The global economic slump has already caused some trouble for the Indian IT majors as well as top professionals with cutting edge tech skills. Software exports are reportedly facing a reduction in online strength due to higher attrition and visa restrictions, resulting in both revenues and margins getting under pressure. Those seeking higher salary revisions and negotiating with counter-offers be warned that companies aren’t taking kindly to this now. As for the higher rate of onsite attrition, it has put a strain on company profits as such instances force them to opt for subcontracting that eventually spikes up the costs. IT companies have been facing onsite attrition despite increased local hirings and moving a larger chunk of work offshore since the pandemic.

Source: Economic Times December 02, 2022 03:26 UTC