India's leading IT firm Infosys battles an exodus of workers
Published on May 11, 2014 10:39 AM
MUMBAI (REUTERS) - Infosys Ltd, once a bellwether for India's US$100 billion-plus (S$125 billion) IT outsourcing industry, is losing its cachet as the employer of choice for a generation of young IT workers, with staff leaving at an unprecedented pace as the Bangalore-based company struggles to regain ground lost to rivals.
Current and former Infosys staff interviewed by Reuters say morale has been dented by a series of senior management exits and worries about career prospects as the company's revenue and pay increases grow at a slower rate than at competitors such as Tata Consultancy Services Ltd (TCS).
Annual revenue in the year to end-March rose 24.2 per cent, lagging growth of 29.9 per cent at TCS.
The annualised rate of attrition at Infosys - effectively the number of staff leaving or retiring - was a record 18.7 per cent at end-March, 2.4 percentage points higher than a year earlier. That's close to a fifth of the company's workforce of more than 160,000. The attrition rate at market leader TCS was 11.3 per cent.
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