organization.
One of the ways to retain the employees in the organization is try to get people with different qualities like smart, adaptable, and capable of multi-tasking.