IT Firms Strive To Halt Attrition Of Skilled Young Workers
IT firms are countering increasing attrition rates by offering attractive benefits to young workers skilled in digital technologies to prevent them from leaving. Better salary hikes, bonuses and promotions for high-performers, in addition to overall employee value proposition including career growth and learning and reskilling opportunities, are being offered to stop talent outflow. In the second quarter of this year, top IT companies including Infosys, Wipro and Cognizant reported higher attrition rates, with Cognizant’s rate rising to 23% from the first quarter’s 19%. Infosys reported an attrition rate of 23.4%, including people who were laid off, compared to 20.4% in the first quarter, while Wipro’s second quarter attrition rate was 17.6%, an increase of 1% in the last 12 to 18 months.
Debasmita Das, principal – careers and hi-tech industry lead at consulting firm Mercer, said the average attrition rate at the industry level went up by roughly 1%, but it is on the rise among workers with hot skills in new technology areas or in areas becoming more prominent tech hubs. To promote retention, Wipro offers bonuses and reskilling, while Cognizant conducts reskilling and upskilling initiatives, and also hands out retention awards to prevent key talent from leaving.
