Friday, April 19, 2024
Outlook.com
Outlook India
Outlook Business

Spectrum Talent Management Report: 10-15% Employees In IT And BFSI Are Seeking For New Jobs

An increase in job applications has always been a trend during appraisal months and most employees look for better opportunities, the report added

Spectrum Talent Management Report: 10-15%  Employees In IT And BFSI Are Seeking For New Jobs
POSTED ON February 22, 2023 5:05 PM

Noida-based Spectrum Talent Management has identified a rise in employees actively seeking better opportunities as appraisal season wraps up. An increase in job applications has always been a trend during appraisal months and most employees look for better opportunities, on the back of the increased compensation due to appraisal, the company said in a statement.

It claims that the top sectors that witnessed high sentiment amongst employees for job change are IT and BFSI. The trend is also prevalent for senior professionals with 10 to 15 per cent reporting an intention for a job switch, whereas five to fifteen per cent are for fresher and young professionals. However, the situation varies from one industry to another. 

When it comes to male to female ratio for job changes, it is 1:3 in favor of men, in line with the existing gender gap in employment. Currently, the exact rate of increase in a job application is difficult to estimate before March, but it should range between 15 - 20 per cent. Similarly, the job posting is expected to show a 30-40 per cent increase by the same timeline, the statement added. 

Commenting on this job trend, Atanu Banerjee, the CEO of staffing of STM Consulting, said, “Historically, appraisals and job switches have always gone hand in hand. One of the key factors is the remuneration change in either aspect. The fact that the industry is recovering from the post-Covid impact and passing through an effective western slowdown and international tensions has shown the tangible effect on the tech industry resulting in evident layoffs. Sectors like BFSI and Retail have witnessed the alternate side as the demands have surged across levels. Hence escalating the visible trend of job changes in appraisal season.”

While the industry hovers at an eight to fourteen per cent median YOY (year-on-year) appraisal range, the salary hikes in job changes have been ranging at a median of 35-65 per cent. This has been one of the primary reasons that every organization focuses on employee retention and engagement as an index,” he added.  

  • Related Articles

    With this partnership, DBS Bank India aims to meet the needs of SMEs and MSMEs while conducting business through ONDC and expanding its digital solutions beyond traditional banking

    DBS Bank India Partners With eSamudaay To Propel Local Commerce In Small Towns Through ONDC

    The company bagged the funding from the start-up grant from the Government of Gujarat and Soha Ventures. Additionally, multiple angel investors also invested in the company

    Export-Import Tech Start-up, TreZix Raises $1.2 Million In Seed Stage Funding

    The funds will be deployed to broaden Crest’s product offerings and scale its operations

    Crest Raises Rs 6.5 Crore From IAN, IPV