High attrition chokes retail roar

13 Jul '07

3 min read

With the rising employment opportunities, hopping of jobs has become a trend among today's youth.

On the other hand, companies are trying to cope up with this situation especially the retail sector has been struck with the hardest blow.

Many retail companies are struggling to come out of this situation, trying to create emotional bond with employees, using retention tools like raising salaries, offering incentive-based targets.

When Fibre2fashion tried to dig out the reasons for high attrition rates, Chander Mohan Kohli, the Marketing head of Oswal Retail Pvt Ltd, shared his experience and said, “There are multiple reasons for the high attrition rates in the retail industry. Lack of professional support in terms of equal authority being delegated along with the level of responsibility is one of the major causes. The story however just begins there. The work environment and extensive pressure on talented executives are factors that just add in fuel to fire. Further more, retail establishments are pulling talent from each other by offering higher packages and incentives”.

While talking about putting a check on soaring employee turnover by offering lollies like lucrative remunerations, motivating targets, Kohli said, “To an extent these can prevent the attrition rates. But the sun will have to shine brighter. Authority and a cohesive environment to work are as important as monetary motivators. Almost everyone is ready to offer higher incentives. The key is, how to provide a mix of money with motivation to sustain the talent”.

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