Tips to Reduce Attrition Rates

Change is inevitable, but it can be costly for the business. Employees turnover or attrition rate is an element of change that directly affects your bottom line. It is important to identify the motives of departing employees and implement  an effective retention strategy.

Here are top reasons why many good employee resignation:

• They’re motivated by a higher pay
• They’re not engaged
• They’re poorly managed
• A lack of fairness on the part of managers with their staff
• Lack of employee recognition for existing jobs being done well
• Talented young people are not getting the development they want
• Low to no salary increases

Experts estimated that it costs upwards of twice an employee’s salary to find and train a replacement. by understanding the common reasons for high employee turnover, you will be better able to protect your business from such issues. Employees who are well-compensated, engaged and properly managed will likely be loyal and productive members of your workforce for years to come.

Here are  tips on how you can slow down attrition rate of your company. It  should help you inspire long-term loyalty and Lifetime Value LTV from your best employees:

• Engage your employees or boost your  employees’ engagement. Employees need social interactions and a rewarding work environment. They need respect and recognition from managers, and a challenging position with a room to learn and move up
• Recognize and reward employees: – Managers often overlook how important a positive work environment is for staffers, and how far meaningful recognition and praise from managers can go to achieve that. Awards, recognition and praise might just be the single most cost-effective way to maintain a happy, productive work force
• Offer flexibility
• Pay attention to engagement
• Prioritize employee happiness
• Make opportunities for development and growth
• Clean up performance reviews
• Provide an inclusive vision
• Demonstrate and cultivate respect
• Listen to your Employees (Take Feedback) and empower them
• Have a Growth Plan For your Employees
• Keep compensation and benefits current; Review compensation and benefits packages at least annually. Pay attention to trends in the marketplace and have HR update you.

Hire the right people:

Hiring the right people from the very start -most experts agree- is the single best way to reduce employee turnover. Interview and vet candidates carefully, not just to ensure they have the right skills but also that they fit well with the company culture, managers and co-workers

Human Resources Sector
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