ABSTRACT

These days, very often we come across the word “Attrition”. This word is being used in place of Employees turnover in an organization, used earlier. Attrition is the process of reducing the number of people who are employed by an organization by not replacing people who leave the job. Employee attrition refers to the loss of employees through a number of circumstances, such as resignation and retirement. The cause of attrition may be either voluntary or involuntary, though employer-initiated events such as layoffs are not typically included in the definition. Each industry has its own standards for acceptable attrition rates, and these rates can also differ between skilled and unskilled positions. Due to the expenses associated with training new employees, any type of employee attrition is typically seen to have a monetary cost. It is also possible for a company to use employee attrition to its benefit in some circumstances, such as relying on it to control labor costs without issuing mass layoffs. There are many different ways for a company to lose employees, most of which are typically taken into account to ensure that the organization is able to operate efficiently. Retirement is one major cause of employee attrition, and since people tend to retire around a specific age this is a factor that can be accounted and planned for. Other causes of employee attrition, such as personnel who quit due to prolonged illness, dissatisfaction with the company, or other reasons, can be more difficult to estimate. The study is also focused on retention challenges the company currently faces and to examine ways to reduce attrition rates among the employees working in the company.

Key words: Attrition, Retaining employees, Retention, Managers and organization