Those days have gone when employees were forced to serve an organization for a long period of time as very few opportunities were available for them. Globalization, on one hand has opened the doors of various countries for the business houses and, on the other hand, it increased the employment opportunities for the citizens of host countries. New age professionals are more powerful than ever before as they are highly educated and are more skilled. This article portrays various reasons for employee attrition and also discusses different techniques to manage the issue efficiently and effectively.

In the recent years, many business organizations are facing the problem of employee attrition hence we can say that employee attrition has become a wakeup call for the management to revise their management practices. Attrition is a situation that a company faces when employees start leaving the organization due to varied reasons. Dealing with the prevailing high rate of employee attrition is one of the toughest challenges faced by a HR manager in any organization. Many organizations are showing increased interest in framing their HR practices, so that they are in alignment with their business goals or objectives. Previously, the HR department was seen as the timekeeping, records-maintaining department. But now the department has metamorphosed into a dynamic business consultant and provides strategic support. The main challenges for the HR department are managing the highly mobile and independent workforce.

Employee attrition is very dynamic and it influences the company in many ways. Sometimes, it creates problems in many areas like organization morale, health, motivation, shareholders wealth and return on investment. The exit of experienced employees will affect the performance of the company as the style of managing or performing a job will differ from one employee to another. This is the major problem faced by many Indian and multinational companies. The only question asked to HR people by the top management is "Why is the attrition rate higher than the other company?" The HR team conducts the exit interviews when the employees leave the company, to know the exact reasons behind their decision of quitting the organization, but they still face the same problem since the employees do not give the exact reason for their exit.

Though in the current scenario, the talent demand and supply presents good opportunities for people with required skill sets, and enough manpower for organizations, high employee turnover drives value out of the company in terms of money and time. Attrition results in costs to the company; hence, many organizations calculate the cost of attrition especially when it directly effects the business i.e., when the attrition is very high in the concerned organization. The various costs associated with attrition

Employee Attrition, Business process Out sourcing, BPOs, Multinational companies, MNCs, Business organizations, Competitive organizations, Communication skills, Leadership skills, Organizational goals, Software companies, Business plan, Business programs.