Attrition

Average salary hikes in India will be lower in 2023 compared to 2022, says EY's 'Future of Pay 2023' report. E-commerce, professional services and IT to the biggest hikes

Says more than 200 staffers have spent over seven years at the company; Many are on their second (and third) stint, and have been around since 2011 or 2012

The guidance says there are clear signs of a slowdown in IT hiring, with supply pressure easing and lower attrition

According to the study, over 64 per cent of the respondents wanted to shift jobs for a 'stable job'

So far the top three IT firms have announced their third quarter numbers and the dip in attrition rates and a higher bench strength seems to be signalling towards a normal year for hiring in FY24

HCL Q3 results: The company added 2,945 new employees during the quarter, and the closing headcount was 222,270. The attrition rate in Q3FY23 stood at 21.7%

HCL Tech Q3 preview: As per five brokerage estimates, analysts peg EBIT margins to see an uptick in the range of 53-60 basis points (bps) QoQ to 18.5 per cent in Q3FY23

A majority say they feel burned out and want better communication from their company's leaders

CEO says revenue and bookings below expectations, but company will return to 'accelerated growth'

Forensic companies are checking voice samples to single out employees that are using Zoom for interviews with other companies

Several CEOs of IT companies in India have said that companies need to be cautious amid macroeconomic uncertainties

Fears of global recession and spate of layoffs in the start up space are expected to have a sobering effect on high attrition levels in Indian IT industry over the next 2-3 quarters, say market watchers as majority of large tech companies talked of easing of supply side pressures in September quarter. Infosys, whose high levels of attrition had alarmed analysts at one point, reported lower attrition of 27.1 per cent in just-concluded quarter, compared to 28.4 per cent in June quarter. For Wipro, the attrition came down to 23 per cent in Q2FY23, from 23.3 per cent in the previous sequential quarter. The attrition rates for HCL Tech had been rising since quarter ended September 2021 (15.7 per cent in Q2FY22), but it plateaued at 23.8 per cent in Q2 FY23, holding on to the same levels as June quarter (Q1FY23). "It has already stabilised, and it is early indication of where we are in terms of what we look forward to, from here on. So we are in a good place there," Ram Sundararajan, Chie

Poor career growth (41 per cent), and not bad bosses (33 per cent), has come up as the top reason for employees leaving their job in India, a new report showed

Mindtree signed total contract value (TCVs) worth $518 million, taking its first half of FY23 TCV to $1 billion for the first time ever

HR experts also point that pre-pandemic industry attrition was in the range of 12-13 per cent, to come back to that level is going to take some time.

On delay in onboarding freshers, the company said that it will honour every hiring offer it has made

Attrition for the quarter was at 23 per cent, down from 23.3 per cent from last quarter

Tata Consultancy Services (TCS), in its quarterly results announced on Monday, said that the attrition in Q2FY23 was 21 per cent, it was 19.7 per cent in Q1FY23

In Q2FY23, TCS saw an eight per cent year-on-year (YoY) jump in its net profit to Rs 10,465 crore, beating the estimates

"Attrition will need at least four quarters to come down to 20%. But the overall number of people leaving the company will come down significantly," said Milind Lakkad, Chief HR Officer of TCS.