Global tech companies have been resorting to layoffs to cut costs amid economic uncertainties since last year. Amid this, in the latest quarter ended March 2023, IT companies in India including TCS, Infosys, and HCL Tech have reported a slowdown in hiring as well as a fall in attrition rates. Here’s how many employees these companies have currently, their attrition rates and hiring.
Tata Consultancy Services
- Total Employee Headcount: The total workforce of TCS stood at 6,14,795 as on March 31, 2023. This is lower than the 6,16,171 employees recorded in the September 2022 quarter. The workforce continues to be diverse, comprising 150 nationalities and with women making up 35.7 per cent of the base.
- Attrition: The company’s IT services attrition rate continues to trend downwards and was at 20.1 per cent on an LTM (last-twelve-month) basis. In the previous quarter ended December 2022, the attrition rate had stood at 21.3 per cent, which was marginally lower than the 21.5 per cent during the quarter ended September 2022.
- Hiring: TCS added a net of just 821 employees during January-March 2023 and 22,600 for the year.
Infosys
- Total Headcount: The company’s total employee count as of March 31, 2023, was 3,43,234, which is lesser by 3,611 than the previous quarter’s 3,46,845 employees.
- Attrition: Infosys’ voluntary attrition (LTM – IT services) stood at 20.9 per cent on a trailing twelve-month basis, showing a declining trend. It had reached 28.4 per cent in Q1FY23, which later slipped to 27.1 per cent in Q2FY23.
- Hiring: The company added 1,627 employees in the fourth quarter of FY23 (Q4 FY23), which was lower than the previous quarter.
HCL Tech
- Total Headcount: The company’s total headcount stood at 2,25,944 as of March 31, 2023. This is significantly lower than the 11,100 employees hired in the corresponding quarter last year.
- Attrition: The Q4 attrition rate for the quarter stood at 19.5 per cent on the last twelve-month (LTM) basis, decreasing significantly from 21.7 per cent in the previous quarter and 21.9 per cent in the same quarter last year.
- Hiring: HCL Tech added a net of 17,067 employees for the fiscal year 2023, which is significantly lower than about 57.3 per cent from the 39,900 employees added in FY22. Total fresher addition for FY23 came in at 26,734. The net employee addition for the full-year FY23 stood at 17,067 as compared to 39,900 in FY22.
Daya Prakash, founder of TalentOnLease, said that IT companies have reduced their costs to the point where businesses can maintain their profitability. “It has been exacerbated by increased bench size, higher retention rates, and moderate attrition over the previous quarters, coinciding with an overall weak hiring season for IT professionals.”
He added that the workforce rationalization process will streamline the talent pool and retain only the skilled and qualified talent in the New Age Technologies, so the employees must start thinking seriously about that.
“The Indian tech sector soon will see an intensifying talent war as the digital landscape evolves and matures. The jobs of tomorrow would drastically differ from those of today. Therefore, IT and tech professionals must broaden the scope of their expertise to include ancillary skills that complement and accentuate their core competencies, as individual performance and contribution will be of the utmost importance,” Prakash said.
Read all the Latest Business News, Tax News and Stock Market Updates here
Comments
0 comment