NEW DELHI: In a worrying trend for employers, more people may leave their jobs this year as compared to last year as the attrition gains momentum in 2022, according to a study released on Monday.
The survey report by Executive Recruitment & HR Consulting firm OMAM (Organization Methods & Management) shows that the overall average attrition rate at 19% is 6.9% higher this year as compared to last year, when it was 12.1%.
In terms of sectors, Banking & Financial Services reported the highest attrition at 31.5% followed by E-Commerce, IT/ ITES, Pharma & Healthcare each reporting attrition of 30~31%. The lowest attrition, on the other hand, is reported by the Engineering, Manufacturing, Real Estate & Core sectors.
The five major reasons for the growing attrition levels, according to the report, include career progression, salary increase, better brand, learning and development and work-life balance. The report also forecasts overall average salary increment for 2022 to be 9.1%, which is 1.2% higher than the average increment for the previous year and almost similar to the increment percentage for FY year 2019 (2019 reported actual increase of 9.2%).
IT sector to see highest increase of 11.0% followed by E-Commerce and FMCG which is predicted to receive 10.5% and 10.1% average salary increase in 2022, it says. Priti Bharti, General Manager, HR Consulting says Employees’ expectations from companies have risen to over-optimistic increment figures of 15% to 20% plus. “This expected level of spike is unsustainable, much to the dismay of the workforce, encouraging them to seek out better job opportunities,” she adds.