2.2 Lakh Freshers Hired In FY22; How Are IT Companies Handling Attrition?

The news about attrition is spreading like wildfire within the country. The recent trends have seen a substantial portion of the current workforce voluntarily resigning their jobs; otherwise known as the ‘Big Quit’.  

The increasing demand for IT professionals post-pandemic and a small supply pool can partially be attributed to this, along with the workforce actively seeking jobs that provide higher pay and stability.   

Also read: Fewer Women Leaving Jobs In The IT/ITES Sector due to WFH Flexibility, Finds Study!

Attrition Statistics: Where Do They Stand?

In the quarter ending by December 2021, the top four tech firms - Infosys, TCS, Wipro, and HCL had attrition rates as followed:   

• TCS with 15.30%,
• Infosys with 25.50%,
• Wipro with 22.70%,
• And HCL with 19.8%.

In 2022 the rates had risen to 17.4% for TCS while Infosys and Wipro saw a rise to 27.7% and 23.8% respectively, and HCL witnessed a loss of 21.9% of its workforce. 

In both cases, TCS has fared better than its competitors whereas Infosys, the second-largest IT firm, seems to have been hit the hardest.  

Also read: About 450 Million Job-ready Indians Not Interested In Working? Let's Delve Deeper  

But companies are hopeful and expect the trend to taper over the next few months. “Over a period of six months, with more freshers coming in, you will see a moderation of this from a more macro perspective,” said Nilanjan Roy, Infosys Chief Financial Officer.  

HCL MD & CEO C Vijaykumar also expects the situation to stabilize towards the second half of FY23.

Mass Hiring n FY22, More Plans For FY23

Despite the attrition trends, the top-four companies have also witnessed a great influx of freshers in the financial year 2022. They hired over 2.2 lakh freshers in FY22 with TCS in the lead with 1,00,000 workers, and have plans to hire at least 1.6 lakh freshers in the current period.  

For the current year, they have set their sights on at least 50,000 by Infosys in India and abroad, TCS with an initial target of 40,000, Wipro aiming for 38,000, and HCL for 35,000 freshers. Though these numbers are just an initial estimate and might vary once the hiring starts. In the previous year, some firms nearly doubled their intake of freshers compared to the initial number.   

Also read: “We’ll Give You All” How Employers Are Attempting To Bring Employees Back To Work?  

Addressing the attrition and hiring trends, Rajesh Gopinathan, CEO of TCS said, “Fresher hiring and productive use of freshers is a long-cycle activity,” and added that the situation is manageable when the supply of workforce from increased hiring will be available for productive use.  

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