Spike In No. Of Employees Leaving Wipro, Infosys, TCS - Where Are They Going?

With India's top IT companies facing an upward trend in the number of employees leaving jobs, questions arise as to where are they going? The data for the last quarter ended December shows that companies like Tata Consultancy Services, Infosys and Wipro have recorded a large number of employees leaving the firms. The attrition rate has been the highest in the last three years, Economic Times reported.

Trends Data Is Showing

The attrition rate is the rate at which people leave a company. The trend where employees voluntarily leave companies is known as Great Resignation. Infosys saw an attrition rate as high as 25.5per cent, which is the highest in the recent quarter, and Wipro stood at a 22.7 per cent attrition rate. On the other hand, TCS's attrition rate was relatively lower at 15.3 per cent. The data points out that employees from the IT sector in India have been leaving their jobs. A recent survey by TechGig reveals that the attrition rate is expected to grow further in 2022, India Today reported.

Why Are Employees Leaving?

Covid-19 has become a significant reason for changing the working trends in all spheres.DD Mishra, Senior Director Analyst, said, "A recent poll by Gartner (technology research and consulting services) revealed that 48 per cent of the employees prefer to work at least part of the time after Covid-19 versus 30 per cent before the pandemic remotely", India Today reported.

With the onset of the Pandemic, business models adopted in the IT sector have undergone tremendous changes. The year has seen a growth in demand for techies with specialised skills like machine learning, artificial intelligence, cybersecurity and cloud. The high demand for these professionals is not countered with an equal supply because the country has a limited skill set. This further leaves ample scope for these professionals to switch jobs and fetch better packages.

The market is booming with many startups that offer competitive packages. Deepak Agarwal, CEO of Turbohire, once stated that the market's opening up has led to a higher attrition rate.

People have started looking at their lives and work differently. As per research done by Microsoft, Gen Z was at a higher risk of struggling with work-life balance. The trend of employees leaving their jobs is not confined to IT but has impacted other fields also. Randstad ( a multinational human resource consulting firm) surveyed 33 markets in 2020. It shows that 71 per cent of people leave their jobs because of low salaries. 74 per cent of millennials are more likely to leave their jobs for better pay which is high as compared to 66 per cent of Gen z.

What Are The Company's Doing?

Nilanjan Roy informed that higher rewards, compensations, upskilling and reskilling, talent retention programs were part of the company's strategy to retain its employees. Infosys plans to hire over 55 thousand individuals by March 2022, Business Insider reported. According to Infosys, most people leaving the company have three to six years of experience. At this level, the employees are hardly emotionally invested in the company.

Wipro also plans to hire 17 thousand freshers in 2022. Wipro had rolled out a second salary hike for 80 per cent of its employees in the previous quarter while TCS handed out 1,10,000 promotions last year and plans to give 40 thousand in the fourth quarter, Economic Times reported.

Also Read: Madhya Pradesh Set To Introduce New Law To Regulate Online Gaming After 11-Yr-Old Commits Suicide In Bhopal