What is shrinkage and attrition and how do you manage them?

Question

Accepted Answer

Shrinkage and attrition refer to the loss of employees in a company. Shrinkage is related to factors like theft or damage, while attrition is voluntary turnover.

Shrinkage is the loss of inventory or assets due to factors like theft, damage, or errors in recording.
Attrition is the voluntary turnover of employees, often due to factors like job dissatisfaction, lack of growth opportunities, or better offers from competitors.
To manage shrinkage, companies can implement security measures, conduct regular audits, and train employees on proper handling of inventory.
To manage attrition, companies can focus on employee engagement, career development opportunities, competitive compensation packages, and creating a positive work culture.

What is shrinkage and attrition and how do you manage them?

Popular interview questions of Team Lead