Staff Attrition

The highest salary hikes are expected to be seen in e-commerce (10.9%), financial services (10.1%), and professional services and real estate (10% each)

"The demand for salespeople (selling personal, home, agriculture and other loans) is huge," said CEO for staffing at TeamLease

IT engineering cos provide product engineering services in auto, aerospace, medical device, and utility sectors. On the other hand, software engineering firms are mostly engaged in software products

The report also noted that there was an increase of 5 per cent in the share of flexi work as compared to other employment formats, to 66 per cent from 61 per cent last year

Attrition rates of TCS dropped from 20.1% to 17.8%, HCL's from 19.5% to 16.3%, and Wipro's decreased from 19.2% to 17.3% all in the last quarter

In the quarter ended March 31, the company reported a margin of 14.6%, among the lowest in the industry

In their Q4 results, two of the three IT majors in India, TCS, and Infosys, showed that high attrition was still a problem

The total headcount of TCS stands at 614,795 as on March 31, 2023

Average salary hikes in India will be lower in 2023 compared to 2022, says EY's 'Future of Pay 2023' report. E-commerce, professional services and IT to the biggest hikes

The company's founder chief executive, Girish Mathrubootham too termed it as a structural change, rather than a company-wide layoff

Analysts see risk of attrition due to the shift in culture its implementation

Those in the know say the full force of the impact of global layoffs in India will be felt in the retail division

Confidence in the company has eroded so rapidly that, even before Musk's bankruptcy comments, some funds were offering to buy the loans for as little as 60 cents on the dollar

Some of those who are being asked to return were laid off by mistake, according to two people familiar with the moves

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Product and engineering teams were gutted by well over 50%, according to two sources, and other groups - like communications, marketing, human rights and diversity - were almost completely eliminated

The global workforce reductions are expected to affect 3,700 jobs - about half of the company.

The lay-offs in India were across segments such as policy, communication, engineering and development, said sources in the know

Several CEOs of IT companies in India have said that companies need to be cautious amid macroeconomic uncertainties

The new centre in Guadalaraja will enable the company to serve its local and international client base across industries