Appraisal months see 15 pc rise in job applications as employees switch companies: Report
The IT sector records the maximum number of job changes during the appraisal period.
The markets are seeing around 15 percent increase in employees looking for a job during this appraisal season, says a report from Spectrum Talent Management.
As the markets have started to open up, there is an infusion of newer projects and a consequent rise in talent demand within the Indian startup ecosystem. Employees tend to look for better opportunities mostly due to the hike in compensation after appraisal.
According to the report, employees typically start applying for new job roles during the appraisal process and file their resignations on the confirmation of the new offer. The trend of changing jobs is seen less with freshers or young employees as compared to experienced professionals. About 10 percent of senior management professionals also tend to change jobs during the appraisal season.
Sidharth Agarwal, Director, Spectrum Talent Management said, “The current industry trend of appraisals stands at 8-15 percent. The hikes offered during a job change ranges from 20-100 percent as well. Frequent job transitions are becoming a norm in many segments of the workforce in the age of technology and social revolution. Talent hiring has always been a key challenge for many companies and with such trends in job change, invariably, management have diverted their attention to retention and engagement policies including but not limited to benefits, perks, job rotation, etc.”
The male-to-female ratio when it comes to switching jobs is 6:2 but the main reason for such evident disparity is the actual difference in gender parity in the corporate sector and good hikes offered by prospective employers.
On average, employees start looking out for a change in a span of two to four years. However, due to the increase in startup firms and a corresponding rise in talent demand, this percentage fluctuates significantly.
Edited by Kanishk Singh