Attrition is accelerating in the financial services segment with the total departure of employees in the first nine months of 2022 pegged at nearly 25%, showed an exclusive HR trend analysis done by consulting firm Aon.
The Aon analysis also showed that overall attrition in the banking segment is 24.7% between January and September, with domestic banks showing 30.6% attrition and foreign banks 16.3%. Fintech players also contributed to high attrition levels of 27.4%. Wealth management players, too, saw a significantly high number of employee departures at 26.4%, while investment banks saw exits at 21.8%. The lowest exits in the BFSI space were recorded with asset management companies at 16.3%.
Within the banking, financial services and insurance (BFSI) space, the life insurance segment recorded the worst attrition at 47% followed by general insurance at 33%. Domestic banks continued to record high attrition levels at nearly 31% followed by fintechs at 27%.