Investing in an employee only to find out that he is a flight risk is bad news for an organization, big or small. You lose time, effort, money that you put into empowering this employee. And added to this, you also have to invest more in replacing this employee. If a competitor hitches your old employee, that’s adding insult to injury. You stand losing customers who were on good terms with this employee. So, how do you deal with attrition and keep it at a bare minimum?
Solicit periodic feedback from employees:
When you figure out that attrition is a problem, in its initial stages, act quickly. Identify what the problem is. Your HR team should conduct exit interviews to get feedback for employee departures. Once you know the reason, you can work on remedying the situation.
What is the root cause?
From the feedback that you have received from your employees, try to figure out what the reason is. Does it tell you that there is something in the work environment that needs enhancement? Are employees leaving because of hostile managers? Do employees feel that the compensation they receive is subpar? Improve on all these factors.
Are you recruiting right?
Talk to your HR personnel and find out whether they hire the right fit. Is there a discord between the job description and the new hires? It is extremely important that employee have a clear understanding of the job description. The recruitment process must elaborate on JD, pay structure, work environment etc. It is a huge loss if the employee walks out because they were misinformed about these factors.
Hold on to veterans:
Losing veterans is a different story. Talk to them directly to find out why they are leaving. If they have a problem with middle management, try to resolve it ASAP. Restructure compensation packages if you deem it necessary in order to retain employees. Look at your peers and weigh your pay structures against theirs.
Dish out incentives for achievers. Appreciate them; make employees know each other’s achievements. Employees tend to stay back in a place they feel appreciated. It also motivates them to work harder and achieve more, in the hopes of gaining more recognition and growing within the organization.
Help develop bonds between newbies and veterans:
Pair up your exemplary, seasoned employees with new entrants. The newbies can learn on the job when they are posted with seasoned employees. Newbies learn to do their jobs as fast and as efficiently as they can. Knowledge transition is seamless and new recruits don’t waste time fumbling with their tasks. This boosts productivity and improves employee retention. This also provides a good platform for employees to mingle with each other.
The key to retaining employees is to keep them satisfied. Work on that and you have minimal problems with attrition.
