India to witness high attrition rates in 2010: How companies can control attrition?

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.

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.

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.

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.

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.

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 

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.