Competitive pay alone cannot reduce employee attrition

A company that can successfully build and maintain a productive workplace can have an edge over companies that do not pay attention to office culture. According to a survey conducted by Executive Access Research Group on 'Culture and its impact at work place,' most professionals believe that the culture they see at their organisations can be best defined as 'performance oriented'. Dwindling sales revenues force firms to be more customer focused and add more value, hence, a culture of 'customer focus' comes a close second followed by 'innovative' and 'entrepreneurial' cultures.

Culture also plays a key role in managing attrition. As per the survey, competitive pay is the least influential factor when it comes to arresting attrition. Around 42 per cent respondents believe that the best way to arrest employee turnover is by bringing in empowerment. Creating clarity in the roles and career paths of employees comes a close second.