Retaining business-critical talent has become extremely tough in the last two years with the global pandemic disrupting the IT hiring chain, as per the Talent Exodus Report released by TeamLease Digital, an arm of temp staffing firm TeamLease.
Critical talent is now re-evaluating their careers based on aspects such as flexibility at work, career growth and employee value proposition and quitting their well-cushioned jobs in the mid-way, found the study.
Employees’ needs and priorities have changed and there is a huge misconception with the sentiment in the candidate market, that a salary increase would improve performance and boost job satisfaction, according to the report.
Sunil Chemmankotil, Chief Executive Officer, TeamLease Digital, said, the survey indicated that 57% of these IT professionals would not consider returning to the IT services sector in the future.
“With the usual demand for salary hikes and other benefits, the main attraction for employees in their new jobs is ‘Great Reflection’ on the internal policies and external factors that should be relooked at by employers as we are viewing great changes in the employees’ feelings about work and life,’‘ he added.
Indian IT sector has witnessed 15.5% growth, which is the fastest in more than a decade and touched $227 billion, creating additional 5.5 lakh jobs, including 4,5 lakh freshers, in FY22 which is the highest addition in a single year.
Talent Exodus Report’, titled ‘Brain Drain: Tackling the Great Talent Exodus’ claims to be a guide to increasing retention rates in the IT sector, highlighting the reasons for talent exodus, consequences of dysfunctional turnover, and possible ways and strategies to reduce quitting.