War on Talent in IT Sector: Recruit Rate and Attrition Rate Forecast Released By UnearthInsight: Recently the “UnearthInsight”, a market intelligence firm has revealed a report ‘IT Industry Q2 Insights and FY22 Forecast’ regarding the trends in the IT sector. As per the report, the trend in resignations in the IT firms will continue in the second half of FY2022. According to the report the sector is expected to hit by the attrition around 17% to19% during the second half of the financial year.
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Attrition Rate:
A company’s attrition rate is nothing but the rate at which people leave. As per the recent data the cognizant has the attrition rate of 33% during the September quarter this year. On the other hand Tata Consultancy Services (TCS) have the lowest attrition rate of 11.9% in quarter, while Infosys recorded 20.1%, Wipro 20.5%, and HCL Technologies saw the number at 15.7%.
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Hiring Rate:
This attrition rate will affect the company’s turnover rate. So, that’s why many firms are intending to minimize the Attrition Rate. Already the front runners of the It sector in India on the pursuit to recruit the candidates to reduce the attrition rate. According to the news report in previous days, HCL Technologies mentioned that it will hire around 60% of new women employees. And it is planning to hire about 22,000 fresher in the ongoing financial years. At the other side, the TCS is planning to induct 15,000 to 18,000 woman employees. By following these firms, the Capgemini has announced to hire 65,000 employees in the country this year.
Report Says..
However, the UnearthInsight report also strong the news we cross for few days regarding the recruitment of It sector as stated that, IT industry may get a gross employee addition of 450,000 that mean it may recruit 4.5 lakh skilled people and expected to have a net employee addition of 175,000 in the second half of financial year 2022.
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Gaurav Vasu, Founder and CEO UnearthInsight, said, “The finding further brings out the fact that the IT Industry’s perceived “War on Talent” is real and it’s getting intense with attrition is a rising concern for the industry. On the hiring side, the industry is expected to see a sharp momentum with addition of around 12% more employees in the second half of the year.” However, the jobs in It sector and the attrition of the IT Sector likely to be a cycle. So, the candidates with the eligible skills can get a job in the sector. Keep trying and stay connected with us!!
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