Four out of every 10 employees want to resign from their current organisation post-increment, shows a new survey.
The three sectors that include a majority of workers contemplating resignation are service (37%), manufacturing (31%), and IT (27%), according to data shared by Naman HR, a management-consulting firm.
Gender-wise, six out of every 10 male workers opted to resign from their workplace in the coming months.
The Great Resignation Survey 2022 survey covered more than 500 organisations across various industries, and was conducted to understand the factors driving voluntary attrition in the labour market.
"Slow salary growth is one of the major reasons for resigning from a particular job, and only 15% of employees surveyed feel that their decision to leave an organisation is driven by the discomfort with their reporting manager," said Samir Parikh, founder, Naman HR.
Triggers for resignation include: slow salary growth (54.8%), work-life imbalance (41.4%), lack of growth opportunities (33.3%), and lack of recognition (28.1%).
“Companies need to do more to retain talent. Our survey shows that factors for retention include flexible work schedule and good work-life balance, fair and regular pay increase, appreciation from higher authorities, and better compensation and benefits,” Parikh told ET.
The data shows a trend towards entrepreneurship - more than one in 10 workers were considering leaving their jobs to start their own business. 35% of employees (30-45 years old) want to be entrepreneurs soon after they consider quitting their jobs to start their own businesses.
However, 44% of workers (20-29 years old) who are not thinking of resigning anytime soon have also shown an aspiration to start their own business.
“These workers are first taking a hands-on experience in understanding how the corporate world works before starting their own business,” said Parikh.
Workers from the manufacturing and service sector are the ones looking to become entrepreneurs soon.
The survey also finds that every third worker wants a threshold salary increase of 40% and above.
Compared with previous years, compensation appears to be rising in importance in relation to other factors. Many employees over the last few years have been frustrated by stagnant wage growth. Younger employees may be particularly focused on compensation as they pay off college loans and try to establish their savings so they can purchase homes and start families.
“It cannot be disputed that flexible work options and career growth opportunities remain important, but compensation is a critical factor across industries. It’s not surprising that money remains employees’ first choice of reward,” said Parikh.