This is how a modern workspace can help you in combating attrition
Increasing attrition rates continues to be a challenge for business establishments in India as they suffer significant losses on account of each employee they lose. According to the study cited by Mercer Inc , around 45% of employers in the country have suffered a loss of USD 10,000 in their turnover due to leaving employees.
Numerous unfavourable factors such as company’s performance, workplace infrastructure, HR policies, and low morale among the employees, are responsible for increasing attrition rates as far as small and medium scale enterprises are concerned. Adapting to modern technology and contemporary workspace is one of the best ways for controlling the attrition among your employees. Read more to know how:
Increased harmony between the employees
The modern workplace isn’t confined only to a four-wall setting with a door. It is now a larger room with other business professionals working together in the same area.Such an open environment makes it easier for the employees to interact with one another and create harmony between them. This goes a long way in motivating the employees to work in the same company where they have good friends and an enthusiastic atmosphere.
Happiness among employees will foster loyalty
A modern office presents the employees with all sorts of amenities that are required to keep them happy and cheerful. They can easily relax and work in a pressure-free atmosphere with access to different kinds of facilities like indoor and outdoor sports, library, etc. A happier employee is less likely to leave the company and may even stay with you with a lower salary than what others are ready to pay him simply because he is enjoying his life and work.
Improved quality of life will help you retain your employees
Strenuous working hours and a poor work environment is one of the major factors that contribute to the attrition rate. With the help of a modern office space, you can ensure that your employees stay focussed on their work and free up some of their time normally spent working at home. This can go a long way in improving their quality of life and will enable them to love both their job and their work-station.
Competitive advantage in recruiting new employees
With a modern workspace, you will also be able to attract better talent to your organisation. The work environment and office culture are crucial for those looking to shift jobs, especially with the millennial generation. This will also appeal to your current employees, potentially boosting a sense of pride in them related to the well-equipped office space.
Hence, an adequate work environment can drastically affect the mindset of your employees. With the ability to boost productivity, increase morale, and improve the lifestyle of your workforce, a modern office can be best bet to combat attrition and reinvent your business. For financial aid to purchase or to expand a new workspace, you can avail business expansion loan from Reliance Money, one of the leading non-banking financiers in India.