According to a talent exodus report released today by HR firm Team Lease Digital, the Indian IT sector has grown by 15.5% over the past ten years and will add 5.5 lakh jobs in the 2022 fiscal year alone.
The $227 billion Indian IT sector employs more than five million people and is the country's largest employer. Researchers predict that throughout the year 2021, the IT industry will experience an attrition rate in the double digits of 23–25%. It is 25.2% this year, and it is expected that the same pattern will hold in the near future as well.
According to the survey, one of the most widespread misconceptions about the job market is that the only way to enhance performance and increase job satisfaction is by receiving a higher salary or other benefits. Although workers will gladly accept a pay increase, employers should be aware that money is not what employees in the company want most from their jobs.
These days, workers are quitting their well-paying jobs in favor of positions with greater flexibility, opportunities for career advancement, and higher employee value. According to the research, 33% of employees think that leaving a company is due to not feeling valued as a worker, and those companies must acknowledge an employee's strengths for them to feel valued.
In addition, according to 50% of survey participants, "lack of better compensation and benefits" is the main cause of the exodus of talent, while 25% point to a lack of career advancement. In addition, 50% of respondents think that employers should offer opportunities for professional growth, and 27% think that employers should put a strong emphasis on company culture to keep employees.
65% of survey participants said that workplace flexibility is the best way to stop brain drain, 18% said that giving employees career advice and opportunities will help, and 8% said that helping employee caregivers is the best way to stop brain drain. 2 million to 2.2 million workers are anticipated to leave their jobs by 2025 if this doesn't change, according to the study.