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For the quarter ending December 31, 2022, Tata Consultancy Services’ (TCS) attrition rate fell to 21.3%. TCS anticipates that the attrition rate in IT services will continue to fall in the coming quarters. So, i want to ask, Why is TCS attrition rate high?
The attrition rate of TCS has historically been higher than the national average, due in part to its fast-paced nature and high levels of customer demands. This places a great deal of pressure on employees as they are expected to work hard with tight deadlines and little downtime. Additionally, the company’s commitment to innovation can often lead to personnel feeling overwhelmed or burned out.
Furthermore, certain departments such as IT tend to be more susceptible to turnover due to increased competition for talented developers and engineers; this is especially true in areas where salaries are lower than market standards. Moreover, TCS offers a fast track career path which allows individuals who show strong performance potential – early in their careers – the opportunity for rapid advancement within the ranks, but this can also lead some personnel feeling inadequately rewarded or overlooked when promotions don’t come as quickly as expected.
Finally, a major factor that might be contributing to TCS’s attrition rate is its outsourcing policy which enables it to hire people from around the globe at costs lower than those found domestically; while providing employment opportunities for those seeking work abroad, this practice could potentially strain relationships between local staff already working within TCS. Ultimately all these factors contribute towards inducing stress on employees making them feel inadequate and leading them away from remaining with TCS any longer than necessary.
Due in part to its fast-paced environment and high client expectations, TCS has historically had an attrition rate that is greater than the national average. Employees are under a lot of pressure since they are expected to work hard under pressure with little downtime. However, the company’s dedication to innovation frequently causes employees to feel overworked or burned out.
Also, because of the increased rivalry for bright developers and engineers, some departments, like IT, are more prone to turnover. This is particularly true in places where pay are below market rates. Moreover, TCS provides a fast track career path that enables people with excellent performance potential to progress quickly inside the company early in their careers.
The attrition rate at TCS is high primarily due to a variety of reasons. Firstly, the IT industry is highly competitive and there is always the allure of greener pastures with other technology companies offering better salary packages and job opportunities. Secondly, attrition among Gen-Y employees (aged 25-34) is higher than average because they are often looking for more flexibility in their positions or career advancement opportunities that exceed what TCS may be able to offer. Thirdly, most attrition comes from overseas postings which can be difficult for Indian IT professionals to adjust to given cultural differences. Finally, long working hours and lack of recognition can also lead employees to leave their jobs at TCS despite its reputation for job stability and good pay.