The Indian IT major companies including Tata Consultancy Services (TCS), Infosys, and HCLTech have witnessed a net 78% hiring drop in FY23.
The companies have faced difficulties due to tough macroeconomic conditions. Infosys in FY23 added 29,219 people and in FY22 the company added 54,396 people with a hiring drop of over 46 percent as compared to the past financial year. The company’s attrition rate during the fourth quarter dropped to 20.9 percent, as compared to 24.3 percent in Q3 FY23.
The attrition rate in the September 2022 quarter was 27.1%. The percentage of Women Employees’ contributions as of March 31 is 39.4 percent.
TCS added 22,600 in FY23 and in FY 22 it added 1,03,000 people. There has been a decline of 78 percent as compared to the past financial year at TCS. The attrition for every quarter has seen a deep fall to 20.1 percent, continuing its downward trend from last quarter’s. The company has reported attrition in Q3FY23 stood at 21.3 percent, a slight decline from 21.5 percent in Q2FY23 on a last-twelve-month basis.
HCLTech hired 17,067 employees during FY 23 and in the fiscal year, FY 22 it added 39,900 employees with a drop of 57 percent. The company onboarded over 4,480 freshers in the March quarter. The attrition rate stood at was at 19.5%. The LTM Attrition in the previous quarter was 21.7% which was slightly lower as compared to the September quarter of the fiscal year where it was at 23.8 percent.
However, Wipro reported a 70% decline. The company saw a reduction in employee count from January to March 2023. The firm’s total headcount at the end of the March quarter slipped to 256,921 from 258,744 in the last quarter. Wipro has reduced its headcount by 1,823. In its fourth quarter voluntary attrition rate decreased to 14.1 percent.
