FACTORS AFFECTING EMPLOYEE RETENTION: AN ANALYSIS OF IT SECTOR IN DELHI-NCR    

Authors : Ms. SURABHI TEOTIA

Publishing Date : 2023

DOI : https://doi.org/10.52458/9789388996587.2023.eb.ch21

ISBN : 978-93-88996-58-7

Pages : 94

Chapter id : PART-2/NSP/ICAAR-2023/A-21

Abstract : In order to succeed, businesses must retain their top talent. Employee retention refers to the methods, a company implements to keep its valuable employees and the tactics it adopts to reduce the risk of employee turnover. Today, firms and HR departments have a major difficulty in employee retention. One of the most cutthroat industries in the world is IT. That is why IT employee retention is a significant challenge. In this industry, the typical rate of employee turnover is approximately 20%. One-fifth of the workforce changes employment every year. There is a high incidence of employee turnover and an even higher proportion of those who are dissatisfied with their work. Another explanation is that people don't think their jobs are interesting or difficult enough to warrant sticking around at their companies for a while. At present scenario the Major Challenge faced by Indian IT Sector is not limited to hiring eligible employee but also their retention. The Indian IT Industry have seen a very high employee turnover since last decade. The problem of job hopping in IT Sector has become new normal now. According to an article published in Business Standard, Indian IT Industry recorded 25.2% employee attrition in FY22 and that pain will continue as it loses talent to other industries. Hence, it is crucial for Human Resource Managers to understand the factors that instigate employees to leave an organization. This paper examines the influence of working culture, employee health and well-being, compensation and benefits, relationship with the superiors, rewards and work recognition and HR policies on employee retention in IT Industry of Delhi-NCR. In this regard, this study has been done to understand the major issues associated with the retention of the IT employees Another objective is to identify the major causes of the high level of the attrition rate.

Keywords : Retention, Job hopping, Human Resource, IT Industry, Attrition, Employee turnover

Cite : Teotia, S. (2023). Factors Affecting Employee Retention: An Analysis of it Sector In Delhi-Ncr (1st ed., pp. 94-98). Noble Science Press. https://doi.org/10.52458/9789388996587.2023.eb.ch21

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WEBSITES

• https://www.forbes.com/advisor/business/employee-retention-strategies
• https://www.researchgate.net/publication/359336967_Employee_Retention_Strategies_IT_Industry
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• Records and reports alone cannot solve the problem of employee retention. It solely depends on how well the employers comprehend the numerous issues that the employees have, and how they assist them in finding a solution when necessary.