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The global economy being faced with turbulent times, companies and employees have both become more cautious. A new report pointed out that the attrition of employees in India Inc refused in 2024 when workers have chosen to prioritize stability during career movements in the midst of mute salary growth
According to the third edition of Deloitte India Talent Outlook Survey, at Pan-Indian level, organizations declared an average attrition rate of 17.4% in 2024, a marginal drop of 18.1% in 2023.
He revealed that attrition rates decreased in various sectors. In the IT sector, the average attrition rate in 2024 fell to 15.1%, compared to 19.3% in 2023, while in the ITES segment, it fell to 10.8% against 18.7% in 2023. Likewise in the life sciences, the attrition rate was reduced to 13.3% in 2024, against 18% in 2023 while in the manufacture of the attrition rate. Marginal decreases in the average attrition of the financial services sector and other services.
However, surprisingly, feelings differ in the consumer segment where the average attrition rate increased to 18.4% in 2024, against 17.4% in 2023.
“In the midst of market uncertainty and a reduction in demand for hiring, job stability and internal growth possibilities have become the main engines of retention, prioritizing annual increases,” noted the report.
Prakhar Tripathi, partner, Deloitte India, has developed that before the launch of the survey, the company has maintained itself with the human resources directors of four companies, including a diversified conglomerate, a major banking, a consumer company as well as a technology giant on what is happening in the economy.
“We have covered all the sectors because we had the survey from customers, but we also wanted to stress what is happening on the side of attrition. Stability is what people are looking for at this stage because people can see that companies are faced with opposite winds, “he said.
The Deloitte India Talent Outlook 2025 is an investigation which aims to provide decision -makers with an overview of the remuneration, performance, talent management and HR technology of more than 500 companies in seven sectors.
He revealed that, while Indian companies are sailing in the world-contrary and local winds, the emphasis is clearly placed on the optimization of remuneration cost budgets, salary increases for 2025 being planned at 8.8% in 2025, against 9% in 2024. “The average increase in India should be the lower in a decade, less than 2020-2021,” said. The survey shows that 75% of companies will reduce or maintain their salary increases in the same way as last year.
