Information Technology is one of the fast-growing industries. However, it is facing a high employee turnover. Lack of management support, low level of compensation plans, poor relationship with supervisors, limited development and training programs, and work stress causes high employee turnover. Therefore, this study is conducted to identify and empirically evaluate the factors of turnover intention in Pakistan’s software and IT industries. For this purpose, a systematic literature review is conducted to identify turnover intention factors from the literature, and a survey is conducted to evaluate the identified factors empirically. In the survey, a total of two hundred and fifty professionals from Pakistan’s IT and software industry participated either through online Google Form or printed survey questionnaires. The collected data were analyzed using regression analysis performed in SPSS and Warp-PLS. According to our findings, IT professionals prefer to work long tenure in the organization if they are provided with better opportunities in terms of compensation plans, career growth, and management support. The findings of this study help the organization’s top management to retain skilled employees.