Spectrum Talent Management, a one-stop solution for all local human talent management needs globally, has identified a 15% rise in employees looking out for a job change during this appraisal season. Employees tend to look for better opportunities mostly due to the increase in compensation after appraisal. 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.
Among the half a million candidates registered with the platform, the job change trend is less with freshers or young employees when compared to professionals with more years of experience. However, due to the rise in startup firms and a corresponding increase in talent need, this percentage fluctuates significantly. The main reason for such 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 ranges 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 job change, invariably, management have diverted their attention to retention and engagement policies including but not limited to benefits, perks, job rotation, etc.”
The Male-to-Female ratio when it comes to a job change is 6:2 but the main reason for such visible difference is the actual difference in gender parity in the corporate sector. It has been reported that there is already a 20% increase in job queries on Spectrum Talent Management and most certainly the number will go higher in the coming quarter. The markets have begun to open up, resulting in an infusion of newer projects and a consequent increase in talent demand with a booming startup ecosystem. All of this has resulted in an increase in the number of people hired. Almost 30%-40% growth in a job posting is estimated on a YOY basis.