High attrition rates are proving to be the Achilles' heel of corporate India. A recent Assocham survey on "Attrition Problem in a Growing Economy" has shown that attrition levels in Indian industry as a whole are higher than 20 per cent at present. The services sector is the worst hit, with attrition rates as high as 40 per cent.
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The manufacturing sector, too, is feeling the pinch; the figure here is about 20 per cent. The problem is most acute with employees in the 26-30 age group with 2-4 years of work experience. And men are more likely to change jobs than women. The war for talent is only going to hot up going forward-India Inc. will face a shortage of 5-6 million professionals over the next five years.
High attrition rates are proving to be the Achilles' heel of corporate India. A recent Assocham survey on "Attrition Problem in a Growing Economy" has shown that attrition levels in Indian industry as a whole are higher than 20 per cent at present. The services sector is the worst hit, with attrition rates as high as 40 per cent.
