EMPLOYEE ATTRITION MANAGEMENT BY ENGAGEMENT

Abstract

Attrition is a serious issue, if not handled properly can jeopardise the very edifice of an organization. Issues can always arise and accumulate to the woes of an organization; it should be checked in a growing organization. Even a healthy organization may get crippled over this issue with time hence the top management is tasked to monitor this situation. Human resources are the life-blood of any organization. Even though most of the organizations are now a days, found to be technology driven, yet human resources are required to run the technology. They are the most vital and dynamic resources of any organization. With all round development in each and every area of the economy, there is stiff competition in the market. With this development and competition, there are lots and lots of avenues and opportunities available in the hands of the human resources. The biggest challenge that organizations are facing today is not only managing these resources but also retaining them. Employee retention is a critical aspect for every company regarding competitive advantage because human resource is the most critical asset of today’s modern world other resources can be arranged effortlessly but to get efficient and retain talented human capital is the most difficult task. Therefore organizations are now more focused towards employee retention. Organizations use different HR technique for retention. Securing and retaining skilled employees plays an important role for any organization, because employees’ knowledge and skills are central to companies’ ability to be economically competitive. Besides, continuously satisfying the employees is another challenge that the employers are facing today. Keeping into account the importance and sensitivity of the issue of retention to any organization, the present study tries to study how Engagement practises are the best techniques to prevent attrition. However Engagement is company specific. There is no prescribed set of engagement practices that act as a motivator or that can curtail attrition. Every organization has its unique set of employees and HR should first understand the work force to implement the same. A software firm has employees from different background and they cannot be compared to the employees of a manufacturing industry or even a retailer. The mindset of the employees varies from sector to sector even though the intrinsic and extrinsic factors hold good to all, irrespective of the industry. Organizational goals should be very clear for any company to move forward. If the company has targeted growth at regular pace, budgetary allocations also should move hand in hand. If management wants growth without matching the allocation of resources, attrition is round the corner. Yes! Engagement tactics can help arrest attrition.