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Attrition was up 2.1 percentage points at 15.9 percent on a trailing twelve-month basis
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With the latest increase, the Tata Group company now employs 612,724 people.
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Banks need to develop a healthy work culture. A positive work environment is key to attract talent. Bank managements and Boards should take a proactive approach in ensuring a healthy work environment
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Targets are given to bank employees to sell insurance products along with core banking products. Mounting pressure can create havoc as it leads to misselling or forced selling of products
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The number of employees was 19 percent lower in fiscal 2024 over fiscal 2023. Industry experts highlighted that increased digitisation at the lower level has led to the reduction, and more could follow.
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Axis Bank and Kotak Mahindra Bank saw relatively low attrition rates at the junior level of 25 percent and 35 percent, respectively.
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Metros experience the highest attrition rate at 71 percent, while Tier 2 and 3 cities have comparatively lower rates. The lowest attrition rate is found in Tier 1 cities.
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However, Info Edge remains cautious about whether this surge indicates a bottoming out of utilization levels for IT firms
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Accenture’s attrition rate also increased by 2 percentage points to 13 percent for the quarter
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This comes after some of the country’s top private sector banks reported high attrition rates for the last fiscal.
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Banking bellwethers, who account for over 30 percent of the sector’s workforce, tackled 26 percent attrition and raised their collective headcount by 16 percent, going by data from staffing firm Xpheno.
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As the IT sector faces a slowdown, top companies are choosing to upskill talent and redeploy existing talent, rather than go for new hires.
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About three in 10 Indian unicorns have set aside a minimal to zero budget for increments this year.
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Cognizant will also give up 11 million sq feet in office space, or 80,000 seats, in large cities in India to help cut costs and boost margins, which are trending in the 15 percent range
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With the headcount decline in Q4FY23, the company’s net addition for FY23 stands at 13,793, down from FY22’s net addition of 45,416.
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TCS, HCLTech, and Infosys' net additions fell sharply year on year in Q4FY23, with only 884 employees added on a net basis compared to 68,257 in Q4FY22.
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HCLTech added 3,674 employees in the fourth quarter ended March 31, 2022. The total headcount of the company at present stands at 225,944.
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HCL Technologies, on April 20, is expected to report flat growth in consolidated revenue and a 4.8% QoQ decline in net profit. On CC basis, analysts expect revenue to slip 1-2% QoQ.
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This is part of the company’s one-time two-merit cycle hike, which it had communicated to employees last year.
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In the 2022 calendar year, three out of four of the top IT firms have shown a declining trend in net employee additions.
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Infosys coming close to Cognizant’s level of growth reflects the latter’s troubles as it faced execution challenges and underperformed as compared to its peers, despite the pandemic leading to significantly increased demand.
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Tech Mahindra's attrition rate was 22 percent in the April-June period and 21% in the year-ago quarter
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Voluntary attrition in the IT sector, especially in bellwether companies, was largely driven by exit spillovers from Q1, constant demand for tech talent in Global Capability Centres, and the after-effects of the talent war, say analysts.
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While company executives largely conveyed that demand remains strong, they are wary of the ongoing global market uncertainty.
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Though they are the biggest laggards this year, headwinds in the IT sector are expected to peter out by end-FY23, thus helping improve margins.
