80% Stick To A Company For Less Than 5 Years: Study
With attrition levels being on the rise across job categories and companies, most employers are at a loss to stop the churn. The fallout of this for organizations includes increasing recruitment costs and loss of revenue as well as adverse effects on organizational stability, according to a new study. The study further shows that the trend of short tenures is the highest in the IT sector at 45%, followed by the BPO sector at 38%, ITes sector at 33%, and the Recruitment sector at 28%, the main reasons being target-oriented roles and higher stress levels
The Hyderabad-based job portal Wisdom Jobs that recently carried out a survey of private sector employees which found that more than 80% of the respondents have had tenures of less than 5 years with their current employers. This is in sharp contrast to a decade ago when nearly 25% of employees had tenures of 10 years or more.
According to the study, 65% of the respondents had a current tenure between 2 and 5 years; Of them, 17% of had been with their current companies for less than 2 years. On the other hand, only 12% of those surveyed have served more than 10 years with a single organization
The respondents cite various reasons for shorter tenures. More than 50% of those surveyed say that their shorter tenures are a result of them seeking more senior roles. Again, 24% said that it was due to lack of visible growth in their current roles. Nearly one-fifth attributed it to their desire to learn a new skill, which they felt was not a possibility in their earlier roles and finally, 10% said their shorter tenures are due to unsatisfactory appraisals and the need for higher remuneration.
- Weekly Rewind: Top 10 Stories On CXOToday (Jan 15-20)
- Top Fintech Trends That Will Dominate This Year
- Data Felon’s Next Target: Insurance Firms
- SMB Guide To Effectively Deploy Salesforce CRM
- India's Telecom Sector To Slash 80K-90K Jobs
- Suspicious Transactions Up Due To Surge In Digital Payments
- How AI Is Shaping The Future of Fintech
- Why AI Can Be A Boon To Real Estate
- Top Tech Jobs In Demand This Year
- 7 Tech Predictions For 2018 And Beyond