Successful companies manage attrition proactively, aiming for under 10%, as retaining employees is key to long-term growth.

7 Best techniques that can help you to manage Employee attrition in your company

1. Hire The Right People
2. Offer Competitive Compensation
3. Prioritize Employee Growth
4. Offer Workplace Flexibility
5. Train Your Managers
6. Appreciate Your Employee’s Efforts
7. Structure Retirement Benefits

1. Hire The Right People

To fight attrition, you must first understand the main challenge with attrition. Often, people leave a job because they’re not right for it. So the first step towards managing employee attrition is good recruitment.

When you’re hiring new employees define the position clearly and make sure that the candidate is a good fit for the position as well as your company culture. Establish a connection between their employment history and the skill set required for the position. A thorough background check is also important especially if the individual will be handling any tangible resources. A great practice is to meet the candidate in both formal and informal set-ups to bring about their true nature (especially for mid-to-senior hires).

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2. Offer Competitive Compensation

If you ask for tips to control employee attrition one of the first points anyone will tell you is to pay your employees well. Salaries need to be competitive at all levels of the organization.

It isn’t necessary to go over the market standards but it is important to meet them. Else, your employees will constantly be looking for positions that pay better. You also need to ensure that the annual incentives maintain the salary’s parity to market standards.

3. Prioritize Employee Growth

Just as every company has certain expectations from their employees, the workforce will have expectations from the organizations they work with. Invest in your human resources and their growth.

For example, in the technological space, sponsoring certification courses and connecting them to promotions is great for employees and the employer. The employee feels valued by the company and isn’t likely to go searching for another job.

Apart from technical skill sets, it’s also important to invest in your team’s well-being. Structure leave plans that work for the company and the employee. Similarly, offer help whenever possible – for example, having a crèche facility in the office can help new mothers come back to their jobs rather than search for a different position.

4. Offer Workplace Flexibility

If the pandemic has proved anything it’s that the workspace need not be limited to an office structure. Lowered attrition rates are among the many benefits of giving employees the option to work from co-working spaces near them rather than commute to a central office. This applies to companies of all sizes, whether you are trying to figure how to control attrition in startups or multinationals.

Co-working spaces have the advantage of helping you set up a professional workspace for one person or dozens of people with minimal investment. Paying attention to your employees’ convenience in such ways can help lower attrition rates considerably.

Also Read: 5 Ways to Keep Employee Motivation High During the Pandemic

5. Train Your Managers

It is a well-known fact that employees often leave because they don’t get along with their managers. You need to train supervisors and middle-level managers on how to handle subordinates and get work done without antagonizing them. Help your managers improve their soft skills so that your employees stay positive. It may be a good idea to measure a manager’s effectiveness with respect to his / her team attrition.

6. Appreciate Your Employee’s Efforts

While you’re designing the salary structure, build in achievement-related incentives to encourage employee loyalty. Bonuses help boost productivity as well as leave the employee feeling good about their work and the company.

In addition to monetary incentives, recognize your employee’s work with public accolades and certificates or laurels.

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7. Structure Retirement Benefits

Though HR will constantly be challenged by attrition versus retention ratios, as mentioned above, a certain percentage of people will move on every year. Ideally, you need employees to want to work with you until they move on. To encourage this, it is better to structure attractive retirement benefits. A PF account is probably the most basic of such benefit programs.

In Conclusion

If your question is how to control attrition in sales or in your tech department, these tips can surely help. At the core of it all, pay attention to your employee’s needs. Whether it is ensuring they get the salary they deserve or offering them the flexibility of working at a coworking spot convenient to them, cater to your employees’ needs and they will be more productive and aren’t likely to be job-hunting any time soon.

There are plenty of co-working spaces available in cities across India. That said, your employees deserve to work in a space that is comfortable, hygienic and equipped with the tools they may need. If you want to find the best coworking space in Gurgaon for your employees, reach out to The Office Pass (TOP) at 8999 828282.

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The ongoing pandemic has given rise to extreme uncertainty in the world of business. With the economic pressure, emotional stress, and health and safety concerns soaring high, it has also disrupted employee motivation to an alarming degree.

According to a survey by meQuilibrium, the pandemic has significantly increased employee burnout and diminished their motivation levels. While all industries are affected, certain sectors such as healthcare, finance, communications, and technology have seen the largest dip – over 30%.

The survey also observes that employees who receive little or low support from their employers have more motivation difficulties than their well-supported counterparts. Whether you are a small business or an established one, the importance of employee motivation cannot be stressed enough.

5 Tips to keep your workforce motivated during the pandemic

1. Reward Good Work and Celebrate Success
2. Facilitate Transparent Communication
3. Show Your Employees That You Care for Their Wellbeing
4. Offer Flexible Work Arrangements
5. Create a Culture of Teamwork, Networking and Collaboration

1. Reward Good Work and Celebrate Success

Lack of recognition has always been the main reason employees feel unmotivated. The pandemic has highlighted the importance of demonstrating genuine appreciation to keep the spirits of your employees high while they work remotely or from home.

So, take time to acknowledge the good work your team is doing during these challenging times. To ensure that your recognition has a positive impact on their motivation levels, make it timely, genuine, specific, and appropriate.

2. Facilitate Transparent Communication

Due to the economic uncertainty caused by the pandemic, many employees are living in the constant fear of losing their jobs. Add to that the abundance of fake news and unverified information floating on the internet, your workforce might have a tough time staying focused and motivated.

Transparent and clear communication is one of the central tenets of the employee motivation theory. You must frequently share relevant information with your workforce to gain their trust and keep them inspired. When you share your vision and plan for surviving the pandemic, it also helps your workforce to stay committed to the organizational goals. Above all, it steers clear of unnecessary rumors, guesswork, and anxieties.

3. Show Your Employees That You Care for Their Wellbeing

Creating a culture of care in your organization is one of the best ways to keep the motivation levels of your team members high. When your employees know that you are looking out for their emotional, mental, financial, and physical wellbeing, it helps them stay motivated.

For instance, you can start Employee Assistance Programs (EAPs) to help them cope with the stress caused by the pandemic. Likewise, you can think of offering counseling and related services to ensure their mental and emotional wellbeing. Health insurance schemes that cover COVID-19 and financial assistance plans for vaccination can also be part of your employee motivation projects.

4. Offer Flexible Work Arrangements

According to studies, workplace flexibility can be a strong motivator for employees. Moreover, in times of the pandemic, flexible work arrangements enable them to work without worrying about commuting to the office or operating from crowded office spaces. The less anxious your employees are about their safety and health, the more motivated and focused they can be.

Depending on the size and nature of your business, you can consider offering your team a generous and flexible work schedule. Alternatively, you can opt for neighborhood coworking spaces in multiple locations and allow employees to work from the office nearest to their residence. It also helps them create a healthy balance between work life and personal life, resulting in better wellbeing, lower stress, improved health.

5. Create a Culture of Teamwork, Networking and Collaboration

Teamwork and collaboration are key factors contributing to employee motivation levels at all times and even more so during the pandemic. Remote working often makes employees feel isolated from their peers, and as a result, they lose motivation and a sense of belonging.

You must ensure that your organization has ample avenues for teamwork, networking, and collaboration to mitigate the isolation. Technology is a great way to facilitate internal collaboration. Group chat platforms, online video conferencing tools, instant messaging apps, etc., help create a sense of belonging among employees even when they are not physically together.

Some Final Thoughts

The pandemic has presented us with troubling times, so every organization must take active measures to instill trust in employees and boost their motivation. Moving to a coworking office is also a great idea since such spaces provide countless opportunities for your employees to stay connected and motivated.

Want to learn more about the benefits of neighborhood coworking? Get in touch in The Office Pass (TOP) today at 8999 828282!

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Starting your business in a new city can be a thrilling and daunting experience at the same time. It comes with loads of requirements, starting from finding the best location and setting up an office to establishing your business network, hiring local talents, and more. Sounds like a lot of work?

What if we told you that a coworking space helps you meet more than half of these requirements? Let’s find out how a shared office helps you in every step of establishing your business in a new city.

How coworking office helps you to establish your business in a new city

• Find an Office in the Best Location
• Get A Physical Address for Your Business
• Set Up the Office Fast with Minimal Effort and CapEx
• Establish Your Network
• Find Potential Collaborators
• Get Easy Access to Resources

1. Find an Office in the Best Location

The first step of starting operations in a new city is to identify a good location for your business. You cannot choose just any location but one that is ideal for business and has good accessibility. Often, the commercial office spaces in prime localities are grossly expensive and can drain you financially.

Coworking spaces in metros and tier-II cities offer office spaces in the best locations without making you spend a fortune. Coworking operators typically have relatively large properties in the CBDs and SBDs of a city. They then rent them to companies like you, who may have smaller area requirements so you can choose one that best fits your budget, requirements, and demographics. If you want a bigger bang for your bucks and more flexibility in location, you can also consider neighborhood coworking.

2. Get A Physical Address for Your Business

A physical address for your business is a must when you start operations in a new city. Besides increasing your credibility, a business address comes in handy while registering the company, enlisting it in local directories, filing taxes, and preparing business documents.

Shared offices across Indian cities cater to this crucial business requirement. When you choose a coworking space in Gurgaon, Delhi, Noida, or other cities, you get a proper business address to use for your operations and branding. The service operator will also provide you with all the documents required for registering the business, such as NOCs, rental agreements, utility bills, etc.

3. Set Up the Office Fast with Minimal Effort and CapEx

Coworking spaces help you set up your office in a new city without spending too much time, effort, or money. These fully-furnished and move-in-ready offices come with all amenities, starting from desks and printers to security and front-desk services. You need not spend long hours or large amounts of money on furnishing the place.

Many coworking offices in Mumbai, Bangalore, Delhi, Gurgaon, Noida, and other cities also offer managed offices where you get dedicated office space that reflects your brand identity. Such offices are ideal for established businesses relocating or expanding to a new city.

4. Establish Your Network

A reliable and mutually beneficial professional network is the backbone of every business. Typically, when you start operations in a new city, it takes a while to establish a strong business network. You have to spend weeks or months looking for events and avenues where you can meet people and form connections.

Coworking spaces in metros make it easier for you to establish your business network as soon as you start operations in a city. As a platform that houses several businesses, a shared office is a great networking avenue in itself. The networking events, panel discussions, launch parties, and entrepreneur talks hosted by coworking operators further help you widen your local connections in the new city.

5. Find Potential Collaborators

Entrepreneurs who start operations in a new city must find business collaborators to grow and succeed. Coworking helps you with this requirement quite effortlessly. Collaboration is weaved into the very concept of a coworking office – it is a community-inspired workplace where you can form cross-business partnerships.

Take, for instance, the case of a coworking space in Delhi, Gurgaon, Noida, Mumbai, or Bangalore. It houses professionals and freelancers from diverse industries, such as IT, web development, accounting, digital marketing, and others. Whether you are looking to design a new website or develop an app, the service is available right across the floor!

6. Get Easy Access to Resources

Access to resources, both economic and human, is a crucial requirement for businesses trying to find their feet in a new city. Coworking fills in this requirement in several ways. For starters, having a shared office increases your chances of attracting and retaining local talents. Workplace flexibility is a must-have for employees these days, so you can leverage the flexibility offered by coworking spaces to build your team.

Similarly, shared offices enhance your access to economic resources, whether it is funding opportunities, business loans, grants, or start-up schemes. Emotional resources, such as support groups, are also handy. Above all, when you want practical inputs – for instance, which is the best bank in the city to open a corporate account or how to obtain a license – you can always turn to your coworkers for information or references.

Final Thoughts

Expanding or relocating your business to a new city is indeed a big leap. With lots of requirements to meet, it could feel like a mammoth task. However, by choosing a coworking office in the city, you can get half the work done and find your feet faster.

Are you starting operations in Gurgaon, Noida, South Delhi, or other parts of the NCR? Get in touch with The Office Pass (TOP) today!

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