IT Sector's Great Resignation Spree Continues With High Attritions In TCS, Infosys & Wipro

The Great Resignation, a new term that came up in the past one year or so due to the COVID pandemic, captures the rising economic trend of employees voluntarily resigning/leaving their current job.

This trend has been noticed globally, with India being no exception.

India¡¯s Top IT Giants Affected

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Also Read: IT Giant HCL Reportedly Asked Resigning Employees To 'Return' Their Bonuses

The latest revelations from India¡¯s top IT companies including Wipro, Infosys and TCS have signalled that this trend of high attrition rates has continued in the recently ended December quarter of the current fiscal year 2021-22.

Although all of these three IT giants reported a healthy jump in financials in their respective releases a couple of days back, they also continued to witness high levels of attrition.

Amidst the digital transformation going across industries due to COVID and the heavy demand for tech talent, the spike in attritions has continued to plague the industry.

Also Read: TCS To Allow Work From Home For 75% Employees Even After COVID-19 Lockdown Ends

TCS¡¯ Revelations

TCS¡¯ attrition rate reportedly rose to 15.3% in the third quarter of the current financial year (FY 2021-22) which ended on 31.12.2021, as compared to the previous quarter¡¯s rate of 11.9%. However, TCS claims that this was the lowest attrition rate in the industry.

While announcing the FY2021-22¡¯s Q3 results, TCS said that the ¡°Sustained investment in organic talent development, progressive workplace policies and a vibrant culture that empowers individuals and fosters creativity, have resulted in a long-term track record for best-in-class talent retention,".

As per the press release mentioning the Q3 earnings, TCS' Chief HR Officer Milind Lakkad said that the IT giant gave preference to internal candidates for the open positions, global deployment opportunities, career paths to learning, and promotions to its employees, to retain its best talent and overcome supply side challenges.

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Infosys & Wipro¡¯s Revelations

On the other hand, Infosys' voluntary attrition rate was the highest amongst these 3 IT giants. Infosys¡¯ attrition increased to 25.5% in the third quarter, up from the rate of 20.1% in the previous quarter that ended on 30.09.2021.

And the other IT giant Wipro's attrition rate too, rose to 22.7%, up from the rate of 20.5% in the second quarter.

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As per Wipro, the rate is in line with expectations, and it is putting in place measures such as promotions and role-based bonuses, besides building up its fresher pipeline in this remaining quarter of FY2021-22 as well as next FY2022-23, in order to meet the growing demand.

Hiring Plan By The IT Giants

Infosys CFO reportedly said that the company continues to prioritize investments in talent acquisition and development, and have further increased our global graduate hiring programme to over 55,000 for FY22 to support our growth ambitions.

TCS, which hired 43,000 freshers in the first half of fiscal 2022, said in the third quarter itself it hired 34,000 freshers which were otherwise planned for the entire second half. TCS is expected to likely hire more in this last quarter of FY2021-22.

Wipro CEO said that the company is expected to hire a total of 17,000 freshers in FY2022 and is targeting 25,000-30,000 next year. As per him, the company remains focused on building world-class talent and on ensuring that growth isn¡¯t constrained.

Also Read: This Company Is Allowing All Its Employees To Work From Abroad For 6 Weeks Every Year

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