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Attrition falls in IT Inc.
Mint Mumbai
|January 12, 2024
Tata Consultancy Services (TCS) Ltd and Infosys Ltd on Thursday reported their lowest attrition in more than two and three years, respectively, indicating a muted job market in the growing shadow of artificial intelligence (AI).
In the December quarter, Infosys’s attrition rate at 12.9% was the lowest in 12 quarters, while TCS’s at 13.3% was the lowest in nine quarters. Their highest rates were 28.4% (Q1FY23) and 21.5% (Q2FY23) respectively.
“Open positions in the IT sector have dwindled and candidates are circumspect to change jobs as the impact of AI is not clear yet. Recruitments in IT services are now largely replacement hiring," said Sunil Chemmankotil, chief executive of TeamLease Digital.
The trend is in stark contrast to the 20-30% attrition seen just after the first year of the pandemic, when the IT industry recruited in large numbers, sometimes even offering to double salaries. The job market has taken a complete U-turn since then.
This story is from the January 12, 2024 edition of Mint Mumbai.
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