Feb 24, 2004
Half of IT workforce may quit in 2 years: Hewitt Associates:
"Half of IT workforce may quit in 2 years
A rediff.com report : Indicating that a high attrition rate in the software and IT-enabled services industry could rise further, HR research firm Hewitt on Tuesday said half of the IT workforce is planning to resign in the next two years, with 45 per cent of the surveyed employees willing to consider a switch over for 20 per cent higher compensation.
'Forty-five per cent of the employees surveyed indicated that they would seriously consider a switch for a 20 per cent higher compensation and half of your IT work force is planning to resign in the next two years,' Aditya Kohli, head, Hewitt Associates said in New Delhi at a Nasscom event on HR networking while disclosing the findings of a research by Hewitt.
With average engagement levels in the industry at just about 50 per cent, Kohli said 74 per cent of Indian IT professionals surveyed indicated that they would stay at the current job because of the opportunity to learn and use new skills technology.
He said the retention strategies could be in the form of establishment of high performance culture, rewards for performance, competitive, differentiated and individualised fixed pay.
'Individual wealth creation and rapid reassessment would also be the key to retention strategies,' Kohli said."
I personally think that this is usual consulting approach of making a 'scare 'em silly' pitch !
The survey apparently never focussed on actual reality....the easy availability of skilled manpower and easy replacibility by freshers.
These two factors alone will ensure that 20% compensation might not happen !
The BT-Omam study which I posted earlier itself talks of 15% salary growth - and that is more or less across the board, negating the advantage for individual firms and actually will push up the cost of living !
Sure, people who work in "hot skills" areas like ERP, transition management etc will get disproportionate increments but the facts that will hold them back would be rarity of such work being done !
I mean to take an example, how many people know ethernet router and switching in telecom kind of skills?
And how many firms actually need such skills with your level of experience ?
Don't worry, your paychecks are not headed north yet ! :-((
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