I'm an MBA student I have read UR article on talent retention it was absolutely fantastic. Could U provide me some futher information regarding to the causes which led to an alarming increase in attrition rate in BPO industry.Looking for UR assistance.
it was a good article.... but few studies in Us say that people leave oganisation due to their boss more than anyother causes... donot know why this problem....... just u have said about exit interview taken by senior manager i u think it will be good nod. since the interview can go formal and the employee may not reveal things easily..... what canbe done to make the employee feel good to tell abbout the problem they have faced????
From India, Vadodara
Well to some extend its true...but it can not be possible for each employee having grudges with management.
its depend of the person who is doing the exit interview..if he takes this job seriously and think for the company he can certainly know from the employee whats went wrong.
when employee leaves the company ...he surely wants to tell the company what he feels...its only we have to know from him.
From India, Ludhiana
Well Attrition rate in BRO is very high and it has so many reason to rely on this fact.
well i am sending more data on this.
All companies, regardless of size, are struggling with how to keep employees from leaving for more money or better opportunities. Studies consistently show that even though employees may say they are leaving for more money, when those same employees are asked several months later why they really left, the money factor is about 5th or 6th on the list. The first few reasons include lack of recognition, disagreement with the culture or direction of the company, poor treatment by their boss, lack of excitement about their growth prospects, and poor relationships with co-workers. Did you know that studies have indicated that it will cost a significant amount of money to replace an employee? How much? When you add the costs of finding an employee, training the new employee, lost productivity and filling in for the employee who leaves, the cost can easily equal 150% of the base salary of the person who left. So, if you are paying someone 50,000, the cost to replace that person will be approximately 75,000. This money comes out of your hard-earned profits.
This is one of the key reasons that companies are focusing so much effort on keeping their current employees. How can you increase your chances? Listed below are a number of ideas you may want to consider.
Ensure you offer competitive compensation.
Ensure you offer basic health care benefits at reasonable rates.
Consider adding lifestyle benefits that are cost effective (read easy on the cash flow).
Find out what employees want from their career and do what you can to provide for their needs.
Be as flexible as possible about how the work gets done.
Be as flexible as possible as to when and where the work gets done.
Can it be OK for an employee to take a few hours off to attend to a family or personal matter if they can accomplish the job at their home in the evening?
Take a real and genuine interest in people's career aspirations and personal lives.
Catch people doing something right…frequently recognize positive contributions to the company.
Communicate company progress, financial news, major customer or sales activities on a regular basis. Follow up on your commitments to provide information or answers.
Have regular (bi-weekly or monthly) meetings with all employees where they can ask you questions about your plans, company progress, new developments to look for, etc. Be accessible to them so you can learn their needs. If you can respond to their needs before they become real issues, they won't begin looking for greener grass.
Ask former employees why they resigned. Even if they left six months ago, they still have a valid perspective.
Routinely ask employees what you can do to make the company a better place to work. Set boundaries if necessary as to what items are not negotiable; such as ownership in the company or 50% per year salary increases.
Keeping people is arguably the most challenging aspect of running a business today. The answer lies in the fact that there is no one set of answers. People are different, so their reasons for doing anything are different. Successful companies today ensure they know what makes their best people different, and they work hard to see that those
needs are met. Hopefully, some of the ideas mentioned above will spark some useful ideas for your unique company and your unique group of employees
From India, Ludhiana
that's good answer from you.. but if u take BPO the retention is more and the people are very young that they are ready to spend time in the exit interview. motivation and interest rate is very less. then if you see normally there is same kind of answer for going out of the comany like salary., so if you think concentratin on exit interview will help them to do retention...
then some BPO has 50% attrition. then the exit interview itself will become a big lo of job. if there also exit interview is needed?
i think i am asking more question. but i think u dono mind to clarify to me
have a nice time
From India, Vadodara
First, the retention is very less compared to the traditional industry.. and
Second, the employees are not ready to spend time in Exit Interview
Further, I believe that EXIT Interview should be made compulsory and should be taken by Certified HR Personnel. That would help in getting the real cause behind the move..
I agree that most of the time, it is the pay, but if the person is moving for hike as less as Rs.500, then something is being hidden. There is something that is being overlooked or under reported. A thorough study needs to be conducted in such cases and the real cause should be found.
Normally if the stress levels are high.. and that is the reason behind his leaving the job.. chances are he won't accept it..
From India, Ahmadabad
From India, Vadodara
From United States, Chelsea
I have been following the discussion closely and would like to share my views on this.
I agree with the observation that very often when an employee leaves an organisation because of internal factors - i.e dissatisfied with the orgn - more often than not it is due to the reporting manager. It is a harsh truth but we need to face it that when it comes to retention and motivation everyone looks at HR deptt, whereas every manager is responsible for his / her team's retention and motivation at the base level. They are the ones in direct and constant touch with the employees and hence are and should be aware of every movement and reaction.
Very often, when an employee resigns, everyone comes into action and tries to retain the employee and majority of the times he is asked why and what he wants etc and often gets what he wants - hike, perks etc as decided by mgmt. But rarely would you have heard of the manager being asked why his / her team member is leaving. If that is done, the problem can be identified and rectified at an early stage itself.
Lastly, Exit interviews are a critical and useful tool but only if implemented properly via a neutral source to ensure that the real problems are shared candidly.
From India, Delhi