As the demand for digital talent in the IT sector explodes, a huge number of employees are finding easy to switch jobs. Attrition has been a problem for the IT sector and the current trends are concerning. In-line with the growing demand for IT services, the attrition rate of IT companies has been rising consistently.
Top IT majors such as Infosys, Wipro, and Tata Consultancy Services (TCS) have also recorded a higher attrition rate this year. As per the September quarter data, the attrition rate at the second-largest IT firm in India, Infosys stands at 20.1%, while for Wipro it is 20.5% and TCS is 11.9%.
During the second-quarter earnings press brief on October 13, the IT major informed that the attrition has increased on the back of high industry growth and supply squeeze.
To contain attrition the IT company has undertaken several initiatives, the Chief Operating Officer of Infosys, Pravin Rao informed. Rao informed that the IT firm has dramatically increased the number of promotions, and also given a couple of salary hikes this year. While one salary hike was effective from January, the other one was effective from July.
The top company official also informed that the company working on multiple things to contain the attrition, through focusing on employee engagement, career aspects, talent re-skilling, etc.
Video Editor: Surendra Pradhan
Producer: Diptyranjita Patra