India Inc has witnessed attrition rates of as high as 21 per cent during the three months ending September on account of improving job scenario, says a survey.
It is likely to rise further in the coming months, according a survey by recruitment platform MyHiringClub.com.
The average attrition rate grew at 21 per cent in Indian firms during July-September quarter, a rise of 4 percentage points from the preceding quarter (April-June).
"Almost in every industry we had seen attrition rate increase in second quarter of current fiscal year.
"Major reason for increment in attrition rate is recruitment market is now started gaining momentum to keep in mind of generating more business in current financial year," MyHiringClub.com CEO Rajesh Kumar said.
"Many employees report 'better compensation' as one of their main reasons for leaving. Besides, other reasons prompted them to consider leaving their current job, such as the absence of professional development opportunities,"
he added.
The attrition levels were seen in double digits in all the sector. It was highest in banking and financial services at 26 per cent, followed by the IT and IT-enabled at 25 per cent, retail (24 per cent), aviation and hospitality (22 per cent), automobile and manufacturing (19 per cent), FMCG (18 per cent) and 16 per cent each in telecom and infrastructure.
The survey, which was conducted among more than 6,500 employees in 10 cities, said that employee having experience between 1and 5 years had highest attrition rate of 32 per cent, while those in the category of more than 15 years job experience had very low attrition rate 19 per cent.
In terms of cities, IT-hub Bengaluru seen the attrition rate of 19 per cent, followed by Delhi/NCR (17 per cent) and Mumbai (16 per cent).
Besides, Chennai had seen an attrition rate of 14 per cent during the second quarter, Hyderabad (12 per cent) and Kolkata (11 per cent.)
Looking ahead, Kumar said, "Coming quarter is also going to experience increment in attrition with almost every industry segment."
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India Inc has witnessed attrition rates of as high as 21 per cent during the three months ending September on account of improving job scenario, says a survey.