Because of the increased demand for IT and technology workers, attrition rates in prominent IT businesses such as Cognizant, Accenture, Infosys, and Wipro are at an all-time high. In the IT industry, a battle for talent is raging.
The attrition rate in the hot market has returned to pre-pandemic levels, according to media from Accenture. In the March to May quarter, Accenture reported a 17 percent increase over the previous year's figure of 11 percent.
In the January-March quarter of FY21, Cognizant reported an all-time high attrition rate of 21%, up from 19% in the previous quarter.
In the January to March quarter, Infosys had the highest attrition rate of 15.2%, followed by Wipro, the third-largest IT firm, with a 12.1 percent attrition rate.
In the past, TCS has consistently recorded a low attrition rate when compared to its comparable IT firms. In the fourth quarter of FY 2021, it was at its lowest, at 7.2 percent.
“We are happy to announce great financial results for the second quarter of FY21, and our firm has returned to pre-pandemic financial results a quarter sooner than projected and with a difficult compare,” Julie Sweet, CEO of Accenture. She went on to say that because demand for tech workers is at an all-time high, Accenture's staff attrition rate has returned to pre-pandemic levels. It is, however, not the company's top level.
In a letter to shareholders in Wipro's Annual Report FY21, Chairman Rishad Premji stated that with the change to digital, demand will greatly outpace supply.
“Employee attrition rate remained a source of worry for the company, as overall attrition (quarterly annualized) in Q1 was at 21%, compared to 19% in the prior quarter,” stated Brian Humphries, Cognizant's Chief Executive Officer. Among leading IT organizations, it has the greatest attrition rate.
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