Up to 22 lakh IT professionals are likely to quit their jobs by 2025 enhancing the attrition rate in the IT-BPM sector in India, according to a report by TeamLease Digital.
The findings showed that 57 percent of IT professionals would not consider returning to the IT services sector in the future.
The Talent Exodus report by TeamLease Digital predicts there will be up to 55 percent growth in contract staffing attrition for FY 2023 as compared to 49 percent in FY 2022, the report said.
There is a huge misconception with the sentiment in the candidate market, that a salary increase would improve performance and boost job satisfaction, and 20 lakh-22 lakh employees are expected to leave their jobs by 2025.
The Indian IT sector has recorded 15.5 percent growth and touched $227 billion, creating additional 5.5 lakh jobs in FY22 alone, said Sunil Chemmankotil, Chief Executive Officer, TeamLease Digital.
The attraction for employees in their new jobs is Great Reflection on the internal policies and external factors that should be relooked at by employers.
Employees’ needs and priorities have changed, such as the desire for flexibility, career growth, and employee value proposition. They are re-evaluating their careers based on these aspects and quitting their well-cushioned jobs in the mid-way.
New age firms ramping up their workforce was the chief cause of attrition in the IT services sector in 2021.
Nearly 50 percent of respondents believe that lack of better compensation and benefits is the greatest reason for talent exodus, whereas 25 percent believe lack of career growth to be the reason.
