3- Simple concepts to control attrition

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Reducing attrition and retaining people is not difficult. It doesn’t require exclusive high-level strategies or high compensation. Reducing attrition will help your company grow and be consistent in the business. Over the past 2 years, the buzzword has been ‘the great resignation wave’ and how companies from different sectors are suffering from it.

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Just as a company cannot maintain momentum and be profitable if customers are leaving rapidly, a company cannot be profitable if its internal employees are coming and going. With continuous attrition, managers are forced to focus on people’s problems and not the larger goals.

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Most companies whether small or big are struggling with attrition. The problem is magnified in a small company. I have commonly seen companies trying to retain people by increasing their salaries.?But this has a momentary effect, as within a year these people quit again. Increasing salary is not a retention measure.

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I have talked to dozens of employees and know what makes them stay and quit. The answer is quite simple but it demands your time. Moreover, companies are always looking for a fancy strategy and refuse to believe that these simple strategies can help them retain people. In fact, these simple steps when compounded over time will reduce your attrition percentage.

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When considering attrition, you must know that high turnover adds the cost of recruiting, hiring, onboarding, and training new employees and that costs businesses billions each year. Companies also suffer productivity losses – and lose profits when the attrition is high

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All of the concepts of controlling attrition are simple and yet, perhaps in the name of revenue or the bottom line, we often lose sight of the simple things - things that not only are effective but can actually help you scale faster.

The trick to this is, to use the same strategy as you would use to scale your products and you will soon see a difference.

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Below are the 3 most important principles to integrate into the daily strategy that will help you reduce the rate of attrition, especially in a remote workplace situation.

1.?????Analyze the problem by talking to employees regularly and taking their feedback

2.?????Pick one problem, take 1 feedback and make changes to improvise your workplace and repeat this on a regular basis

3.?????Engage with employees and create your tribe. Everyone wants to be a part of a group, community, and team. They want to feel secure and belonged. Creating a tribe will help you with engaging them. Use the same strategies that you would use to engage your clients.

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Understand The Golden Rule: Above all else, treat employees as adults

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When you see and treat employees as adults, you believe that they are responsible. You will end up giving them more respect, autonomy, and freedom. When you treat the other person as an adult you show your company’s likeability and this motivates others to work with you. This seems so simple, as do so the 3 principles — and yet many companies, too concerned with high-level strategies or denying that they know what to do, fail to truly adopt these key concepts.

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To summarize the 3 important concepts to control attrition and retain people are :

·??????Take regular feedback from employees & improvise

·??????Understand your team and connect with them regularly

·??????Create your tribe by bonding as a team, and engage with them

Do you practice any of these principles? — what makes your company likable?