TCS expects a decline in attrition as talent demand grows
India’s top information technology services and consulting company Tata Consultancy Services (TCS) foresees a decline in its staff departures as demand for its tech talents increases due to the pandemic-hastened digitization processes.
In an interview with Reuters, TCS Asia Pacific President Girish Ramachandran said that more tech talent is expected to enter the job market from startups facing funding crunches as central banks withdraw stimulus and hike rates.
He added that looking over the last few months’ trajectories, “attrition will come down over a period of time.”
TCS’ rate of staff attrition rose from 15.1% in full-year 2021 to 17.4% in Q1 2022 as India’s IT services sector experienced a tech talent crunch and high staff turnover.
However, Ramachandran stated that the country still had a significant talent pool that only needed significant field training.
The TCS official added that he is not expecting organizations to significantly reduce their tech budgets as the world shifts to a hybrid work environment.
