In the midst of the Great Layoff, attrition rates have reached the highest figures for the past 20 years in claims reports in India. The Great Resignation has been making its way since last year, with the trend of workers leaving jobs for better ones. Despite this, IT companies in India hired more than 3,50,000 people in the first three quarters of 2021.
According to a report by Aon, turnover has increased to 21 percent in 2021, from 12.8 percent in 2020, according to a report by La Monnaie. The survey also shows that salary increases will average 9 percent this year, the highest in five years as companies trudge back to pre-pandemic levels and business prospects improve.
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In India, however, hiring has seen an increase. According to the survey, India will expect the highest salary increases of the BRIC countries (Brazil, Russia, India and China) in 2022, with Brazil at five percent, Russia at 6.1 percent and China at six percent. Meanwhile, according to a report from BusinessLine, it claims that IT companies in India hired more than 3,50,000 people in the first three quarters of 2021. This contributes 14-15 percent of the total number of employees in these companies, according to the report. †
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Nitin Sethi, partner and CEO of Aon’s Human Capital Solutions in India, called it a welcome move: “It can become a double-edged sword for employers if you combine the rising cost of talent with record high dropout rates. This trend is fueled by economic recovery and the need for organizations to invest in new-age capabilities to build a resilient workforce,” the news reported daily.
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