A recent study conducted by Hay Group and the Centre for Economics and Business Research revealed that the attrition rate of Singapore escalated to 15.6 % this year compared to 14.1 % in 2012, 14.0% in 2011 and 14.1% in 2010.
High attrition rate of employees leads to a lot of problem for the employers. Imagine the amount of money spend in recruiting and trainings of theses employees. And of course without their expertise, it will be difficult for the company to retain its productivity.
Here are some employer’s guidelines to retain his/her employees:
An employer should act as a mentor not a persecutor of an employee.
As an employer you have to monitor your relationship with your employees. They have to feel valued and appreciated in their work. Usually the reason why they easily want to resign is because they don’t like the pressure and the attitude of their bosses.
An employer should make their employee’s salary and benefits competitive.
Let’s face it, people work to earn money and if they find other companies who can give them more, they will definitely go there.
An employer should create an environment where employees can voice their sentiments.
This generation of employees are loud and demanding. They don’t want to feel that the management are controlling them. They want to work according to their free will. Creating an environment wherein they can voice out their sentiments, will definitely help an employer to create programs or come up with a decision that both of them will benefit.
An employer should give importance on the training & development of the employees.
Employers should make it a point that there will always be an opportunity for my employees to learn new things and to be promoted. These are proven to be a factor in reducing Employee Turnover rate for this contributes to job satisfaction.