Employee’s attrition is a common problem that is faced by any organization, and it is inevitable for any organization. The only solution an organization can have to deal with this problem is to reduce the attrition rate. Here we have listed some possible solution that can help to reduce the attrition rate.
Offering fair remuneration
The biggest reason for employee’s attrition is the financial growth. By offering legitimate remuneration to the employee, the attrition ratio can be reduced. To hold on to regular employees, regular reviews of the salaries must be conducted. Also, performance based bonuses can also work sometimes to retain employee in an organization
Train your frontiers
If the managers and supervisors are not properly trained with their subordinates, then a healthy working atmosphere is not possible. Leaders must be trained to build a proper relationship between employees and them, it is extremely important
Analyze previous exit interviews data and look out for the common reason that all x-employees have listed out in their exit interviews. Work on that factor and figure out how to eliminate it
Incorporate continuous development plans
Enhance the development plan for every employee and provide opportunities for growth in their personal career goal. Encourage each employee to learn one new thing every one or two week and it will create a work force that will be committed, excited and motivated. Include program for skill up-gradation through training intervention
Perform exit Interviews
To get a realistic check and unbiased feedback, conduct an exit interviews. Include team leaders and managers in the interviewing processes.
Communicate with employees
Communicate with employees at regular time period, and ensure that their insecurities and vulnerabilities are addressed appropriately
Employees seek job that allows them to have a personal life, ensure that you allow time off for personal business, family emergencies and other vital situation.
Effective Recruitment Process
Employee retention invariably depends upon the recruitment process. When a candidate with a right set of skill and personality is hired, he is much likely to stick to his job.
ESOP (Employee Stock Option Plan)
ESOP or employee stock option plan can encourage employees to stick with the organization. The main objective of enrolling the ESOP plan is to attract, retain and award the best of the talents and create a strong sense of ownership in the company.
Clear employees roles and responsibilities
Make sure your employees know what is expected of him and what types of the decision he or she will be allowed to take independently.
Consider alternate roles for unhappy employees
Certain employees work hard, but their skill set or personality keep them away from reaching the full potential. For such employee look for an alternate role that is more suitable or to its liking