Human Resource (HR) departments of most small businesses have a concern – the high attrition rate. If the employees remain unwilling to stay in the company, there is rarely any future for the company. The company finds it difficult to establish itself in the competitive market.
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Stress is the main factor
According to studies and research, work-related stress is one of the factors for high attrition rates of companies, logically applicable for small businesses in India, too*. Stress during work hours compels the employees to start looking for other options and then leave.
How attrition can affect the progress of the company
If you are the head of the HR department of a start-up or small tech company or any other business in India, you should know the negative impact of attrition on the company’s progress.
● The productivity of the company never really picks up
● There are no innovations in the services/products of the company
● It is impossible to realize the expansion plans of the company
● It hampers the goodwill of the business in the competitive market
● Also, the company becomes unattractive as a recruiter to top talent in the industry
It is essential to locate the factors causing stress
One of the responsibilities of the HR department is finding the factors that cause work-related stress and create a high attrition rate. Once you can do it, it is easier to solve the issues or minimize the negative impact. HR has to review its policies and incentive schemes, along with flexible provisions for the employees, to locate the factors causing stress.
Increased demands of the job increase stress
There is no doubt that if the position has stiflingly high demands, the employees feel stressed each day. They find it difficult to cope with continuous pressure and struggle to give their best. The company can avoid it to an extent with a better distribution of work and a streamlined allocation of responsibilities.
When work hours are inflexible
A massive reason for work-related stress has an inflexible work schedule. When the employee has to adjust to strict work hours regularly, he feels stressed. Gradually, it affects his efficiency level. He does not remain in a position to deliver a good performance for the company. Post-covid, employees are now more prone to work in flexible work hours due to a distinct shift in perceptions of office work.
Unclear job requirements
It has also been observed that when the job requirements are not very clear, the employee may feel stressed. He is not confident at the workplace. It is essential for the HR department to clearly define the job roles with a list of set functions. The HR can rely on a wide range of tools and technologies to ascertain job requirements, analytical parameters, etc.
Bullying/Harassment from bosses/colleagues
Bullying from bosses/colleagues is yet another factor that increases work-related stress. It is, unfortunately, prevalent in several offices. It leads to a sharp drop in the performance level of the employee. He also does not feel any motivation to continue for the company. The chances of attrition become higher. Arguably, the simplest way to address such issues without hampering with the job security of the victim is implementing a system of ‘nameless complaint box’.
Yet another factor that increases work-related stress is harassment. There are several cases where the employees feel insecure at the workplace due to harassment. The HR department should dedicatedly look for countering such issues to ensure a better work environment.
Job insecurity is another major factor
Work-related stress also increases due to job insecurity. When the employee is insecure about his job, he cannot deliver to the company desirably. There is a drop in his productivity. It ultimately hampers the growth of the company. Job insecurity can be due to low pay, unattractive incentives, lack of growth, lack of health policies, etc. The HR can detect job insecurity with regular monitoring of different aspects of an employee’s productivity. Designing the HR policies more in favor of the employees can reduce job insecurity.
Negative impact on the health of the employees
- Getting cardiovascular diseases
The cardiovascular health of the employees deteriorates due to work-related stress. The conditions of the heart become poor. There are issues with blood circulation. Also, the cholesterol level in the blood can increase. Furthermore, the affected employee can suffer from high blood pressure.
- A growing risk of diabetes
It has been observed that employees who feel heavily stressed at the workplace also risk becoming diabetic. There is a sharp rise in the blood sugar level. It severely affects the health of the employee. He feels lethargic and becomes unable to provide the work expected from him.
- A drop in immunity level
Stress can also harm the immunity level of the employee. A drop in the immunity level means more chances of falling ill. The body becomes weak. It is not able to cope with various diseases.
- Chronic joint and muscular pain
It is a hard fact that working for long hours in the same position can induce chronic pain in joints and muscle tissues. But, do you know that even mental stress can cause such a negative effect on the health of the employees? As a senior in HR, you need to address the issue.
The importance of Health Insurance
As you can see, work-related stress can cause many health problems for employees. But, as a person leading the HR department, it is your responsibility to address the issue. One of the most efficient ways you can do it is by providing Group Health Insurance to your employees. The insurance plans nowadays have an add-on that lets an employee to receive help from a mental health expert.
Group health insurance provides a security net
Group health insurance products are practical tools that simultaneously provide a security net to the employees and reduce the rate of attrition. Ensure consulting a top-rated insurance company with certification from the IRDAI.
Read the policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy More document before buying the policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy More
It is essential to go through the terms and conditions of the insurance policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy More before you decide to purchase it from a service provider having goodwill in the industry.
Reduce attrition rate strategically
You can reduce the attrition rate of your small business or start-up to a considerable extent when you assure a good group health insurance policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy More to your employees. Talk to the professionals of PlanCover who have expertise in providing a wide range of excellent insurance products to various small businesses in India.
References:
* https://bmcpublichealth.biomedcentral.com/articles/10.1186/s12889-020-8289-5
