IT professionals are likely to quit their jobs by 2025 because of the high attrition rate. A report said that around 22 lakh IT professionals are unemployed in India by 2025.
The survey of IT professionals conducted by IDC revealed that 57% of them would never consider returning to the software industry.
A ‘Talent Exodus Report’ by TeamLease digital has predicted that contract staffing in the year 2023 may have up to a 55% attrition rate as compared to 49% in 2022.
The report revealed that there is a misconception in the sentiment of the candidate market. The misconception is that salary increases would improve performance and boost job satisfaction. There are expected to be 20-22 lakh employees who will leave their jobs by 2025.
Speaking at the India Strategic Roadshow that took place in London, Sunil Chemmankotil said the Indian IT sector saw a 15.5 percent growth, which is the fastest in more than a decade, and created five-lakh jobs alone last fiscal year.
In recent years, the world has been affected by a global pandemic. This disrupted the IT hiring chain and has made it more difficult for businesses to retain talent.
Employees often demand salary hikes or other benefits, but they are most attracted to the idea of ‘Great Reflection’ on internal policies and external factors, said Chemmankotil.
Employees need a flexible work environment and career advancement opportunities. They’re quitting their well-crushed jobs in the middle of them because they want a better work-life balance.
Sources said that flexible work hours have had an effect on the Indian workforce and are more likely to be considered by the employees.
Organizations need to have goals for their employees to do better because when employees feel valued, they will contribute positively.
The shortage of IT service workers has caused the greatest number of employees to leave their jobs in 2021.
Nearly 50% of people believe that compensation and benefits are the biggest reason for high-level employees to leave.
The report mentioned that the best employees are leaving at higher rates.
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