Regardless of the industry in which you work, employees are likely to come and go. Organizations often struggle and fail to retain their top-performing employees. Since employees have the upper hand in choosing the organization where they are interested in working, job hopping is more prevalent, giving rise to employee attrition.
Attrition refers to the process of gradual reduction in employee size in which employees resign faster than they are hired. Attrition can take place for several reasons, including lack of employee benefits and growth opportunities. Some factors may depend on the individual, but a few common reasons include:
No opportunity for career advancement
Career development opportunities help to retain existing employees by giving them a reason to stay with the organization and focus.
Poor management and workplace culture
Employees look to senior management for guidance and direction. If there is no communication, transparency, or feedback, employees become unbiased. Similarly, if the workplace culture and values do not resonate with the employee, they are most likely to leave.
Lack of recognition
Employees feel more enthusiastic when their efforts are acknowledged and appreciated. Recognition encourages positive behavior and boosts morale.
Undeniably, it is imperative for businesses to take measures to control employee attrition. The effective ways include ensuring employee recognition, contributing towards their career growth, focusing on their well-being, giving feedback, and creating a flexible work model.