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Over 2 million employees expected to leave their jobs by 2025, finds talent exodus report

While employees will gladly accept a raise in pay, it is important for employers to know that money is not what employees in the companies want most from their jobs.

Brain drain, talent exodus report, IT industry, Indian IT industryCurrently, more than five million people are working in India's $227 billion IT industry, and the Indian IT sector is the biggest employment generator. (Representative image. Source: Unsplash)

The Indian IT sector has witnessed 15.5 per cent growth in the last decade and has created additional 5.5 lakh jobs in 2022 financial year alone, as per a talent exodus report launched today by HR firm TeamLease Digital.

Currently, more than five million people are working in India’s $227 billion IT industry, and the Indian IT sector is the biggest employment generator. According to the estimations of researchers, the IT industry witnessed a double-digit attrition rate of 23-25 per cent throughout the year 2021. It is 25.2 per cent this year and it is predicted that the same trend is to continue in the near future too.

The survey also states that one of the biggest misconceptions in the job market is that a higher salary/perks are the only way to improve performance and boost job satisfaction. However, while employees will gladly accept a raise in pay, it is important for employers to know that money is not what employees in the companies want most from their jobs.

Employees, these days, are leaving their well-paying jobs for better flexibility, career growth and employee value proposition. According to the findings, 33 per cent of employees believe that not feeling valued as a member of the company is a reason for the exodus and companies need to recognise the qualities of an employee to feel valued.

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Additionally, 50 per cent of survey respondents believe ‘lack of better compensation and benefits’ is the greatest reason for talent exodus, whereas 25 per cent believe lack of career growth to be the reason. Also, 50 per cent of respondents feel that employers should provide opportunities for career development, and 27 per cent believe that employers have to focus on company culture to retain their employees.

When it comes to finding solutions for brain drain, 65 per cent of survey respondents chose workplace flexibility, 18 per cent asked for career guidance/opportunities to employees and 8 per cent asked for support to employee caregivers. If this doesn’t change, the study has predicted that 2mn – 2.2mn employees are expected to leave their jobs by 2025.

First published on: 29-09-2022 at 05:09:25 pm
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