ATTRITION: ARE YOU SAFE FROM ITS DOMINO EFFECT?

4 mins

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Attrition is easily the villain-in-chief among the pain points that ail businesses across the world today.

While a low percentage of attrition may be a necessity and a way to infuse fresh talent, attrition rates that grow and go beyond control can create a domino effect, impacting business aspects ranging from low team morale, significant continuity breaks, challenges to strategic planning and projections, impeding productivity and even impacting the brand negatively in the long run.

HR bears the unenviable job of playing watchdog to attrition – and most contemporary HR departments spend a great deal of their time pouring over numbers to analyse the why and when and who; they spend time and man-hours seeking replacements, facilitating more than usual exit interviews. And after it all, when impeded productivity traces it's way back to attrition, HR has also got to face the inevitable responsibility of stemming the tide.

Before the pandemic, the common industry verticals that suffered from these challenges were industries like IT, startups, Retail, Manufacturing, and the like. But post-pandemic, high attrition has cut across industries and employee levels (lower levels traditionally showed higher attrition and movement). And to make matters worse, replacement hirings have become more difficult to secure

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However, the problem is not unsolvable – and we at HONO have had the foresight to have designed a smart solution that addresses each potential employee exit point across the 9-moments of truth of an employee's life cycle

 

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The HONO future-ready, AI-backed HRMS has inbuilt solutions, which work in combination to empower the HR with:

  • Hire2retain Suite
    A full suite of automised tools to carry out HR operations with minimal manual intervention from hiring to exit – with the objective of retaining the employee.
  • Continuous Performance Appraisal System
    This ensures that employees are continuously appraised. It also includes system-generated corrective actions – to ensure employee growth, and stop attrition caused due to unrecognized, unrewarded work.
  • Reward & Recognition
    This is a comprehensive R&R tool, which can be configured to business needs and includes budget and planning support. Besides the material rewards, it also has peer-recognition templates, supported by a robust closed-garden social platform.
  • Skill Enhancing Learning Systems
    This is a modular LMS with classroom teaching support, which can take care of most skill upgrade needs of the organization, ensuring that employees do not leave due to skill mismatch or as a result of their skills growing obsolete.
  • EWS – Predictive Early Warning System
    Being AI-enabled, the system continuously analyses critical engagement, lifecycle, and historic data of each person and provides Flight Risk warnings (with actionable nudges) for employees and teams.
  • Alumni Portal
    A robust Alumni Portal ensures that the brand connection continues well after the job tenure of an employee and becomes a powerful source of talent recommendations and new learnings.
  • PULSE
    A powerful platform for extensive tracking of employee engagement, sentiment, and mood using advanced survey templates. This measures the mood and sentiment across various parameters like geographies, teams, personnel, levels, etc. Analyses are available anytime, anywhere, supported by a smart chatbot.
  • Real-time Data & Analytics
    All data and analytics pointing to personnel-related actionables are real-time made available along with deep analytics on a single platform, creating a Single-Source-Of-Truth.
  • Hybrid Work Support System
    From virtual connect and online forums to Facial-recognition and GPS-enabled attendance – the platform is future-ready and supports hybrid working systems.
  • Virtual Onboarding Tools
    A full slew of onboarding tools, which ensure virtual onboarding is smooth, seamless, and on time. It sets up the employee for success from the very start.

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"We have about 4.5 k employees, and our attrition is close to 5% - 6% per month, especially in the large City metro cities like Delhi...We had attrition of almost 70-80% per annum earlier, which now is around 60%."

"A whole lot of manual work was happening - they manage 165 stores, so there are about 35 to 40 cluster HR to handle that. And they were doing a hell of a lot of manual work, which was not really feasible because their work is to actually motivate the workforce and keep them engaged, develop and retain them so that they contribute to the business, you know, which was not happening (before HONO implementation).

-Sutanu Chowdhury, CHRO, Spencer’s Retail

With more than 1 million + employees, and 300+ businesses already using the HONO AI-backed platform globally, HONO’s solution platform has been executed widely and is trusted by the smartest business leaders.

Do reach out to us if you’d like us to help you move to this definitive solution for Attrition and its accompanying business impacts. 

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Frequently Asked Questions

HCM software automates and streamlines HR processes, making them more efficient and accurate. It provides a centralized platform for managing employee data, tracking performance, facilitating talent acquisition, and improving employee engagement. By leveraging HR management software, organizations can save time, reduce administrative burdens, make data-driven decisions, and enhance overall HR operations.

AI-driven HONO is considered the best HR software due to its innovative use of Artificial Intelligence (AI) to streamline and enhance HR processes. Here’s why. It provides actionable, data-driven insights that enable HR professionals to make informed decisions, improving overall organizational effectiveness and strategic planning. HONO automates repetitive and time-consuming HR tasks, allowing HR personnel to focus on more strategic activities, thereby increasing overall productivity and efficiency. HONO is scalable and adaptable, catering to the evolving needs of organizations, regardless of their size or industry.

Choosing the right Employee Management Software involves considering several factors to ensure it meets the organization’s needs. Here’s a guide to help you choose. Clearly define what you need the HRMS software to achieve, considering aspects like attendance tracking, performance management, and employee development. Determine a budget considering both the initial cost and ongoing expenses like subscription fees, updates, and support. Ensure the HCM software integrates seamlessly with other systems and tools used in your organization, such as payroll and attendance systems. Opt for cloud HCM with an intuitive and user-friendly interface to ensure ease of use for both HR personnel and employees. Assess the human capital management solution's security features and its ability to comply with relevant laws and regulations to protect sensitive employee data. By considering the above factors and conducting thorough research, you can select an Employee Management Software that aligns with your organizational goals and enhances overall workforce management.

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