Is the Great Resignation Over? Nope… It’s still going on. If we look at the data of an IT giant Infosys which announced results for the third quarter that ended December 31, 2022, on January 12, 2023.
IT major Infosys reported an attrition rate of 24.3 percent for its Q3FY23, December ending quarter. This was less than 27.1 percent for Q2FY23 yet very high than the normal range of attrition.
According to data for the last 4 quarters below, over 90,000 employees left in the last year from January 2022 to December 2022.
| Quarter | Total Headcount | Attrition | Employees Left |
| Q3FY23 | 3,46,845 | 24.3% | 21,070 |
| Q2FY23 | 3,45,218 | 27.1% | 23,388 |
| Q1FY23 | 3,35,186 | 28.4% | 23,798 |
| Q4FY22 | 3,14,015 | 27.7% | 21,745 |
The company hired around 6,000 freshers in Q3FY23. In starting of FY23, Infosys had given a fresher hiring target of 50,000, and 40,000 of them are hired in the first half of the year. The company’s net addition stood at 54,778 employees in Q3FY23.
Also watch, What is VRS | VRS Rules | Voluntary Retirement Scheme, Click Here
Facing record levels of attrition, in 2022, Infosys invoked the non-compete clause in the employment agreements to curb attrition.
According to this non-compete clause, the company is banning its employees from joining Tata Consultancy Services, IBM, Cognizant, Wipro, and Accenture within 6 months of quitting the organization in case they have the same clients.
And the ban also includes nine companies Tech Mahindra, Genpact, WNS, TCS, Accenture, IBM, Cognizant, Wipro, and HCL for business processing management (BPM) employees.
The matter came to light after a Pune-based IT union, The Nascent Information Technology Employees Senate (NITES), has written to the Union Labour Ministry seeking the removal of the clause, calling it “arbitrary, unethical and illegal”.
While Infosys has had the clause for a long time, the union claimed that the company is now enforcing it and that it has received 65-70 complaints from employees.
However, non-compete clauses are not valid in India as per Section 27 of the Indian Contract Act, which states that any agreement that restrains anyone from practicing a lawful profession, trade, or business is to that extent void.
The story more or less is the same with other IT giants, TCS reported the attrition rate reduced marginally to 21.3 per cent in the December-ended quarter Q3FY23 from 21.5 per cent which the company observed during the September-ended quarter Q2FY23.
Wipro reported an attrition rate of 21.2 per cent in Q3FY23 which has fallen from 23 per cent in Q2FY23.
HCL Tech’s attrition was at 21.7% in the December-ended quarter Q3FY23, lower than the same September quarter of the fiscal year, where it stood at 23.8%.
Attrition has started settling down but yet is much higher than expected between 10-15% as companies kept reporting till FY 2021.
The Great Resignation is still here… irrespective of global layoffs.
