There are various factors for the high attrition rate such as monetary benefits, variable work timings, work pressure, easy availability of other career options etc. High rate of attrition in an organization means increased recruitment and training costs.
Let’s look at the most common reasons for attrition in a BPO (Exit interview results of 260 employees):
Employee Satisfaction Surveys: While exit interviews give insights into reasons for attrition and employee dissatisfaction, they can’t help reverse the damage already done. Along with exit interviews, it is essential to conduct regular employee satisfaction surveys which help understand the employee expectations and challenges. Based on the survey analysis, plan activities and convey the action plan with all employees. It is advisable to have a neutral or third party conduct the employee satisfaction survey.
Employee Development Programs: Conduct regular training need identification and plan regular training and development programs. Every employee should have a development plan.
Adequate and Fair Career Advancement: While companies maintain a fair and transparent internal promotion policy, a lot of employees are ignorant when it comes to what needs to be done for a promotion. There should be regular performance reviews and management should share constructive feedback with a clear development plan (WHO does WHAT by WHEN).
Rewards & Recognition, Fun & Collaboration: There should be room for fun at the workplace and rewards and recognition for key achievements and success. Simple things such as birthday parties, movie outings, team dinners help create a fun-filled environment.
Develop people management skills of supervisors and middle management: Supervisors and middle management have daily interaction with the employees. It is often said that employees leave managers, not companies. Companies should start paying attention to develop people management skills of supervisors and managers and conduct coaching, mentoring and people management workshops.