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 Belgiumn 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 compani es 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.