{"id":1245107,"date":"2023-05-02T12:15:20","date_gmt":"2023-05-02T06:45:20","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1245107"},"modified":"2023-05-02T12:15:59","modified_gmt":"2023-05-02T06:45:59","slug":"tech-mahindra-hired-95-less-employees-in-last-12-months-overall-headcount-reduces-by-4688-qoq","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/tech-mahindra-hired-95-less-employees-in-last-12-months-overall-headcount-reduces-by-4688-qoq\/","title":{"rendered":"Tech Mahindra Hired 95% Less Employees In Last 12 Months; Overall Headcount Reduces By 4688 QoQ"},"content":{"rendered":"\n<p>In what is a sharp decline of 95.93 percent, Tech Mahindra&#8217;s net employee addition for the full fiscal year of FY23 stood at just 1,227 employees, as compared to 30,119 in FY22.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"465\" src=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/05\/Untitled-design-3-1-2.jpeg\" alt=\"Tech Mahindra Hired 95% Less Employees In Last 12 Months; Overall Headcount Reduces By 4688 QoQ\" class=\"wp-image-1245196\" srcset=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/05\/Untitled-design-3-1-2.jpeg 1000w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/05\/Untitled-design-3-1-2-300x140.jpeg 300w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/05\/Untitled-design-3-1-2-768x357.jpeg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/figure>\n\n\n\n<p><strong>Industry-wide hiring slowdown<\/strong><\/p>\n\n\n\n<p>This follows the industry-wide trend of slowdown in hiring after a year-long rally of record employee addition in the previous fiscal.<\/p>\n\n\n\n<p>Total headcount for FY23 stood at 152,400.<\/p>\n\n\n\n<p>Overall headcount after the fourth quarter ended March 31, 2023 declined by 4,688 QoQ.<\/p>\n\n\n\n<p><strong>New employee addition<\/strong><\/p>\n\n\n\n<p>In Q3FY23 too, the net new employee addition had declined by 6,844.&nbsp;<\/p>\n\n\n\n<p>In Q4 last year, Tech Mahindra had added 6,106.<\/p>\n\n\n\n<p>However, attrition has improved, dropping to 15 percent from 17 percent in Q3.<\/p>\n\n\n\n<p><strong>Attrition<\/strong><\/p>\n\n\n\n<p>The firm has been seeing a drop in attrition rate since the first quarter of FY23 after a steady increase in the five quarters before that.<\/p>\n\n\n\n<p>Harshvendra Soin, Global Chief People Officer and Head of Marketing at Tech Mahindra said, &#8220;Our attrition continues to drop and remain the lowest in the industry.&#8221;<\/p>\n\n\n\n<p>Soin added, &#8220;In FY23, our main focus was on upskilling.&nbsp;<\/p>\n\n\n\n<p>While our focus continues on upskilling and providing opportunities to our internal folks, we will increase our fresher hiring significantly this year and put them through our upskilling engine.&#8221;<\/p>\n\n\n\n<p><strong>Hiring approach<\/strong><\/p>\n\n\n\n<p>He expects to increase fresher hiring by about 2-3X in the current fiscal year.<\/p>\n\n\n\n<p>Chief Executive Officer and MD, C P Gurnani, had said that hiring will increase when attrition also rises, and net hiring will be low when attrition begins to decline.<\/p>\n\n\n\n<p>\u201cHiring cannot always be linear.&nbsp;<\/p>\n\n\n\n<p>The reality is that AI, data, and automation are part of our lives.&nbsp;<\/p>\n\n\n\n<p>If it is not linear, revenue goes up.&nbsp;<\/p>\n\n\n\n<p>If you don&#8217;t hire, please do take into account that we are becoming <a href=\"https:\/\/www.moneycontrol.com\/news\/business\/tech-mahindra-adds-1227-employees-in-fy23-over-95-plunge-from-last-fy-10487591.html\/amp?utm_campaign=fullarticle&amp;utm_medium=referral&amp;utm_source=inshorts\">more <\/a>efficient with automation,\u201d he said.<\/p>\n\n\n\n<p><strong>Net profit<\/strong><\/p>\n\n\n\n<p>Tech Mahindra reported its Q4FY23 earnings on April 27.<\/p>\n\n\n\n<p>Consolidated net profit stood at Rs 1,125 crore for the March quarter of 2022-23.<\/p>\n\n\n\n<p>This declined by 27 percent from Rs 1,545 crore it reported a year ago.<\/p>\n\n\n\n<p><strong>Revenue<\/strong><\/p>\n\n\n\n<p>Revenue from operations came in at Rs 13,718.2 crore, up 13 percent year-on-year.<\/p>\n\n\n\n<p>In constant currency terms, revenue grew only 0.3 percent sequentially.<\/p>\n\n\n\n<p>EBIT margin or operating margin for Q4FY23 dropped to 9.6 percent as compared to 12 percent last quarter.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In what is a sharp decline of 95.93 percent, Tech Mahindra&#8217;s net employee addition for the full fiscal year of FY23 stood at just 1,227 employees, as compared to 30,119 in FY22. Industry-wide hiring slowdown This follows the industry-wide trend of slowdown in hiring after a year-long rally of record employee addition in the previous [&hellip;]<\/p>\n","protected":false},"author":24,"featured_media":1245196,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[71,131,1487],"class_list":["post-1245107","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-hiring","tag-layoffs","tag-tech-mahindra"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tech Mahindra Hired 95% Less Employees In Last 12 Months; Overall Headcount Reduces By 4688 QoQ - Trak.in - Indian Business of Tech, Mobile &amp; Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/tech-mahindra-hired-95-less-employees-in-last-12-months-overall-headcount-reduces-by-4688-qoq\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tech Mahindra Hired 95% Less Employees In Last 12 Months; Overall Headcount Reduces By 4688 QoQ - Trak.in - Indian Business of Tech, Mobile &amp; Startups\" \/>\n<meta property=\"og:description\" content=\"In what is a sharp decline of 95.93 percent, Tech Mahindra&#8217;s net employee addition for the full fiscal year of FY23 stood at just 1,227 employees, as compared to 30,119 in FY22. 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