Infosys to hire 25,000 from campuses in FY22, salary hike from July, attrition 15.2% in Q4
India’s second-largest IT services firm, Infosys has announced the attrition of 15.2% for Q4, the quarter ended on March 31, 2021, a sharp spike from 10% in the previous quarter. It is very high compared to its peer company, Tata Consultancy Services (TCS), which has hit all-time low attrition of 7.2% in March ending quarter.
Chief Operating Officer of Infosys, Pravin Rao, accepted that attrition at Infosys has been in the range of 13-15%, but Q4 attrition figures were high. He said, “Our employees will continue to work from home through this health crisis, we remain focused on their wellness, including facilitating vaccination rollout for eligible employees,”
Infosys will hire more than 25,000 individuals from campuses that include 24,000 from India and 1,000 from overseas campuses in the current financial year. The company had hired around 21,000 individuals from campuses in India and overseas during the previous financial year, the company said in a virtual press meet while announcing Q4 results.
The company has hired 10,309 individuals in the March quarter and 17,248 in the previous financial year.
“We have initiated several interventions to retain the best of our employees, including salary hikes,” said Rao. He also said the company has announced salary hikes in a staggered manner. “The first salary hike was effective January 1, 2021, and the second will be in July 2021.”
The company had a total of 259,619 employees at the end of FY21, and utilisation rate of 87.7 per cent for the quarter
Infosys’s net profit for the March quarter rose 17.1% from a year ago to Rs. 5,078 crore, missing the consensus estimate of Rs. 5,210 crore in a Bloomberg survey. Fiscal fourth-quarter revenue rose 13.1% to Rs. 26,311 crore, driven by broad-based growth across sectors.
