The Great Resignation wave shows no signs of slowing as attrition numbers reach the highest in two decades, says a report by HR firm Aon.
Contents
The Phenomenon
The term became popular since last year which refers to the growing trend of hordes of employees leaving jobs or exiting their current positions for better ones.
The War for Talent has companies scrambling to acquire people with digital skill sets whose supply never quite matches the demand.
Attrition Combined With Salary Hikes
As a result, people costs and attrition numbers continue to be high, which the study estimates to be 21% in 2021 compared to 12.8% in 2020.
The study also suggests that salary hikes this year will be an average of 9%, the highest in five years as companies return to pre-pandemic levels with an improved business outlook.
India Has Highest Hikes Among BRICS
Despite the second and third waves of the pandemic, India continues to project the highest salary increases among the BRIC (Brazil, Russia, India and China) nations in 2022.
It is followed by Brazil at 5%, Russia at 6.1% and China at 6%.
Not So Good News For Employers
CEO of Aon’s Human Capital Solutions in India Nitin Sethi commented that salary increases come as a welcome break for employees amidst a volatile period.
However, for employers it could become a double edged sword when taking into account the rising cost of talent with record-high attrition numbers.
This trend is fueled by economic recovery and the need for organizations to invest in new age capabilities to build a resilient workforce, he concluded.
Top Hiring Domains
A TeamLease survey highlighted some of the top domains for hiring which are:
- Data analytics
- Investment banking
- Cybersecurity
- AR/VR
- Content writing
Top Fresher Roles
Meanwhile the top roles for freshers remain:
- Digital marketing
- AI engineer
- Technical writer
- Full stack developer
- Supply chain analyst
Cities Favored By Freshers
The report also spoke about the cities freshers prefer the most.
Bengaluru is the most favored city by freshers with 59% of companies keen on ramping up hiring.
Mumbai with 43% and Delhi with 39% are the next top cities for freshers
Cities like Pune, Gurgaon, Chandigarh, Nagpur, Indore and Coimbatore saw a dip in intent to hire freshers this period.
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