Employee Attrition is one of the many problems every business leader has to tackle, especially at the time of an economic crisis. A recent survey by Microsoft revealed that 41% of workers are thinking about resigning from their jobs.
One of the biggest concerns that business leaders are facing today is how to retain talent. A high turnover rate is bad news for any business. And while adding incentives may help keep the momentary tab on retention, one cannot really solve employee attrition with team-building games, a digitally curated catch-up session or sole focus on the organisational culture.
Understanding the causes behind Employee Attrition
- The simplest push to attrition has been the digital transformation boom witnessed by workplaces globally over the last one year. All companies want the top tech talent on board that is sought by everyone, hence the crunch and hiring needs are both mammoth.
- There is a severe shortage of a skilled workforce with work visas in western markets because most countries have severe restrictions on travel and issuing fresh visas. As a result, companies in the U.S., U.K., EU, Singapore, Japan and Australia are forced to look outside their geographies for talent. India presents a rich talent pool with the required digital skills. This has resulted in global organisations hiring in India.
- The shift from office to remote working has come as a pleasant surprise to many global players opening up unprecedented opportunities with borderless talent pools. This means that any organisation keen to scale up can handpick the best leadership & teams from anywhere.
- The pandemic took away almost one year from employees wanting to switch jobs, hence there is a sense of pent up aspirations. These aspirations have manifested themselves in the form of high intensity of new employment seeking by a large proportion of the workforce.
- Organisations can further dwell into specific reasons for their employee turnover by engaging external agencies to gather talent intelligence by conducting surveys with ex-employees.
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