most young techies hired at start of pandemic have already switched jobs
ETtechMajority of the freshers and employees with less than five years experience hired by Indian IT companies at the beginning of Covid-19 pandemic, which began in March 2020, have already made at least one job switch.According to a study done by IT market intelligence firm UnearthInsight, which was exclusively shared with ET, average tenure of employees at a job with 0-5 years of experience has fallen to 1.9 years compared to 2.6 years in the pre-pandemic period as the young techies have been cashing on the hot job market where demand for talent exceeds the supply. Around 50-60% of these professionals would have already changed jobs at least once since March 2020.Also, the average tenure of techies at a job in the 5-10 experience bracket has also fallen to five years from 7.1 years clocked in the pre-pandemic times. The Bengaluru-based firm has drawn insights from analysing over 2 million employees who recently changed jobs from over 30 IT services companies including Accenture India, Cognizant India, Tata Consultancy Services, Infosys, HCL Technologies and Wipro.“A lot of Gen-Zs and millennials have looked at short-term gains and demand during the pandemic. In 2021, the average number of offers carried by these employees was four compared to 1-2 now,” said Gaurav Vasu, founder and chief executive at UnearthInsight.“We see the average tenure to remain low for at least next two years and the biggest reason for this is lack of cultural affinity or attractiveness (to the employer or brand). This segment is looking at faster promotions and career growth,” said Vasu.For employees with over 10 years of experience, the average tenure has remained flat at 7.5 years. This is because these employees in the level of senior managers and directors aim for stability, promotions and job switching becomes difficult for them as their base salary is steep.“There are two reasons for people switching—the job market has been hot. Average attrition being at 20% was only witnessed in BPO segments before,” said V Balakrishnan, former CFO of Infosys.”Also, WFH has completely changed the way IT companies operate. The employees are repelling if they are asked to return. This is a phenomenon in the US and Europe as well,” said Balakrishnan, who is also the founder and chairman of Exfinity Venture Partners.It is only logical to expect an increase in wage bills of companies and margin pressure while only attractive salary packages and flexibility in job conditions can help companies retain talent, he added.IT companies’ wage bill has already increased by 2-2.4% as a percentage of total expenses post-pandemic, UnearthInsight said.
At the end of June quarter, the top four IT majors recorded double-digit attrition figures. Infosys clocked the highest at 28.4%, followed by HCL at 23.8%, Wipro at 23.3%, and TCS at 19.7%. Wipro is the only company to show improvement sequentially—a 50 basis-point fall.

Keyword: Most young techies hired at start of pandemic have already switched jobs

TECH'S NEWS RELATED

Why wandering albatrosses get divorced: New research

Wandering albatross pair performing a courtship dance. Credit: Samantha Patrick, Author provided Monogamy is widespread among birds and it is well known that many seabird species mate for life. Famous examples include charismatic penguins and albatrosses which are often portrayed in the media as the perfect couples. But this ...

View more: Why wandering albatrosses get divorced: New research

ZTE Axon 30S brings in-display camera and SD870 for $238

ZTE Axon 30S specifications Gizchina News of the week Pricing and Availability ZTE certainly has its own spot in the market thanks to the under-display camera technology. The company has been a pioneer of this technology, and for the time being, is the only one actively betting on it. ...

View more: ZTE Axon 30S brings in-display camera and SD870 for $238

Struggling to make friends as an adult? Why you should try looking to older generations

Credit: fizkes / Shutterstock While loneliness can strike at many points throughout our lives, there are times when it is especially acute. Big transitions like leaving university, changing jobs or moving cities can make us feel isolated and socially excluded from the people around us. It can be difficult ...

View more: Struggling to make friends as an adult? Why you should try looking to older generations

Chickensplash! Exploring the health concerns of washing raw chicken

Credit: Pixabay/CC0 Public Domain Health experts recommend against washing chicken before cooking it because that can spread harmful bacteria. But if you’re among the nearly 70% of people who do, according to a survey of U.S. grocery shoppers, there are ways to make it safer. Many cooks continue to ...

View more: Chickensplash! Exploring the health concerns of washing raw chicken

Ancient footprints on UK beach record demise of biodiversity hotspot

Holocene stratigraphy, radiocarbon dates and footprint record at Wicks Path B. This is the only site without human footprints. Credit: Nature Ecology & Evolution (2022). DOI: 10.1038/s41559-022-01856-2 A team of archaeologists and geographers from The University of Manchester have discovered that hundreds of ancient animal and human footprints found ...

View more: Ancient footprints on UK beach record demise of biodiversity hotspot

Setchain, an application that multiplies by a thousand the number of transactions per minute in any blockchain

Credit: CC0 Public Domain Researchers Margarita Capretto, Martin Ceresa (IMDEA Software), Antonio Fernández Anta (IMDEA Networks), Antonio Russo (IMDEA Networks) and César Sánchez (IMDEA Software) presented Setchain, a new data structure that improves the scalability of blockchains, allowing a greater number of transactions per block, which leads to a ...

View more: Setchain, an application that multiplies by a thousand the number of transactions per minute in any blockchain

Old Google Photos Images Corrupted For Some Users

BigTunaOnline/Shuttersock.com Long-time Google Photos users may want to check their archives to see if their memories have been damaged in a bizarre data corruption incident being reported by 9to5Google. Over the weekend, some users noticed that many images over five years old now have lines, deep cracks, and white ...

View more: Old Google Photos Images Corrupted For Some Users

The #1 movie on Netflix right now is basically a female-led version of John Wick

My first introduction to Allison Janney as an actress, and the role for which she’s probably best known to many of you, was as the calm and steady White House press secretary C.J. Cregg in NBC’s landmark drama The West Wing. And if, like me, the first thing you ...

View more: The #1 movie on Netflix right now is basically a female-led version of John Wick

Not just for the gods: New insight on the use of cacao among the ancient Maya

Elements To Consider When Selecting A CPQ Provider

ExpressVPN's First VPN Router Aims for Smart Home-Wide Privacy

Magnetic field helps thick battery electrodes tackle electric vehicle challenges

Scientists found a bizarre new creature that looks like blue goo at the bottom of the ocean

Vulnerable Tampa Bay braces for storm not seen in a century

UK could fine TikTok £27m for failing to protect children’s privacy

Female fruit flies enter the ring of sexual competition

Xbox Core Wireless Controller Got Huge Price Cut Of 26%

Review of noble-gas spin amplification via spin-exchange collisions

If Windows 11's 2022 Update Hasn't Tempted You Yet, These New Features Will

New study allows scientists to test therapeutics for rare neurodegenerative disease affecting young children

OTHER TECH NEWS

;