Corporate'India Inc may witness high attrition in 2010'
With the revival of the job market India Inc is all set to witness a significant jump in attrition levels as well, especially in sectors like aviation, information technology and business process outsourcing, executives search firm GlobalHunt India said today.
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"Attrition is a sign that there is a growth in the industry. Attrition will go up, the moment the job market picks up," GlobalHunt India Director Sunil Goel said, adding that sectors such as BPO as well as IT and aviation were likely to see the maximum attrition.
The year 2009, was one of the worst years in terms of job market as terms such as "layoffs", "pink-slips", "right sizing" became hot topics in household discussions.
The later part of 2009, however, saw signs of revival reflecting improving sentiment in India. The International Labour Organisation also reported that as many as five lakh jobs were created in the third quarter following the government"s stimulus measures.
Besides, according to global staffing services firm Manpower, recruitment pace is expected to return to the pre-recession level this year and corporate India"s hiring outlook has risen across all sectors.
Job seekers in the services, public administration, education, mining and construction, finance, insurance, real estate, and the wholesale and retail trade sector, could look forward to the most favourable hiring environment in 2010, Manpower had said.
The year 2010 is likely to be a good year in terms of company growth perspective, industry growth perspective and hence attritions are expected. However, it would be lesser than the levels of 2007, when attrition reached its peak.
Goel further said: "Increase in hiring across different sectors will lead to increase in attrition as well. Employees who fall under 25-30 age group bracket and hold less than 5 years of experience will cause maximum attrition."
A sector-wise analysis shows that BPO, ITeS and aviation sectors will witness attrition level of as much as 40-45 per cent this year, followed by retail and telecom (35-40 per cent), IT (30 per cent), pharma and infrastructure (20-25 per cent), while research and development will see 15-20 per cent of attrition.
"Though there will be high level of attrition, it would be more at the fresher and beginner level as people at these positions always want to experience different things, organisations and different profile," Goel added.