15% Infosys Employees Quit In Last 90 Days; TCS, Wipro, Infosys Will Hire 75,000 Indian Freshers
With the Covid-19 pandemic hitting the economy in early March last year, the technology sector had to stall trade, losing overseas businesses and met with the urgency to shift complete systems and employees online, affecting costs and billing time.
However, by the second quarter of FY21, these (tech) companies were back on track and boomeranged due to a complete online shift of businesses across the globe.
In conjunction with rising digital demands and increasing attrition, numbers suggest that the top three IT services in the country will hire over 75,000 freshers from campuses in the current financial year, FY22.
Infy, TCS & Wipro to Hire 75,000+ Freshers
Trak.in had earlier reported that Infosys will be hiring about 24,000 freshers from Indian campuses in FY22, along with another 1000 from overseas campuses.
Hiring in the company is increasing, due to an increase in the attrition rate, which touched its highest peak at 15.2% for the final quarter of FY21, while that for Q3 stood at 10%.
It is being anticipated due to some hints dropped by Infosys COO, U B Pravin Rao that the company could expect attrition to remain high for the upcoming 2 months.
In FY21, TCS hired about 40,000 freshers and the company CHRO, Milind Lakkad stated during the Q4 results that TCS will continue to hire in similar numbers or more, in FY22.
“We depend on people from campus, internal talent development, and then whatever we need from the market in addition. So, these three together will drive our numbers from a supply side, and I don’t anticipate any challenge on the supply side”, states Lakkad, as reported by Rediff.
Wipro hired about 10,000 freshers from campuses including India and overseas in FY21 but has not shared its hiring target for this FY.
TCS: Highest Hirer Despite Lowest Attrition
Infosys had a total of 259,619 employees at the end of FY21, and utilisation rate of 87.7% for the quarter.
However its attrition rate had increased to its peak at 15.2% in Q4FY21, as mentioned above.
Similarly, Wipro’s attrition too hiked to 12.1% in the same period, as its gross utilization touched 76.7%.
Its revenue rose 3.67% quarter-on-quarter to Rs 16,245 crore—higher than the estimated Rs 16,077 crore.
The Mumbai-based IT giant, TCS was the only company which managed to record a very low attrition rate.
Its attrition rate for the fourth quarter of FY21 was reported to be as low as 7.2%. However, despite the lowest number, TCS continues to hire the highest number of freshers in the country.
In Q4FY21 alone, the company added 19,388 employees, its highest ever addition in any quarter, taking the total additions in the year to 40,185.