What strategies should I-met follow to check attrition and retain talent?
Attrition is a method used to reduce the number of employees in terms of the number either by resignation, retirement and or death. On the other hand, the attrition rate is the rate at which the company shrinks its number and or size. Talent retention refers to an action taken by the company to retain its employees. I-Met company on its face tough challenge on retaining and recruiting new talents while it is needed to lose through attrition.
Attrition, in particular, may happen due to different nature and changing of ambitions. Employees may change their profession due to higher better salaries as well as benefits arises as a result of the new job. These reasons may be attributed to three different categories, namely; personal or individual, company, and other purposes.
On the individual or personal reasons, the I-Met should check the mobility and relocation of employees. In addition, companies face attrition due to employees looking for higher education. However, for organizational reasons, employees have some issues with work culture, management values, and work trustworthiness. (John Wiley; Sons Inc, 2018)Moreover, there are other reasons such as working and favorable environment,
Retention practices, on the other hand, has been categorized into three levels namely; high, low and medium. I-Met company, therefore, should adopt several strategies such as recognition professionals, rewarding, thank you cards, seasonal off days and scholars. In addition, to retain talent in the company, there is a need for recognizing and appreciating a commendable job.
Moreover, the average level strategy that a company should be having are the likes of supporting families with benefits programs, providing professional development skills, career guidance and medical care insurance. The high-level retention strategy should part-time schedules, encourage innovation and creativity among others. Finally, the I-Met will retain talent but also check attrition for their employees.
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