Attrition Rate Hits It Sector, Employees In Full Demand!

Fri Oct 22 2021 11:02:56 GMT+0530 (IST)

The IT sector that sees a good number of joinings every year is hiring freshers and experienced candidates at a rapid pace. A recent survey had found out that all the leading IT firms are taking professionals in large numbers in the first half of 2021 due to the rise in the attrition rates.

The Covid pandemic has changed the way we work and forced the world to stick to work from home module. This became a new normal for the world and also created a demand for skilled professionals taking the attrition rates to a higher level than the usual rate.

There is a huge demand for IT professionals as a result of expansion in services like Digital Technology and Artificial Intelligence(AI). To meet the demand for the employees, IT firms are hiring freshers. As an example of the increase in the attrition rate, Tata Consultancy Services Ltd (TCS) alone hired more than 40,000 employees in the past six months.

Experts are of the opinion that the IT firm might hire employees in large numbers in the second leg of the financial year as well and might give an entry to more than 30,000 freshers. Giving their observations for the massive hike in demand for the employees, experts say that the demand intensified with the attrition rates seeing an increase.

On the other hand, the skillful employees who learned new skills during the lockdown as they were working from home were currently being taken by the companies like hotcakes. The companies are not even shying away from offering a hike of 50 percent of what they are taking at their current companies.

The IT sector and market saw a big boom with the leading IT firms getting projects that are based on Artificial Intelligence, Machine Learning and Cloud Engineers and Data Scientists are seeing huge demand now. The freshers are also being hired by firms like TCS, HCL, Wipro, and others.

However, the companies are preferring skilled employees rather than freshers as they have to invest more in the freshers. This would increase employee costs. Even the global IT companies are facing issues with the attrition rate. They have to retain their existing employees and hire new ones to meet the growing demand.