As of now, 90% of all employees globally have received the first dose of Covid vaccine and 65% are fully vaccinated. Further, plans to return to office in a hybrid model would be calibrated in the context of the evolving situation, keeping employee and client preferences in mind. TCS said a record 110,000 promotions have been handed out so far this year, with another 40,000 planned in the fourth quarter.ĭelaporte said all Wipro offices globally would be closed for the next four weeks as a proactive measure given the spread of the Omicron variant of Covid-19. Wipro rolled out a second round of salary hikes for 80% of its employees during the previous quarter and is taking steps to ensure that supply would not be a constraint to the demand requirement, Chief HRO Saurabh Govil said. “We continue to prioritise investments in talent acquisition and development and have further increased our global graduate hiring programme to over 55,000 for FY22 to support our growth ambitions,” Infosys' Chief Financial Officer Nilanjan Roy said. Attrition is expected to stabilise, although it would take a few more quarters for it to slow down, he added. “We remain focused on building world class talent and on ensuring that growth isn’t constrained,” he said. The company is expected to hire a total of 17,000 freshers in FY2022 and is targeting 25,000-30,000 next year. “We have added in three quarters what took 11 quarters in the past,” he said. The reason for increasing attrition, nearly 50% of respondents believe that 'lack of better compensation and benefits' is the greatest reason for talent exodus, whereas 25% believe lack of career growth to be the reason.Wipro CEO Thierry Delaporte said the company continued to focus on hiring, adding over 34,000 people in the last nine months. However, with the global pandemic disrupting the IT hiring chain, there is evidence of a reverse trend which indicates that retaining a business-critical talent has undergone a great change in the last two years. In general when an industry goes through a rapid surge, there is shock with attrition rate running at 23-24%, it feels that the shock stage is now coming down. The IT major is followed by HCL Tech with 23.8% employee attrition rate, Wipro at 23.3% and TCS at 19.7%.Įxperts say the high attrition rates could be attributed to the rapid expansions in the industry. In Q2FY22, HCL Techs attrition rate stood at 15.7 per cent. Infosys has reported the highest rate at which employees are leaving the company among its Indian peers for April-June quarter, at 28.4%. As of March 31, 2022, the companys attrition rate was 21.9 per cent. It has recorded 15.5% growth, which is the fastest in more than a decade and touched $227 billion, creating additional 5.5 lakh jobs in FY22 alone. The Indian IT sector has witnessed tremendous growth in the last decade. The report said there is a huge misconception with the sentiment in the candidate market, that a salary increase would improve performance and boost job satisfaction, and 20 lakh-22 lakh employees are expected to leave their jobs by 2025. The ‘Talent Exodus Report’ by TeamLease Digital predicts up to 55% growth in contract staffing attrition for FY 2023 as compared to 49% in FY 2022.
The rising attrition rate is a warning sign, says Shrishti Bhandari, executive director and chief marketing officer at.
Industry insiders say salaries have jumped by 50 to 100 per cent in some cases during the pandemic. In the United States alone, 5.9 million Americans left their jobs. This gap has led to the IT sector facing very high attrition rates, with employees demanding much higher salaries. By the end of 2021, 47.8 million people quit their jobs in favor of other positions. The findings showed that 57% of IT professionals would not consider returning to the IT services sector in the future. Call it what you will this is an economic trend that started in early 2021 and has only shown signs of slowing down due to the recession we find ourselves in. The attrition rate in the IT-BPM sector in India is reaching gigantic proportions and up to 22 lakh IT professionals are likely to quit their jobs by 2025, a report has said. IT companies are experiencing dysfunctional turnover where the best employees of companies are voluntarily leaving at higher rates. The new age firms ramping up their workforce was the chief cause of attrition in the IT services sector in 2021.
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