Rising Resignations - A Major Issue

For HR professionals, employee turnover and retention has become the biggest problem and now they are finding ways to cure this problem. Some of the major reasons for resignation may be better career opportunities, salary and benefits packages etc.

Rising Resignation
Every organization is facing the problem of rising resignations. Since last three years number of resignations has increased. Companies employing more than 1000 workers were effected badly by 45-50% (approximately).Organization employing less than 1000 workers suffered less, with 35-40%(approximately) increase in resignation. Turnover rates for the big organizations is highest compared to the small organizations.21% turnover rates for the companies employing more than 1000 employees and 26% for the companies employing more then 5000 employees.

Reasons for Quitting

Why workers don’t stick to one job? For 70-75% employees basic reason behind it may be a career opportunity as per the respondents. Second possible reason is money. Approximately 65%show the reason that they are not satisfied with the salary and benefits given to them.

Turn Over Can Be Lowered Through Policies and Benefits

To know the reason behind the turnover, exit interview is conducted by several surveys respondents.
Respondents have made changes in exit interview and these included reviewing salary structures, forming employee retention committees, establishing alternative work schedules, and inventing new bonus plans.

HR professionals were asked to rank the essential retention tools. Traditional benefits worked the best. Health care is the best benefit according to the respondents, along with the competitive salary, increase in salary, and vacation and holiday benefits. Telecommunication and special protection packages also ranked in the above list.

Salary and benefit packages proved to be best action to increase the retention rate, according to the research of survey respondents.