![]() It is expected that these sectors will keep growing and provide a wide range of job options for qualified employees. Top talent and high performers possessing critical skills are commanding salary premiums from 1.7 to 2 times that of average talent.Īs per the EY Future of Pay Report, some of the most promising emerging sectors for jobs in India in 2023 include renewable energy, e-commerce, digital services, healthcare, telecommunications, educational services, retail and logistics and fintech. With various sectors moving towards digital channels for growth, the demand for tech talent has grown further. The tech industry turnover rate stands at 13. The ripple effect is being felt throughout the industry. Lewis Stowe 8 min read A high attrition rate causes problems in the tech industry. Thanks to the Indian startup ecosystem and the way it has matured, the companies with strong financial backing have been hiring tech talent with aggression in a bid to push growth and expand. The fourth and fifth top reasons for voluntary attrition were role stagnation and lack of recognition, respectively. ![]() This was followed by external and internal inequity of compensation. Lack of opportunities for career growth and advancement was the primary reason for voluntary attrition. In the tech sector, 19.1 per cent was voluntary attrition, while 3.2 per cent was involuntary attrition. War for talent is a key theme that is playing out in the IT sector said IT leaders. It remained lowest at 7.2 in the fourth quarter, Jan to March quarter of F21. About 24.9 per cent in the e-commerce segment was voluntary and 4.9 per cent was involuntary. TCS has recorded a consistently low attrition rate as compared to its peers in previous quarters as well. While 23.2 per cent of the attrition in the financial institutions was voluntary, 5.1 per cent was involuntary. In terms of attrition, the top three sectors were financial institutions, e-commerce and technology, with 28.3, 27.7 and 22.1 per cent attrition, respectively. with 16.8 per cent being voluntary attrition and 3.6 per cent being involuntary attrition, says the Future of Pay Report. Overall, attrition was 21.2 per cent in India Inc.
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