21% Tech Mahindra Employees Resigned In 90 Days; 14,000 New Employees Hired
More Hiring In Future
Now, with the addition of these employees, the company’s headcount stands at 1.41 lakh people.
So far, Tech Mahindra did not quantify the fresher intake for the year.
Higher Attrition Rate
Here, it is noteworthy that the company’s attrition soared to 21 percent, up from 17 percent in the last quarter.
During the previous quarter ending June 2021, the IT service provider has brough 5,200 employees onboard.
“It is a fairly complex environment, because as you know that the demand is coming from the corporates, global delivery centers and others,” said CP Gurnani, the CEO & MD, during the earnings call on October 25.
This seems to be causing the attrition, which is higher in the Indian cities such as Bengaluru or Hyderabad.
While, it is much lower in cities such as Nagpur according to the analytics done by the company.
Further, Gurnani added, “So, we are obviously trying to see how to grow our business in tier two cities. And we are also looking at providing business continuity for a particular project not only from one location to one from multiple locations,”.
He said that the company is also looking at attrition in the coming quarters, and has plans to hire or re-skill or upskill employees a little ahead to manage the supply-chain equation.
Coming to revenues, Tech Mahindra reported $1.47 billion in revenues for the September quarter at a growth of 6.4 percent on a sequential basis.
In terms of new deals, it has closed $750 million in net new deals.
According to CP Gurnani, this was the highest sequential growth in a decade the company had seen.
Significant Investment For 5G Team
The company has made significant investments in one of the key growth areas that is 5G.
The company is looking at all possible avenues for bringing in the right skill set in sectors such as 5G, said Vivek Agarwal, president – BFSI, HLS, and corporate development, Tech Mahindra, during the company’s Q2 FY22 results.