The trend in employee attrition has become a major concern among the IT service providers in India.
As demand for tech professionals explodes, a record number of employees are either switching organisations or are planning to.
According to a report by UnearthInsight, a market intelligence firm, trends in resignations will continue in the second half of FY2022 in the IT sector. In its report, 'IT Industry Q2 Insights & FY22 Forecast' UnearthInsight said that the sector is expected to see attrition during the second half of the financial year at around 17-19%.
So, almost one in every five employees is likely to quit. The report predicted that the top IT firms will add as much as 4.5Lakh employees in the second half and factoring in the 17-19% attrition rate the net additions will be around 1.75 lakhs.
Point to be noted here is that the attrition rate at India’s IT firms has spiked up to 30% over the last six months.
During the July-September quarter, IT giant Cognizant Technology Solutions reported the highest attrition among its peers at 33%. Meanwhile, IT majors Infosys and Wipro’s attrition rate was as high as 20% quarter-on-quarter, while Noida-based HCL Technologies’ attrition rate stood at 15.7%.
On the other hand, the country’s largest IT firm, TCS has managed to keep the lowest attrition rate at 11.9% during the second quarter. However, it still showed an increasing trend as compared to the April-June quarter when the company had reported 8.6% attrition.
Video Editor: Surendra Pradhan
Video Producer: Diptyranjita Patra