India Inc attrition on peak, Exports in trouble
According to coverage from the SBI Economic Conclave, the senior industry official stated, "Industries are facing a high attrition rate." The private financial sector is already experiencing higher turnover in front-line jobs, with 20 to 25% churn reported in private banks.
At the SBI Economic Conclave in Mumbai, the senior industry official stated, “Industries are facing a high attrition rate.” The private financial sector already experiences high turnover in front-line jobs, with 20 to 25% churn reported in private banks.
JSW Joint MD & CFO Seshagiri Rao conveyed that, “manufacturing industries are facing a shortage of digital and sustainability-related skills.” However, the industry is also having trouble finding diploma candidates. “For new projects, companies have to hire 30% additional workers to cover the attrition risk.”
L&T CFO R. Shankar Raman confirmed that the company is facing challenges and that attrition is still high (20%–25%), allowing the company to add additional workforce at the same location. He also added that they are adding workers from far-off lands that help with the migration of workers, but they are also looking for alternate solutions.
Similarly, Gurpreet Chhatwal, MD of Crisil Rating, added that the vocational skilling of people is the biggest opportunity and risk that he has seen in Crisil and other industries.
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