Competitors Are Poaching Our Staff: How Can We Stop the High Attrition Rate?

Hi all,

I am facing a serious issue at my workplace. The competitor is poaching experienced staff from my organization. Many employees have left our organization and joined them, and these ex-employees are sending emails to their former colleagues, inviting them for interviews.

How can I stop this? This is leading to high attrition. Can the members of the forum suggest some retention strategies to help me combat this situation?

Looking forward to your valuable suggestions.

Regards,
Neeta

Dear Neeta,

The first thing you need to do is to find out the flaws you might be having in your organization. Try to identify these issues and then work on correcting them. One way to do this is through conducting exit interviews. Ask your employees to provide honest feedback on their experiences, and then analyze all the feedback collectively to identify solutions to the problems.

Regards,
Byomjeet Mishra

Thank you, Byomjeet, for that input. I will definitely take candid feedback and work on improving, but I cannot wait until the exit happens. What can I do proactively to prevent this person from leaving the organization?

Regards, Neeta

Neeta,

If it is about a particular employee, then you can very well go to his/her place and discuss with him/her about the reasons for leaving and try to convince him/her to stick with your organization. There can be several reasons for his/her departure, such as:

1. Better package
2. Better position
3. Better brand image of the company he/she is joining
4. Better career development options in the company he/she is joining
5. Family/personal reasons

You should be in a position to listen to him/her patiently and then try to address one issue after the other and convince the employee to stay with you.

Regards,
Byomjeet Mishra

Attrition is the issue faced across all industrial sectors. Normally, companies do not invest in developing their existing employees through training or skill enhancement. It is often believed that hiring new employees from the market at higher salaries for the required job roles is a more viable option.

It is now imperative for companies to formulate long-term strategies for their employees and communicate these strategies proactively. Companies should demonstrate a commitment to the growth of their employees in tandem with the growth of the organization. For instance, if the organization is growing at a rate of 20%, employees should ideally experience a growth rate of at least 15% to keep pace with market demands. Additionally, more attention and resources should be directed towards employees residing in nearby areas rather than those located far away.

Hi Neeta,

Any organization is as good as its head. Keeping the attrition rates low is a major focus for not only growing SMEs but also for large enterprises. We primarily need to empathize with any employee resigning from our organization; the reasons could be many - Hierarchical Growth, Monetary benefit, opportunities in a larger enterprise (as perceived by them), Internal politics, Bossism, Health, Family, and more.

Many organizations conduct CRM training for their employees to enhance external client relationships but often overlook similar programs to retain their internal clients, who are none other than their own employees. As an organizational head, we should strive to implement a few value-added internal client services periodically, such as:

1. Employee Feedback Forum - Held once a week (ideally on weekends) with the aim of encouraging employees to express their thoughts openly.

2. Recreation Committee - Organizing interactive programs, games, outings, and get-togethers regularly.

3. Grievance Cell - Headed by you.

4. Introduce an open appraisal system - where every employee must self-assess monthly or quarterly.

5. Closed appraisals.

6. Promotion or increment decisions should ideally be based on these appraisals, creating a transparent and competitive environment that fosters organizational growth.

Regards,

S. Giridhari Prasad

9840716006

That's really great.

I should be able to come out with an Employee feedback forum and grievance cell at the earliest.

Thanks for the suggestions.

Regards, Neeta

Dear Neeta,

The pleasure is mine. If an idea of ours could help an individual, what else do we need?

Regards,
S. Giridhari Praised
9840716006