projects4mp
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EXECUTIVE SUMMARY
"Talented persons are like frogs in a wheelbarrow, which can jump at any point of time when they sense opportunities"
Attracting the best professionals is never easy no matter what industry segment we consider. There is some truth in saying that what the Middle East is to oil, India is to software professionals. So, in a predominantly manpower intensive software industry, issues of the manpower availability, its cost, turnover and productivity are critical issues.
A major proportion of the turnover issue is attributed to movement of manpower to the so-called “land of opportunities-USA”.
The average stay of a software consultant in any given in any given IT company is not more than two years which has further dropped down to one year. HR managers in India are realizing that employee retention is a Herculean task for the IT industry, even for big players.
In such a scenario, where companies are fighting to combat global business competition, and struggling to survive, employee turnover comes as a double blow. The scenario is becoming worse. Companies are facing “double-edged sword-to recruit and to retain talent”.
The present skill crisis has caused a panic in the employment market, with skilled professionals being poached or choosing to change jobs. The attrition rate in the industry is at an all-time high. This trend is likely to continue and even accelerate as more companies suffer erosion while business demands continue to escalate.
HR department must therefore ensure that they donot fall fowl to the talent war by ensuring, foremost, that their talent does not run out the door and go knocking on the next.
Companies that can recruit the best talent and retain them will have an edge in the long run.
"Talented persons are like frogs in a wheelbarrow, which can jump at any point of time when they sense opportunities"
Attracting the best professionals is never easy no matter what industry segment we consider. There is some truth in saying that what the Middle East is to oil, India is to software professionals. So, in a predominantly manpower intensive software industry, issues of the manpower availability, its cost, turnover and productivity are critical issues.
A major proportion of the turnover issue is attributed to movement of manpower to the so-called “land of opportunities-USA”.
The average stay of a software consultant in any given in any given IT company is not more than two years which has further dropped down to one year. HR managers in India are realizing that employee retention is a Herculean task for the IT industry, even for big players.
In such a scenario, where companies are fighting to combat global business competition, and struggling to survive, employee turnover comes as a double blow. The scenario is becoming worse. Companies are facing “double-edged sword-to recruit and to retain talent”.
The present skill crisis has caused a panic in the employment market, with skilled professionals being poached or choosing to change jobs. The attrition rate in the industry is at an all-time high. This trend is likely to continue and even accelerate as more companies suffer erosion while business demands continue to escalate.
HR department must therefore ensure that they donot fall fowl to the talent war by ensuring, foremost, that their talent does not run out the door and go knocking on the next.
Companies that can recruit the best talent and retain them will have an edge in the long run.
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