Increasing attrition rates, a big worry
There is increasing fear of global recession and spate of layoffs in the start-up space are expected to have a sobering effect on high attrition levels in the Indian IT industry over the next 2-3 quarters, and the majority of large tech companies talked of easing supply side pressures in the September quarter.
Infosys has reported an attrition rate of 27.1% for the July to September quarter, the highest among top IT companies in India. While attrition at HCL Tech remained at 23.8%, TCS reported a higher rate of 21.5% and Wipro posted a marginal fall to 23% compared to previous quarter. Attrition rate measures how many employees are voluntarily leaving a company.
A survey says, Indian techies change jobs often. Reason being, the growth opportunities are very less if they stay in the same company for more than 1-2 years now. The growth trajectory at any of the top Indian IT companies is not the same as it used to be before, where they witness a cutthroat competition in the industry.
The technology job market which had overheated in the last few quarters has begun to cool off, and compensation expectations of new hires are also becoming more realistic. A subject matter expert said, there is an excess of people working in the Indian IT industry.
Increasing attrition rates, a big worry
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CYBER DEFENSES ARE THE REAL DEFENSE IN THE COMPLEX TECH WAR OF ATTRITION
#Microsoft #cyberattacks #ransomware
Cyber Defenses against Tech War
2021 has already broken records for cyberattacks, with an all-time high of 93% increase of ransomware and over 70% in all cyberattacks in the US in just 12 months. Offenses have reached a record of ransomware victims, with an unknown scope of attacks mostly in the US, and some victims in Europe as well. The ransomware attack, apparently conducted by the Russian speaking group REvil, represents a catastrophic combination of 2021’s most notorious cyberattack trends, supply chain attacks and ransomware. As many as 1,500 businesses around the world have been affected by the biggest ransomware attack to be recorded in history, the chief executive of American IT firm Kaseya has said.
Software has become a weapon and the data the prisoners of war. The hackers have demanded $70 million to restore all the affected businesses' data. Among the businesses affected are supermarkets in Sweden, IT companies in Germany and the Netherlands, and schools and kindergartens in New Zealand were knocked offline. The hackers have used the VSA software developed by Kaseya which helps companies remotely monitor their computer systems. The company said it sent a detection tool to nearly 900 customers. Ransomware criminals break into networks and sow malware that cripples networks on activation by scrambling all their data. Victims get a decoder key when they pay up. Sources said, REvil level examines the financial records of the victim – insurance claims if they can find them – before they encrypt the data. They threaten to dump the stolen data online, unless paid, which has become another source of income and a nightmare for the victim.
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2:03 #Microsoft recommends #Azure Users to Update PowerShell to Patch RCE Flaw
2:57 #GST collection comes low for first time after 8 months
3:59 #Blackstone to buy SpheraBy VARINDIA | 52 views
Recession Vs attrition
Many feel that the high number of attritions was partly due to the seasonality impact when junior employees opt for higher studies as well as supply-side constraints. Yet, there are global companies with an attrition of less than 4% for many years.
A report says, Attrition levels which are at an all-time high have unnerved domestic IT services companies as they struggle to retain talent. The attrition rate at Infosys has grown 12% to 27.7% in Q4 of FY22 from a year earlier while at TCS, the attrition rate rose 10% to 17.4% during the same period. In other words, nearly 80,000 employees quit Infosys between January and March this year whereas around 1 lakh resigned from TCS, during the same quarter.
Indian IT companies have spent up to 62% of their revenues towards salaries and wages of their employees, with the total salary bill for FY22 coming in at ₹3 lakh crore. All the three giants, TCS, Infosys and Wipro reported a sequential decline in profits, blaming wage hikes and increased travel costs, among other things.
The management added that attrition will see some moderation only in the second half of this financial year. Probably, that is the immediate short-term view on attrition but from a medium-to-long term, it is expected that both the supply side as well as the demand side is easing up. This is in terms of talent coming from outside of the immediate industry system and that should play into moderation.
There is a growing concern among the Indian IT companies on how to bring attrition rates back under control, but it is critical for them to improve this especially at a time when recessionary concerns have started having an impact on their top as well as bottom lines. Experts say the salary hikes for job switches to normalise as companies see slowdown in attrition.
The fact is the global slowdown is forcing companies to balance hiring against rising expenses. Companies are now focusing on controlling high wage billsBy VARINDIA | 21 views
Industry is in Fix due to attrition
While employees seem to prefer the flexibility that will allow them to continue moonlighting, tech giants have started cracking down and even have fired workers caught doing side hustle. With this some companies are expecting the high rate of attrition, and it’ll continue for some time, others say it is slowing down due to expected economic slowdown. There is no uniformity among IT companies in reporting attrition numbers.
Employee attrition is a serious matter. A high attrition rate can be anything over 20% according to industry averages, however, these numbers vary by industry. The past 18 months saw technology companies witness severe employee departure even as companies attempted to return to normal after the pandemic.
The attrition rate in India across industries in 2022 was only marginally lower than the one faced in 2021, thereby indicating a massive pressure on companies for retaining employees. The survey also revealed that the trend is expected to continue for the next half of the year.
Recruitment agency Michael Page predicted that India is likely to witness an 86% employee attrition for 2022. This survey also suggested that in India, an estimated amount of 60% employees were ready to take up a lower salary to achieve a better work-life balance.
“With the clear majority saying a significant talent migration event is upon us in the next few months, we must be ready for it to increase,” the report stated. Notably, the survey had also suggested that the percentage of employees planning to quit their current jobs was the maximum in India, followed by Indonesia, Philippines and Malaysia.
A report from the Financial Times cites research by AuthBrodge states that around 8 to 9 percent of IT employees in India are engaged in moonlighting. Another survey by Kotak Institutional Equities states that nearly 65 per cent of IT employees know someone who is pursuing part-time opportunities or moonlighting while working a fullBy VARINDIA | 135 views
Buzz of increasing GST rates everywhere except my office: FM Nirmala Sitharaman
Ahead of the crucial meeting of the GST Council, Finance Minister Nirmala Sitharaman on Friday said the buzz of an increase in GST rates is everywhere other than her office. She was responding to a question on talk of current Goods and Services Tax (GST) rates of 5, 12, 18 and 28 per cent being raised to make up for the fall in revenues that has even hampered giving compensation to states for loss of revenue from implementation of the indirect tax regime.
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You Think Taxi Rates In Goa Are High? Wait Till To Hear The Rates of Private Ambulances
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SBI cuts deposit rates, keeps lending rates unchanged
The State Bank of India cut interest rates on deposits across all maturities on Monday but analysts said it would take time for the country's largest bank to make matching cuts in its lending rates.
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NGT's big decision on increasing pollution, firecrackers banned in Delhi-NCR from tonight
बढ़ते प्रदूषण पर NGT का बड़ा फैसला, दिल्ली-NCR में आज रात से पटाखों पर बैन
दिल्ली- एनसीआर (Delhi-NCR) में प्रदूषण (Pollution) का कहर बढ़ता जा रहा है। जिसके कारण लोगों को सांस लेने में दिक्कत और आंखों में जलन हो रही है। ऐसे में शनल ग्रीन ट्रिब्यूनल (NGT) ने दिल्ली एनसीआर के लोगों को जहरीली हवा से बचाने के लिए आज यानी 9 नवंबर मध्यरात्रि से लेकर 30 नवंबर को आधी रात तक सभी प्रकार के पटाखों की बिक्री और इस्तेमाल पर पूर्ण प्रतिबंध लगा दिया है। बता दें कि इससे पहले दिल्ली सरकार (Delhi Government) ने राज्य में पटाखों की बिक्री पर बैन लगा दिया था।
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NGT's big decision on increasing pollution, firecrackers banned in Delhi-NCR from tonightBy UMH News India | 57 views
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AI is used Towards Client AI Processing
#Artificialintelligence is increasingly being used for client AI processing. This means that AI models are being trained and deployed on client devices, such as smartphones, laptops, and IoT devices. This has a number of advantages, including, Reduced latency, Improved privacy and Reduced bandwidth usage.
Traditionally, AI processing has been conducted by massive clusters of servers in the cloud or data centers. This is because AI models can be very large and complex, and they require a lot of computing power to train and run.
AI is used Towards Client AI ProcessingBy VARINDIA | 483 views
Can Google’s tools combat online misinformation
#Google's efforts to combat misinformation are important because misinformation can have a negative impact on society. It can undermine trust in institutions, lead to violence, and harm democracy. By developing new tools and initiatives, Google is helping to make the internet a safer and more informed place for everyone.
Google has recently unveiled three new tools to combat online misinformation:
· About this Image: This feature, which was initially unveiled earlier in 2023 and is now available globally to English-speaking users through Google Search, provides information about images, including their history, descriptions by users, metadata, and clear indications if an image is generated by AI. Google's AI-generated images are also clearly labelled.
· Fact Check Explorer: This tool allows journalists to verify images by tapping into information from independent organizations.
· AI-generated source descriptions within the Search Generative Experience: This feature provides original sources and insights from reputable publications, which are accessible through the "More About This Page" section in search results.
Can Google’s tools combat online misinformationBy VARINDIA | 201 views
Increasing online Frauds
Recent developments in the technology landscape, including the acceleration of automation, artificial intelligence, and the digitization of industries, are transforming the nature of work. These challenges have immediate and far-reaching implications for India's economy, society, and future prospects.
The Tech Tsunami, characterized by rapid technological advancements, has the potential to drive unprecedented growth and innovation. However, if not harnessed effectively, it could lead to job shrinkage, job displacement and job reduction further leading to increased economic inequality.
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3:07 Online gaming firms sent tax notices worth INR 1 lakh cr
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5:00 #TechMahindra’s CEO designate Mohit Joshi announces restructuring
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Arvind Kejriwal की जमानत और NEET Paper Leak मामले पर Anurag Dhanda का बड़ा बयान, सुनिए क्या बोले...
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Delhi Water Crisis को लेकर आज से अनिश्चितकालीन अनशन पर बैठेंगी Atishi, PM Modi को लिखा पत्र
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Delhi Water Crisis को लेकर आज से अनिश्चितकालीन अनशन पर बैठेंगी Atishi, PM Modi को लिखा पत्रBy PunjabKesari TV | 142 views
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