In a report released by global human resource and management consultancy major Hay Group, it is said that India is set to witness the highest attrition rate globally with the possibility of more than one in four employees switching jobs in the country. It also said that the concerns among the Indian employees about fairness of their compensation and career objectives could be the key reasons for them to switch jobs.
Hay Group India leadership and talent practice leader Mohinish Sinha said, “Make no mistake, we (India) are in the eye of an employee turnover storm. In order to protect employee retention, organisations in India must give serious thought to what drives employee commitment,”.
“Indian economic growth is set to pick up, and this will be warmly welcomed by businesses. But the upturn will come with a risk – driven by an ambitious middle class — and employers at India Inc are likely to face a talent exodus in the coming year,” he further added.
The Asia-Pacific region will experience its largest spike in employee turnover (job switch) levels this year, and organisations in the region will experience the highest increase in turnover rates worldwide.
Global management consultancy, Hay Group, in association with the Centre for Economics and Business Research (Cebr), found that 49 million more employees are likely to leave their employers worldwide over the next five years compared to 2012, owing to improvement in economic and labour market conditions.
India is expected to lead the region in turnover rates at 26.9 per cent (in the organised sector) in 2013 – the highest attrition rate globally.
Source – PTI