A Study on Attrition Management in Private Sector Financial Institutions - A Special Reference to Kottayam District in Kerala

Abstract

Attrition is known as total turnover or wastage rate. The high rate of attrition is harmful to business. Attrition is happening due to various reasons such as higher pay, work timings, Career growth, Higher education, Relocation to other places; Women leave the job after marriage to take up their household duties, Work pressure, work environment, Poor performance, losing faith on merger/acquisition, verbal abuse, family problems, etc. While charting out a future course of action in private-sector financial institutions has strategic management for understanding the reasons for attrition. Attrition can be reduced to a great extent if the management takes initiative for introducing various policies for the efficient management of attrition. Attrition is a universal problem, and every organization should strive to trickle this problem for the future. The primary aim of this research is to find out the reasons behind the high rate of attrition in private-sector financial institutions. The data was collected with the help of a questionnaire to the sample of employees of private-sector financial institutions in Kottayam district, Kerala. This study can give more information about the area of problem and thus help the management to identify the reason for the problem of the high rate of attrition and to take corrective measures. As a conclusion to the study, attrition is one of the major problems faced by the human resource department of private-sector financial institutions. The research study has been conducted, and the set objectives of the work have fully accomplished, and the analysis performed to the maximum extent possible. The high rate of attrition is harmful to financial institutions, and it also affects the goodwill of the company. The poor performance of an employee is the main reason for attrition. It can be controlled by giving more training and reasonable care while selecting, hiring, and recruiting the right person at the right place.