Here’s how you can stop attrition rate in your office

We all have gone through times when we weren’t appreciated by our bosses, following which we hopped jobs. But, according to a study by TimesJobs, nearly 90% employees in India Inc. would stick around longer if they feel they are being appreciated for the work they do.

"Companies should ensure this by appreciating, recognising and rewarding your employees. It is a highly effective and proven strategy for improving employee engagement and business output. Therefore, creating a formal structure for employee recognition is very important,” Nilanjan Roy, head of strategy, Times Business Solutions told ET.

Everybody enjoys appreciation and values it but according to the study, only 41% employees feel that they are being appreciated. 59% of them, however, feel that aren’t being appreciated for what they are doing.

This study showed that regardless of how important appreciation is, companies really don’t care about it, as 59% is quite a big number and they feel that they aren’t appreciated.

According to an industry-wise analysis, 87% IT, Telecom, ITeS and internet employees don’t get much appreciated by their bosses. The number in automobile industry is comparatively low to 75 % and 70% in BFSI sector said no to any sort of appreciation from their bosses. Manufacturing and retail sectors, however, seem to be quite appreciative of their employees with 52% of its staff claiming there is enough appreciation from their bosses.

In a gender-wise analysis, it was seen that the number of unappreciated males is higher than that of females. 85% male and 63% female employees feel there is not enough appreciation from their boss at work. Also, 62% junior level, 80% middle level and 50% senior level employees claim a lack of appreciation at workplace.

"Employers need to actively engage with their current and future employees, and positive reinforcements are the best way to ensure a powerful employer brand. Open, transparent and responsive communication both on formal and informal channels is key to success - active use of digital media, social networks and company reviews sites all play a major role in ensuring an attractive employer brand." Roy told ET.

“It's not a tough task to make employees feel valued at work. About 70% employees say that they feel appreciated if offered career advancement opportunities at their workplace. For 44% appreciation lies in regular rewards & recognitions, 37% find the best form of appreciation is in a pay raise while 22% feel valued when given a more challenging work profile,” it said in the study.

“Nearly 20% employees say they feel appreciated when allowed flexibility options, such as work from home & telecommuting. And 11% say more authority in decision-making makes them feel appreciated,’ it added.

Though, a sustainable competitive advantage can be achieved by simply keeping employees happy but employees in India still have a long way to go as only 22% employees said they received appreciation every time they performed well last year, while 60% employees say they had rarely been appreciated for their good work last year. A further 18% stated they were never appreciated.