Michael Jordan, my favorite Basket ball player & idol said, “Talent wins games, but teamwork & intelligence win championships.” this is so true in today’s modern world. Talent, Teamwork & Intelligence together is such a powerful combination. In today’s world retention of this talent has become crucial and talent at the same time is not easily available. In Today’s blog lets discuss about ATTRITION and how can organizations adopt strategies that would help retain & also attract new talent.
Before we start off, we need to know what Attrition is, Attrition Rate & how to calculate attrition in an organization. The unpredictable & uncontrollable, but normal, reduction of work force due to resignations, retirement, sickness, or death leads to “Attrition” in organizations. Before we get into the calculations, let’s talk about the definition of attrition rate. In a general sense, attrition rate is the number of people who move out of a group over time.
Generally, Attrition Rate is a measure of employee turnover, and it helps you to understand how well you’re retaining talent in your organization. A high attrition rate means that your employees are leaving frequently, while a low rate indicates that you’re keeping your employees for longer periods of time.