ATTRITION ANALYSIS – INDIAN ORGANIZED RETAIL SECTOR
Employee retention is a process in which the employees are encouraged to remain with the organization for the maximum period of time and it benefits the organization as well as the employee. There seems to be a high level of attrition in the retail sector which is almost 40% according to a recent study especially the front end jobs are facing the high rate of attrition. As soon as the employees feel dissatisfied with the current employer or the job, they switch over to the next job. It is the responsibility of the employer to retain their best employees. A good employer should know how to pull towards and retain its employees. Retention engages five major things. They are compensation, environment, growth, relationship and support. Currently, retention and motivation of employees has become the major concern of Human Resource people. The effective retention practices like congenial working atmosphere, support learning and training facilities, a highly competitive pay structure etc can be followed in the retailing sector. Employee retention would require a lot of efforts, energy, and resources but the results are worth it. While money is the main attraction for fresher, career satisfaction is the main reason with experienced personals. Assigning the "right project to the right person" is the organizational motto these days with companies setting up Manpower Allocation Cells (MAC) to carry out this agenda. Retailing is the sale of goods from a store in small lots for the direct consumption of the customer. Retail purchasers include individuals or businesses. Compensation comprises of the largest part of the employee retention process. The employees always have high anticipations regarding their compensation packages. So Compensation packages differ from industry to industry. So an attractive compensation package plays a critical role in retaining the employees. Compensation includes salary and wages, bonuses, benefits, prerequisites, stock options, bonuses, vacations, etc. Looking at the current scenario, it could be said that there is an acute shortage of middle level management professionals in the Indian Retail Industry. The current trend is to hire from a smaller organization tempting the incumbent with a better pay package. It is imperative that suitable talent be hired in various areas such as technology, supply chain, logistics, product development and marketing in order to stay abreast of the hectic race for success among MNCs. Growth and development are the integral part of every individual’s career. If an employee can not foresee his path of career development in his current organization, there are chances that he’ll leave the organization as soon as he gets an opportunity. The important factors in employee growth that an employee looks for himself are as follows: Training and development: Employees should be trained and given chance to improve and enhance their skills. Many employers fear that if the employees are well rained, they’ll leave the organization for better jobs. Organization should not limit the resources on which organization’s success depends. This improves their skills like communication skills, technical skills, customer satisfaction related skills and Special project related skills. Personal growth and dreams: Employees responsibilities in the organization should help him achieve his personal goals also. Organizations can not keep aside the individual goals of employees and foster organizations goals. Employees’ priority is to work for them and later on comes the organization. If he’s not satisfied with his growth, he’ll not be able to contribute in organization growth. A supportive work culture helps grow employee professionally and boosts employee satisfaction. To enhance good professional relationships at work, the management should keep the following points in mind. Employers can also support their...
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