TCS, Infosys, Wipro, HCLTech Face High Attrition Rates What Expert Say

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IT companies — Tata Consultancy Services (TCS), Infosys, Wipro and HCL Tech, among others — are facing high attrition rates

The IT sector’s average attrition rate (last twelve months) is currently as high as 25%.

The past few quarters have seen higher attrition rates, and the hiring has slowed.

Experts said the primary reason for high attrition is that the growth  opportunities are now relatively lesser in the IT sector as compared to other sectors.

This week, Infosys reported voluntary attrition of 27.1% for the September 2022 quarter (Q2FY23).

Although it was lower than the previous quarter’s 28.4%, it is  higher on a yearly basis as compared with the 20.1% recorded in Q2FY22.

HCL Tech’s attrition (last twelve months) remained at 23.8% in  Q2FY23. TCS attrition rate in IT services was 21.5% during the  September 2022 quarter.

Wipro’s voluntary attrition, measured in the trailing 12 months for the quarter, was at 23%.

Major IT companies, Infosys, Wipro and Tech Mahindra, have also revoked offer letters they extended to students after the companies are delaying the onboarding process for months