“It is the ideation and hard work of many that helps in building an organization.”
Employees in any organization are the backbone. Their creative input and dedication are the thriving force that helps run a company like a well-oiled machine. As the venture grows bigger, so does the number of employees. However, the growth can also lead to attrition or loss of employees.
Business attrition is one of the most common issues faced by large and small enterprises worldwide. The three most common reasons for employee attrition are
- Employee personal interest –
As a company grows, newer roles and projects are added to the list of works to be handled. Amidst the growing pressure, employees often lose the semblance between personal and professional space or time. Prioritizing work to succeed and stay relevant becomes a vital necessity—stress and Burning out become a common scenario.
Many employees even divert from their choice of likes and or fields of expertise to explore newer segments and ideas as a proactive measure to continue their journey through the corporate ladder. However, after a certain period, most of them tend to realize the consequences of their choices and prefer reverting to personal interests. The result is often a resignation letter.
This way, the company loses an asset.
- Budget –
Companies thrive on a constant cycle of incoming and outgoing funds. Employees need to be paid on time and consistently to keep them motivated. It is their hard-earned money that should not be a reason for dissatisfaction.
As time progresses, it is essential to provide them with necessary hikes and increments as a sign of appreciation to keep them interested and motivated. However, a lack of proper fund management and future preparations can cause a discrepancy in the financial workings.
The result is dissatisfied payroll, lack of increments, absences of hikes, etc. Many employees prefer to quit for better financial security and chances and look for far better opportunities. Sadly the overall budget is often not enough to retain them as well.
Once again, the company loses an asset
- Employee experience –
Work experience is one of the most crucial aspects every company looks into. While it is easier to hire freshers with no experience at minimal pay, it does not hold for employees with experience. As their knowledge and skill set gets better and more refined, their knowledge and understanding of various professional aspects are also improved ten folds.
From Solving problems sooner to managing critical instances efficiently, their role begins to help the company exponentially. This is precisely when they are in demand among headhunters with better opportunities and positions. Unless there is an emotional and personal attachment, it is rare to find employees who stay back without grabbing onto the newer chance.
Hence, yet another reason why a company loses an asset.
One must be aware of these critical issues as an employer if one needs to minimize employee attrition. The easiest solution is to form a powerful bond with the employees. Appreciating them for their hard work, acknowledging every individual’s skills and talents, and getting them gifts during various occasions, hikes, promotions, and increments ensure employees are satisfied and motivated to keep trying their best.
