The four major IT firms have announced their December 2022 quarter results. Amongst the IT majors, HCL Tech has hired the most compared to its peers Wipro, Infosys and Tata Consultancy Services (TCS). Even though. HCL Tech and Infosys net addition has slowed down in December quarter, Wipro and TCS has reduced its workforce.
HCL Tech:
HCL Tech added 2,945 employees in Q3 thus taking its employee count stood at 222,270 in the December quarter, compared to the count of 219,325 employees in Q2FY23. Year-on-year, the company’s headcount rose by 24,493 employees in Q3FY23.
In the December quarter, HCL Tech added 5,892 freshers. The IT major had added 8,359 employees in the September quarter and had hired 10,339 freshers in the same quarter.
In June 2022 period, the headcount was around 210,966 employees.
For the quarter, HCL Tech’s attrition (LTM) was at 21.7%, lower than the same September quarter of the fiscal year, where it stood at 23.8%.
Infosys:
Infosys added 1,627 employees thus taking its employee count stood at 3,46,845 in Q3FY23 as compared to 3,45,218 employees Q2FY23.
The company’s headcount stood at 2,92,067 employees in Q3FY22 quarter and Infosys’ net addition stood at 54,778 employees.
During September 2022 quarter, Infosys net addition stood at 10,032 employees year-on-year. It had hired more compared to its peers like Wipro, TCS, and HCL Tech for the second straight quarter.
In terms of attrition, Infosys recorded an attrition rate of IT services at 24.3% in Q3FY23 down by a huge 2.8% from 27.1% in September 2022 quarter. During the June 2022 quarter, the attrition rate was 28.4%. Infosys expects the attrition rate to decline further in the near term.
TCS:
TCS reduced its workforce by 2,197 employees in Q3FY23. The company’s workforce stood at 613,974 by the end of December 2022. In the September 2022 quarter, the headcount was 616,171.
In Q2FY23, the company had added 9,840 employees compared to the June 2022 quarter where the headcount stood at 606,331 employees.
On the positive front, TCS’ IT services attrition rate inched lower to 21.3% on an LTM basis from 21.5% in Q2FY23. TCS said, the attrition rate “is expected to fall further in the coming quarters.”
Wipro:
Unlike Infosys and HCL Tech, Wipro’s headcount reduced in the December 2022 quarter. The company’s total headcount stood at 258,744. In the September quarter, the company’s headcount stood at 259,179 employees, while it stood at 258,574 employees as of June 30, 2022 – a net addition of merely 605 employees.
Wipro made the lowest hiring in Q2 compared to its peers. In Q1FY23, the company added 15,446 employees. While it onboarded more than 10,000 freshers during this period.
While, the voluntary attrition moderated 180 bps from previous quarter, landing at 21.2% for the trailing twelve months for the quarter.
Notably, Wipro’s attrition rate has moderated for the third consecutive quarter. The company’s voluntary attrition measured in the trailing twelve months for the quarter was at 23.0% — a moderation of 30 basis points from the June 2022 quarter where the attrition rate was at 23.3%.
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