Attrition Rate Less Than 5%? What principles have helped us crack the code of retention?

One of the speakers at a meeting I attended brought up the Harvard grant research. He claimed that the research was the longest and most significant ever carried out.

EVER AN MORE IMPORTANT RESEARCH? It grabbed my curiosity very much. I felt like a student awaiting the teacher's final words of wisdom. He gave a brief explanation of the results. It was basic, yet profound.

“Human relationships are the single most important factor that determines human happiness.”

For me, it was a eureka moment!

I had always wanted my staff to be happy, and I had always wanted to launch and grow an IT company. I therefore reasoned that I could apply my newly acquired knowledge to my business to everyone's advantage. So, I had a seat with my consultant, and we decided on a few things. Over time, those have evolved into Techno Tackle’s guiding principles. After two years, our company's attrition rate is less than 5%, while the industry average is 20%. It is the stuff of any IT company's dreams. What choices did they make then?

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First decision: Long-term relationships with employees are preferable.

We have decided not to lay off employees because of market downturns: It is a managerial mistake to fail to anticipate a market downturn. It is unfair to penalize staff members for mistakes made by management. Thus, at Techno Tackle, this policy is unchangeable. Humans are reciprocal creatures; we extend the same kindness and assistance to others. It made it very evident that Techno Tackle?prioritizes employee relationships over performance and short-term revenue. It accomplished a lovely thing by inspiring fearlessness throughout the company.?Job security is no longer a concern for anyone; instead, performance pressure is. Rather, they concentrate on how they can provide outstanding value to both the clients and the organization.

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Second Decision: There must be an equal relationship with the employees.

Regardless of the topic, we have always valued and respected the opinions of our employees. Our staff members are aware that they can talk to anyone in the company about anything at any time. Nobody would condemn them. That's transparency with freedom. Our deliberate efforts to establish a transparent system generated remarkable trust. We are all aware of how important trust is in business. However, its lack of being a leading measure is the issue. "I want each and every one of you to be trustworthy" is not how trust operates. Instead, it is a lagging metric that is dependent on the transparency leading metric. Transparency has led to the profound trust culture we have today.

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Third Decision: There must be a two-way relationship with employees.

Every company pays a salary, which is obviously a nice perk that the employer provides to the employee. We were looking for ways to improve. How we may enhance employee value more proactively. To enhance English communication, the entire organization meets three times a week for group discussions (in groups of six). We perceived it as adding value for our staff rather than a loss of productivity. Based on the client rating, we have also developed a variable incentive program for the staff. It accomplished two goals:

1. It markedly raised quality

2. The value created was distributed more fairly to our employees.

These are but a handful of instances. I can give you a lot of specific case studies in which we dealt with staff members who struggled to meet deadlines but who we trusted, encouraged, and assisted in transitioning into more productive modes.

These Three Principles Still Rule Us Today. It serves as our HR Policy's backbone. In addition to creating a wonderful atmosphere, it has yielded excellent outcomes. In the IT industry, our attrition rate of less than 5% is considered gold. Less than 10% of our staff are bench employees, and those that are conduct R&D in areas of interest without feeling under pressure.

One of my favourite phrases from Rumi is this one.

“Out beyond the ideas of right doing and wrongdoing, there is a field; I will meet you there.”

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We have succeeded in establishing the zone of zero judgment—a secure environment for the expression of human potential—through our policies. So far, it's been a great help to us all. I have no doubt that it will continue to benefit us in the future. We don't plan to change it, even if it doesn't. Since it is who we are. We wish to avoid sacrificing it for wrongfully obtained wealth!

We would be pleased to share the specific lessons learned with you if you would like to establish a comparable environment at your place of employment. You can contact me at [email protected]

Techno Tackle Software Solutions