Attrition our asset walk out of the door each evening, we have to make sure that they come back the next morning, says Narayana Murthy chief mentor of Infosys. Attrition meaning:
"A reduction in the number of employees through retirement, resignation or death"
The upshot, from an organization’s perspective, is greater staff turnover or, in some cases, the development of an ‘employee- retention problem’. It is increasingly hard and more expensive to find suitable replacements quickly when people leave, leading to inefficiencies and lost business opportunities. Moreover, because people are occupying more highly skilled jobs, greater potential damage is done to organizations when people leave. Precious accumulated knowledge and experience leaves through the front door with them when they go. Despite these truths about our contemporary business environment, many managers seem to find it hard to adjust. There remains a tendency to run organizations in quite an autocratic, inflexible, controlling kind of way. Unwanted staff turnover results because attractive, alternative job opportunities are more readily available, yet this rarely seems to lead to any kind of critical self-appraisal of the way we manage our people. The truth is that most times when there is an unwanted resignation it should be seen as an organizational failure. A valued asset in which the organization has invested time and resources has been lost. This should lead us to reflect on the causes, to think about how things could have been made to turn out differently, and to adjust our practices so that the chances of its happening again are reduced. However, such a response is rare. Instead, we brush aside the departure, blame everything and everyone but ourselves, and cheerfully resist the need to change the way we operate. In tight labour markets this just results in higher levels of unwanted staff turnover. Self-evidently, it is necessary to find out why people are leaving our organization before we can put in place measures to improve the employee-retention record. Individuals may choose to resign their jobs for many different reasons, but there is a tendency for some to be more significant than others among specific groups of employees or in certain organizations. Particular professions have evolved their own labour market dynamics, with the result that the leaving behavior displayed by some occupational species differs from that of others. Moreover, departures take different forms and occur in different patterns according to prevailing organizational circumstances, much depending on culture, management orientation and competitive position. With more and more stores opening each year and trading hours continually expanding, employees with the right skills and experience have little difficulty to find new employment. If people become unhappy in their jobs, they do not need to stay around trying to sort problems out. Instead they go and work elsewhere. Aside from its relative fluidity, the retail labour markets have other characteristics that make it rather different from others. Many are attracted to the industry by the hours of work and want hours that allow them to work around those of their partners. Why do employees leave the organization?
There are a number of reasons for employees leaving the organization. Well, the most obvious reason for employees leaving any organization is higher pay. The main problem here is that employees are moved from one location to another location along with their family. But this problem is taken care of by a salary hike which may be around 20%-35% per annum.
Another factor is work timings. In some organizations, work timings are such that they are making employees leave the organization. Another factor is career growth. In many organizations, only 20% of employees are able to go to senior levels. This means that the remaining 80% of employees look for other organization...