22 Lakh Indian IT Employees Will Quit Job In Next 1000 Days; 5.5 Lakh Jobs Created In 1 Year
The IT industry has grown catastrophically over the years, witnessing the fastest growth in over a decade. That being said, the present attrition rate in the Indian IT industry is also at record highs, especially in industry behemoths like Tata Consultancy Services (TCS), Infosys, HCL Tech and Wipro.
Looking at the figures, for the quarter ending June 30, 2022, the attrition rate jumped as high as 28.4%, which is almost 30% in the country’s second largest IT giant Infosys, closely followed by HCL Tech’s attrition rate at 23.8% during the period. The country’s largest IT company, Tata-owned TCS reported the lowest attrition during the quarter compared to its heavyweight peers, at 19.7%.
According to a recent analysis report, the IT-BPM industry is expected to see over 20 lakh employees leaving jobs by 2025. The report further states that the attrition in the industry does not appear to subside with time, instead is expected to remain as elevated as the previous few years.
Recent Report on Attrition in IT Industry
According to a recent report released by TeamLease Digital, the attrition for the IT-BPM industry is likely to remain high in the upcoming years too.
Almost 20-22 lakh Indian IT professionals are expected to leave jobs by 2025, with the main reason being addition of new IT companies in the industry, cited the report.
The company’s (TeamLease Digital) CEO, Sunil Chemmankotil suggests that besides the usual demand for salary hikes and other benefits, the main attraction for employees in their new jobs is ‘Great Reflection’ on the internal policies and external factors, as they have started relooking their feelings about work and life from a different lens.
Professionals today are changing their needs and priorities while looking for job options. They are re-evaluating perks like flexibility, career growth and employee value proposition, and appear to leave a well-cushioned job for these privileges, the report shows.
“Organisations’ strategic hiring plans must contain goals towards their employees and their betterment. This ultimately translates into soul searching over whether an employee feels valued in his/her work or merely creates outcomes and value to benefit others,” added the report.xvdws