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Bangalore has one of the highest attrition rates, next only to Shanghai, particularly in the information technology sector, an attrition survey has shown. An analysis of the talent Neuron Research Survey conducted by Zinnov showed that the other cities having high attrition rates are Mexico City, Budapest, Moscow and Silicon Valley.
Limited growth opportunities was found to be the major reason for employees to quit, as per the study. Compensation issues, monotonous job and bad managers were some of the other reasons for people to leave an organization.
Thirty five per cent of the respondents feel the urge to quit due to monotony of work while 25 per cent feel that bad managers are the reason for their quitting the job.
This trend also caused financial loss to the companies. Companies bear $60,000 to $120,000 (Rs 32.4 lakh to 64.8 lakh) when employees quit. It further added that the absence of a person on some position incurs a cost of 80 per cent of the employee's salary on the company. The study also indicated that this lead to degradation in the product quality along with increased time to deliver the product to the market.
For critical positions, it is difficult for an organization to find proper replacement and it takes up to 6 months to fill these positions, the analysis showed.
To prevent attrition, the analysis suggested research driven talent acquisition along with focused retention measures.
