Worried about the High Attrition Rate at Work? Here’s what you can do —>

Attrition has always been a pain point for a lot of organisations. They are always trying to figure out, why their employees are leaving the organisation. Communication and getting to know the pain points of the employees will surely help, but there is so much that you can do, to get them to open up and talk about why they are leaving. There can be numerous reasons, including personal reasons such as quarrel over the property with relatives or, just better compensation or growth somewhere else.

Fact check - Attrition rates in the Indian IT industry have reached an all-time high, averaging around a whopping 25%. The lack of digital talent, high demand for qualified professionals, and rising salaries are all contributing factors to this. The amazing thing is that they have a strong ability to address the problem, and their answer has been aided by technology.

According to Tech Mahindra, its service options in the business process services sector include AI. As they are no longer reliant on people, according to Tech Mahindra 's Chief Strategy Officer Jagdish Mitra, it is a long-term offering to the customer. He claimed that since people naturally have the opportunity to upskill in order to fill higher positions, this may be why their attrition rate is stable. This is, in a sense, a talent-retention strategy, he continued.

Attrition is not only limited to the IT sector though. The top sectors that lost the most number of employees voluntarily or involuntarily include:

●?????E-commerce - 28.7%

●?????Professional services (Consultation etc.) - 25.7%

●?????Financial institutions - 24.8%

●?????Hi-Tech/ Information Technology - 21.5%

●?????IT Enabled Services - 21.4%

?Data Point source - Mint

High employee attrition rates can be a major concern for businesses of all sizes, leading to increased costs, decreased productivity, and reduced morale among remaining employees. To prevent high employee turnover, here are some strategies that companies can implement:

1. Offer competitive compensation and benefits: One of the main reasons employees leave their jobs is due to inadequate compensation and benefits. Companies should regularly review their compensation and benefits packages to ensure they are competitive with other organizations in their industry.
2. Provide opportunities for growth and development: Employees want to feel that they are progressing in their careers and have opportunities to learn and grow. Providing training programs, mentorship, and career development opportunities can help employees feel valued and invested in their roles.
3. Foster a positive company culture: A positive company culture can help employees feel more engaged and committed to their work. This can include promoting work-life balance, recognizing employee achievements, and creating a supportive and inclusive environment.
4. Improve communication: Employees want to feel heard and involved in the decision-making process. Improving communication can help employees feel more engaged and connected to the company. This can include regular check-ins with managers, town hall meetings, and employee feedback surveys.
5. Hire the right people: Hiring the right employees from the outset can help reduce turnover rates. Companies should focus on finding candidates who are a good fit for the company culture and have the necessary skills and experience for the job.
6. Conduct exit interviews: When employees do leave, conducting exit interviews can provide valuable insights into the reasons for their departure. This can help companies identify areas for improvement and make changes to prevent future turnover.

By implementing these strategies, companies can help reduce employee turnover rates and create a more positive and engaged workforce. It's also important to remember that every company and industry is unique, so it may take some experimentation to find the most effective solutions for your specific situation.