Staffing firm Xpheno: Indian IT majors 92,000 exits intake 68,000
Business
India's biggest IT companies, like TCS, Infosys, HCLTech, Wipro, Tech Mahindra, and LTIMindtree, have collectively recorded 92,000 exits over the past year, according to staffing firm Xpheno.
For most of the last six months, more people have been leaving than joining these companies in the IT and engineering functions, which has led to overall intake over the 12 months falling by 24,422 to 68,000.
IT and engineering attrition outpaces hiring
Usually, these firms see an attrition rate of 11% to 15%, but this time they couldn't keep up with the high number of exits.
In the last year alone, there were 92,000 departures but only 68,000 new hires.
This ongoing gap highlights how tough it's getting for tech companies to hold on to talent and attract enough fresh faces at the same time.