In the best of worlds, employees would love their jobs, like their coworkers, work hard for their employers, get paid well for their work, have ample chances for advancement, and flexible schedules, so that they could attend to personal or family needs when necessary, and never leave the company, but then, there s the real world. And in the real world, employees do leave either because they want more money, hate the working conditions, hate their co-workers, want a change, or because their spouses get a dream job in another state. So, what does that entire turnover cost? And what type of employees are likely to have the highest turnover? Who is likely to stay the longest? Attrition is a universal phenomenon and no industry is devoid of it, but the degree fluctuates from industry to industry on the basis of their capacity to manage low attrition rate. Attrition not only affects the quality of service; it also leads to increased expenditure on training and development, thereby affecting the overall organizational performance. Several companies are trying out different ways to manage low attrition rate. Be it an IT sector, or BPO, they are trying out their ways to manage lower rate of attrition by creating a healthy work environment, work-life balance, corporate brand building and so on. Attrition seems to be one of the areas in which HR can make a difference – one that can be measured in quantifiable, financial terms against targets.
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