Tools for curbing attrition

In today's scenario, Organizations’ worldwide are making all attempts to minimize attritions. There are a lot of retention strategies that can be used to curb attrition.
Some of them are listed out here. -
Compensation should be attractive
Fair compensation does to a large extent guarantee employee satisfaction and loyalty.For e.g., a process at FedEx, called the Pay Exception allows managers to recommend and give exceptional pay hikes to the performing employees.
Quality benefits should be provided
Benefits are not a key reason why employees stick with a company, but they do help in uplifting their morale to some extent.
- Performance based quarterly incentives
- Insurance Scheme & Personal Health Care
- Corporate Credit Cards
- Cellular Phone / Laptop & latest technology on-board
- Interest free loans for higher educations
- Flexi-timings / Telecommuting
- Flexible Salary Benefits
- Wedding Day & Birthday Gift
Train the frontline managers
To make sure that the managers aren't driving away the technologists, the organizations should invest in human capital irrespective of ROI.For e.g., In Whirlpool Appliances, there are highly selective leadership development mentor programs.
Detail employees on their roles.
Make sure that the employees know what is expected of them. They should be given enough time to settle down in the system before they start performing.
Opportunities to grow and progress.
A clear professional development plan gives employees the professional boost to go on. The career path of every employee in the organization should be well laid out.
Offering retention bonus
Employee longevity is well rewarded in most of the organizations. They could be offered other seniority-based rewards such as a paid membership in the employee's professional association after one year, a paid membership to a local gymnasium and clubs after two years, and full reimbursement for the cost of the employee's formal dress.
Employee engagement practices.
To check the pulse of your organization, conduct employee satisfaction surveys on a regular basis. Go in for its analysis and implementation.
- Capture Voice of Employees
- Value addition (Attitude, Skills, Knowledge, Practices & Trust)
- Stay Interviews & its implementation
Cross functional teams
It takes efforts to build an effective team, but the result is greater productivity, better use of resources, improved customer service and increased morale.
For e.g., Sapient Corporation has a practice known as “Team Storming”. When a project team or an internal team has worked very hard, teams from across the office get together and storm the team with a 'goodies' basket to recognize the team.
Fun@work initiatives.
Organizations should celebrate successes and recognize their employees when milestones are reached. Buffet lunches, birthday parties, and employee picnics will help remind people why an organization is a great place to work.
Job enrichment.
Identify your employees' talents and then encourage them to stretch their capabilities into new areas. Every employee should have a Mentor assigned.
Transparency.
Management should always keep their employees well informed of every happening.
- Communication creates the right kind of environment
- The employees should know how business is carried out
- They should be aware of all the issues
Encouraging higher learning.
Create opportunities for your key performers and technologists to grow and learn. Encourage every employee to learn at least one new thing every week, and you'll create a Work force that is excited, motivated and committed.
Flexibility.
Employees will be loyal to organizations that make their lives more convenient by offering on-site childcare centers, on-site hair styling and dry cleaning, flexible work hours, part-time positions, job-sharing or involving spouses in CSR activities and promoting ownership culture.
Effective induction program.
Every Organization should have a formal orientation program and include a thorough overview of all the departments.
Value your employees.
Recognize outstanding achievers publicly. Make sure that none of the chances to reward or recognize employees is missed out.