United We Care | A Super App for Mental Wellness

logo
  • Services
    • Areas of Expertise
    • Our Professionals
  • Self Care
    • COVID Care
    • Meditation
    • Focus
    • Mindfulness
    • Move
    • Sleep
    • Stress
  • Blog
  • Services
    • Areas of Expertise
    • Our Professionals
  • Self Care
    • COVID Care
    • Meditation
    • Focus
    • Mindfulness
    • Move
    • Sleep
    • Stress
  • Blog
logo
Get Help Now
Download App
Search
Close

Table of Contents

How To Deal with Attrition in A Corporate Firm

  • United We Care
  • Emotional Wellness
  • April 9, 2022

Introduction

In recent years, the attrition problem in corporate firms has been a matter of great concern. Attrition is the term used to refer to the loss of employees from a company because of different reasons such as resignation, retirement or death. This guide aims to understand the causes, effects and ways to deal with attrition in the corporate world. 

The problem of attrition in corporate firms

Attrition in the corporate culture is a huge concern. It can adversely affect a company’s bottom line by costing it money in recruiting and training new employees and lost productivity from those who have left. Many experts believe that when experienced and skilled employees leave the organisation, most of the time compounds attrition. In addition to the financial cost, attrition can also hurt employee morale. When people go to their jobs, it can create a sense of instability and uncertainty among those who stay in the company. It can lead to lower productivity and increased stress levels, ultimately hurting the company’s performance.

Sapna Zarwal
Psychologist
Rated 5 out of 5
Book Now
Aishwarya Kalra
Psychologist
Book Now

The causes of attrition

Several reasons contribute to attrition in corporate firms. The most common ones include:

  1. Poor working conditions: If the working conditions in a company are not up to the mark, its employees will likely start looking for better opportunities elsewhere. Poor working conditions include long working hours, unrealistic targets, lack of job satisfaction, etc.
  2. Lack of growth opportunities: If employees feel that there is no scope for growth or advancement in a company, they will look for other options where they can grow.
  3. Poor compensation: If employees feel that they are not being paid enough compared with others in the same position, they will likely start looking for other opportunities.
  4. Lack of work-life balance: If employees feel that they cannot achieve a proper work-life balance, they will look for an organisation that provides more flexibility.
  5. Poor company culture: If employees feel that the company culture is not conducive, they will likely leave. Some factors contributing to a poor company culture include a lack of trust, a toxic work environment, etc.

The effects of attrition

  1. While one can expect some level of attrition, it can still significantly impact a company. 
  2. High levels of decay can lead to a loss of knowledge and experience and increased costs associated with recruiting and training new employees. 
  3. Erosion can have several adverse effects on a company, including lower employee morale, reduced productivity and increased costs. To prevent these effects, companies need to take measures to reduce attrition rates. 
  4. One of the best ways to reduce attrition is to understand the reasons behind employees’ decisions to leave.
  5. Once the causes are understood, companies can take measures to address them.

How to deal with attrition?

Here is a 7-step guide on how to deal with attrition in corporate firms:

  1. Offer competitive salaries and benefits: Employees will likely be less likely to leave if an organisation can offer competitive wages and benefits.
  2. Offer flexible work arrangements: If an employee has the flexibility to work from home or to take time off when needed, they are likely to be more satisfied with the job and less likely to leave.
  3. Develop a strong company culture: If an organisation has a strong company culture based on values such as trust, respect and teamwork, employees are likely to be more engaged and less likely to leave.
  4. Celebrate employee milestones: Celebrating employee milestones is a great way to show employees that they are valued and appreciated.
  5. Increase employee engagement: If employees feel appreciated and valued by the organisation, they are less likely to leave. There are some ways in which an organisation can increase employee engagement, including providing feedback, offering recognition and giving employees opportunities to contribute to the organisation.
  6. Provide training and development opportunities: If employees feel that they are constantly learning and growing, they are likely to be more satisfied with the job and less likely to leave.
  7. Use exit interviews to obtain feedback: One can use exit interviews to receive input from employees who have left the organisation. One can use this feedback to improve the company’s retention policies.

Conclusion

Attrition can significantly impact a company; both lost productivity and increased costs. However, by implementing the strategies mentioned above, companies can minimise these effects and create an environment that is attractive to employees and helps reduce the likelihood of them leaving. It, in turn, will lead to reduced training and recruiting costs, a stable workforce and improved organisational performance.

There are various reasons people may leave their jobs, but one of the most common is unhappiness with their current situation. Multiple factors can cause this, like low pay, long hours, poor working conditions or a lack of career advancement opportunities.

Managers need to have the training to deal with employees considering leaving the organisation. It includes understanding the reasons behind their decision and trying to convince them to stay. It is essential to communicate with employees who have left the organisation as they can provide valuable insights into the reasons behind their decision. Organisations must evaluate the company retention policies regularly to prevent attrition effectively.

There is no one-size-fits-all solution to reducing attrition rates in a corporate firm, but there are several measures that companies can take. By implementing these, companies can create a more positive work environment and prevent the adverse effects of attrition.

Visit www.unitedwecare.com to refer to many more insightful guides.

Self Assessment Tests

COVID Anxiety Test

Start Start

 

Depression Assessment Test

Start Start

 

Anxiety Assessment Test

Start Start

 

OCD Assessment Test

Start Start

 

Anger Assessment Test

Start Start

 

Personal Wellness Assessment

Start Start

 

Mental Stress Assessment

Start Start

 

Relationship Assessment

Start Start

 

Subscribe to our newsletter

Leave A Reply Cancel Reply

You must be logged in to post a comment.

Related Articles

Dating and Drug-Induced
Emotional Wellness
United We Care

The Truth About Dating and Drug-Induced Mental Problems

Introduction People drink alcohol and use drugs for a variety of reasons. Whatever the rationale behind it may be, using alcohol or drugs can negatively

Read More »
United We Care April 9, 2022
Antibiotics On Chicken And Fish
Emotional Wellness
United We Care

Reckless Use of Antibiotics On Chicken And Fish: Should You Be Worried?

Introduction Since the discovery of antibiotics by Alexander Flemings in 1929, antibiotics have been developed extensively and have revolutionised the medical sector and the food

Read More »
United We Care April 9, 2022
Emotional Rollercoaster of Doing a PhD
Emotional Wellness
United We Care

How to Deal with the Emotional Rollercoaster of Doing a PhD

Introduction A doctor of philosophy (PhD) is the highest academic qualification that a person can achieve. It is a doctoral research degree where a student

Read More »
United We Care April 9, 2022
Tetralogy of Fallot
Emotional Wellness
United We Care

Tetralogy of Fallot: Everything You Need To Know About This Serious Heart Condition.

Introduction The tetralogy of Fallot is a combination of four defects in the heart. It is a rare congenital heart defect, which means that it

Read More »
United We Care April 9, 2022
nightfall or wet dreams
Emotional Wellness
United We Care

10 Facts about Nightfall You Probably Didn’t Know

Introduction Sex is a taboo topic in many societies. Consequently, the lack of sex education in the general public has led to many misconceptions about

Read More »
United We Care April 9, 2022
Emotional Rollercoaster
Emotional Wellness
United We Care

Supporting A Family Member With A Congenital Disease: The Emotional Rollercoaster

Introduction A family is one of the best blessings of life. It is a recipe for ensuring a happy life. However, when we learn that

Read More »
United We Care April 9, 2022

Related Articles

Dating and Drug-Induced
Emotional Wellness
United We Care

The Truth About Dating and Drug-Induced Mental Problems

Introduction People drink alcohol and use drugs for a variety of reasons. Whatever the rationale behind it may be, using alcohol or drugs can negatively

Read More »
April 9, 2022 No Comments
Antibiotics On Chicken And Fish
Emotional Wellness
United We Care

Reckless Use of Antibiotics On Chicken And Fish: Should You Be Worried?

Introduction Since the discovery of antibiotics by Alexander Flemings in 1929, antibiotics have been developed extensively and have revolutionised the medical sector and the food

Read More »
April 9, 2022 No Comments
Emotional Rollercoaster of Doing a PhD
Emotional Wellness
United We Care

How to Deal with the Emotional Rollercoaster of Doing a PhD

Introduction A doctor of philosophy (PhD) is the highest academic qualification that a person can achieve. It is a doctoral research degree where a student

Read More »
April 9, 2022 No Comments
Tetralogy of Fallot
Emotional Wellness
United We Care

Tetralogy of Fallot: Everything You Need To Know About This Serious Heart Condition.

Introduction The tetralogy of Fallot is a combination of four defects in the heart. It is a rare congenital heart defect, which means that it

Read More »
April 9, 2022 No Comments
nightfall or wet dreams
Emotional Wellness
United We Care

10 Facts about Nightfall You Probably Didn’t Know

Introduction Sex is a taboo topic in many societies. Consequently, the lack of sex education in the general public has led to many misconceptions about

Read More »
April 9, 2022 No Comments
Emotional Rollercoaster
Emotional Wellness
United We Care

Supporting A Family Member With A Congenital Disease: The Emotional Rollercoaster

Introduction A family is one of the best blessings of life. It is a recipe for ensuring a happy life. However, when we learn that

Read More »
April 9, 2022 No Comments
COMPANY
  • Who We Are
  • Areas of Expertise
  • UWC Gives Back
  • Press & Media
  • Contact Us
  • Careers @ UWC
  • Become a Counselor
CUSTOMERS
  • Terms & Conditions
  • Privacy Policy
  • FAQs
RESOURCES
  • Self Care
  • Yoga Portal
DOWNLOAD APP
apple-app-store
apple-app-store
Copyright © United We Care. 2022. All Rights Reserved.
Follow Us:
Facebook-f Instagram Twitter Linkedin-in
Logo

To take the assessment, please download United We Care app. Scan the QR code from your mobile to download the app

Logo

Take this assessment on App

Download the App Now

Take this before you leave.

We have a mobile app that will always keep your mental health in the best of state. Start your mental health journey today!

DOWNLOAD NOW

SCAN TO DOWNLOAD

Please share your location to continue.

Check our help guide for more info.

share your location