A newest report has revealed that the attrition rate in India is bound to rise to double in 2021. This means that there will be about 1 million resignations.
Read on to find out all the details about the increasing attrition rate in the country!
Attrition Rate In IT Industry Of India To Increase By 22-23%
As per the various estimates by the hiring firm Team Lease, the IT industry will witness a double-digit attrition rate (22-23 per cent) in 2021.
This will happen over more than 1 million resignations.
As per Siva Prasad Nanduri, vice president and business head, IT and staffing, Team Lease Digital, there is 22 or 23 percent attrition rate in 2021, which will happen by 1 million resignations on a projected base of 4.6 million employees.
He said, “The attrition rate of leading IT firms in India is now at an all-time high and companies are facing issues in executing large projects. With the onset of the pandemic, IT companies are now adapting to build newer business models and transformation projects.”
Attrition rate Least In Tata Consultancy Services
Tata Consultancy Services, India’s largest IT Major has announced its first-quarter Q1 (quarter ending on June 30) results of July 8, 2021. According to these results, TCS reported attrition of 8.6 percent for the last 12 months.
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.
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.