Seeking better career prospects amid economic slowdown many senior and middle level executives are actively looking to switch jobs, according to HR experts.
Reflecting the rising churn at corporates across sectors, many leading entities, including Infosys, PepsiCo and Jindal Steel and Power, have witnessed exits of high profile executives in recent months.
Experts said the increasing tendency of middle and senior level executives to change jobs is mainly driven by desire to seek better paying and brighter career opportunities amid sluggish economic conditions. Increasing pressure to perform is also a contributing factor, they added.
"The eagerness to move up the corporate ladder quickly and high compensation levels at senior levels is a major reason for this trend in India," executive search firm MANCER Consulting's CEO Satya D Sinha said.
Providing a rough estimate, Sinha said that as much as 80 per cent of middle and senior level executives could be looking for change of jobs.
Economic slowdown has influenced the pay hikes and promotions internally, in turn resulting in increased workforce movement between companies, experts said. India needs an estimated 2,735 additional middle and senior managers each year, estimates by MANCER showed.
In the last six to eight months, about 25-30 per cent of working executives have switched jobs, HR consultancy Unison International's Managing Director Udit Mittal said. "It may be higher remuneration and designation, but the major force driving them to switch is that they want a much secure job and primarily want to join a company which is in a safer place and less affected by the slowdown," Mittal said.
Industry-wise, job switch has been majorly noted in the FMCG, automotive, IT and pharmaceutical sectors, experts said. A sectoral analysis by executive search firm Spectrum Talent Management showed that major expansion in the pharmaceutical industry has caused a lot of movement at top management levels.
"A lot of private equity investment is coming into India because of the depreciation of rupee which has also resulted in a key personnel quitting to join start-ups or launch their own ventures," Vidur Gupta, Managing Partner at Spectrum Talent Management, said. Among the high profile exits seen this year among Indian corporates include that of Ashok Vemuri leaving software exporter Infosys and Manu Anand quitting beverages major PepsiCo India.