Nice to see simple answers for a complicated question!!!
Exit interview? Salary increase? Meetings? Counselling? Dept Manager?
Before you take any action systematic analysis is critical
I am just giving a few steps and you can work on developing this further
Step 1
What is your industry and what is the Employee Turnover percentage in your industry and in your location
Step 2
Levelwise what is Employee turnover and ifyou can get this data from some more companies in the same industry it will be good
Step 3
Departmentwise analysis
Step 4
This is very important as you start collecting data on skill sets/ For example in a trecent survey I conducted, we sound out that welders keep moving out often. The company kept increasing salary levels but they keep moving out.Demand in the market for this skill is so high, any adjustment in salary level did not help It did bring it down slightly but it is still a challenge.
Step 5
Collect info about the years of experience and the turnover. I have surprisingly come across in one study that the employees with less than two years experiemnce keep moving out and when they stay for more than two years they stay longer. This is more to do with the Managements policy on promotions.
You may add a few more analytical points and complete this analysis in 7 days to 15 days time depending on the number of employees and availability of data.
Once you complete the analysis, identify the key area of concern... it could be department... it could be skill..... and dont ever compare your comp[any with companies with different size. for example if your company size is say 200 and a turnover of 50 crores, then comparing yourself with say Infosys or TCS or wipro has no relevance.
Again in manufacturing companies Employee turnover is reasonably lower than in IT and BPOs
Another keyfactor is your companys growth. if your company is not growing and alternatively if it is degrowing, any exercise you do will be of no use inless the Top man himself meet people and motivate them to stay back
last but not the least.....do you indicate stability to people?? How many people in a month or in a quarter or in a year, your management is asking to go out due to performance or excess? if you strength is say 200 and if you ask atleast two people to out in a quarter, it means 8 in a year. This is closer to 5 percentage points in a year. the percentage looks small but the impact it has on employee turnover is very high. Only way you can reduce is to have a correct and the best recruitment process to ensure that you select the right candidate for the jobs
I do not know whether you read such a long note. However I would like to reiterate proper analysis holds the key for containing Employee Turnover dont jump into action unless you complete the analysis
exit interviews atleast In many parts of India do not throw light. candidates going out will give some info to Department something else to Hr and interestingly he will toally different story to the CEO!!!
Sivasankaran