How Can We Use the Latest HR Techniques to Reduce Employee Turnover?

Latest HR Techniques to Minimize Attrition Rate

Please provide me with the latest HR techniques to minimize the attrition rate.

Regards,
Dinesh Chandra Sharma

Hi, to reduce the attrition rate, the best technique is to implement effective HR practices within the organization. Additionally, enhancing industrial relations (IR) will also contribute to a decrease in the attrition rate.

There are no 'new techniques'. The basics are the same as ever.

Key Focus Areas for Reducing Attrition

Companies with low attrition focus on four things:

1. Employees feel empowered. They get to make decisions that affect their work. They have some control over their lives.

2. Employees feel that they are progressing in their careers.

3. Employees have good relationships with their workmates and management. The company can promote this through social events.

4. Employees feel that they are 'part of something bigger than themselves'. Ideally, the company should have a vision that is not just about making money for the owner. (This is why people will work for charities for years without pay)

Working on any of these things will lower attrition. Working on multiple (or all) of them will drastically improve employee retention.