This indicates a major gap in the awareness of skill requirements and associated learning. While almost three in every four organisations recognise the value of a common skills framework primarily for learning and development and career progression, approximately 42 percent of organisations do not revise their framework regularly to contextualise it to changing business requirements.Īdditionally, our survey found only 19 percent of organisations -mostly in the IT, ITeS, and Consumer sectors -who confirmed that their employees have visibility of skills beyond their current role. ![]() We expect increments and attrition to witness lower trends in 2023”.Īs the uncertainty of the future of work continues, it becomes crucial for organisations to deploy a common skills framework to identify gaps in their existing talent capability and fuel a wide range of talent-related decision-making. Stubborn inflation, higher interest rates, and a slowing economy are likely to make organisations more cautious this year. This led to employee costs rising faster than revenue growth over the last 3–4 years in almost every other company. ![]() What they also did was hire aggressively. We saw Indian organisations budgeting the highest increment in 2022 over the last four years. Additionally, attrition in India reached 19.7 percent in 2022, up from 19.4 percent in 2021.Īnandorup Ghose, Partner, Deloitte Touche Tohmatsu India LLP (Deloitte India), said, “The significant attrition levels across industries in late 2021 continued until early 2022. While the Life Sciences sector is expected to witness the highest increments in 2023, the IT sector will likely witness a major drop in increments as compared to 2022. The study finds that 2023 increments are expected to be lower across almost all sectors, compared to 2022 actual increments. One in every three organisations is planning to give double-digit average increments. Survey findings indicate that the average India increment in 2023 is expected to go down to 9.1 percent from 9.4 percent in 2022. Almost 300 organisations participated-across seven sectors and 25 sub-sectors. The primary audience for this survey was CHROs of leading organisations. “Other initiatives, such as internal job postings for lateral growth, awarding top talent with Esops that are linked to tenure, have been showing positive impact on our talent retention efforts,” said Srikanth Karra, chief human resources officer, Mphasis.Mumbai, 29 March 2023: The debut edition of Deloitte India Talent Outlook 2023 was launched in January 2023 as a B2B India-specific survey. The company is providing employees “with cutting-edge work and growth-oriented career paths and encouraging a learning mindset with a plethora of ‘learn anywhere, anytime’ reskilling and upskilling initiatives,” Bethavandu added.Īt Mphasis, upskilling and reskilling initiatives - through its learning resource platform Talent Next - are key to retaining critical resources, as it looks to strengthen digital competencies of existing employees as well as freshers. “Attrition is reflective of the significant surge in demand given the magnitude of opportunities ahead for the IT industry,” he said. Mindtree is focusing on continually improving its attractiveness as a future-focused, people-centric employer, said chief people officer Suresh Bethavandu. Mindtree has increased promotion thresholds by 25% at the managerial level and adopted an equity compensation approach, over and above the fixed and variable components. “We will also be increasing the frequency of promotions to our junior employees on a quarterly basis,” the spokesperson added. ![]() Infosys and TCS did not respond to ET’s queries.Ī spokesperson for Wipro said it had put in place a rewards programme where top performers and those working on future-focused niche technologies and domains were rewarded with substantially higher increases. At cross-town rival Wipro, it was 23.8%, while Tata Consultancy Services ( TCS) saw a 17.4% attrition rate. Infosys reported a record attrition rate of 27.7% in the January-March quarter. Attrition numbers may have moderated for some of these companies, but they remain a real concern given the huge demand for tech workers, especially after the Covid-19 drove clients across sectors into digital transformation.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |