According to a research, retaining business-critical talent has changed significantly over the past two years, particularly in the IT industry, where a sizable portion of the specialists are considering leaving the industry altogether. The requirements and objectives of employees have shifted, and they are reevaluating their jobs based on factors like flexibility, professional advancement, and employee value proposition, according to global IT staffing service TeamLease Digital.
According to the publication “Brain Drain: Tackling the Great Talent Exodus,” this year saw a double-digit attrition rate of 25.2% in the IT sector.
More than 100 interviews with TeamLease Digital leaders, subject matter experts in IT contract staffing, and other sector stakeholders were conducted for the report, which also draws heavily on substantial market research.
According to Sunil Chemmankotil, Chief Executive Officer of TeamLease Digital, “the Indian IT sector has experienced phenomenal growth in the last ten years, recording growth of 15.5%, the fastest in more than ten years, reaching USD 227 billion and adding 5.5 lac employment in FY22 alone.”
The global pandemic has disrupted the IT hiring process, but there is evidence of a reverse trend, he added, indicating that keeping a business-critical talent has changed significantly over the past two years.