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While the financial cost of replacing employees can be large, the residual effect of high attrition on remaining staff could add up to even more significant losses for the company
From India, Mumbai
The load has to be taken by existing workers/employees intially. Till the time suitable employees are selected and trained there can be issues.
Retention of good employees and having them well engaged with productive pursuits is a big challenge for all companies.employee should not be seen as dispensable as there is always a queue of job seekers.
When CAs and PHD holders apply for peons job the job crisis is evident. a specific comment on UP only to underscore my point of huge number of people competing for small number of jobs)
Recruitment costs, training costs, production hold up etc are caused by trained employees leaving the company. So HR plays a big role in suggesting retention policies and implementing those policies when approved by the board.
Iconic Lee Iacocca has spelt out his thoughts splendidly:
Start with good people, lay out the rules, communicate with your employees, motivate them and reward them. If you do all those things effectively, you can't miss.
Start with good people means select carefully after making QRs etc for employees
Lay the rules:simple principle of rules of work in company according to legal rules of the nation and culture of company
Communication with employees: Vital to build trust and openness, provided bosses themselves communicate truthfully
Motivate and reward them are self explanatory.
This will provide best results for all concerned.

From India, Pune
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