The attrition rate is a reduction in manpower due to resignation or retirement. It is measured by the number of people who left the company and are not replaced yet.
It is mainly measured in %. For example: If 20 out of 100 people left the company then the attrition rate will be 20%.
Every company tries to keep the attrition rate low as possible. A lower attrition rate is better for the company’s overall reputation. From time to time, employees leave the job because of retirement or some other reason.
Let us help you with How To Reduce the Employee Attrition Rate. Follow these steps and you will be able to keep the deserving employees intact with you.
1 Recruit the Right People:
The most important step anyone can take to have a lower attrition rate is to hire the right people. It is the recruiter’s job to be clear during the interview. Explain their role, job description, and salary clearly. Many employees leave their job in a few months because they feel this is not what they expected.
2 Praise and Reward the Deserving Employee:
Praising motivates them to perform even better. Next time when any of your employees do something good, do not forget to compliment them right there. You will gain respect and they will get the motivation to give their best.
3 Have the Best Manager for a better Attrition Rate:
Sometimes a person loves his job but hates the boss. Be extremely choosy while hiring the manager. Your employees need to constantly be in touch with the manager. The manager should be soft-spoken, supportive, and trustworthy.
4 Keep the Frame of Retirement Plans Ready:
Many recruiters skip this important step. A person starts planning their retirement from the first job. They want safety and security, which is obvious. Describe the retirement plan during the interview session. It builds their trust and your attrition rate will be low.
5 Give a Flexible Work Environment:
Your employees are not kids. They know their responsibility, so trust them and make their work environment flexible. It doesn’t mean they will do whatever they want to do, but let them do which work and when they want to do it.
6 Build Opportunities for Growth:
A number of employees leave their job because they feel their growth has stopped. They are not learning or doing anything new. It makes them bored with their job and in the end, they leave it. Bring new opportunities to help them grow and learn new things.
7 Let the Toxic Employees Go:
It is not easy to find this toxic employee. But getting involved with the employees will help you to find them. These people blame others for their mistakes and can’t handle a single task on their own. If these types of people are leaving then it’s better for your company, or you can fire them without a second thought.
The high attrition rate may make you feel anxious about your company. It is normal as sometimes you can’t do much about it. But you can always take some steps to avoid the high attrition rate. Visit https://www.netsuite.com/portal/resource/articles/human-resources/reduce-employee-turnover.shtml to know more.