tcs: Indian TCS sees decline in staff attrition, strong demand for IT services: executives

Bombay: India’s leading software services exporter () expects its staff departure rate to decline and demand for its services will rise as companies continue their pandemic-accelerated digitization processes, a company executive said.

More tech talents are expected to enter the job market from startup Facing a funding crisis as central banks withdraw stimulus and hike rates, TCS Asia Pacific president Girish Ramachandran told Reuters Global Markets Forum on Monday.

“Money is getting more and more expensive. There is no longer anything like free money out there,” he said, adding that those who have been attracted to startups in recent years “will have to look for (other) options.”

“If I look at the trajectory of the past few months, the friction will decrease over a period of time,” said Ramachandran, ahead of Temasek’s annual Ecosperity sustainability conference in Singapore.

TCS’s staff dropout rate, the percentage of those who retire or leave for other reasons, rose to 17.4% in the quarter ended March 2022 from 15.1% in full 2021, as the IT services of India is experiencing a crisis of technology talent and a high staff turnover.

Ramachandran, however, said India still has a significant talent pool. “We just need to start seeing how we can access the best talent and make sure we train them so we are ready to field them.”

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Despite uncertainties about a potential global slowdown, Ramachandran said the demand for TCS’s software services has not declined.

“Digitization is irreversible,” he said, adding that he did not expect organizations that went digital during the pandemic to significantly reduce their technology budgets.

As the pandemic subsides, Ramachandran said he expects a hybrid workplace to become the norm, especially in the tech sector.

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