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Recruitment with reduced attrition

In a perfect world, desirable employees would love their jobs, like their coworkers, work hard, and most importantly, never leave. But global attrition rates are an estimated 18% and statistics are misleading; high growth industries like IT, Biotech and BPO see attrition as high as 45%. What are the costs? Can anything be done?

As Tolstoy said, good families are alike but the bad ones have unique problems. People leave companies for very different and unique reasons. But the explicit costs of attrition are similar across all organizations and include advertising expenses, job board costs, recruiting fees, internal time cost, pre-employment tests, etc. The implicit costs of attrition are harder to measure but include training, lost productivity, new hire costs and loss of revenue.
Studies suggest that the maximum attrition happens during the first 3-6 months and is often due to incorrect selection on either side. Reasons are complex but include i) the job not clearly explained or oversold, ii) poor prior work history, iii) lack of cognitive ability for the job, iv) inability to manage the interpersonal requirements, v) poor fit with personal preferences, and vi) poor leadership or teamwork abilities. The multi-crore question; how can one reduce this attrition?

To start a clear discussion of the role, organization’s expectations, grade & level of post, job responsibilities arms the candidate with all the information needed to make an informed choice. A realistic job preview has been proven to establish honest expectations about the job and can reduce attrition between 5-15%.

Psychometric testing forms a crucial part of the selection process today. Aptitude Tests, Attitude Tests, EQ Tests, etc are administered at the pre-interview stage and add value to the candidate assessment. By providing hypothetical situations to real-life scenarios, they provide an insight into the candidate’s ability to cope with varied situations at work. Despite scientific research finding correlations between mental alertness test scores and training success, job tenure, and job performance, many organizations are hesitant to implement them due to anecdotal evidence or constraints of time, people and money.

The finishing schools train the students for these tests and prepare them to take on the challenges on job with confidence. Such candidates are likely to be highly productive for the employer right from the day one on job. Starting  with  the  right  candidate  for  the  job  (and  vice  versa) greatly increases the probability of lower attrition. The Job Ready Portal improves fitment by providing tested processes, effective assessment tools & detailed analytical feedback about candidates presented.

Recruitment is an HR function with the most mature and developed track record of outsourcing (an estimated 40% of all recruiting is done by outside partners). The Job Ready Portal offers wall to wall solutions for Recruitment that includes candidate sourcing, assessment, and orientation. It provides better workforce to the recruiters with lower attrition. The services of Job Ready Portal ensure better employees, shorter recruiting time, lower attrition, and higher profits for the recruitment partners.
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