The findings showed that 57% of IT professionals would not consider returning to the #ITservices sector in the future. The #TalentExodusReport’ by TeamLease Digital predicts up to 55% growth in contract staffing attrition for FY 2023 as compared to 49% in FY 2022.

The report said there is a huge misconception with the sentiment in the candidate market, that a salary increase would improve performance and boost job satisfaction, and 20 lakh-22 lakh employees are expected to leave their jobs by 2025.

The Indian IT sector has witnessed tremendous growth in the last decade. It has recorded 15.5% growth, which is the fastest in more than a decade and touched $227 billion, creating additional 5.5 lakh jobs in FY22 alone.

#Infosys has reported the highest rate at which employees are leaving the company among its Indian peers for April-June quarter, at 28.4%. The IT major is followed by HCL Tech with 23.8% employee attrition rate, Wipro at 23.3% and TCS at 19.7%.

Experts say the high attrition rates could be attributed to the rapid expansions in the industry. In general when an industry goes through a rapid surge, there is shock with attrition rate running at 23-24%, it feels that the shock stage is now coming down.

However, with the global pandemic disrupting the IT hiring chain, there is evidence of a reverse trend which indicates that retaining a business-critical talent has undergone a great change in the last two years.

The reason for increasing attrition, nearly 50% of respondents believe that 'lack of better compensation and benefits' is the greatest reason for talent exodus, whereas 25% believe lack of career growth to be the reason.

Today's Headline in NewsHours
0:00 Intro
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