All the big tech companies in the world like Twitter, Amazon, Meta where there are massive layoffs. At the same time, companies such as TCS, Infosys and Wipro in India saw a decline in the number of employees leaving or changing jobs. At the same time, companies are also adopting promotion funds to retain employees. Read this news…
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There is an uproar about layoffs around the world these days. The worst situation is for tech, startup and IT sector companies. Startup companies in India have also seen large-scale layoffs, but TCS, Infosys And Wipro Not just the rate of employee turnover or turnover, as with the country’s largest IT companies (decay rate) There has been a decline, but companies are also adopting promotions and other new methods to retain their employees.
Employee retention challenges in the IT sector
Controlling attrition rate is very important for IT sector companies. Many employees leave or change jobs due to better job offers, retirement or illness etc. When the number of employees leaving the job is evaluated against the total number of employees in a given period, it is called the attrition rate.
IT companies in India invest heavily in their employees from junior to senior level. This includes expenditure on training and development. Retaining the right employees is challenging for them.
Wipro withdraws promotion fund
To retain its employees at the top level, India’s fourth largest IT company Wipro has found a special way. The company recently promoted more than 70 of its employees. The company has promoted 12 employees to senior vice president, with about 61 promoted to vice president. Now that the total number of senior vice presidents working in the company has increased to 32, the company has about 200 vice presidents.
People’s jobs are intact in India
If we look at the rate of attrition or turnover in the country’s three major IT companies, Wipro’s attrition rate has come down to 21.2 percent in the October-December quarter. The total number of employees of the company is 2,58,744. Whereas in the previous quarter this number was 2,59,179. However, the company laid off 435 people this quarter.
Similarly, TCS’s attrition rate also fell to 21.3 percent during the quarter. The company’s total number of employees fell by 2,197. TCS’ total employee strength now stands at 6,13,974 as against 6,16,171 in the previous quarter.
The attrition rate of the country’s other major IT company Infosys also fell in the third quarter of the current financial year. It has come down to 24.3 percent. Which was 27.1 percent in the previous quarter and 28.4 percent in April-June. The total number of employees of the company increased to 3,46,845 from 3,45,218 earlier. Thus a total of 1 thousand 627 new people joined the company.
However, some experts believe that the attrition rate of companies may also decrease due to the reduction of better job offers in the market.