Despite Highest Attrition Rate Among IT Giants, Infosys Records Most Employee Additions In Q2
India¡¯s second largest IT firm Infosys made the highest net additions to the workforce but it also had the highest attrition rate among IT sector giants in April-June quarter of 2022.
In the second quarter of 2022, i.e. April-June, India¡¯s second-largest IT firm Infosys made the highest net additions to the workforce but it also had the highest attrition rate among IT sector giants.
For the uninitiated, the attrition rate is a measurement of how many employees leave a company within a given period.
Infosys, which clocked a 5.7% lower net profit of Rs 5,360 crore in this quarter, had a record attrition of 28.4% in Q2, up from 27.7% at the end of Q1, i.e. January-March this year. This is the highest amongst all industry peers, including TCS, Wipro and HCL.
businessinsider
Infosys led the pack of Indian IT exporters this quarter in terms of revenue growth in constant currency, which stood at 21.4% year-on-year, as per ET.
On the other hand, this metric for India¡¯s largest IT firm TCS stood at 15.5%, HCL Technologies at 15.6% and Wipro at 17.2%.
Both TCS and Infosys¡¯ twelve-month trailing attrition rate rose during April-June 2022 from the end of March 2022, while it has fallen marginally for Wipro.
India¡¯s second-largest IT firm Infosys by employee base, Infosys, reported the highest attrition of 28.4%, signalling a jump of 0.7% from the end of last quarter, while TCS saw the highest attrition rise of 2.3% from March 2022. Meanwhile, Wipro¡¯s attrition fell from 23.% at the end of March 2022, to 23.3% as of June 30, 2022, a report by Business Today mentioned.
Infosys had the highest net addition of employees during the April-June quarter of 2022. It reportedly added 20,588 software professionals, while Wipro added 15,331 software professionals. TCS made the least addition at 14,136 employees.
Together, the three IT giants¡¯ IT headcount stands at 11.65 lakh employees at the end of June. They have cumulatively added 50,000 employees during April-June 2022.
Also Read: TCS, Infosys & HCL Among Companies Hiring Engineers Displaced Due To Ukraine-Russia War
What Infosys' CFO Said
The report also stated that Infosys Chief Financial Officer (CFO) Nilanjan Roy said in a statement, ¡°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 optimise various cost levers to drive efficiency in operations."
For the latest and interesting financial news, keep reading Indiatimes Worth. Click here.
