India's top information technology (IT) services companies such as Tata Consultancy Services Ltd, Infosys Ltd, Wipro Ltd and HCL Tech are grappling with high employee costs despite a decline in overall headcount.
Attrition rates indicate that the companies are losing talent and are being forced to hire executives for specialized roles at higher salaries, said analysts. The industry will continue to see high attrition as it remains the poaching ground for startups, and the companies will need to replace them with a billable workforce, they added.
"With a wage bill top up of more than ₹10,000 crore for adding over 83,000 employees, the cohort of (Wipro, Infosys, Tata Consultancy and HCL Tech) has incurred heightened talent costs on replacement and retentions. The high churn in mid- to midsenior roles has necessitated replacements at a higher cost," said Kamal Karanth, co-founder, Xpheno, which specializes in technology and startup hiring.
Esta historia es de la edición January 16, 2023 de Mint Mumbai.
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