IT Attrition Rate Likely to Increase Again – This is the Reason? Report Says!!! While many technology companies in India are increasing new hires. On the other hand it’s attrition rate is also on the rise. Meanwhile, there are some reports say that attrition could rise again as companies delay performance and linked payments for employees. This attrition rate is likely to decrease the revenue growth in the export sector of IT companies including India’s 2nd largest It sector, Wipro.
Analysts say, this is likely to increase further due to a reduction in performance-linked incentives. Meanwhile, Wipro said it will not offer variable pay to mid level to senior-level employees in the quarter ended June and junior associates will receive only 70% of targeted pay. Similarly, TCS also announced a one-month delay in performance bonuses to a select group of employees due to administrative problems.
Aditya Mishra, Chief Executive of CIEL HR Services said that, many companies have already put discretionary spending, customer experience and some important technology upgrades on hold. He has said that growth may decrease due to this. Meanwhile, as the attrition rate of these IT firms has reached a peak, companies will make bold moves to cut costs, say analysts. These attrition rates were lower last quarter due to salary hikes and other promotional measures, reports said.
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