This story is from March 3, 2016

76% Indians to move jobs by 2020

A global survey on attrition rates by Deloitte said as many as 76% of Indian youth plan to quit their jobs for better paying ones by 2020. The survey said this compares to 56% in Japan, 51% in Belgium and 52% in Spain.
76% Indians to move jobs by 2020
CHENNAI: A global survey on attrition rates by Deloitte said as many as 76% of Indian youth plan to quit their jobs for better paying ones by 2020. The survey said this compares to 56% in Japan, 51% in Belgium and 52% in Spain.
Only 16% of youngsters world-wide see themselves with their current employer a decade from now, said Deloitte after interviewing 7,700 millennials (in the 22-34 age group) in 29 countries.
“This remarkable absence of loyalty represents a serious challenge to any business employing a large number of millennials, especially those in markets--like the United States, where millennials now represent the largest segment of the workforce,“ said Deloitte in its 2016 report.
Deloitte said that companies should seriously focus their attention on retention of employees, as it will emerge as a larger cost factor in 2020 with emerging economies (69% attrition) -more than mature economies (61%) -seeing the impact of youngsters with soaring career aspirations.
While employees in countries like Belgium, South Korea and Japan shift jobs because they want a better work-life balance, flexible hours, job satisfaction, Indians, South Africans and Chinese are apparently single-minded about the fact that a job change should only be for career growth.
But India scores better in the world ranking order when it comes to flexible working hours. As many as 67% of participants from 29 countries were not allowed to work from home or other locations where they felt most productive.

In only five markets -South Korea, Indonesia, India, Netherlands, Belgium -could a majority work from home if they wished.
Youngsters in India apparently are more pessimistic about the state of the economy then their counterparts in Turkey , Italy, France, United States.

In the barometer for economic confidence, millennials from China, Brazil, Canada and Russia are more sceptical than Indians, said Deloitte.
Millennials, who are parents apparently show more loyalty than those without children 32% of the former intend to remain with their current employers for five years. The findings of the survey are a gender equalizer as Deloitte says, “Women are as equally likely -as men -to rate opportunities for career progression and leadership roles as a major factor. Where differences do appear, and this is in degree of influence rather than rank order, women place greater emphasis on flexible working opportunities and the ability to derive a sense of meaning from their work.“
With all the hype about social media and selfie-addictions, Deloitte, which interviewed only millennials with a college degree and full-time jobs, says reality is very different from perception.
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About the Author
Rachel Chitra

Rachel Chitra writes for the business section of The Times of India. She has been tracking the banking and insurance sector for nearly five years.

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