Attrition Rates

Attrition Rates

At Omninos, we consider a company’s people to represent its real strength and potential. A company must establish an employee-centric workplace culture to ensure maximum employee satisfaction and, consequently, a low attrition rate in order to flourish and offer top-notch services to its clients.

Employee attrition is the procedure through which workers in an organisation willingly depart the organisation, either through retirement or resignation.

HR executives are struggling to maintain reduced attrition rates since there are so many opportunities available for skilled individuals. New horizons have opened up, and businesses are working to ensure that they don’t lose their in-house expertise as the gig economy and the culture of working from home have almost overnight become the new normal.Additionally, because millennials make up a substantial section of the workforce today and are notorious for changing jobs frequently, employers must take extra measures to keep their staff members invested in the mission of the business.

A company’s operations are hampered by every resignation of an employee. Reena Bhansali, Omninos vice president of human resources, asserts that “the loss is complex.” “Losing an employee causes significant disruption and adds significant financial pressure. So each time we need an individual and the time it takes to replace a vacancy, we lose collective knowledge. The business’s well-oiled machinery is abruptly thrown into disarray. Projects are put on hold because of a shortage of resources or because you need to temporarily hire someone from another department or even outside the business.Additionally, the company’s efficiency and productivity suffer amid all this mayhem and commotion, which is evident in missed sales and the increased expense of hiring and training a new employee.

Over the years, Omninos has experimented with a variety of methods in an effort to instil a sense of motivation and value in its employees in an effort to address its own attrition problem. And gradually, by using strategies that set the standard for our industry, we have indeed been able to lower our attrition rate to 35percentage points in 2015–16 to 13% in 2020–21. If we consider the ongoing epidemic and the unexpected increase in the turnover rate as a result of individuals being able to explore new options thanks to the WFH culture, this is a tremendous accomplishment.

You must consider the position you are providing from the viewpoint of a job seeker if you want to ensure that you keep your ability in these tough times. The salary environment today is highly competitive.But it goes deeper than that. Employees want a good work-life balance as well as a welcoming, inclusive, and bias-free workplace where they can express their original, daring ideas. 

It is now more important to consider all the rewards and bonuses available to them rather than just the employer with the highest salary. Employees genuinely want to contribute, as well as to feel wanted and valued.

Modern workers obviously have many options and are interested in more than just financial gain, which wasn’t the case ten years ago.

So, with a flutter of her hands, Reena Bhansali responded to our question on how a business should adapt to this new phase and reduce attrition: “Well, there are a host of factors that you can do. But choosing the proper employees is where the process really begins. 

A candidate who can be a model employee can no longer be employed. You need individuals who push boundaries, take risks, are open to learning, and work well in a group. Additionally, you need to pay competitive wages. However, if you are unable to match market salaries, give your employees incentives to stay with you by providing them with reasons to do so.Once they are working with you, give them regular feedback on their performance and informal check-ins to give them the impression that your firm values them. 

Even a small gesture, like sending a care box, something we’ve done ourselves over the past year, can boost an employee’s spirits and make him more devoted to your business. Finally, be sure to pay attention to their complaints, including both those that are relevant to their personal and professional lives. In many ways, a business should operate like a community where everyone looks out for one another beyond the requirements of their jobs.

Additionally, today’s workers seek a healthy work-life balance and take their health very seriously. Therefore, giving them too many chores will undoubtedly make them hostile. Employees desire to be challenged, nevertheless, in order to promote personal development. So make sure to give them fresh, exciting topics to work on and keep things exciting for them.

It’s true that millennials don’t just search for high salaries when considering a career. They seek a bond and a shared vision with the business because they want their job to matter and have room to develop. And if an organisation is able to provide that to its staff, attrition won’t ever be a concern.

Why Should You Use Omninos Solution?

DEDICATED WORKFORCE

Our team of experts concentrates on developing unique concepts that result in customised services.

SAVVY TECH SOLUTIONS is a company that specialises in technology solutions.

We use a range of innovative methods to achieve exceptional results based on our understanding of your goals.

EXPERIENCE IN THE FIELD

We’ve worked on a variety of industry concepts while providing design services all across the world.

RESULTS-FOCUSED

We take a simple approach and rely on a results-oriented strategy.