As demand for IT and Technology professionals is rising, employee attrition levels are reported at an all-time high in Top IT Companies like Cognizant, Accenture, Infosys, and Wipro, etc.
Recently, reported by media at Accenture, attrition is back to pre-pandemic levels in the hot market. The company has recorded it at 17% in its third quarter (March to May 2021) compared to 11% in the year-ago quarter.
In the Jan to March quarter of F21 Cognizant reported an all-time high attrition rate 21% compared to 19% in the previous quarter
The second-biggest IT firm Infosys reported the highest attrition rate at 15.2% in the Jan-March quarter, followed by the third biggest IT firm Wipro, which in its quarterly result recorded 12.1% in the fourth quarter.
TCS has recorded a consistently low attrition rate as compared to its peers in previous quarters as well. It remained lowest at 7.2% in the fourth quarter, Jan to March quarter of F21.
War for talent is a key theme that is playing out in the IT sector said IT leaders.
Julie Sweet, CEO, Accenture said during the earnings call, “We are proud to announce outstanding financial results for the second quarter of fiscal 21, and our return to pre-COVID level financial results a quarter earlier than we expected and with a tough compare.
She said, “With the demand at an all-time high for technology professionals, employee attrition at Accenture is back to pre-pandemic levels in the hot market.”
“Though it is not the highest the company has seen. It is an industry phenomenon and we are comfortable,” Sweet futher added.
Recently, Wipro Chairman Rishad Premji in a letter to shareholders in the FY21 annual report had said that, with the shift to digital, demand would far outstrip the supply.
Brian Humphries, Chief Executive Officer, Cognizant said, “Employee Attrition remained a cause for concern for the company, as total attrition (quarterly annualized) in Q1 stood at 21% compared to 19% in the previous quarter. This is again the highest Rate among top IT firms.”
