The attrition rate among employees has hit a five-year low within the country as employees are less inclined to go away companies during a hurry, consistent with a survey of 700 firms by Aon Hewitt.
“The rate of attrition in India is dropping. At 16.3 percent, it’s rock bottom that corporate India has observed since the 2009 financial crisis,” the survey found.
Aon Hewitt also put out the top five reasons why employees quit their jobs:
1) Salary is far and away from the leading explanation for employee dissatisfaction, the survey found.
2) Limited growth opportunity during a company is that the second biggest reason for employee attrition, the survey says.
3) Many employees quit so as to urge education, consistent with the survey.
4) To a few years during a particular role is that the fourth biggest reason why employees quit a corporation, the survey found.
5) an outsized number of employees quit because they are doing not get alongside their bosses, consistent with the survey.
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To manage employee attrition, HR managers should make sure that jobs are rotated and specialize in the work-life balance of employees, Aon Hewitt said.
(Also read: Salary Hikes To Be Lower This Year, But excellent news for a few Sectors)
The survey also found that while the rate of attrition for the broader population is falling, an equivalent for key talent has increased from 5.9 percent in 2014 to 7.3 percent in 2015.
“Increasingly organizations are developing separate retention plans and policies for his or her top talent. While rewards continue as a retention tool to ring-fence top talent, programs around leadership opportunities and training, overseas assignments, means programs for hi – potentials are fast gaining prominence,” Aon Hewitt said.
Most executives cited the shortage of challenges or opportunity for career growth, instead of inadequate compensation, because the main reason they left their last job, consistent with a recent survey by executive search firm Korn/Ferry International. one-fifth cited ineffective leadership, while 17 percent said the attractive job market was why they left their last jobs.
Among the foremost common causes of employees leaving a corporation are:
Excessive workload, an employee doing the work of quite one person. This often entails overtime and necessitating the worker having to require work home. Many employees say that they become overwhelmed and overloaded with work. the rise in stress levels and pressure means they can’t sustain it and can eventually seek employment elsewhere.
Management not giving the worker sufficient recognition for the work done, or taking the credit themselves of giving it to the incorrect person.
Not giving the staffer sufficient power to form decisions to urge the work done and to progress within the organization.
Ongoing change initiatives giving the worker a way of instability.
Management not giving clear briefs and clear guidelines on their expectations of the worker.
Poor leadership skills
Poor leadership. are you able to do much about this one? Absolutely. It’s much more prevalent than most imagine, and it’s an astounding impact on turnover rate rates and costs.
Salary. 20% of workers cite this as their top employee retention consideration.
Employee benefits packages. Another 20% claim this as their most vital employee retention consideration. much more than salary, an efficient employee benefits plan can generate an exceptionally high ROI as an employee retention strategy.
Lack of education opportunities. Employees’ top request was for professional education and enhancement programs. Another name for stagnant employees: job seekers!
Poor wellness offerings. If your staff doesn’t like your employee health and wellness programs, they’re fourfold more likely to go away from your company.
Toxic workplace environment. this is often due partially to poor leadership, but interpersonal stress at the workplace contributes to absenteeism and low employee motivation, and ultimately, high turnover rate rates.
Lack of progression opportunity. If your employees see no hope for promotion, they’re going to absolutely look elsewhere for employment. So if the idiot son-in-law may be a permanent fixture within the corner office, beware!
Personal reasons. There’s not much you’ll do about this one. a bit like the toymaker elf who wanted to be a dentist, if an employee’s life ambition takes them in a different direction, your best bet is to allow them to go.
Lack of FUN. the simplest jobs I’ve ever had are fun. Not surprisingly, they’ve also been the roles at which I’ve worked the toughest and produced the foremost. an equivalent holds true for your employees. Do everything possible to feature fun back to life at work.
Lack of labor life balance. Give your employees time away. confirm they take it. and provides them a vehicle to require high-end destination vacations at low cost. The mental and physical health benefits of wellness travel are staggering, and therefore the impact on retention is powerful.