By
Natraj Muthukrishnan on 30 December, 2009, 10:49 am
Words like attrition,retention and job switch which had become taboo since almost two years ago are making noise yet again. The employees who were waiting for the economy to bounce back before jumping boats are busy again. With the IT market slowly picking up and hiring all set to increase in 2010, the cheer is back on employees face and the HRs are worried again to retain their key employees.
The story at one of the biggest IT employer in India, TCS is very bad. The attrition rate is at 21% and employees who are quitting are being asked to hold on with their papers for a day or two in order to maintain a decent monthly attrition figures. HRs in such firms are already in soup and it is an uphill task for them from here on.
The retention bonus is all set to make a come back like a phoenix and 2010 will surely see hikes for all employees. US companies have already declared that 2010 would be the year of pay hikes.
2010 would be the year of IT companies fighting over hikes and retaining its employees, at least thats how it looks from now on. Let’s hope this prediction holds true.
Latest Update: http://www.moneymint.in/brands/job-hopping-is-back-100-hike-offered
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An approximate expected or projected percent of increase in hikes are revealed by Hewitt study here, http://www.moneymint.in/corporates/india-inc-hewitt-salary-increase-study-double-digit-hikes-in-2010
Every company is looking to give more pay to the new employee, but no one is ready to change the pay structure of the existing Employee, companies should reorganize about this process to make attrition under control.
Is it real a story or just hype why there is no real data available on attrition and future hikes. Majority of firms are still in wait and watch situation, none of the employer is happy to loose its grip on the consolidation of cost then who is paying such filthy amount with what purpose
It is the data gathered from Top IT companies listed in the blog. This is the right time to get top notch talents for the companies. Many people who were locked to the existing company are on a lookout for the right opportunity and attractive pay is the only way to sweep the creamy layers.
@Runa Maitra,
The real data of hikes and attrition data are always meant to be confidential. All we get is a vague data which is kind of range. Real data is known only to the person involved. For example, your hike is known only to you.
It’s very good for employees and very very bad for employer.