High attrition rates of IT professionals are ringing alarm bells across the IT and IT enabled services. Voluntary resignations and growing absenteeism are now threatening to hit the earnings of the Indian IT giants. Thanks to Covid lockdown, online work opportunities and the work-from-home option, IT professionals are now opting to resign from the IT giants.
Industry experts say that there is talent crunch despite recruitment of over 50000 new employees in the last one quarter and a double digit pay hike. The major companies affected by the rising attrition rate are: Infosys registered 15.2 per cent attrition rate, Wipro registered 12.1 per cent, TCS 7 percent, HCL 10 percent, Tech M 14 per cent, Cyient 21 per cent and Mindtree 16 percent.
Industry hands say that this could severely impact the earnings in the coming days. To add to the woes, the GlobalIn-House Centres (GICs) and offshore centres of global firms are also posing a stiff challenge. There is a talent crunch in the IT industries. For example, Cognizant has recorded over 3000 exits in 2020 and that includes several top level exits.
BPO major Tech Mahendra too has witnessed as many as 3994 exits.. A similar trend was witnessed in L and T Tech. Industry experts say that though there is a minor rebound, the attrition could continue for another 3 to four quarters.
