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Human Assests In The Business World

2288 words - 10 pages

Table of Contents
1 Introduction 3
2 Literature Review 3
3 Reasons/ Factors for the Attrition 5
2.1 Changing Life Style 5
2.2 Labor Mobility between different sectors/ industry- Transferable Skill sets 5
2.3 Increased competition for labor 5
2.4 Salaries and benefits: 6
2.5 Lack of opportunities for personal and career development 6
2.6 Ineffective Leadership 6
2.7 Workplace Relationship 6
2.8 Ineffective Recruitment 7
2.9 Vicious Circle of Attrition 7
4 Possible Retention Strategies 8
3.1 Well defined Turnover Cost Evaluation Procedure 8
3.2 Company Brand Management 8
3.3 Effective Recruitment Process- Collaborative Approach 8
3.4 Measurement and Accountability 9
3.5 Family Friendly Environment 9
3.6 Employee Involvement 9
3.7 Exit Interviews 10
3.8 Training, Development and Career Planning – Talent Value Management 10
5 Conclusion 10
6 Bibliography 11

List of Figures

Figure 1 Vicious Circle of Attrition (Sengupta, 2008) 7

1 Introduction

Human asset has become the vital part of the successful business and to keep expenditure low. Securing or retaining the talented pool of employees and skilled labors has become a challenge for every organization as the knowledge and skills of employees are core to the company’s functioning and competitiveness. Attrition or employee turnover is the very fact associated with every organization. But the high rate of attrition can be detrimental to the organization.
The Construction industry being dynamic at times lead to dramatic shift from shortage of skill labor supply during the peak phase to the excess of labor supply when the project gets complete. Attrition leads to the high turnover cost, prime cost that company bears but often neglects to take into consideration. Company normally records cost such as wages, benefits, insurance, workmen’s compensation etc but forgets to do the detailed analysis of the turnover cost which include exit costs, recruiting, interviewing, hiring , orientation , training, compensation & benefits while training , lost productivity, reduced or lost business, administrative costs, lost expertise. (Ross, 2007). The total direct and indirect costs associated with an employee leaving the job costs from a minimum of one year’s salary to a maximum of two years’ (Ramlall, 2003). It becomes crucial for the organization to understand the root cause of high attrition, to have a clear understanding of the factors leading to it and apply effective strategies for the employee retention and reduce turnover cost.
2 Literature Review
The case in hand is the high employee attrition rate. The literature study is carried out to identify the possible root causes and the effective solutions to overcome attrition. The article (Ramlall, 2003) highlights key factors such as company’s location, lack of career development plan, ineffective leadership, relationship of employee at workplace etc. The article (Lalitha, 2012) suggested the improper work hour schedule affects employee’s personal...

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