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Abstract
India is one of the preferred and well-known places for some of the reputed IT organizations in the world. Human asset is the most valuable asset for IT firms. When a high performing employee leaves the firm it creates a gap in the existing Knowledge and skill of the organization. Therefore it is of paramount importance that thus talent is retained and nurtured in the organization. There are several HR policies that companies currently follow such as providing a better work life balance, performance based benefits, career development programsto retain the workforce and inspite of thispeople doleave organizations, and thus there is a huge pressure on the HR, to come up with some innovative tools, ideas to retain its manpower. Attrition management thus has become all the more important in the present business scenario where organizations always seem to be in scarcity of talent. This paper aims at understanding the importance of attrition management in today's workplace, with reference to Software Firms.
Keywords : Employee Retention, Fairness and transparent system, Employee Benefits
Introduction
Contemporary India is abode to some of the premium software companies in the world. They are reputed across the globe for their efficient IT and business related solutions. Software performs an elemental function in Information Technology (IT), exploitation of which is rapidly becoming the crucial driver for competitiveness of any business, in any sector. For the overall growth of industry and economy, express growth in software industry, both in terms of volume and value is indispensable. Firms depend on software infrastructure to gauge growth opportunities, craft expansion in new markets, and maintain existing competitive positions.
"The IT-BPM Sector in India: Strategic Review 2015" published by National Association of Software and Services Companies (NASSCOM) in February 2015, highlight key trends that describe the current state of the industry and what it is poised for. These trends are listed in the following figure.
To leverage...