Companies, both small and big, have the unending task of reducing attrition. That’s because attrition is a major threat to organizations financially and it also reduces the company’s overall productivity. Attrition means loss of employees because of resignation, retirement or death. Any company should concentrate on reducing its attrition rates by maintaining a proper hiring structure, promotion, compensation by building loyalty and morale.

Since I run a small organization, I keep struggling with attrition even though I do not have more than 20 employees. I happened to catch a program on FiOS TVs On Demand collection. They certainly have a huge collection of hit documentaries, movies and videos. You can subscribe to FiOS by visiting www.massbeacon.com. The program spoke about these best practices to beat attrition.

Making Smart employment choices:
The first step in controlling attrition is making smart employment choices. Most times we employ people based on their qualification but not based on our need. It is better to prepare detailed job description and job specification before starting the employment process. Employ skilled, qualified candidates with good ethics who will fit in your organization culture and future needs.

Compensation:
Offer good salary and competitive compensation packages to employ talented people and retain in-house talent. Compensation is one of the best employee morale boosting activities. Employees whose basic needs are satisfied will find more reasons to stay with the organization. Make sure you bring in regular increments and bonuses.

Hiring from within:
It is always a good practice to first place in-house candidates in job openings before sourcing from outside. Hiring from within the organization increases employee morale, loyalty and sense of belonging. This will also help the organization in the long run as in-house employees will not need time to adjust with the organization culture and work ethics.

Work life balance:
Work-Life balance is something the organization has to achieve as too much pressure on an employee will certainly dent his/her morale and enthusiasm. When the employee gets quality work and sufficient time to relax and rejuvenate, there will be an increase in productivity and also attendance.

With these simple steps, attrition can easily be reduced if not fully done away with. Encouraging employees work interests, showing respect to their needs and providing enough growth opportunities will go a long way in making sure employees find satisfaction in your work place.