IT service companies in India are concerned about a rising trend in staff turnover.
A record number of workers are either resigning or intending to resign as the demand for computer skills soars.
Trends in resignations in the IT industry are expected to continue in the second half of FY2022 according to research by UnearthInsight, a market intelligence organization. According to UnearthInsight, the IT industry is anticipated to lose 17-19 percent of its workforce in the second half of the financial year.
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In other words, almost one in five workers is expected to leave their jobs. Using a 17-19 percent attrition rate, the research anticipated that the top IT companies will add as many as 4.5 lakh personnel in the second half, and the net additions would be 1.75 lakhs.
Indian IT companies have seen a 30% increase in employee turnover in the previous six months.
Cognizant Technology Solutions had the highest attrition rate among its peers in the July-September quarter, at 33 percent. Infosys, Wipro, and Noida-based HCL Technologies had attrition rates of up to 20 percent quarter-on-quarter, while HCL’s attrition rate was 15.7 percent. TCS, the country’s biggest IT company, had the lowest attrition rate of 11.9 percent in the second quarter. However, compared to the April-June quarter, when the corporation recorded 8.6 percent attrition, this shows a rising tendency.
