Due to the increased expectations of employees from their employers, HR leaders are reformulating employee engagement and retention strategies
There is a higher risk of quitting jobs in the first year of the tenure of employees, new findings by inFeedo suggested. Moreover, more than half of the existing employees were in their first year of tenure, the data showed. Since 2020, the average employee tenure has also decreased by 20 per cent. It is now an average of two years, as per inFeedo data.
Due to the increased expectations of employees from their employers, HR leaders are reformulating employee engagement and retention strategies,as per the data by people analytics company inFeedo.
Tanmaya Jain, Founder and CEO of inFeedo, said that there are five kinds of attrition evident: top talent attrition, infant attrition (0–6 months tenure), niche talent attrition (especially in engineering), tenured attrition, and remote employee attrition.
The company’s data also underlines that the intent to leave is 24 per cent higher in South-east Asia in comparison with the rest of the world.
The CEO further added that even before the emergence of the buzzword ‘Great Resignation’, Amber had already seen an upward trend in at-risk employees by 112 per cent, suggesting a relatively higher risk of employees quitting in their first year of tenure. The Great Resignation is a phenomenon that describes the unprecedented number of people quitting their jobs after the COVID-19 pandemic has ended.
As per BCG, in 2021, the share of venture capital funds that were poured into HR was more than $12 billion, which was more than triple the amount poured in 2020 to 2021.