Industry attrition has recorded double-digit figures and this has been sending jobs to foreign shores, said Sanjay Jalona, MD & CEO, L&T Infotech.
Jalona said, “We ourselves are seeing attrition balancing out. I mean attrition is plateauing and I think it has peaked.”
The current demand for services and tech talent has not been witnessed for the past few decades and has far outstripped supply.
“As the industry creates larger supply, I think it will come down over a period of time. Currently, I think demand far outstrips the supply that we have. We are looking at many alternate ways. Frankly, where we are today – if we had 2000 more people I think the industry would have been able to absorb them. LTI would have been able to absorb,” Jalona added.
Several countries in the West have reported high attrition among the skilled workforce, many of them in tech jobs, a phenomenon that has been labelled 'The Great Resignation'. Several Indian IT majors have also reported higher than usual attrition levels due to a spike in market demand and have responded by stepping up hiring of fresh talent.
Delving on the company's newly-launched Fosfor, Jalona said the solution, which drives decision-making using data, had five products, each of which operates in a market ecosystem valued at $1 billion.
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