India Inc has witnessed a significant decline in attrition level during July-September 2011 on the account of uncertain job market, says a study.
"Attrition outlook had declined in our second quarter study. Major reason for decline is uncertainty in getting new job. The major reason for switching a job is dissatisfaction with supervisor or senior. It clearly shows employees are scared about their career in current crisis," MyHiringClub.com CEO Rajesh Kumar said.
According to the study conducted by MyHiringClub.com, attrition rate in the second quarter of current fiscal year declined by 18% compared to the first quarter of FY'11.
Among the 11 industries surveyed, the information technology (IT) and banking and financial services sector have witnessed double digit attrition rates among talented employees.
IT and ITES sectors saw the highest attrition rate of 16% in the second quarter of 2010-11, a fall from 23% in the first quarter. Besides, the banking and financial services sector witnessed an attrition rate of 14% as against 18% in the preceding quarter.