. Across the IT industry, attrition rates have been high in recent quarters as demand for technological talent with digital capabilities has continued to surpass supply, resulting in rising labour expenses.
With increased demand, acquiring people, training, and retention have become critical. In FY22, India’s leading IT companies increased hiring, with Tata Consultancy Services (TCS) and Infosys both hiring in record numbers. TCS had its best quarter ever in terms of personnel additions.
TCS added 35,209 people on a net basis in Q4, the greatest quarterly net addition ever. Employee headcount reached 592,195, an all-time high, with a net addition of 103,546 throughout the year. Similarly, during the fourth quarter, Infosys hired over 22,000 people.
In FY22, India’s leading IT companies increased hiring, with Tata Consultancy Services (TCS) and Infosys both hiring in record numbers. TCS had its best quarter ever in terms of personnel additions. TCS added 35,209 people on a net basis in Q4, the greatest quarterly net addition ever.
Employee headcount reached 592,195, an all-time high, with a net addition of 103,546 throughout the year. Similarly, during the fourth quarter, Infosys hired over 22,000 people.
Motilal Oswal remains bullish on the IT Services sector in FY23, citing fair valuations and strong double-digit earnings growth (supported in part by a 300-350 basis point benefit from the INR’s devaluation against the USD). TCS, India‘s biggest IT firm, revealed in its Q4FY22 results announcement that its IT services attrition continued to rise during the January-March 2022 period, hitting 17.4 percent.
Incremental attrition, on the other hand, has’moderated.’ In contrast, Infosys’ voluntary attrition rate for LTM – IT Services increased to 27.7% in Q4FY22, up from 25.5 percent in the previous quarter and 10.9 percent a year before.
In comparison to its competitors, India’s top IT services company is doing a better job of retaining people. Tata Consultancy Services (TCS) said in its quarterly report today that attrition was 15.3 percent in the quarter ending December 31, 2021. (Jan. 12).
The percentage of employees who willingly left two other tech behemoths was far higher. Infosys and Wipro, which both reported earnings today, had attrition rates of 25.5 percent and 22.7 percent, respectively.
Tata Consultancy Services (TCS) said in its quarterly report today that attrition was 15.3 percent in the quarter ending December 31, 2021. (Jan. 12). The percentage of employees who willingly left two other tech behemoths was far higher.
Infosys and Wipro, which both reported earnings today, had attrition rates of 25.5 percent and 22.7 percent, respectively.
“We have been able to retain our best talent and overcome supply side challenges by continuing to invest in our people, giving preference to internal candidates for the most exciting open positions, providing global deployment opportunities, fast track career paths linked to learning, and promotions to over 110,000 employees,” says chief HR officer Milind Lakkad. Up-skilling and cross-skilling were used to fill more than 32% of unfilled positions at TCS.
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