If you keep withdrawing money from your bank and won’t deposit anything over a long period, your bank account will come to the verge of closing. This depicts the need for balance in life. This balance is the sole factor that helps in running various industries efficiently and successfully. The food industry is no exception.
The attrition rate of leading companies in India is witnessing an all-time high and they are unable to handle massive projects. Several industries may see a double-digit attrition rate (22-23 percent) in 2021, which in total will be over 1 million resignations. These numbers are quite alarming.
Infosys, Wipro, and HCL Tech saw their numbers touching new highs of 20.1%, 20.5%, and 15.7%, respectively. Cognizant is leading them all with a 31% attrition rate. Often, attrition is a result of attempts to reduce budget costs.
If we talk about the reasons for such astronomical rates then it can be cut costs like holding off on hiring or eliminating the position to control the organization’s spending. The average cost-per-hire for new employees is $4129 according to the Society for Human Resource Management and people desire to eliminate this by putting a hold on hiring.
Numerous other factors contribute to this high rate of attrition in the food industry, such as,
- Financial cuts
- Progress in career
- Insufficient skills to occupy vacant space
- Change of field
The main question is how to reduce this surge in attrition rate in the food industry, especially post-pandemic. To answer this question, we disclose a list of HR policies that will help in bridging the gap that has been created due to attrition.
Let’s have a deep insight into these policies.
HR Policies to Reduce Attrition Rates in the Food Industry
Correct Hiring by the HR
Right employees will lead the organization in the right direction. It is extremely important to make sure that the HR department works on the requirements related to the post. They need to be aware of what the organization is looking for and how much they are willing to pay.
A lot of organizations, especially those dependent on technology, conduct a pre-placement test for the candidates to understand the adaptability of the talent beforehand.
Moreover, you must take the candidates through a personality test as this will give you a fair idea about the capabilities and potential of the candidates.
You will be able to calculate from the personality of the candidate whether he/she is capable of taking responsibility and standing by the organization or if they will leave you alone in the odds.
Introduction of the Training Period
The training period will make the employees more fit for your organization.
For instance, train the employees to deal with the automation that has been introduced in the food industry. Train them for all the technology-related advancements to enable them to serve their clients better. Being tech-savvy is the need of the hour.
Beyond just offering employees and teams training that’s impersonal or hardly relevant, use psychometric testing to understand what makes each team tick and give them learning sessions that are catered to their specific needs.
Helping them attain education related to the field will be extremely beneficial for both parties. It will not only help the organization in retaining the employees but will also help the employees to enhance their skills.
Celebrate Your Employee’s Achievements
It is crucial to make sure that your employees feel valued and cared for within the organization. This will make them stick to the organization and the thought of resigning won’t cross their mind.
Appreciate your clients when they come out with a new and unique recipe. These small gestures will make them feel at home away from home.
Various incentives like bonuses, performance rewards, travel reimbursements, etc. are great ways to retain workers.
Boosting the morale of your employees will accelerate your organization’s growth as they will not only retain but will also give their best to bring more profits to the table.
Hybrid Work Model to Bestow Flexibility
Pandemic has taught us a lot. But the biggest lesson we learned is that flexibility Is the need for an hour. Every employee looks for a working environment that allows them to balance their personal life along with it. Thus, the hybrid work model needs to be accepted.
As per the hybrid work model, you need to allow your employees to work from the site as well as from home depending on the work. This will allow them to stay committed to the organization without sending their personal life to the back seat.
It won’t be wrong to say that the hybrid work model is the best way to reduce the attrition rate.
Employees are the backbone of the organization. A company that lacks employees will be forced to shut down sooner or later.
Employers who eliminate positions, restructure departments or implement a hiring freeze instead of bringing on new staff need to think again.
The gap that has occurred due to employee attrition in the food industry has to be bridged before it takes a toll on the growth of the industry.