Services sector faces 35% attrition rate in H1 of 2010-11: Study

Those switching jobs at senior level received raise of 25-30 per cent from their new employers.

Thanks to revival in hiring,one-third of employees in the services industry have switched jobs with bigger pay packets in the first six months of the current fiscal,an Assocham study said.

Those switching jobs at the senior level received an average raise of 25-30 per cent from their new employers while the pay hike was between 10-15 per cent for the juniors with experience of two-four years,it said.

The chamber said it did survey based on responses from 137 human resource heads and found that services like financial saw the maximum of attrition rate of 35 per cent,followed by IT and ITes by 24 per cent.

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“Economic recovery and confidence in the growing economies has given boost to job market making it imperative for the employers to benchmark the compensation levels and upgrade the reward structure,” Assocham Secretary General D S Rawat said.

He said the attrition rate affects the company performance as the replacement of adequately skilled staff takes time. Besides,it also has high costs in terms of training and recruitment.

“As companies are going ahead with their expansion plans they are required to retain the talent,” he said.

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