India-based IT giants record high attrition
India’s top three IT providers Tata Consultancy Services (TCS), Infosys, and Wipro recorded significantly higher attrition for the first quarter of FY 2023.
Out of the three, Infosys reported the highest attrition by employee base with 28.4%, a jump of 0.7 percentage points from the end of the previous quarter.
Meanwhile, TCS saw the highest attrition rise of 2.3 percentage points from March-end sequentially.
On the other hand, Wipro’s attrition fell from 23.8% at the end of March 31, 2022, to 23.3% as of June 30, 2022.
In a statement, TCS CEO Rajesh Gopinathan said that the firm’s attrition In April-June also is due to a “seasonality factor” as many junior employees left the company to pursue higher education.
For his part, Infosys Chief Financial Officer Nilanjan Roy stated that they are making strategic investments in talent through hiring and competitive compensation revisions to address this issue.
Further, Wipro CEO Thierry Delaporte said that the company’s attrition is moderate compared to the previous three quarters, and he expects it to also moderate in the coming quarters.
