A growing economy throwing up more opportunities has resulted in over 50 per cent of Indian employees thinking of quitting their jobs, according to a report released on Thursday by human resource consulting firm Mercer.
Mercer's proprietary What's Working survey, which examines employee views on work, was conducted among more than 2,000 workers in India.
The survey showed that 54 per cent of the respondents were seriously considering leaving their organisation at the present time, a substantial 28 per cent jump from 26 per cent in 2004.
Women may lead this exodus as 58 per cent say they are considering leaving, versus 53 per cent for men, according to the survey which also has been conducted in 16 other markets worldwide among nearly 28,000 employees.
"Just as troubling, and perplexing, younger workers are also considering to exit: 66 per cent of employees under age 24 are seriously considering leaving and lead all age groups in satisfaction with their organisation at 82 per cent," said the survey.
The survey included more than 100 questions on a range of work-related topics and Mercer said it was representative of the overall demographics of the Indian workforce in terms of age, gender and job level.
"The business consequences of this erosion in employee sentiment are significant, and clearly the issue goes far beyond retention," said Nishchae Suri, managing director, Mercer Consulting India.
"As the economy improves further and new job opportunities emerge, employers risk losing valued talent and also face productivity and morale issues among workers who continue to be with the organisation," Suri added.
Another cause of worry for companies is the emerging generational tension as youngsters enter the workforce in growing numbers, bringing with them wholly different expectations regarding work.
Some other findings of the survey are:
* Out of 13 possible reward elements, respondents said that career advancement is their most important reward element. It was the top-most priority in the age group 25-34
* Base pay is the second-most important reward which also emerges as more important to older workers and non management
* Training opportunities followed by type of work were rated third and fourth, respectively, as most important reward for workers in India
* Indian workers place a great deal of importance on working for a respectable organisation, which is listed as their fifth highest reward element followed by bonus or incentives
"A clear understanding of "what's inside employees' minds" represents an important step in developing a blueprint that skillfully combines existing approaches with innovative ideas to improve engagement, performance and productivity," said Suri.