Harish Singh, Managing Partner, Zinnov; Mohammed Faraz, Partner, Zinnov; Dhananshu Manjhani, Consultant Zinnov; Vaishali Gupta, Senior Analyst, Zinnov
‘The Great Resignation,’ a topic that dominated conversations in the global business ecosystem, was the result of the market adapting to change – backed with robust digital infrastructure. The year 2020 had seen a slowdown, creating pent-up demand in 2021. The economic recovery backed the growth of companies and markets even amidst the Second Wave of the pandemic, and anticipation of the Third Wave. This growth is reflective in the Salary Increase, Attrition, and Hiring numbers. So far, the Talent market in 2022 has been following the same trajectory as 2021. However, a key dampening factor – which is a slowdown, is anticipated in the latter half of 2022.
As the market dynamics change with a recession on the horizon, organizations worldwide are being forced to relook at their compensation structures and talent strategies. This firmly puts the onus on organizations to not only focus on the talent expectations and career aspirations of the evolved talent pool, but also on retaining existing talent, as well as attracting potential talent.
These changing paradigm shifts are reflected in the fluctuations in our 2022 edition of “Salary Increase, Attrition, and Hiring” report that offers a holistic view of the fresh talent market dynamics in India. With talent increasingly becoming a defensible moat for organizations, organizations need to go the extra mile to not only provide flexible benefits, but also create strong brand positioning and recall to clearly articulate the combination of compensation, personalization, and purpose. The report also captures –
- Trends in salary increase, attrition, and hiring in ER&D and non-ER&D functions and by job levels
- SIAH trends across industry verticals and locations
- External and internal factors influencing salary increase, attrition and hiring numbers for organizations
- Recommendations for organizations to weather this talent storm
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