37,000 Infosys Employees Resigned In Last 12 Months! 35,000 Freshers Will Be Hired By Infosys Now
Infosys will hire 35,000 college graduates for FY22 across the world.
As of June 30, 2021, Infosys has a workforce of 2.67 lakh employees.
Attrition Amidst “Exploding” Demand
Pravin Rao, Chief Operating Officer, said that attrition poses a challenge to the industry due to “exploding” demand for digital talent caused by a surge in digitisation in the wake of the pandemic.
The company plans to meet its demand by expanding its hiring program of college graduates for FY22.
Rise In Infosys Attrition Rate And Response
Voluntary attrition rate in the June quarter was 13.9%, a rise from the 10.9% observed in the March quarter.
This means that over 37,000 employees have left Infosys in the last year.
In response to increase in attrition rates, the firm has rolled out employee engagement initiatives such as career acceleration opportunities, compensation reviews, and learning & development interventions.
Demand For IT Talent Like Never Seen Before
Saurabh Govil, CHRO, Wipro commented on attrition in the IT industry.
He said that while attrition is a perennial concern, this time around the industry is witnessing “an unprecedented war for talent.”
He further explained the different levels attrition is looked at.
One level is “the point at which attrition is happening and doing an intervention at that point.”
The interventions are reactionary and include measures such as out-of-turn retention bonus, project change, etc.
Talent Retention: Need Of The Hour
Talent retention remains the main focus and it is done so through “multiple levers” such as:
- Competitive compensation
- Contemporary benefits
- Career growth
- Superior talent management methodologies
Talent retention is even more critical now since the cost to replace employees with certain competencies and experience between 5-10 years can go as high as 100%.
Therefore, it is cheaper and more prudent to retain such employees instead of hiring from outside.
Wipro Hiring And Attrition
Wipro has also announced its plans to hire 30,000 freshers in FY22.
Its attrition rate in Q1 of the financial year 2022 is 15.5%.
TCS Hiring And Attrition
TCS will recruit over 40,000 freshers directly from campuses.
Its workforce comprises 5 lakh employees and had hired 40,000 freshers last year as well.
The country’s largest IT service provider reported an attrition rate of 8.6% in Q1 of FY2022.