New Delhi . The country’s $194 billion IT industry is facing tough challenges due to the high attrition rate of employees. IT companies have a glut of new orders, but the high layoff rate of employees is likely to disrupt the delivery of their services. The leaving rate of employees in the IT sector is usually 10 to 20 percent, but this figure has reached 20 to 30 percent. Due to this companies are worried and are emphasizing on new hiring.
The talent war is going on in the IT industry due to the high attrition rate. Companies are giving hefty packages and incentives to qualified IT professionals. TCS, Infosys, Wipro and HCL have done employee increments twice a year. Despite this, the attrition rate has increased. In such a situation, IT companies are emphasizing on hiring freshers. More than 1.60 lakh freshers are expected to get jobs this year.
Startups increased the demand for professionals
The demand-supply chain balance has been disturbed by the rapid growth of startups. As of September, private equity and venture capital companies have invested $49 billion in India, a 59% increase from the year 2020. A large part of this was invested in startups. These firms are also rapidly recruiting new recruits. The leaving rate for mid- and senior-level employees rose from 30 percent to 40 percent.
Freshers will get tremendous job opportunities-
India’s IT sector is currently worth $ 194 billion.
– More than 46 lakh people work in the IT sector in the country.
There is a possibility of reaching the attrition rate up to 30 percent, which is currently 15 to 20 percent.
TCS will hire 35,000 freshers in the second half.
HCL will give chance to 30 thousand freshers, Wipro will give 25 thousand.
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