India to top global attrition rates in 2013, study
According to a new research study, India is expected to top the global attrition rate's list during the year, 2013 making it difficult for the employers in the country to retain talent.
The survey, which was conducted by global human resource and management consultancy major Hay Group, said that the country is likely to record the highest attrition rate in the world as the jobs market records growth in India. The survey showed that about one in four are expected to leave their current employers in search for better employment opportunities.
The study also found that concerns regarding the compensation packages and career objectives are they key reason for the employees to consider leaving their current employers in the country. The survey conducted by the Hay Group, in association with the Centre for Economics and Business Research (Cebr) found that the total number of people switching their jobs is expected to rise by 49 million during 2013 compared to 2012 around the world mainly due to better economic conditions in the global economy.
The research has said that the organisations in the Asia-Pacific region will experience the largest increase in attrition rate during the year with India expected to record an attrition rate of 26.9 per cent in the organised sector.
"Make no mistake, we are (India) in the eye of an employee turnover storm. In order to protect employee retention, organisations in India must give serious thought to what drives employee commitment," Hay Group India Leadership and Talent practice leader Mohinish Sinha said.