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On the latest PRmoment-Hill+Knowlton Friday Zone series, we discuss how the 'Great Resignation' has affected India.
Dealing with ‘The Great Resignation’
US labour data shows an unprecedented rise in resignations. Experts say this is part of a generational shift in how employees view work and life. From networth, the current generation is more focused on ‘net freedom’- How should the C-suite respond to this challenge?
Great Resignation or Great Opportunity?
Interestingly, Vishpala Reddy, CHRO at Philips Indian Subcontinent said that in India the attrition is more of a case of increased demand and supply dynamics, and this trend is being observed all across the hierarchy. In the US, the resignations have been observed mostly among mid-tier professionals.
Shubhreet Kaur, director, Creative Services, Hill and Knowlton Strategies, India concurred saying, " \We are seeing a lot of companies facing high attrition rates and trying to actually just hold on to it and not let it increase further. We can see in industries like tech where every person has at least four to five job offers at hand."
Suniet Bezbaroowa, India marketing director, BCG, "As leaders navigate the future of work, I think there are two challenges. How to address the operational challenges, even if you're getting people back to work, how do you do that? And second, find out innovative ways to engage the talent or retain talent, even if there is an attrition happening."
Prashant Nanda, senior journalist reporting on the education-workforce ecosystem, said, "If you look at Indian economy, which is a large economy and a large market, it is a reality in India, it is playing out in sectors which have seen huge traction due to the pandemic. For example, in IT segments, BFSI, the education sector, the healthcare is where we are seeing attrition. And look at the big players in the technology space. That attrition rate is in 12% to 33%. That means one out of every three people is going out. That's insane. Look at the ihe Microsoft 2020 Work Trend Index, is saying that 41% of global workforce are considering resigning this year so there is it must be going somewhere I'm sure they're not resigning and staying at home. And the salary increase in the compensation survey by a leading consultancy company says that India is facing an attrition rate of almost 20% across board and is one of the highest in five to six years."
Do watch the full discussion here:
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