The survey indicated that 57 percent of IT professionals would not consider returning to the IT services sector in the future.
Using job offers as a bargain for a better opportunity is not a new phenomenon. India Inc, especially the tech sector, has been facing it a lot. However, now senior employees including VPs, and SVPs who eventually become CXOs, are following the practice.
How can an employee know if things are getting a little tricky and his/her manager is going for a ‘quiet firing’? And what can be done?
As the term Quiet Quitting gains resonance across India Inc, several myths have sprung up around the term. Moneycontrol dispels some false assumptions around the trend.
India Inc. is seeing a growing trend of employees leaving start-ups and returning — or 'boomeranging', in HR-speak — to their erstwhile employers. It is a win-win for all parties.
High levels of attrition, increasing travel costs, and fears of a recession that’s affecting demand for IT services are putting pressure on margins of tech companies.
The objectives of compensation management are to attract, engage and retain employees through competitive compensation plans that align with the company budget, corresponding job market, and government regulations
The comment of Infosys top honcho assumes significance as soaring level of attrition, leading to higher employee costs, is denting the profitability of IT players. While the high level of attrition at large IT companies, including Infosys, has alarmed analysts, Parekh stressed that attrition measured on a quarterly basis has already started showing notable signs of improvement for the Bengaluru-headquartered firm.
For the tech services industry, Rishad Premji said he is excited about how the next five-seven years will unfold and added that India has the unique advantage of talent.
Growth across the company’s key verticals was also impacted barring communications, media and technology
TCS, Infosys, Wipro, HCL Technologies and Tech Mahindra’s net workforce additions stood at around 85,720 in the fourth quarter of the last financial year
Tech Mahindra had added around 6,106 new hires in Q4FY22 and 5,209 in the same quarter last year.
Reports said that several employees will receive a 10% pay hike and top performers could get more.
The company’s headcount as of June 30 is 6,06,331, up from 5.92 lakh employees last quarter.
Happiest Minds reported high attrition rates in the last financial year and the level has risen steadily. From 12.1 percent in FY21, it jumped to 17.8 percent in Q2 of FY22, 21.1 percent in Q3, and 22.7 percent in Q4.
In 2020, HCL Technologies opened a global development centre in Colombo. Currently, the company’s 1,700-odd employees are working from the island nation amid an economic crisis and political turmoil.
Rakhra, Regional HR Head (India), talks to Moneycontrol about the hybrid model of work, how the company has been encouraging employees to balance life and work and the war for talent
The company hired 19,000 freshers in FY22, and made the highest ever addition of 45,000 people last fiscal. This is a multi-fold jump from 14,826 people it added in FY21.
The company was absent from the first round of discussion that was scheduled on April 28. In the next meeting, representatives from the ministry and Infosys are expected to be present along with the union that filed the complaint seeking removal of the agreement from offer letters.
As per the clause, employees who have quit the firm are banned from working with the clients, with who they were associated for 12 months before they quit.
Employees and talent managers argue that priorities have changed: quality of work and enjoying what you do have taken precedence over monetary gains.
On April 18, an IT union filed a complaint with the labour ministry against Infosys, seeking the removal of a clause that banned former employees from working in rival firms for the same customers for six months.
While these provisions are not new and are common among companies, they have gained prominence against the backdrop of increased attrition. Infosys reported 27.7 percent attrition for the quarter ended March 31, 2022.
This comes in the backdrop of IT major’s Q4 earnings that showed the attrition continues to spike amid a robust demand environment. The company hired 85,000 freshers in the year ended March 31, 2022, while the attrition stood at 27.7 percent.