We often come across many big companies like Google, Apple, Amazon so on who are providing best facilities to their employees and they create a wonderful work atmosphere inside workplace in order to satisfy their employees. They spend hefty amounts in employee welfare and fun activities apart from the free food, transport and restricted working hours. They do this to increase the retention policy and decrease the attrition rate YoY.
In order to find out the reason behind high attrition, we need to visit our past and find out the reasons behind the same. Let’s divide the jobs era into 4 categories:
1. Survival Era – Job for Survival:
People who're born before 1970 will fit into this era. There were limited jobs available in India and once they get a job they will marry to that job and will retire from the job. They were very loyal to their company and have started living with limited resources and started saving for the future of their kids. They never thought of alternative jobs.
2. Evolution Era - Job for Social Status:
People who're born after 1970 till 1985 will fit into this era. This generation is actually a testing generation. During their time they have learned and transformed themselves from analog to digital in all platforms. Every stage they fought, learned and moved forward. They were introduced with
- TVs (Monochrome to Color),
- Calculators to computers,
- Landlines to Mobiles,
- Paid incoming to free incoming,
- Heavy computer desktops to laptops,
- Analog mobile phones to smart phones,
- Media (from VCR to DVD player to Mobile watching and streaming),
- Storage devices (from Floppy disks to CDs and to pen drives and to cloud),
- Movies (from clinging to TVs to 35 MM to 70 MM and now OTT)
- Sports (from Radio commentary to live Tv to Mobile streaming)
- Games (from street games to video games to mobile and VFX)
- Friends (from school to college to Facebook to twitter)
The jobs for them were limited but were cursed to upgrade at every stage of life. The survival of the toughest landed in new jobs and they stick to their jobs for at least 10 to 15 years per job. The attrition's have stared during this era. when new companies floated, they started absorbing people from other companies.
3. Digital Era – job for Standard of Life:
People who're born after 1985 till 1995 will fit into this era. This generation is always struggling for standard of life. They always wanted to stay in big houses, big cars and luxury spending. The real estate boom has happened because of this era. They wanted everything so early- either thru their parents or thru loans. They owned houses but with home loans, they own cars but with car loans. The comparison with others has worked as a big spoiler. They started jumping from one company to another for growth and to improve their standard of life. Those with qualifications and skills are switching rapidly and others are sticking to the same company in order to serve the EMIs. The attrition level has gone up during this era.
4. Artificial Intelligence Era – Job for quality of Life:
People who're born after 1995 will fit into this era. Their parents have safeguarded properties for them, and they were grown with the best of schools and facilities which the previous era was missing. They started enjoying their life and the first generation of independent teens who can think of their own and can decide their future based on their personal instincts.
They are more concerned about the quality of life and dignity. They may leave a job at the drop of their hat. During this era many entrepreneurs are generated. They accept failures but cannot accept disappointments. Their employment life span per organization is very limited. They may stick to the company, that gives them comfort, pay, work life balance and open environment etc. The attrition will be all time high.
Companies that are formed in last one decade has understood the perception of employees and started working towards qualitative spending towards employee’s engagement.
Traditional companies need to change the way the employer looks at his employee. India has witnessed many people opting for early retirements. Government sector too has started facing the heat. Not many of the current youth are interested in applying for a government job. We need many changes in order to bring parity of balance.
The greed and need of promoters need to be narrowed down in order to protect the future.