The number of employees applying for various jobs is higher during the appraisal months, according to a report by Spectrum Talent Management. As per the report, a 15 per cent rise has been identified in employees looking out for a job change during this appraisal season.
“Employees tend to look for better opportunities mostly due to the increase in compensation after appraisal,” the report said. About 10 per cent of the senior management professionals also tend to change their jobs during the appraisal season. “Employees start applying for newer job roles during the appraisal process and file their resignations on the confirmation of the new offer,” it said.
Among the half-a-million candidates registered with the platform, the job change trend has been less with freshers or young employees when compared to professionals with far more years of experience. However, owing to an increase in start-up firms and a corresponding increase in the talent need, this percentage fluctuates significantly.
Industry trends
“The main reason for such job changes is good hikes offered by prospective employers. On average, employees start looking out for a change in a span of two to four years,” the report said. As per Sidharth Agarwal, Director, Spectrum Talent Management, the current industry trend of appraisals stands at 8 per cent-15 per cent. The hikes offered during a job change range from 20 per cent-100 per cent as well.
“Frequent job transitions are becoming a norm in many segments of the workforce in the age of technology and social revolution. Talent hiring has always been a key challenge for many companies and with such trends in a job change, invariably, the management have diverted their attention to retention and engagement policies including but not limited to benefits, perks, job rotation, etc.,” said Agarwal.
In terms of male-to-female ratio with respect to a job change is 6:2 but the main reason for such a visible difference is the actual difference in gender parity in the corporate sector. It has been reported that there is already a 20 per cent increase in job queries on Spectrum Talent Management, and the number will go higher in the coming quarter.
“The markets have begun to open up, resulting in an infusion of newer projects and a consequent increase in the talent demand with a booming start-up ecosystem,” as per the report. This has led to an increase in the number of people hired. Almost 30 per cent-40 per cent growth in a job posting is estimated on a y-o-y basis.