5 Ways To Reduce Employee Attrition

by Prompt Personnel | Nov 20, 2022 | Human Resources, Uncategorized

Attrition is frequently seen as a business’s “Health Check.” A high Employee Attrition Rate possesses a threat to any business and costs a lot of time and money to get over it. According to a global survey, replacing an employee can cost up to twice as much as their annual wage.

Since the pandemic and uncertainty of COVID-19 mass layoffs have been heating up. In April 2020, employee attrition rates reached their lowest in nine years. Despite the decreased attrition rates, the global turnover rates have increased significantly in the current year due to more job opportunities, pandemic burnout, and employees overall feeling disconnected from their current company.

Realistically speaking, a certain amount of attrition is inescapable. However, given the current situation, it is imperative to look into the matter. Understanding the reasons why individuals leave helps businesses implement the best tools and tactics to boost employee satisfaction, which in turn leads to the success of the business. These insights are essential for coordinating expectations, ensuring worker engagement, and lowering attrition rates.

Well, no company wants to be a “come and go” platform for employees and the HR team’s biggest challenge is how to manage attrition.

We’ll talk about five practical strategies to lower attrition.

Using the best practices along with HR consulting will help you resolve your concerns regarding resources and will help you retain valued talent within the firm.

Here Are The 05 Ways To Reduce Employee Attrition – Effective Solutions

1. Inspect your Workforce:

Technology has taken over the world at this point, so we can take advantage of its capacity to employ workforce analytics to figure out what goes wrong in departments with high turnover. If you don’t have a system, analysis can be done through discussions with managers in those same high- and low-performing workforces. Keeping track of who gave what feedback can be challenging when managing individuals. That’s where you can leverage the technology with performance management software. Another straightforward method is to write down the feedback, which ultimately aids in accurate evaluation. Providing transparent feedback is an excellent way to motivate employees by showing them where they’re doing good and where they need to improve.

2. Create Ways to Involve your workforce:

What more do we want than highly motivated staff, yet it might be challenging to get going without setting and exceeding goals? And simply throwing money at a problem won’t make the employees work harder. Instead of uniformly increasing salaries by 10%, set challenging but attainable targets to get employees moving. Use the same objectives to gauge employee performance when it comes to evaluation.

Although participation can be a little challenging to achieve, satisfied employees feel like they are making a difference and have a sense of choice. Employees want to believe that their opinions are heard and that they play a part in advancing the business. Employees want to feel like their voices are valued and have a helping hand in moving the company forward. This leads the employees to a sense of well-being and retains them in the organisation.

3. Focus on finding the right fit: 

Every employee you have on board fits like a piece of a puzzle. So it becomes important to spend more time looking for the ideal candidate to fill the roles. Spend ample time making the end picture clear for both the employer and employee. The right fit can be the most important asset and could stay for years. The wrong fit can hamper growth and waste time trying to find a replacement.

Although it isn’t easy, you have to fire people who don’t “do it right”. You have to take the harder decisions and let these people go without a heavy heart because when surrounded by ineffective co-workers, motivated and productive employees will leave and find a better environment.

4. Focus on Employee-Centric Learning:

How much time does each of your employees devote each week to learning?

Overworked employees rarely have time to learn. A company that values learning and development, wants its employees to improve their careers, not just their job. Learning and training are also beneficial for the company, as it makes it easier to promote from within.

Learning enables the employees to feel safe to experiment and even fail at some projects. Training them on a regular basis is also very crucial; it represents a good opportunity for them to expand their knowledge and sharpen their job skills to become more effective in the workplace. Although the cost of training for employees might be high if done consistently the payoff is enormous.

5. Consider Temporary Staffing Services:

Of course, hiring the right set of people from the start would be the ideal method to lower staff turnover rates. And another great method is to appoint temporary staff through a temporary staffing service. This has become an essential strategy for managing a successful workforce in many industries. These staffing services deliver the best-suited candidate for the role available. The quality of the hiring decisions has a direct impact on retention rates, which makes it a crucial way for reducing attrition.

The Temporary Staffing Agency maintains a wide candidate pool and a network of contacts in a variety of sectors and skill sets. This enables them to conduct focused, quick searches for people who can match the organization’s short- and long-term goals. Additionally, this aids businesses in saving time and money that can be put to better use elsewhere in their operations.

Attrition is costly as it takes time and resources to redistribute work and find and train new talent. Also, it cannot be avoided. However, filling the backlogs in your organisation is in your own hands. If you keep your employees satisfied, they will definitely stick to you, even in difficult times!

HR Companies can be your go-to source for minimising attrition and managing your workforce effectively. Prompt personnel is one of India’s leading HR firms, which offers its partners prominent and comprehensive end-to-end HR consultancy. With us, you will open up fresh avenues for achieving alignment with success measures and advancing performance through the best temporary staffing solutions, which will ultimately decrease your employee attrition rate.

Top Employment Retention Strategy 2023!

by Prompt Personnel | Nov 16, 2022 | Human Resources, Uncategorized

Occupational Safety, Health and Working Conditions Code

by | Oct 1, 2020 | Human Resources, Uncategorized

Introduction

Occupational Safety, Health and Working Conditions Code, 2020 emphasizes on health, safety and welfare of the workers employed in various sectors like industry, trade, business, manufacturing, factory, motor transport undertaking, building and other construction work, newspaper establishments, audio-video production, plantation, mine and dock-work and service sectors.

The Code makes mandatory provisions for the employers to provide a safe working environment and trying to cover the risk of unfortunate incidents arising in the course of employment.

Key Highlights

• The Code aims at lessening the burden of the employers as it would replace multiple registrations under various enactments to one common registration, one licence and one return which will ultimately create a consolidated database centrally and will be helpful under ease of doing business.
• The workplace should be kept free from hazards that cause or likely to cause injury or occupational disease to the employees
• Employers are required to conduct free annual health check-up for their employees.
• Issuance of appointment letter to every employee on their appointment in the establishment
• Workers / Employees are entitled to receive overtime amount at the rate of twice the wage.
• Employers or Contractors are responsible to provide welfare facilities to inter-state migrant workers.
• Employers are required to provide facilities such as ventilation, humidification, potable drinking water, adequate lighting, creche, washing facilities, bathing places, locker rooms etc.
• The licence issued by the appropriate authority for inter-state migrant workers shall be made electronically.
• Contractor operating in more than one state will have one licence from the Central Government and the validity of Licence will be 5 years and may be renewed thereafter.
• The contractor shall apply for amendment of licence along with security deposit in case if there is increase in number of the contract labour.
• Workers employed in Transport, Sales Promotion and Journalism have special work hour and leave requirements specified.
• Employer in construction business cannot hire workers with defective vision, deafness, or a tendency for giddiness, if there’s risk of accident.
• The employer to pay yearly journey allowances to every inter-state migrant worker a lump-sum amount of fare for to-and-fro journey to his native place from the place of his employment.
• Employer in plantation to make provisions for necessary housing accommodation including drinking water, kitchen and toilet, health and recreational facilities, to every worker employed in the plantation (including his family), crèches facilities for plantations having more than 50 workers (including workers employed by any contractor), educational facilities for children of workers between six to twelve years of age.

Industrial Relations Code, 2020

by | Oct 1, 2020 | Human Resources, Uncategorized

Introduction

Industrial Relations Code, 2020 consolidates and amends the laws relating to Trade Unions, conditions of employment in industrial establishment or undertaking, investigation and settlement of industrial disputes. The code combines and simplifies 3 Central Labour Laws – The Trade Unions Act, 1926, The Industrial Employment (Standing Orders) Act,1946 and The Industrial Disputes Act, 1947.

The legislation provides for a broader framework to protect the rights of workers to form unions, to minimise the friction between the employers and workers and to provide provisions for investigation and settlement of industrial disputes.

Key Highlights

• Provision for Gratuity has been made for ‘Fixed Term Employee’ if employee render service under the contract for a period of one year.
• The code provides that the fixed term employee will get all (Social Security) statutory benefits like ESI, EPF, bonus, wages, hours of work, etc at par with regular employees who are doing work of same or similar nature.
• The termination of the service of a worker as a result of completion of tenure of fixed term employment would not be a retrenchment.
• Definitions modified  under the code i.e. Industrial Dispute, Railway, Employee, Employer and Industry etc.
• Trade union to give notice of 14 days before going on strike
• Arrangement for going to the Tribunal has been made for resolving disputes arising between Trade Unions. 
• It raises the threshold for the requirement of a standing order from 100 to 300 workers.
• Efforts made by the Government for quickly resolving disputes of the workers :
• Introduced provision to refer the matter straight to the Tribunal in case the dispute is not resolved at conciliation stage.
• Provision for the Worker RE-Skilling fund has been made in the law to re-skill those workers who have been fired from their jobs. Employer to give additional 15 days salary to such employee.
• Employee of an Industrial raise dispute with the employer within the time limit of only 2 years instead of 3 years.
• The definition of worker will be based on the basis of wages being drawn by him and Worker/Employees with salary upto Rs 18,000 p.m.
• Industrial Relations Code Bill allows companies with up to 300 workers to lay off people without the state government’s approval.
• if over 50% of a company’s workers take concerted casual leave, it will be treated as a strike.
• A fine of  INR 1,00,000, which may extend upto INR 10,00,000, is leviable on any person who contravenes this provision.

The Code On Social Security, 2020

by | Oct 1, 2020 | Human Resources, Uncategorized

Introduction

The Code on Social Security, 2020 is a code to amend and consolidate the laws relating to social security with the goal to extend social security to all employees and workers either in the organised or unorganised or any other sectors. 

The Social Security Code, 2020 brings unorganised sector, gig workers and platform workers under the ambit of social security schemes, including life insurance and disability insurance, health and maternity benefits, provident fund, etc. The Act amalgamates nine central labour enactments relating to social security. 

Key Highlights

• New Category of workers have been included under this code ( i.e. Gig workers, Platform work and Unorganized worker) and discussed on their social security benefits.
• The Code on Social Security Bill extends social security funds to workers for app-based firms.
• Renamed the designation of Inspector as Inspector cum Facilitator who is expected to supply information and give advice to employers and  workers concerning the most effective means of complying with the provisions of the proposed Code.
• Modified the definition of ‘wages’ and divided definition in three parts for easy calculation.
• Effort have been made to provide right to health security under ESIC to maximum possible workers.
• Establishments working in hazardous sectors would mandatorily be linked with ESIC, even if there is only one worker working in it.
• If any employer fails to pay ESI contributions, even then ESI has to pass on the benefits to the employee which ESIC can recover it from the employer to the extent of the capitalised value of the benefit net of any payment of contribution amount, interest and damages payable by the employer.
• No Exemption under EPFO and the coverage would be applicable on ALL establishments having 20 and above number of workers.
• Increase in penalty and term of imprisonment under EPFO.
• Provision for Gratuity has been made for ‘Fixed Term Employee’ and there would not be any condition for minimum service period to avail the benefits.
• The threshold Gratuity period for working journalists reduces from five years to three years.
• it has been made mandatory for all establishments with 20 or more workers to report the vacancy position in their establishments. This information would be given on online portal.
• Every woman is entitled for Medical Bonus of up to Rs 3,500/- where pre-natal confinement and post-natal care is not provided by employer whose upper limit can be amend by the Central government upto Rs 20000/-, this upper limit of Rs 20000/- has been removed under the code.