“Employee Retention in Information Technology (IT) Sector

Abstract

Today the words “Information Technology” has become buzz word all over. If any single technology is to have a revolutionary effect on the lives of the people in the 21st century, it will undisputedly be the information technology. Over the decade of 1990s, India has
positioned itself as a major provider of world-class quality of Information Technology professionals. Today Human Resources Development Department has assumed more importance than ever before. Retention is an art of managing people. An environment of trust and cooperation, and collaborative approach by the management, employees get the feel to connect. Retention is all about taking measures so as to encourage work force to remain the organization of a maximum period of time. Today, because of the vast
development of the IT Sector, there is a stiff competition amongst coroporates to pick up properly groomed talented staff of other organizations so that the corporate is not required to reinvest in developing a talent in their organization. There are various types
of costs associated with the replenishment of the talented employees. Factors that are weighed by employees in continuing: There are various factors that influence the employee’s decision to continue or to try luck elsewhere. These factors are mainly: Compensation package, work environment, opportunities for career advancement, fringe facilities like work from home, flexi working hours and above all job satisfaction derived in the current job assignment. A few vital aspects have been discussed in this paper in brief. The paper has also offered a few suggestions which will go a long way in helping the HRD to address this challenge in an efficient manner.