Use an analytical tool called common sense and think like the little guys.
1) Have a minimum core team of employees rather than over hire is your enthusiasm
2) pay them well…about 10 % above market rates.
3) give them appropriate designations 🙂 not the ones they manage to haggle for
4) for fluctuating demand/work use sub contractors rather than hire employees /build huge empires of people…..(e.g A VP once told me proudly “I lead 500 people”…as if he was going to fight for Sparta)
5) employees who have periods of very less and sometimes hectic over activity..leave.
attrition is easier controlled in smaller teams, and a lot more work can be sub contracted at economic terms….
6) be flexible and nice to your people..
as long as they get the work done ,any time they want to come in should be fine as long as they meet deadlines…
7) use tele commuting,work from home , internet conferences etc ,it is safer and the IT industry uses it more than ITES. It also saves costs….
this will act as a substantial barrier to exit……
8) and find work,training ((skill enhancement etc),new developments to keep young people from getting bored..rather than quarterly off sites. Give them a quarterly cash amount than the offsite .
9) Use predictive attrition control, based on survey based attributes and rate employees in red,yellow,green. Focus on the reds, high attrition threats. Some companies are even coming up with a response model to predict attrition.
Boredom makes people quit faster than anything at least in Indian analytics that I have seen.
Keep em happy and they will return the favour