Stung By 20% Attrition, Infosys Offering Salary Hike, Promotions To Stop Employees Quitting
Every economist knows that people make choices based on incentives. These incentives vary for every employee. For some money becomes the major criteria, for some it can be a growth prospectus within the organization. But, what if, all stars align and opportunities offering you everything of your choice become galore? The aftermath of the ongoing pandemic has become such a fertile ground for employees looking for growth.
IT employees are jumping ships at a high rate
As the demand for skilled talent in the IT sector is rising exponentially, a huge number of employees are finding it easy to switch jobs. Because of this, attrition has been a problem for the IT sector. This current trend has alarmed many leaders in the industry. With the increase in demand for IT services, the attrition rate of IT companies has also shot up.
IT leaders in the county Infosys, Wipro, and Tata Consultancy Services (TCS) have recorded a higher attrition rate this year. As per the data published for the September quarter, the second-largest IT firm in India, Infosys recorded an attrition rate of 20.1%, while Wipro recorded 20.5% and TCS 11.9%.
Infosys is taking steps to curb the attrition
Recently, during the second-quarter earnings press brief, the IT major Infosys confirmed that the attrition has increased on the back of high industry growth and supply squeeze.
To contain attrition the Infosys has undertaken several initiatives. The IT firm has increased the rate of promotions, and also given a couple of salary hikes this year. While one salary hike was effective from January, the other one was effective from July, the Chief Operating Officer of Infosys, Pravin Rao informed.
The top company official also said that the company is working on multiple things to contain the attrition, through focusing on employee engagement, career aspects, talent re-skilling, etc. It will be interesting to see if these measures taken by the company yield any results or it still keeps on losing its talent.