Attrition CaseEssay Preview: Attrition CaseReport this essayContentsIntroductionWhat is Attrition?Harmful effects of AttritionAttrition is not always badExecutive SummaryMethodologyFactors impacting AttritionSalaryWork environmentCareer growthFlexibility of working hoursWork life balanceJob securityRewards and recognitionRelationship with bossType of work assignedWORK CULTURE IN THE SECTORSIT/ITESMANUFACTURINGFINANCE/BANKING/TRADINGCONSULTING/RESEARCHSURVEYRespondents profileGenderSector of Work ExperienceDuration of Work ExperienceSURVEY RESULTSMost Important Motivational FactorSECTORWISE ANALYSISAnalysis of IT professionalsSide FactorsManufacturingSide FactorsFinance/bankingConsulting/researchAviationDefense/ Security ServicesKey LearningReferencesINTRODUCTIONWhat is Attrition?The reduction in staff and employees in a company through normal means, such as retirement and resignation is called attrition.Attrition leads to loss of employees.Harmful effects of AttritionAttrition leads to loss of employees who have thorough knowledge of the company and its practices.Experience in a field is very important for better performance.New employees lack this and this might lead to some pitfalls during their work.If there is high attrition, it also results in a negative impact on existing employees about the work environment of the company.Appointing new employees in place of old involves cost of recruiting and training them.costs of employee turnoverhiring costs: time spent in screening, verifying credentials, references, interviewing, hiring, and training the new employeehard costs of productivity lossLoss of customer, customer confidence and businessAttrition is not always badSome attrition is always desirable and necessary for organizational growth and development.The term “healthy attrition” or “good attrition” signifies the importance of less productive employees voluntarily leaving the organization.This means if the ones who have left fall in the category of low performers, the attrition in considered being healthy.Also, new employees bring new ideas, approaches, abilities & attitudes which can keep the organization from becoming stagnant.In this era of globalization, it is very important for a company and its employees to be updated with the latest developments around the world and act accordingly.
An organization can achieve this better with new generation employees.EXECUTIVE SUMMARYRecent studies have proved that attrition rates have been increasing in Indian companies.Employees today are different. They are not the ones who dont have good opportunities in hand. As soon as they feel dissatisfied with the current employer or the job, they switch over to the next job. The reality of hiring freezes and possibly even layoffs during economic slowdowns means it is critical to focus on retaining and enabling our remaining people to reach peak performance. Lean organizations are heavily dependent upon the performance and quality of current employees. Current employees have specialized, institutional knowledge.
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, 1 Nov 2012, 2:29 PM
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Replacement costs usually are 2 ½ times the salary of the individual, and may include lost customers and business and damaged morale.In order to create a successful company, employers should consider as many options as possible when it comes to retaining employees, while at the same time securing their trust and loyalty so they have less of a desire to leave in the future.
Our primary target during the designing of the project was to define attrition, how attrition can be good for an organization and how it impacts any organization in a negative way. Additionally, we were studying various factors impacting attrition. While, some factors like motherhood could not be preventable and expected, while others like dissatisfaction with salary could be prevented and brought under control. Factors impacting attrition rates could vary with demographic changes like Age and Gender and motivational factors like salary, working hours and growth opportunities. The assumption that motivational factors would vary with demographic bifurcations was also to be validated.
During the course of project, we realized how another unnoticed factor of classification of Industry also impacted all other factors. For