A Study based on Pune IT Millennials on Attrition and Retention

Attrition and Retention of IT Millennials is a critical challenge faced by IT organizations as Millennials look forward to career opportunities and quit organizations within a span of even less than one or two years. But it is also a fact that youngsters are more focused to work in IT organizations as compared to other sectors. This research study is based on attrition and retention of IT Millennials of Pune City as Pune of Maharashtra state is known as a city famous for IT organizations employing many youngsters especially Millennials known as Gen Y born between 1981 and 1994/6 and are at present around 25 to 40 years. IT sector also provides opportunities to new job entrants due to the growth of the IT industry and scarcity of qualified manpower due to technological advancements. In a developing economy like India, the IT sector plays a vital role and drives the economy to be a global leader in technology. It is not only important to employ Millennials but also equally important to ensure that they sustain in the organization, as the organization invests and incurs costs for their training and development, salary, perks, etc. It is also noted that in this competitive era and high cost of living, Millennials tend to leave the job due to reasons like low compensation and perks compared to their target, work-life imbalance, stressful long working hours, Job monotony, location, non-supportive boss, and many more to add to the list for their attrition. The turnover of employees can be either functional or dysfunctional. Functional turnover is when non-performing employees leave and dysfunctional when performing employees leave the organization. This research focused on why employees leave IT organizations and what are the measures and means to control attrition. The study was carried out by contacting IT professionals via personal visits and phone calls due to the current prevailing pandemic of Covid-19 and employees working from home. In this study opinion of 75 employees was taken for analysis.