![]() See more here.Employee attrition is one of the most important challenges facing companies in 2018. Take a look at the breadth of data in our Pulse Dashboard, which showcases data about current and future demand trends for technology and business services and related emerging technologies. The Bottom Line: Attrition is here to stay and unless organizations become more empathetic as employers, this rising tide will continue to riseĮnterprises need to keep a watch on what’s non-essential and focus on essential aspects like learning, culture, and flexibility to retain valuable talent. Currently, only Cognizant reports attrition along with BPO numbers while the rest don’t to avoid reporting higher numbers. Organizations must be more transparent while putting across their attrition rates to give a correct picture.I have found that focusing on those four, as well as the vision and well-being agendas we all drive to demonstrate the depth of career paths in our companies, is one way we can all differentiate in attracting and retaining additional talent outside of this industry.” ![]() These are the four things that, if we focus on the right way, will allow us to attract, retain and develop the people we want to invest in. As Sandy Khanna, Global Head of Shared Services at Anglo American shared during our recent roundtable, “It’s important we look at the inclusivity and diversity of hiring and the 4Cs that make the difference in my environment – companionship, collaboration, creativity, and culture.Firms need to think of more tech-savvy ways to hire talent without focusing solely on degrees/ skills. A more long-term retention strategy needs to be planned to arrest the increasing churn. With the volatile and evolving situation across the globe, firms now need to look beyond the obvious and need to start thinking out of the box.Does this probably point to a decelerating rate of increase – a silver lining amidst the clouds for the IT sector? Accenture, HCL, and TCS are exhibiting lower than average attrition rates across firms even though there has been an increase vs.Among IT service providers, Cognizant, Infosys, Tech Mahindra, and Wipro are experiencing significant attrition compared to Q4 attrition from previous years, but are However, this is a calling bell for the leaders of this sector. This is not unusual given the ease with which back-office and contact center employees can switch from one firm to the other. This includes the likes of Genpact, WNS, and EXL. While attrition rates are high across firms, business process services specialist firms seem to be particularly hit.Two key findings from the latest quarterly/yearly global attrition data released by major service providers:.Managers and leaders across enterprises are facing a challenge to retain their best talent while grappling with attracting net new talent to the industry. Hence, service employees are testing out different firms to see what suits them best. Employees are spoilt for choice and are looking for opportunities with the best value in the current scenario – higher pay coupled with large doses of flexibility. Digital transformation across industries is driving the need for digitally fluent talent, more so in the IT/ BPO sectors, making it one of the key reasons for the spike in global attrition rates.Here are some further observations following our previous article on the topic The average global attrition rate, now at 23.7%, sees a sharp rise also vs. The Situation: As the Great Resignation continues to encourage talent to not settle for anything less than what they think they deserve attrition was seen going up in Q4’21 vs. OneOffice Mindset & Horizon 3 Innovation.
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