~: M H O :~ Job-hopping tendencies declining post slowdown: GlobalHunt (Daliy Dose)

 

 

 

Job-hopping tendencies in the country have declined post the global economic slowdown, in light of huge lay-offs where employees who switched jobs frequently paid the price, an executive search firm has said "Now most people do not want to change jobs for the sake of changing, unlike in the past. This is because people who were changing their jobs every 6-9 months were the first to be laid off during the slowdown," GlobalHunt Director Sunil Goel told PTI . On an average, since 2009, the proportion of people who are changing jobs cautiously has increased up to 50 per cent, compared to the pre-slowdown period, he said. "This trend is visible across sectors especially in mid and junior levels," he said. During the slowdown, Goel said, even as the lay-off rate in India was not that high compared to other nations, sectors like banking, financial services and insurance (BFSI), retail, hospitality and IT (to some extent) were the most affected. On an average, the lay-off rate across sectors during the slowdown was 10-15 percent, he said. "Job-hoppers paid the price of instability. Learning from that, people want to stick to their organisations as long as they can," Goel said. Before the slowdown, the job market was buoyant and there were plenty of jobs available in every sector, he said, adding, "There was a war for talent and sectors like IT, telecom, BPO and BFSI saw a high percentage of people changing jobs." In terms of advantages, job-hopping also did not prove to be as lucrative as people are generally unable to generate incentives for first two quarters and also lose out on long term-benefits in their previous organisations, Goel opined. "On actual terms, they are not losing percentage of salary hike by sticking to an organisation for long. And if we calculate the quantifiable net gain, they do not lose anything by being loyal to their organisations," he said. Sticking to an organisation, he said, proved as a win-win situation for both an employer and an employee as a new association is usually a painful phase for both sides. "New people are not able to contribute to the best of their capabilities and from an organisation's perspective, a company ends up in paying for the hiring cost as well as on induction, technology and development and to integrate a new person into its system," he said. Employers' reaction is, therefore, positive as they hold and retain people and in return, usually, employees do not lose out on the benefits, he added.

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