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1. Build people skills of middle management : A whole lot of time and efforts are spent in organization doing attrition analysis and in understanding key reasons of attrition, however, majority of times across industry / organizations, 3 key stated reasons emerges despite granular analysis : -
However, when you get into details and peel the onion, un-stated reasons starts appearing and most of time the reason has to do with lack of opportunity for capability building, emotional turmoil, lack of job satisfaction, respect at work, dis-satisfaction with Manager etc. 2. Focus on Capability building and creating an eco system where people development is at the fore-fornt of leadership mindset. While it is difficult to stop attrition completely, however, by focusing on building people capability, you can make the "PULL" factor by competitors difficult.
3. Communication on Compensation & Benefits - Majority of organizations fail to position their compensation philosophy / benchmarking / structure and thus fails to leverage the advantage vis-a-vis their competitors. This is 1 factor that could make PULL difficult from your competitors - however, instead of making it difficult, we rather help in PUSH. We must go beyond salary communication at the time of recruitment negotiations and communicate periodically about benefits that includes other than salary i.e. Group Medi-claim Insurance Scheme, Personal Accident Insurance Scheme, Company Leased Accommodation, Recreation, Cafeteria, ATM, gym and Concierge facilities; Personal Health Care (Regular medical check-ups), Loans etc. Make your compensation framework transparent and do not shy away from having an interaction with employees on broader contours of your compensation approach.
