Wipro’s Attrition Rate Rises For Second Quarter In A Row, Hits 15.3%
IT major Wipro Ltd.'s attrition rate has risen for the second quarter in a row. In the third quarter, the attrition rate stood at 15.3%, higher than the 14.5% recorded last quarter.
In the second quarter, the attrition rate had hiked from 14.1% in the first quarter. The company's headcount in the third quarter witnessed a dip of 1157 employees, as the total stood at 232732.
In tandem, the company's utilisation levels have also decreased. From 87.7% in the first quarter, 86.4% in the second quarter, the level has hit 83.5% in the third quarter.
Saurabh Govil, Chief Human Resources Officer at Wipro, said, “The dip in headcount is dependent on demand and productivity; as we look into the coming quarter, this will be ironed out as it was a seasonal effect.”
Wipro, in its quarterly commentary, also said that it is on track to hire 10,000-12,000 freshers in the current fiscal year and has cleared all previous offers. The company plans to hire the same number of freshers in the next fiscal year, across all four quarters.
Attrition rate is the percentage of employees who leave a company over a specific period of time. Similarly, Wipro's peers TCS and Infosys too saw attrition rates go up in the third quarter.
Infosys' attrition rate hiked to 13.7% from 12.9% in Q2, and TCS' attrition rate hiked to 13% from 12.3% in the previous quarter.
Attrition rates in the IT sector peaked during and after COVID, as the pandemic fuelled a growth spurt with increased investments in technology and remote work. During this period, IT companies and startups, both in their bull phases, actively hired and offered salary hikes, leading to high attrition. However, as the sector faced a downturn due to macroeconomic uncertainty and declining demand, right after, the talent wars eased, resulting in lower attrition levels.
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