ATTRITION AND RETENTION

Abstract

This research study is based on attrition and retention of employee and their thoughts on retention and attrition with respect to approach used during corona and after that. This case will include suggestions to retain employee and reason of their leaving. Employees are a vital asset in companies, especially in the evolving economy. Keeping employees for longer periods is crucial for productivity and revenue generation. Balancing attrition rates and implementing retention strategies is essential for organizational stability. Employee attrition can be caused by various factors like low pay, poor working conditions, and lack of recognition. Identifying and addressing these factors is crucial for improving retention rates. Companies can implement strategies like growth plans, recognition of achievements, and career development to retain employees. Fostering a positive work environment and providing opportunities for advancement can help in reducing attrition. Technology has played a significant role in the growth of the Indian economy, especially in sectors like IT and services. Advancements in technology have opened up new opportunities and enhanced connectivity in the global market. Retention strategies ensure that employees are engaged and motivated to stay with the same employer and Effective retention practices contribute to a stable and productive workforce. Majority employees are not satisfied with the communication process in their organization. 31.3% graded it as neutral, 37.5% as disappointed, and only 31.3% are satisfied. 36.3% of employees feel that their suggestions and opinions are not taken into consideration, showing that a significant portion feels their voice is ignored. Only 18.8% of employees are satisfied with the career development strategies, suggesting a need for improvement in this area. The majority of employees feel that their efforts are not appreciated and recognized by the organization, highlighting a potential issue in employee recognition.36.3% of employees are not vii satisfied with the job security, indicating a significant portion feels insecure in their roles. A significant portion of employees feel they are not paid adequately, with 37.5% of employees expressing dissatisfaction with their pay scale. 31.3% of employees think that recognizing employees' success will reduce employee turnover. Work life balance and career development are identified as major reasons for the increase in the attrition rate. Establish a well-defined formal and informal communication system in the organization to assess the needs and wants of employees and create a long-term vision. The findings underscore the need for organizations to prioritize the well-being and satisfaction of their employees to mitigate attrition and establish a stable and engaged workforce.