COPC in use by wolrd finest BPOs has a few good policies on the same:
before giving an offer letter, make sure the prospect spends a day on the job...
difficult to implement by some cos ( hiring people want to complete targets n shift ppl to training who also bother less and train the employee and move them to ops floor) ie everyone wasnt to shift the blame of attrition on some other dept...
have an exit inetrview, 2-3 months after the employee has left the cos and the sole purpose of the interview is to hv suggestions for restructuring policies/ structure of the company..
keep me posted
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M. Peer Mohamed Sardhar
You are right about the attrition, especially at these levels in BPO (i.e. ITES) setups, even for small considerations (i.e. slight raises).
The essence of retention would be to inculcate in them a sense of belongingness and identity in the organization to beat the competition outside, competitive salary being a 'given'. It is important to keep them engaged in activities concerning their age/interests and work.
Most BPOs engage in employee-recognition/identity or congratulatory programs (cross-word puzzles, raffle schemes, championing a cause, family-recognition/engagement programs, career progression pathfinding, asset building, bashes (b'day/marriage anniversaries, movies, mall-bash, dineouts, discount-buy coupons, et al), thematic fetes, group-competitions, short-term incentives/bonuses, etc. to beat the competition.
The crux of the retention plan is effective communication of employee-care/welfare programs to all through various means (e-mails, bulletin boards, sign-pops, C-whispers, etc), employee-care, fulfillment and empathy apart from professionalism, as well as, a carefully planted induction plan to provide them adequate clarity on the organization, job prospects, reporting, self-growth and exposure. The magic would be to identify these self-goals with the organizational objectives.
The next thing may be an effective training and learning environment so that they get absorbed well in work and in their department/process and with their superiors. A superiors' brief with induction is essential, perhaps through a well crafted 'town hall' meet followed by a superior-subordinate interaction in the presence of a HR representative.