43,000 TCS Employees Resigned In 365 Days; Attrition Increases To 8.6% In TCS, But Still Lowest In Industry!
It seems that the attrition rate is rising in the Indian IT industry since the same is reflected in the quarterly results of many IT firms.
TCS Attrition Rate
Tata Consultancy Services, India’s largest IT Major has announced its first-quarter Q1 (quarter ending on June 30) results of July 8, 2021.
Despite the attrition rate being the lowest among peers, it has risen from the previous quarter’s 7.2 per cent, ending on March 31.
Attrition Rate In Other IT Firms
Other IT giants, like Accenture has also announced its attrition at 17% in its third-quarter (March to May 2021) compared to 11% in the year-ago quarter. Please note that this attrition rate is for the last 365 days.
Soon, we will know about the other IT companies as Infosys and Wipro will be announcing their Q1 results on July 14 and July 15 respectively.
So, we need to wait for their attrition rates in the quarter ending on June 30.
Prior to this, their attrition was 15.2 percent and 12.1 percent in the fourth quarter individually.
The American IT giant, Cognizant’s previous quarter of FY21 had reported an all-time high attrition rate of 21 percent.
The IT firm will announce its Q2 results on July 28.
Increasing Attrition Rate Causing Trouble
So far, employee attrition is widely understood to be one of the major problems affecting organizations, especially in IT industries.
Since losing employees has many direct and indirect impacts on a company and its resources.
Although, all the big IT companies are expecting the attrition rate to inch up in the coming quarters that is leading to a talent war.
Interestingly, attrition is an important HR metric that can tell you a lot about the direction of your business, According to experts.
It is also an indication of the possible problems that you may need to address.
Normally, a good, average turnover/attrition rate is around 10 percent.
While giving the updates on Explaining the company’s Covid19 immunization drive Milind Lakkad said, “We are on track to vaccinate all TCSers and families by September,”.
As of now, TCS has a total headcount of 509,058 and it has crossed the 5.0 milestone in total workforce.