25% Infosys, 24% TechM Employees Resigned In 90 Days! TCS, Wipro Has Less Attrition: Find Out Why?
Shares of Tech Mahindra fell 4% after investors sold stocks due to the company’s lower than expected profits.
Missed Analysts’ Expectations
Net profit increased 2.2% sequentially to Rs 1,369 crore in October to December.
Analysts were expecting Rs 1,454 crore.
Weaker than expected margins and slower hiring are some of the challenges the company is facing.
More employees are leaving Tech Mahindra than TCS and Wipro, concerning news in an industry which is already struggling with high attrition rates.
TCS and HCL Tech reported attrition rates of 15.3% and 19.8% respectively for the quarter ended December.
Infosys, Wipro and Tech Mahindra are dealing with attrition rates of 25.5%, 22.7% and 24%, respectively.
Increase In Headcount
This is pushing them to expand their fresher hiring programs.
Tech Mahindra CEO and MD CP Gurnani said that the company continues to strengthen its presence, deliver broad-based profitable growth and value to its customers.
All this is backed by “future-ready talent and niche digital capabilities.”
Its total headcount rose 19% on a yearly basis to 1.45 lakh as on December quarter.
Upping Fresher Hiring
Tech Mahindra along with TCS, Infosys, HCL Tech, Wipro will hire a record 1.8 lakh freshers this fiscal
They hired over 80,000 freshers in the same period last year, a momentum they seek to continue in the next year as well.
Tech Mahindra in particular has also increased its campus hiring to 15,000 in FY23 from 10,000 this fiscal.