According to research, the turnover rate in India’s IT-BPM sector is at colossal proportions, and up to 22 lakh, IT experts may leave their positions by 2025.
According to the research, 57% of IT professionals would not be interested in working in the IT services industry again.
A brief about By 2025, 22 lakh Indian IT professionals are expected to leave their jobs
According to TeamLease Digital’s “Talent Exodus Report,” contract staffing attrition would increase by up to 55% in FY 2023, up from 49% in FY 2022.
A pay raise would allegedly improve performance and increase job happiness, but this is a major misperception in the candidate market, according to the report, and 20–22 Lakhs employees are predicted to quit their employment by 2025.
“Over the past ten years, the Indian IT industry has experienced enormous expansion. It reached $227 billion with a growth of 15.5%, the quickest in more than a decade, and added 5.5 lakh employment in FY22 alone “said Sunil Chemmankotil, TeamLease Digital’s chief executive.
However, he continued, “there is evidence of a reverse trend which implies that keeping a business-critical talent has undergone a major transformation in the last two years” as the global pandemic disrupted the IT hiring chain.
The biggest draw for employees in new jobs, despite the customary need for wage increases and other advantages, is “Huge Reflection” on internal policies and external issues that “should be relooked at by employers as we are observing great shifts in the employees’ views about work and life,” added chemmankotil.
Employees are reevaluating their careers based on these factors and leaving their comfortable employment in the middle of them, despite the fact that their demands and goals have changed, such as the desire for flexibility, professional progression, and employee value proposition.
The startling statistics show that the flexible framework has increased the range of options.
“Strategic hiring plans for organizations must include objectives for the advancement of their workforce. This finally translates into an employee’s internal reflection on whether they feel valued in their work or whether they merely provide results and value for the benefit of others “the report stated.
In the IT services sector in 2021, new-age companies ramping up their personnel was the main factor in attrition.
Nearly 50% of respondents say that “lack of improved salary and benefits” is the leading cause of talent migration, while 25% say that “lack of professional advancement” is to blame. According to the report, “IT businesses are seeing dysfunctional turnover, where the best people of companies are willingly leaving at increasing rates.”
