Abstract

The shift from Industry 4.0 to Industry 5.0 has brought the human touch to the technology, equipment, and robots that will play a significant role in this revolution. Because these devices or technologies will be used in conjunction with people, managing the organization’s human resources will face new issues. The industrial revolution aims to improve employee satisfaction by improving in employee performance appraisal process in the organizations, reward mechanisms as per industry 5.0 requirements to gain competitive advantages as well as economic growth for the organization which may also help to reduce attrition level. The study was conducted at IBM -Bangalore with the purpose of understanding the relationship between employee performance, rewards, and attrition levels in the IT industry, and to study what new dimensions of Performance measurement are being devised as per Industry 5.0 requirements so that employees can feel satisfied at the workplace and feel motivated from an effective reward and recognition system which may also in turn may help to reduce attrition for an organization’s sustainability. Data was gathered through surveys and interviews with IBM employees of Bangalore from various departments. According to the findings, there is a significant relationship between employee performance and rewards and employee attrition levels. Furthermore, the study emphasizes the importance of effective reward systems in retaining top-performing IT employees. These findings can help human resource managers design effective reward systems to improve employee retention rates in the IT industry as per current Transition in Industry 5.0.