27% Indian staff set to switch jobs: Hay Group & Cebr study

9th June 2013 | By Mouseworld Now Correspondent |

More-employees-to-switch-jobsBangalore, India, 9th June 2013:  Global management consultancy Hay Group and Centre for Economics and Business Research (Cebr) have jointly revealed that in the next five years, 49 million more employees over what they were in 2012 are going to leave their current employers and switch jobs.

India finds itself in the eye of the storm. The study predicts that there would be an employee turnover of 26.9 per cent in the organized sector during 2013, which according to industry experts is easily the highest attrition rate seen anywhere globally.

The study, Preparing for Take-Off, covered around 700 million employees across 19 countries worldwide. It is based on a unique Hay Group macroeconomic model that takes into account the main factors affecting employee turnover across the globe.

According to the joint study, global firms are likely to face an imminent threat of rising employee turnover, due to expected and improved economic and labor market conditions over the next five years. Due to better growth and employment opportunities, the worldwide employee turnover will only increase in 2014, although it barely moved between 2010 and 2012.

Hay Group senior principal Mark Royal stated, “The turbulent labor market associated with the economic downturn has held down turnover rates in many firms. But as the economy recovers and global employment becomes less volatile, dissatisfied workers are a significant flight risk for organizations across the world. To keep high value employees from leaving in search of more favorable work arrangements, firms must address engagement and enablement challenges.”

The number of workers moving out is expected to reach 161.7 million in 2014, globally, – a clear 12.9 per cent increase in people leaving compared to 2012. Average employee turnover rates over the next five years will rise from 20.6 to 23.4 per cent. The number of global departures in 2018 will stand at 192 million.

Hay Group India Leadership and Talent practice leader Mohinish Sinha said, “Indian economic growth is set to pick up, and this will be warmly welcomed by businesses. But the upturn will come with a risk – driven by an ambitious middle class, employers at India Inc are likely to face a talent exodus in the coming year. Already, we see employees around the country starting to seek new job opportunities as growth returns and labor markets begin to pick up.”

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