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Retaining a business-critical talent has undergone a great change in the last two years, especially in the IT sector, with a significant percentage of the professionals considering not returning to the sector in the future, according to a report.
According to leading tech staffing firm TeamLease Digital, employees' needs and priorities have changed, and they are re-evaluating their careers based on aspects like flexibility, career growth and employee value proposition.
The report 'Brain Drain: Tackling the Great Talent Exodus' noted that the IT sector witnessed double-digit attrition rate of 25.2 per cent this year.
The report shares the insights through more than 100 interviews across TeamLease Digital's leaders, IT contract staffing subject matter experts, and other stakeholders associated with the sector, combined with extensive research available throughout the sector.
"The Indian IT sector has witnessed tremendous growth in the last decade. It has recorded 15.5 per cent growth, which is the fastest in more than a decade and touched USD 227 billion, creating additional 5.5 lac jobs in FY22 alone," said Sunil Chemmankotil, Chief Executive Officer - TeamLease Digital.
However, with the global pandemic disrupting the IT hiring chain, there is an evidence of a reverse trend which indicates that retaining a business-critical talent has undergone a great change in the last two years, he said.
"The survey indicates that 57 per cent of 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," Chemmankotil said.
The Talent Exodus Report is a result of the study that highlights six elements and five strategic suggestions to resolve the mass talent exodus that most IT companies are struggling with.
"Organizations' strategic hiring plans must contain goals towards their employees and their betterment. This ultimately translates into soul searching over whether an employee feels valued in his/her work or merely creates outcomes and value to benefit others.
"A fundamental change in the employment value proposition leads to deeper employee-employer relationships, a strong sense of owning and purpose-driven work," he added.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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First Published: Thu, September 29 2022. 21:03 IST