At some point or the other, everybody leaves his/her job. Some leave because they have found a better option and some leave because they just wanted to. And then there are those keep hopping from time to time. And this time itâ€™s not the experienced ones who hop, but the young guns who are considered to be the future leaders of the organization.
A recent survey by Associated Chambers of Commerce and Industry of India (ASSOCHAM) threw up some interesting figures regarding the attrition rates in India Inc. The survey focused on the â€˜Attrition Problem in growing Economyâ€™ and said that the maximum attrition is taking place in the age group of 26 to 30 years.
The survey reflects the current scenario as people in this age group a few years of experience with them and a higher pay packet from prospective employers provokes them to shift.
This age group is considered as highly mobile as they are supposed to be at the peak of their careers. Therefore, they want to make the most out of it. At the ages of 22-23, they are fresh out of college, ambitious and high on aspiration; they take the initial years as â€˜learning experienceâ€™ and want to learn the tricks of the game as soon as possible. The opportunities are higher, and they are motivated to give their best shots and reach the peak in minimum time frame.
A few years down the line, employees shift as their climb in terms of salary or position in the beginning is not very high. Because of the sheer number of opportunities in corporate India at present, people no longer look at long term prospects from the start. They want the best People want to grow fast and if they donâ€™t see the steep rise in their current organization, they switch to another company.
The immediate gains in salary package were also found to be responsible for job change in 61 % of the cases. Employees in this age group get married and are always on the lookout to enhance their monetary status and a job with higher pay package is always welcome High salaries are complemented by the higher position in the organization that they hold. People are also looking at skipping posts, as they want to rise to the top fast. So, most of the times the decision to switch job is taken as a higher post is offered in the new organization. People at this level move for several reasons better compensation, immediate focus on vertical growth (i.e. quick promotion), and peer pressure At this level, keeping with peers is important and they may feel that job switching helps them to do that.
The image of the company plays an important role, as people in India want themselves to be associated with established names. The general public identifies the company with its brand name! Therefore, people also feel proud when they say that they work for a particular company, this â€˜brand imageâ€™ of the company also plays a huge part in employees switching over and hoping to get into the organization.
The challenges today are greater and higher energy levels are required to accomplish them. People today up jobs, give their 100% and then look for sheer brand name.
It the attrition rates in the given age group are so high, then why do companies still hire them? The energy the young engineers bring in is very infectious. They are very productive and if organizations keep them engaged, they tend to stay longer.
The outlined message is loud and clear. Companies canâ€™t do without the young blood and therefore provide a host of features to attract the talent to stay with them for a long time. From faster career prospects to greater remuneration, everything is on the cards, just grab the opportunity.