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Activity:
214 views;
last activity : 01 31 2011 09:47:52 +0000
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Offer fair and competitive salaries
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Conduct Satisfaction Surveys & formulate suitable solutions
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Rotate onsite resources with offshore resources
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put into proper job profile
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Ramesh ideas on Attrition
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motivation is major cause for employee leave from their firm
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Balance between satisfaction and attraction
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Adjust Salary Structure based on Demand
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3 Major Factors
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Fair compensation alone does not guarantee employee loyalty, but offering below-market wages makes it much more likely that employees will look for work elsewhere. In fact, research shows that if incomes lag behind comparable jobs at a company across town by more than 10 percent, workers are likely to bolt. To retain workers, conduct regular reviews of the salaries you offer for all job titles — entry-level, experienced staff and supervisory-level. Compare your department's salaries with statistically reliable averages. If there are significant discrepancies, you probably should consider making adjustments to ensure that you are in line with the marketplace. |
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An unhappy soul what ever be the compensation may quit, employing passion driven people is a key to control attrition. create passion and sustain it. This is the job of the leadership team in any organization for success of this model needs high level interpersonal communication across hierarchy. This small mantra, you may try it Gargi it works!!
Best regards,
Joydeep Dasgupta
One of the major reasons an employee leaves a company is compensation. So giving a fair compensation will surely help curb the attrition rate to some extent.
Gratification is the only solution to retain employees. Salaries are the base of an employee being satisfied. So what you mention is quite right. :)
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Money is definitely a major factor affecting an employee’s decision to stick with a Company. However we need to also analyse the other possibilities. An employee chooses a place which helps him meet his expectations. The expectation of the employee need not be money alone, instead could be anything from the hierarchy of needs. Look at the case where he gets the best of the Salary, but is devoid of Recognition. Try to find out the drives and conduct periodic satisfaction surveys and foster an environment of open communication whereby he can put across the grievances and concerns timely. |
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I agree to this Idea, but I have a doubt about effectively implementing ESS feedback.
Since it's matter of Indian people;focus should be on SQXSQxSQ,i.e.1. Social
Quotient 2.Security(job,work &geographical culture) 3.Spirituality Quotient(directly
proportional to contentment)....
All perfect,,,no ones knows better than them why they wish to leave or might leave..ask them,,& formulate policies accordingly.
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Most of the offshore resources are very much looking for onsite opportunities. But, those who are settled in onsite are not in a position to come back to India. Now, it is a time to focus on how to rotate the onsite resources with offshore without affecting the customer satisfaction. |
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I think unless employees will be put into proper job profile,they cant get that urge to work.If they wont be satisfied with work profile then how much even he/she will get as compensation,they cant be happy. |
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Agree, proper job profile, with due recognition of learning degree along with substantial compensation.
For example, an IIT pass out, gets a package of 15lacks, but if he is an MBA from IIM he will get 30K, and his designation says VP Risk MGMT Stan-Chart.
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As per the GDP, service industries plays a vital role in contributing india's economy.So these industries jobs are based on coustomer oriented.And specifically most of them prefer coustomised sevices from the companies.Thats the reason attrition rate is very high.
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the principle of management say the human being wants 5 factors in the life style 1,basic needs,2,security,3,social needs,4.esteem,5,self actualization here most them are satisfied with the first 3 factors. we need to be a person to reorganize by social or society so motivation is the key factor to reduce the attrition of employee. lot of theory have been proved by many scientist Ex. maslow's hierarchy of needs
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Every company HR C&B formulates fair competitive offer according to them. Also companies need of talents pay the best and attractive salaries to hire candidates. Controlling attrition is subjective. Satisfied employees get attracted with higher pay, role mandate, growth etc and decide to move. The solution would be replenishment of talents for replacements intermittently. Contact employment for a specified period would be definite and strategic solutions would be workable. Breach of contract shall be payable as per terms and conditions. This is a cyclic attrition/hiring at a specified budget. Training and development with succession plan shall help to cope up with attrition
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Organizations should adjust the salary structure based on the market situation & demand. When the demand goes up almost all organizations jump in hiring mode, either to meet the new requirements or to compensate for the employees leaving the organization. The adjustment of the salary structure will help in retaining existing employees. In most cases the organization will definetly benefit by making a correction as people usually do not change job for 5 or 10% hike in salary. Of course there are Job Hoppers, but no point to chase such persons. |
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I majorly see the 3 factors that impact an employee...
1. Profile, 2. Money, 3. Location.
If an employee is blessed with 2 of these, the third can be adjusted.
Again the bad management of HR while placing the freshers into different departments is also very important. It is also very relevant to offer the employees a choice among various projects available so that they will not express their discomfort as the choice was theirs. Recognising the previous work-experience of the candidate is also important in terms ofcompensation. This also goes true for qualification.
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- Create a confidential Career Profile and Resume/C.V. online
- Get advice for planning their career and for marketing of experience and skills
- Maximize awareness of and access to the best career opportunities
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