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Attrition - What Does Attrition Mean and What Is Its Importance | HRMantra HR Software
Attrition - What Does Attrition Mean and What Is Its Importance | HRMantra HR Software
It is a metric to measure the number of leavers from an organization in a given period. Attrition, in simple words, is referred to as an act where employees leave a company. There may be many reasons for leaving an organization due to a better pay package, better work-life balance, less commuting time, better working conditions, and opportunity, and so on.
If any company faces high attrition at its workplace, it is of grave concern. This could dent the profits and balance in the company. It also signals that the employees are highly dissatisfied regarding their employers. Comfortable working conditions and regular feedback from employees will not only let them work comfortably but also give them a chance to correct their mistakes before it''s too late.
There are three kinds of attrition:
- Retirement: The employee has finished his tenure and is naturally retiring. In such cases, the succession planning has already been done.
- Resignation: When an employee decides to leave the company for a better designation, increased pay, balanced work-life balance, etc., then he resigns from his current position.
- Involuntary attrition: The employee is terminated from his position on unethical grounds such as underperformance, badmouthing the company, etc.
An organization hence, must try to keep their workforce motivated and cater to their needs by taking time-to-time feedback and re-strategizing. Nobody wants to work in a boring redundant environment.
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