There has been a 15% rise in employees looking out for a job change during this appraisal season, finds data from Spectrum Talent Management. Employees tend to look for better opportunities mostly due to the increase in compensation after appraisal.
The study has also shown that 10% of senior management professionals also tend to change jobs during the appraisal season. Employees start applying for the new job roles during the appraisal process and file their resignations on the confirmation of the new offer.
Spectrum being a platform for local hires, recorded that the job change trend is less with freshers or young employees when compared to professionals with more years of experience.
As the number of startups and a corresponding increase in talent needs, this rate fluctuates significantly. The factor driving the job changes is good hikes offered by prospective employers. On average, employees start looking out for a change in a span of 2-4 years.
Commenting on the key insights, Sidharth Agarwal, Director, Spectrum Talent Management said, “The current industry trend of appraisals stands at 8%-15%. The hikes offered during a job change range from 20%-100% as well. Frequent job transitions are becoming a norm in many segments of the workforce in the age of technology and social revolution.”
“Talent hiring has always been a key challenge for many companies and with such trends in a job change, invariably, management has diverted their attention to retention and engagement policies including but not limited to benefits, perks, job rotation, etc.” He added.
The male-to-female job change is 6:2 but the main reason for such a visible difference is the actual difference in gender parity in the corporate sector.
It has also been reported that there is already a 20% increase in job queries on Spectrum and most certainly the number will go higher in the coming quarter.
The markets have begun to open up, which is resulting in an infusion of newer projects and a consequent increase in talent demand with a booming startup ecosystem.
