Engineers are becoming more selective in their job choices as a result of layoffs at some firms even if the majority of layoffs are now occurring in startups.Įmployers are prepared to pay over-market rates to satisfy their current needs. A few resignations in the IT sector are also being caused by unwillingness to return to the office. The enterprises are spending money on stock options, pay adjustments, attractive salaries and perks, numerous employee engagement initiatives, and reliable talent management procedures for people’s growth both immediately and in the long run. Work-life balance in addition to competitive compensation as essential components.

Today’s workforce value flexibility, opportunities for coaching and mentorship, upskilling, and To lower attrition rates, companies are implementing a multifaceted strategy that includes increasing new hires to increase the supply pool, accelerating re-skilling programs through online learning, deploying adjacent-talent skills for on-the-job learning, and providing employees with a holistic experience. Employees are looking for new chances to challenge themselves and gain experience in their careers. People are working independently and more confidently as a result of working from home. The idea of job security has also become meaningless over time. The transition to remote employment has undoubtedly altered people’s perspectives. India’s lack of digital expertise is causing high attrition rates and rising wages. The talent pool in India’s IT industry will have many opportunities due to the growth potential of AI. There is currently a high demand for futuristic skill sets, but there aren’t a lot of them available in India Although the labor force is catching up in terms of skills, the supply-demand imbalance is not yet solved. Online learning is another way that Indian workers are upgrading their skills. The industry is moving forward as a result of the network effect. Other employment strategies that have emerged as a result of the pandemic, such as talent sharing and 80% pay for 80% work, are taken into consideration by employers.īusinesses are now making significant investments in data science and advanced algorithms to mine the accumulating data and provide profitable results. The majority of its attrition has been among workers with three to six years of experience. According to a recent Gartner survey, 48% of workers would probably work remotely after the Covid-19 outbreak as opposed to 30% before it. High attrition rates indicate that the Indian IT industry is maturing, which may seem counterintuitive. To keep up with the changes, forward-thinking IT firms are enhancing their digital capacities, which is increasing the demand for analytics specialists. Therefore, job seekers today have access to multiple job offers. This year, the industry has experienced a nearly 30-35 percent increase in the hiring of these capabilities. Experts in artificial intelligence, machine learning, cloud computing, big data, and automation are in high demand, as are data scientists, cybersecurity authorities, and cloud engineers. Indian IT companies are looking to develop fresh revenue models based on user data and transactions to expand their operations in response to the pandemic. Due to the migration of workforces online since December, the bottom lines of IT companies have improved. The high attrition rate is a reflection of the great market demand. Leading Indian IT companies are experiencing their highest-ever turnover rates right now, as a result, the tech industry giants are having trouble completing projects. In September last year, the average attrition rate in the IT business was 8.67%, according to a survey by TeamLease, a provider of HR solutions.

Many professionals are leaving traditional IT firms for startups with faster growth opportunities and competitive salaries. Furthermore, companies are offering huge raises to retain talent. From entry-level IT professionals to mid- and senior-level executives, the IT tech space is bursting at the seams right now. The rapid digitization in the aftermath of the pandemic has increased the demand for IT professionals.

Attrition rate in it industry 2022