The great resignation has become the top concern for all organizations be it thriving startups or large corporates. India is no exception as the new study highlights that 86% of employees in India will resign in the next 6 months. While almost every major industry would be affected, the Technology & Telecom industry will be among the top ones that will record the highest ever attrition rate in the months to come.
According to Michael Page, a recruitment agency, the Great Resignation, which was sparked by the Covid pandemic in India, is expected to continue in 2022. A staggering 85% of employees from the Technology and Telecom sector plan to tender their resignation within the next six months.
Public Sector will emerge as the most affected sector where almost every employee will part ways with the current employer.
What is even more surprising is the fact that those who are in their current job for less than two years are the ones who will drive the great resignation era in India. 38% of those who will jump off the ship in the next 6 months belong to this segment.
Reasons behind high attrition rate in India
The above finding must not be mistaken with freshers’ resignations. It will be managers who are expecting to resign the most for a better work-life balance and ease of work. 89% of Managers across the sectors are planning to resign in the next six months.
According to findings of the report, titled The Great X, 61% of Indian employees are open to accepting a lower salary and/or forgoing a promotion in order to improve work-life balance and overall happiness.
The report highlights that this trend will continue in all markets, industries, and ages, regardless of seniority or age.
The report stated that “a significant talent migration event is imminent” and recommended that organizations must be prepared to deal with the situation as the trend is bound to increase in the future.
There has been much debate over the work culture of organizations (hybrid, home-based, etc.) lately. It’s widely believed that the departure of employees in the last two years is largely due to the same reason. However, the survey revealed that only 11% of employees who have resigned or plan to resign, cite Covid-related regulations as the reason.
The research was also aimed to understand the real reasons behind the increasing departure of employees.
According to the report, the top five reasons for resignation are career progression or promotion (48%), changing career roles or industries (48%), unsatisfied with their pay cheque (38%), and not being confident about their company’s strategy and future direction (23%).
On the other hand, the report also found some interesting mindsets about the employees in India who may tender their resignation in the next six months. Personal health and happiness have emerged as the defining factors for employees, much above their pay cheques and perks. Nearly 61% of such employees are willing to sacrifice salary, bonus, or promotion for greater well-being, mental health, and happiness.
All the findings of the report point to one major sift that the employment sector of India is going through – it’s no more about higher remuneration at any cost. Employees in India have finally understood the meaning of an old idiom, health is wealth.
