87,000 Infosys Employees Resigned In 90 Days As Attrition Hits Record 27.7%!
Infosys reported a 2.2 percent quarterly increase in its attrition rate.
The figure stood at 27.7 percent as against 25.5 percent reported in the previous quarter.
This is a massive leap of 16.8 percent year-on-year — in the corresponding quarter the previous fiscal, the attrition rate had stood at 10.9 percent.
Net Additions, Hiring Plans
It added 21,948 employees in the final quarter of the financial year 2021-22.
Its total headcount now stands at 3,14,015 globally.
It added 85,000 freshers in FY22.
It plans to add 50,000 this fiscal and has planned salary hikes this month.
Out of its total workforce, there are 2,97,859 software professionals, and 16,165 in sales and support.
This was an increase of 20,917 and 1,031, respectively.
Women make up 39.6 percent of the workforce, the same as the previous quarter and a 1 percent increase YoY.
CEO & MD Salil Parekh said that there is a lot of potential to work with clients with the acceleration of digital disruptions across industries.
He added that the company will scale talent globally, invest in employees and accelerate innovation and digital capabilities to capitalize on the expanding market opportunities.
Sandip Agarwal, Research Analyst, Institutional Equities at Edelweiss Securities said that attrition is a result of supply shortage.
Why Attrition Remains High
He said that it will surprise every company in a negative way.
The problem of supply leads to companies poaching talent from each other, leading to the spike in attrition across the industry.
Apart from Infosys, Tata Consultancy Services is also affected, having reported an increased attrition of 17.4 percent which was higher than the previous quarter.
TCS Net Additions
However, TCS also witnessed the highest-ever employee additions.
Net additions in the quarter stood at 35,209 employees, which took the total employee headcount to 592,195
During the year, net addition at TCS stood at an all-time high of 103,546.