Infosys Hires 21,000+ New Employees In 90 Days! Reports Highest Recruitment Among Other IT Companies
IT services company Infosys reported a 3.17 per cent increase in net profit to Rs 5,360 crore in the June quarter. The IT major announced that in the first quarter of FY23, it recruited 21,171 people taking the total headcount from 3,14,015 last quarter to 3,35,186 as of June 30.
Out of the total workforce, 3,18,447 are software professionals while 16,739 are sales and support employees. There is a slight dip in women headcount which is currently 39.3% but was 39.6 per cent in Q4FY22.
Increased Hires the Most, HCL Least
When it comes to the competitive landscape, Infosys hired more than its peers which includes the likes of TCS, Wipro, HCL Tech in the quarter ending June 30, 2022.
On the contrary, HCL made the lowest hiring in Q1FY23 at 2,089. For the same quarter TCS & Wipro recruited 14,136 & 15,446 new recruits.
As against 27.7 per cent during the last quarter, the attrition rate increase to 28.4 per cent. For the first quarter, Infosys’ rise in attrition was on an LTM basis. Infosys’ attrition was 25.5 per cent, 20.1 per cent and 13.9 per cent respectively in the third, second and first quarter respectively.
Strategic Investments in Talent : Infosys CFO
Indicating that the company would be recruiting over 50,000 freshers in FY23, in the FY22 it added 85,000 freshers, which saw the hiring increase up by 2.2x in two years.
Nilanjan Roy, CFO, Infosys said that “We are fueling the strong growth momentum with strategic investments in talent through hiring and competitive compensation revisions. While this will impact margins in the immediate term, it is expected to reduce attrition levels and position us well for future growth. We continue to optimize various cost levers to drive efficiency in operations.”
The increased attrition levels is a cause of concern amongst all IT companies. TCS’ attrition came in at 19.7 per cent, HCL Tech at 23.8 per cent, and Wipro at 23.3 per cent.