India Inc continues to see high attrition

India Inc continues to see a double-digit attrition rate,this time of 13.8 per cent.

India Inc continues to see a double-digit attrition rate,this time of 13.8 per cent the highest in Asia Pacific region — despite economic uncertainty,says a survey.

As per global HR consultancy Hewitt Associates’ annual Asia Pacific Salary Increase survey for 2009-10,most Asian companies have continued to experience double-digit voluntary employee turnover rate amid the economic downturn.

“The top four markets reporting the highest turnover rate are India (13.8 per cent),Australia (11 per cent),New Zealand and China (10.3 per cent),” the report stated.

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Turnover rate refers to the ratio of the number of workers that had to be replaced in a given time period to the average number of workers.

“While many would believe the economic uncertainty should help ease pain on high employee voluntary turnover,the Hewitt 2009/2010 Annual Asia Pacific Salary Increase Survey does not reveal the same. The comparatively high turnover rate…raises an alarm to the world,” Hewitt Associates Regional Leader Broad-Based Compensation practice Stella Hou said.

The survey stated that ‘better external opportunity’ was consistently cited as the top reason for employees voluntarily leaving their organisations across all markets.

“This means companies continue to search for talented people even under a tough economic situation… organizations will continue to face a tight talent market,” it added.