High attrition rates can be detrimental to a company, but reducing friction can help save on costs and improve competitiveness. Tips include hiring the right people, training hourly workers, reviewing managerial positions, and conducting exit interviews to identify causes of dissatisfaction.
Attrition occurs when large numbers of employees leave a company. High attrition rates can be devastating for a company, both in recruiting and training costs. Reducing friction can help a company save on these costs and improve its competitiveness. Tips for lower attrition rates include hiring the right people, training hourly workers, reviewing managerial positions, and finding the cause of employees leaving the business. Each activity in the attrition review process occurs at specified intervals in business operations.
Reducing attrition starts with hiring the right kind of people. Every worker may not be suitable for a company. Recruiters and human resource managers should have a specific set of guidelines when hiring employees. Questions for evaluating potential candidates can include those that focus on the individual’s skills and those that help the company assess the candidate’s personality. Both sets of questions will determine whether the potential candidate will fit in with others in the company and be comfortable with the working conditions.
Hourly workers are often the largest group of employees in a company. Reducing attrition in this group often avoids large turnover and training costs. Training is usually a major issue with employees in this group. Workers who don’t feel prepared to complete tasks may feel uncomfortable working for a company. Training and updating a worker’s skills can be an essential tool to decrease hourly employee attrition.
Managers can also play a key role in reducing attrition. First, companies need to oversee and review each manager’s performance to ensure he or she is meeting company guidelines. It also prevents dishonest managers from abusing employees, which can lead to high attrition. Second, managers themselves need a respectable work environment to avoid friction. Companies should offer competitive performance bonuses and training opportunities in order to maintain the skills needed to work for the company.
An important part of reducing attrition is the exit interview process. This activity allows a company to determine why employees are leaving the company. The interview can be a written survey or a physical interview with a human resources manager. The goal here is to identify if there are specific themes around why employees have high job dissatisfaction and want to leave the company. The exit interview should provide insight into what needs to change in the business to reduce attrition.
Not all companies will have the same attrition rates. How the company chooses to deal with this problem depends on the work environment. In some cases, companies may not have extensive steps in place to reduce attrition. It all depends on how the company sees this problem.
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