Hence it’s crucial for organizations to monitor and keep their attrition rates in check to retain their top talent and sustain business success. In addition, the loss of institutional knowledge and the expertise brought to the company by these employees can be significant, making it more difficult to maintain business continuity.īesides, high employee attrition rates usually reflect serious underlying problems, such as poor leadership, inadequate compensation and benefits, or toxic work culture. High attrition rates can cause a significant increment in recruitment and training costs while also causing a dip in overall employee morale among remaining employees. The employee attrition rate is a crucial subject for consideration for companies as it can significantly impact the company’s success. High attrition rates can result in increased recruitment and training costs, decreased morale among remaining employees, along with a loss of institutional knowledge and expertise.Įven though some level of attrition is standard across all companies and is even considered healthy, high rates of attrition can indicate underlying problems in the company’s functioning like poor leadership, toxic work culture, inadequate employee compensation and benefits or reduced employee engagement.Ĭompanies can keep track of attrition rates and measure them to identify areas for improvement and develop suitable strategies to keep attrition in check and retain their top talent. Attrition is also referred to as employee turnover.Īttrition can occur voluntarily when an employee chooses to leave the organization or involuntarily when the organization terminates an employee’s employment.Īttrition can significantly impact a company’s productivity, profitability, and overall success. Lets jump right in! What is Employee Attrition?Īttrition refers to existing employees leaving a company over a certain period. ![]() ![]() So whether you are an employer trying to retain your top talent or an employee considering leaving your current organization, this blog will provide valuable insights into the attrition vs retention debate. The two terms have quite different meanings, and in this blog, we will discuss the differences in attrition and retention, how they’re measured, and strategies that organizations can use to improve employee retention. On the other hand, retention is a company’s ability to retain its employees over a while. Attrition, also known as employee turnover, is a common challenge many organisations face.
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