Whenever, a well trained and knowledgeable employee leaves, the organisation loses key skills, knowledge and business relationships.
Another important factor is the costs involved in replacing that employee.
This process called as attrition is a serious concern for analytics industry in the country.
The results of a study published in analyticsindia mag.com puts in some numbers around the attrition rates.
The study points out that the employee attrition in Analytics and Data Science industry in India currently stands at 24.4 per cent annually. It also states that analytics employees tend to stay in their organisation for an average of 3.7 years.
According to the study, the highest attrition rate of 26 per cent is seen in the IT service providers section.
'IT service providers also tend to have the highest tenure of analytics professionals in their current organisation, at 4.5 years. We noticed no correlation between years in the current organisation to attrition rates. Captives have an average of 3.9 years as employee tenure followed by consulting firms at 3.3 years and Boutique analytics firms at 3 years,' the study reveals.
In terms of cities, Mumbai has the highest attrition rates at 25.7 per cent while Chennai has the least with 15.5 per cent.
The tenure of analytics employee in Mumbai on an average staying in their current organisation is 4.2 years and for those working in Chennai it is 4.5 years.
The study also indicates a decrease with the employee attrition with increase in age.
The attrition rate is 13.7 per cent for those who have more than 10 years experience, for the freshers' level this stands at almost 80 per cent.
