The attrition rate of leading firms in India is now at an all-time high and companies are facing issues in executing large projects. Several industries may see a double-digit attrition rate (22-23 per cent) in 2021, which in total will be over 1 million resignations. THE GREAT RESIGNATION is what they are calling it in the US.
Several companies are already reporting a steep rise in voluntary attrition in the July-September quarter, which in turn is leading to a severe talent crunch. Infosys, Wipro and HCL Tech saw their numbers touching new highs of 20.1%, 20.5% and 15.7%, respectively. Nasdaq-listed Cognizant, which has a majority of its 300,000 employees based in India, witnessed an attrition rate of 31%.
What are companies doing to tackle their high attrition levels?
India’s demand for digital talent jobs is now eight times larger than the size of its fresh talent pool. By 2024, this demand is expected to become 20 times the available fresh talent pool. A well-trained fresher is equivalent to a 2-year experienced employee and can reduce the time and money investment on training modules, progress the overall project completion rate of every company. With the onset of the pandemic, Indian companies are now seeking to build that newer business model that led to an increase in the demand for freshers who are trained and equipped to work on their projects right from the first day they start working on the floor.
With the job market exploding with established companies and startups willing to pay competitive packages, it’s now lucrative more than ever to be a trained fresher. Apply to our entrance exam to become one!
