What’s driving high attrition at India Inc? http://www.linkedin.com The Great Resignation – the term has gained enormous popularity over the last two years, as scores of professionals, the world over, quit their jobs for better opportunities that ensured them work-life balance and mental health well-being. While more prominent globally, the phenomenon left its mark on the Indian job market as well. So much so that the terms ‘attrition’ and ‘talent’ found double the mentions in the earnings transcripts of IT firms over the last year compared to the pre-pandemic era, as per a report by The Economic Times. While on one hand, top performers have their pick of jobs, companies across sectors are leaving no stone unturned to attract and retain such talent – from gifting BMW cars to offering free matchmaking services and hikes to employees if they get married, to unlimited leaves and attractive stock options. Clearly, the pandemic has ushered in what many are referring to as ‘the age of the employee’. With attrition levels at record high, check out some of the innovative policies startups are adopting to retain talent: https://lnkd.in/g565FG5J But as restrictions lift, economic activities go back to normal, and many companies call employees back to the office, will the Great Resignation – an outcome of the pandemic, show signs of easing? According to a survey of over 5,000 LinkedIn members in India in the last quarter, nearly half of employed Indians are planning/ hoping for a job change in the next six months. Of this, over one in five want to leave their current employers, while another 22% are seeking a change in role in their existing organisation. This trend is more prominent among the younger people in the workforce. Only 26% of employed people in the country plan to stay in their current role in the near future. For a majority (66%) of Indian employees planning to change jobs in the next six months, better compensation or benefits is one of the primary factors. Nearly three in five people want to change their jobs for more opportunities to learn and upskill themselves. Kamal Karanth, co-founder of specialist staffing company Xpheno, says discussions around pay, bonuses and ESOPs have today become less awkward and more blatant than ever. This is also because the pandemic has enabled communications about financial needs. “Pay related conversations don’t deserve to be in the final leg of crucial conversations like hiring or appraisals. Imagine having three rounds of job interviews discussing the skills, role, purpose, achievements, future vision and then disagreeing on the pay and parting ways on that count! What a waste of time! After all, the enterprises start their hiring process with a defined budget for every role,” Karanth writes in a Hindu Business Line column. This is despite the fact that with business activity almost back to pre-pandemic levels, most workers are more confident of their employers’ potential. In the education, consumer goods and software & IT services sectors, a higher share of employees believe the future of their organisation in the next six months will be better off. What are your key requirements from a job today? How have your expectations changed over the last two years? Share with us in the comments. Methodology: LinkedIn’s Workforce Confidence Index is based on a quantitative online survey distributed to members via email every day. Over 5,000 India-based members responded to the survey from Jan-March 2022. Members are randomly sampled and must be opted into research to participate. Students, stay-at-home partners, and retirees are excluded from the analysis so we can get an accurate representation of those currently active in the workforce. We analyze data in aggregate and will always respect member privacy. Data are weighted by engagement level to ensure fair representation of various activity levels on the platform. The results represent the world as seen through the lens of LinkedIn’s membership; variances between LinkedIn’s membership and the overall market population are not accounted for. The sample size for Chart 3 is based to those who hope/plan to leave their current employer in the next 6 months and take a role in a new company/start own business; there was not a sufficient base size for Baby Boomers in India as most are not planning to leave, so only the younger generations are shown.
Founder and c e o of pentareddyn.com
Who Am I? I don’t know who I am. Neither you know who you are, or, do you? really?! You simply associate your past memories and think that it’s you. Think about it for a moment. Okay, that may sound weird, so let me tell you who I am. I am one of the billions. I am stardust, gathered and showing up in human form on planet earth for a short while. Well, you are no different than me in that aspect. Hmm, but you are not here to read these spiritual views, isn’t it? 😉 WELL I'M PENTAREDDY N FROM KARNATAKA INDIA volunteer and global BUSINESS CONSULTANT! DIGITAL MARKETER! global IT CONSULTANT, LIFE COACH! , Blogger, & MOTIVATION SPEAKER AND Freelancer! Helping Indians to choose right credit cards, pick right offers and enjoy luxury vacations for less. Day & night exploring the spiritual reality of our human existence.
You must log in to post a comment.