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<ul><li>IT major <keyword id="10862" type="General" weightage="20" keywordseo="wipro" source="Orion">Wipro</keyword> reported nearly 4% year-on-year growth in consolidated net profit at ₹3,087 crore for the March quarter.</li><li>The company hired 45,416 employees in FY22 taking the overall headcount to 2.43 lakh.</li><li>One of the major reasons for significant hiring is because of the continuous rise in attrition rate.</li></ul>The Bengaluru-based information technology (IT) giant Wipro just announced its financial performance in the last three month from January to March where it posted nearly 4% on year growth in consolidated net profit at ₹3,087 crore for the March quarter.<br /><br />The IT firm’s operating margin stood at 17% down 17.6% in the previous quarter. However, Thierry Delaporte, chief executive officer and managing director at Wipro addressed that the operating margins are way above the pre pandemic period. <br /><br />During the quarter, Wipro hired 45,416 employees in FY22 taking the overall headcount to 2.43 lakh. <br /><br />One of the major reasons for significant hiring is because of the continuous rise in attrition rate. <br /><div type="image" title="wipro attrition" height="900" width="1200" msid="91181464" hostid="261"></div>The high rate of employees leaving the organisation has led to the firm aggressively hiring IT professionals. Going ahead for next financial year FY23, it plans to double fresher hiring from over 45,000 in FY22. <br /><br />“We doubled our fresher intake for fiscal year 2022 as compared to previous year. Our plan is to double this again in fiscal year 2023. We have decided to increase the frequency of promotion cycles for 70% of our colleagues from junior bands,” said CEO Thierry Delaporte in a press conference after the earnings result. <br /><br /><br /><strong>SEE ALSO: </strong><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/why-are-there-power-cuts-and-heatwave-in-india/articleshow/91177785.cms">EXPLAINED: Why is there a looming power shortage in India</a><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/tips-on-beating-the-heat-amid-power-cuts/slidelist/91177432.cms">10 tips on beating the heat amid power cuts</a><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-unlikely-to-witness-a-fourth-wave-however-proper-covid-behaviour-should-be-followed-say-doctors-and-experts/articleshow/91177833.cms">India unlikely to witness a fourth wave, however, proper COVID behaviour should be followed, say doctors and experts</a>

Wipro to double fresher intake this year, promotions to be faster as employees are still jumping ship in hordes

<ul><li>Infosys’ attrition rate increased to 25.5% in the December quarter of 2021.</li><li>It now plans to hire additional 10,000 employees to make up for this increased attrition rate.</li><li>Roy further added that the company already has a pipeline of potential candidates</li></ul>IT giant Infosys plans to increase its hiring plan to over 55,000 individuals by March 2022 as the attrition rate in the company has crossed 25% compared to 20.1% three months earlier. In comparison, the attrition rate at Wipro was <a href="https://www.businessinsider.in/careers/news/wipro-plans-to-hire-30000-freshers-in-2023-as-attrition-rate-increases-to-22/articleshow/88855676.cms">22.7% in the three months</a> ending December.<br /><br />Attrition is used to describe the rate at which employees are leaving the company. “We continue to prioritize investments in talent acquisition and development and have further increased our global graduate hiring program to over 55,000 for FY22 to support our growth ambitions," Nilanjan Roy, chief financial officer at Infosys said. <br /><br />The company had earlier planned to hire 45,000 employees by the end of 2021.<br /><br />      <div type="image" title="Infosys" msid="88857005" hostid="261" caption="&amp;lt;p&amp;gt;Infosys&amp;lt;/p&amp;gt;"></div><br />Roy further added that the company already has a pipeline of potential candidates from multiple verticals including cloud, internet of things, cyber security and more. <br /><br />Roy explained that the company had a three-pronged strategy to stop people from leaving the company. These included higher rewards and compensation, upskilling and reskilling opportunities, and talent retention programmes. <br /><br />“We are also looking at differentiated talent this year when our campus hires digital specialists, who are different skill sets coming into the company. Certainly across reskilling, which continues to be a core to our fundamental business model and how we digitally scale employees, give them incentives to get reskilling in new technologies,” Roy added, explaining how they plan to increase their retention rate.<br /><br />SEE ALSO:<br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/wipro-plans-to-hire-30000-freshers-in-2023-as-attrition-rate-increases-to-22/articleshow/88855676.cms">Wipro increases hiring plan to 30,000 as attrition hits a new high</a><br />

The attrition at Infosys is worse than that at Wipro, Salil Parekh has increased hiring plan by 10,000

<ul><li>Wipro plans to increase its freshers headcount by 30,000 in 2023.</li><li>The attrition rate has gone up to 22%.</li><li>Wipro has decided to close its offices globally for the next four weeks.</li></ul>IT services giant Wipro plans to hire 30,000 freshers in 2023 as attrition rate increases to 22%. <br /><br />In the current financial year ending March 2022, the company would have hired 70% more freshers compared to last fiscal, Chief Financial Officer Jatin Dalal said.<br /><br /><br /><br /><br />Rise in attrition leads to higher employee cost and narrower margins. This has been a problem for all technology companies in India in recent months. For Wipro, the rate of employees leaving the company has been the highest in the December quarter.<br /><br />      <div type="image" title="Wipro attrition rate" msid="88855764" hostid="261" caption="&amp;lt;p&amp;gt;Wipro attrition rate&amp;lt;/p&amp;gt;"></div><br /><br />The management assured investors that it expects the attrition to moderate in the coming months and that it will not allow the lack of hands to affect the spike in demand from clients.<br /><br />Wipro has decided to close its offices globally for the next four weeks. The company CEO Delaporte stated that the return to offices would be re-calibrated based on the evolving situation of the pandemic.<br /><br /><br /><strong>SEE ALSO:<br /></strong><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/wipro-guidance-for-dollar-revenue-is-2-to-4-percent/articleshow/88854705.cms"><strong>Wipro CEO says dollar revenue will grow 2-4% in the next three months</strong></a><br />

Wipro increases hiring plan to 30,000 as attrition hits a new high

<ul><li><keyword id="10862" type="General" weightage="80" keywordseo="wipro" source="Orion">Wipro</keyword>’s board approved the merger of five of its subsidiaries into the company.</li><li>Wipro said that it has 22 accounts above the $100 million range as of September end.</li><li>Its voluntary attrition came in at a nine-quarter low of 13.4% in the second quarter.</li></ul><br />Wipro, the country’s fourth largest IT services company, reported a 2% sequential fall in constant currency revenues for the July-September quarter on Wednesday. This is the third consecutive quarter where it has reported sequential fall in revenues. Gross revenues declined 0.01% to ₹17,365 crore year-on-year. The IT major has also guided for yet another weak quarter ahead. It expects revenues to fall anywhere between 1.5-3.5% in the third quarter of FY24. The fall was steeper in its quarterly net profit, which declined by 8% in rupee terms to ₹2,667 crore against ₹2,887 crore it reported in the previous quarter. <br /><br />The Street was expecting Wipro to report a 1% sequential fall in constant currency revenues. In dollar terms, its IT segment revenues fell 2.3% to $2,713.3 million, the company said on Wednesday. <br /><br />Commenting on the quarterly numbers, <keyword id="3808309" type="General" weightage="50" keywordseo="thierry-delaporte" source="Orion">Thierry Delaporte</keyword>, Wipro’s CEO and MD, said: “Due to our higher exposure to the consulting and BFSI sector in the Americas, we have seen a higher than usual impact of macroeconomic conditions. As the markets start to turnaround, on the back of our transformation and efficiency plays, we expect to see improvement in the coming quarters.<br /><br />Wipro said that its total bookings for the quarter stood at $3.8 billion for the quarter which is 6% higher than what it was in the same quarter last year. Its large deal booking is at $1.3 billion – which is the highest it has seen in the last nine quarters. It said it has 22 accounts above the $100M range – twice as much they had in FY21.<br /><br />Wipro’s operating margin for the quarter was at 16.1%, up 10 bps QoQ. The company said it expects the margins to remain range-bound as seen in the last few quarters. <br /><br /><strong>Employees to get 80% variable pay <br /></strong><br />Wipro’s voluntary attrition has continued to moderate sequentially, coming in at a nine-quarter low of 13.4% in the second quarter. The company also said it will give 80% of the variable pay to its employees based on performance. <br /><br />It did not disclose its plans of hiring at campuses this year. “Hiring is a function of demand and benching. We are focussed on honouring our commitments made to people before going to campuses, and there are still some offers left to honour,” said Saurabh Govil, chief human resources officer at Wipro. <br /><br />The company’s board also approved a scheme of amalgamation to merge five of its wholly-owned subsidiaries with itself. The subsidiaries are Wipro HR Services, Wipro Overseas IT Services, Wipro Technology Product Services, Wipro Trademarks Holding and Wipro VLSI Design Services. <br /><br />“The scheme is subject to necessary statutory and regulatory approvals under applicable laws, including approval of the National Company Law Tribunal,” the company said. <br /><br />IT companies are facing demand headwinds in their key markets. Wipro, like other peers, had also indicated that its revenues could contract during the second quarter. In July, the company had said while announcing its first quarter earnings that it expected revenue from IT services to be in the range of $2,722 million to $2,805 million. This would translate to sequential guidance of -2 per cent to +1 per cent in constant currency terms.<br />

Wipro’s revenues fall 2% in Q2, guides for a steeper fall in Q3

<ul><li>US-based IT services company <keyword id="28721" type="General" weightage="20" keywordseo="cognizant" source="Orion">Cognizant</keyword> reported a healthy growth in revenue and profit for the March quarter, beating analyst expectations.</li><li>However, it’s the attrition rates that is one of the key takeaways from the company’s earnings.</li><li>Cognizant reported a decline in attrition rates to 26% from 31% in the previous quarter, and this could be a sign of things to come for Indian IT giants struggling to retain their employees.</li></ul>Nasdaq-listed Cognizant’s March quarter net profit for March quarter grew 11.5% on year to $563 million along with 10.9% increase in constant currency revenue growth. The company follows a January to December accounting year.<br /><br />While Cognizant’s earnings beat analyst expectations, the company made a downward revision in its revenue guidance.<br /><br />Cognizant’s revenue guidance came down marginally as now it expects full year 2022 revenue to grow 9%-11% in constant currency terms as compared to 8.5%-11.5% guided earlier.<br /><br />On the bright side, its <keyword id="505875" type="General" weightage="20" keywordseo="attrition-rate" source="Orion">attrition rate</keyword> fell down to 26% from 31% in the previous quarter, and this could be a silver lining for Indian IT majors <keyword id="6357150" type="General" weightage="20" keywordseo="tcs" source="Orion">TCS</keyword>, <keyword id="6354512" type="General" weightage="20" keywordseo="infosys" source="Orion">Infosys</keyword> and <keyword id="10862" type="General" weightage="20" keywordseo="wipro" source="Orion">Wipro</keyword>.<br /><br />“Thanks to our talented employees, we delivered on our first quarter commitments in what is an intensely competitive global labor market,” said Brian Humphries, chief executive officer in a quarterly release.<br /><br />“While the economic backdrop is uncertain, we remain optimistic about the demand outlook for our solutions,” he added.<br /><br />Despite the volatility in the employment situation in the US, Cognizant managed to bring down its attrition rates in the March quarter.<br />                    <div type="image" title="infosys, cog, tcs attrition" height="900" width="1200" msid="91334259" hostid="261"></div>“While we made sequential progress reducing voluntary attrition for the second consecutive quarter, we anticipate attrition will remain elevated for the full year and will increase in the second quarter, reflecting seasonality,” Humphries <a href="https://timesofindia.indiatimes.com/business/india-business/cognizant-reports-10-9-revenue-growth-trails-peers/articleshow/91332533.cms">reportedly</a> said in the earnings call.<br /><br />As the attrition rates came down, the company added less number of employees i.e 9,800 on a quarterly basis in Jan-Mar as against 12,200 in the previous quarter. <br /><br />On a yearly basis, Cognizant added 43,900 employees, which is way less than any of the Indian IT peers and less than half of that TCS hired in 12 months.<br /><table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Indian IT peers<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Employee addition in FY22<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total employees as of March, 2022<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,03,000<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6 lakh <br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">85,000<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.14 lakh<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">45,416<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.43 lakh<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cognizant<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">43,900 <br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.40 lakh<br /><br /></td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>    <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[]]></cdata></div><br /><br /><strong>SEE ALSO: </strong><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/second-day-to-subscribe-to-lic-ipo-post-poor-demand-on-day-1-and-gmp-falls-to-65/articleshow/91324706.cms">LIC IPO: Second day to subscribe to the issue post poor demand on Day 1; GMP falls to ₹65</a><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/reliance-jio-could-post-a-blockbuster-5000-crore-profit-in-the-march-quarter-say-analysts/articleshow/91316654.cms">Reliance Jio could post a blockbuster ₹5,000 crore profit in the March quarter, say analysts</a>

Cognizant’s latest earnings have a silver lining for Indian IT majors TCS, Infosys and Wipro

<ul><li>TCS, Infosys, Wipro are the top three information technology firms in the Indian market with over 11 lakh professionals working for the companies.</li><li>The entire IT sector has been witnessing a talent war with a high number of employees leaving the organisation for the last one year.</li><li>As a result, these firms have been hiring aggressively to make up for those leaving. Let’s see how much has changed in one fiscal year.</li></ul>For the last one year, the India’s as well as global information technology (IT) sector is going through a talent war to retain employees from leaving the organisations and spend millions on frequent promotions. <br /><br />While this has burnt a hole in the pocket of these technology firms, it has created tons of job opportunities for freshers graduating out of universities. <br /><br />Tata Consultancy Services (TCS), Infosys, Wipro are the top three information technology firms in the Indian market with over 11 lakh IT professionals working for the companies. <br /><br />Tata Group company TCS is the top IT firm in the industry with highest market capitalisation and biggest staff count.<br /><table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top three IT firms <br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hiring done in FY22 <br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total no of employees<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Consultancy Services<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.03 lakh <br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6 lakh <br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">85,000<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.14<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">45,416<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.43<br /><br /></td></tr></tbody><tbody></tbody></table>The companies have been hiring aggressively to tame high employee attrition rate. Employee attrition rate is the measure of employees who have left voluntarily or involuntarily over a period of time.<br /><br />Rate of employees leaving the organisation is highest in Infosys, second highest at Wipro and then at TCS. <br /><br />The management at TCS feels that the attrition rate is <a href="https://www.businessinsider.in/tech/enterprise/news/techies-will-continue-to-leave-tcs-at-a-higher-rate-for-a-few-more-quarters-and-later-cool-off/articleshow/90783480.cms">cooling off </a>and may come down after a few quarters.<br />  <div type="image" title="tcs, infosys, wipro attrition rate" height="900" width="1200" msid="91184456" hostid="261"></div><br /><br /><strong>SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/wipro-to-double-fresher-intake-this-year-promotions-to-be-faster-as-employees-are-still-jumping-ship-in-hordes/articleshow/91181367.cms">Wipro to double fresher intake this year, promotions to be faster as employees are still jumping ship in hordes</a><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/ahead-of-lic-ipo-paytm-money-opens-bids-of-up-to-5-lakh-through-upi/articleshow/91182034.cms">Ahead of LIC IPO, Paytm Money opens bids of up to ₹5 lakh through UPI</a><br /></strong><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/top-five-experts-to-learn-investing-in-us-stocks-from/articleshow/91182037.cms">Top five experts to learn investing in US stocks from</a><br />

TCS, Infosys, and Wipro hired 2.33 lakh employees in FY22 to tame high attrition

<ul><li>The technology company’s consolidated profit after tax grew just 2.2% sequentially in October to December.</li><li>Shares of the company slipped nearly 4% on Wednesday as investors were disappointed with the marginal growth in profits.</li><li>Adding to it, more employees left <keyword id="43217" type="General" weightage="20" keywordseo="tech-mahindra" source="Orion">Tech Mahindra</keyword> than at <keyword id="6357150" type="General" weightage="20" keywordseo="tcs" source="Orion">TCS</keyword> and <keyword id="10862" type="General" weightage="20" keywordseo="wipro" source="Orion">Wipro</keyword> in an industry that is struggling with high attrition rate.</li></ul>Shares of information technology (IT) firm Tech Mahindra slumped nearly 4% on February 2 as investors sold stocks after the company delivered lower than expected profits. <br /><br />The company's net profit increased 2.2% sequentially to ₹1,369 crore in October to December as compared to expectation of ₹1,454 crore consensus estimate of analysts tracked by <a href="https://www.bloombergquint.com/business/tech-mahindra-q3-results-profit-rises-22-but-misses-estimates-attrition-inches-up">Bloomberg</a>.<br /><br />While revenue is in line with expectations, weaker than expected margins and slower hiring is a concern, says analysts <a href="https://twitter.com/CNBCTV18Live/status/1488700416942829568">reportedly</a> at UBS investment banking firm. It also maintained a ‘sell’ rating on the stock with a target price of ₹1,260 per share. <br /><br />Adding to it, more employees are leaving Tech Mahindra than TCS and Wipro in an industry that is struggling with a high attrition rate. However, Tech Mahindra is not the only firm struggling with high attrition, every other IT firm is getting more resignations than ever before. Infosys has the highest attrition rate in the industry.<br /><table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IT companies <br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Attrition rate in Oct-Dec<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys <br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">25.5%<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">24%<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">22.7%<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15.3%<br /><br /></td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>“We continue to strengthen our presence, deliver broad-based profitable growth and value for our customers, backed by future-ready talent and niche digital capabilities,” said CP Gurnani, managing director and chief executive officer at Tech Mahindra.<br /><br />Tech Mahindra’s total headcount has increased by 19% on a yearly basis to 1.45 lakh as on December quarter. <br />          <div type="image" title="tech mahindra" height="900" width="1200" msid="89291795" hostid="261"></div><br /><table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra Q3 results<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% growth QoQ<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% growth YoY<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue growth in dollar terms<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.1%<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">17.2%<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Profit after tax <br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.2%<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.5%<br /><br /></td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table><br /><strong>SEE ALSO: </strong><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/budget-2022-nirmala-sitharaman-was-asked-these-10-questions-on-cryptocurrency-employment-inflation-in-india/slidelist/89280855.cms">India’s finance minister was asked these 10 questions and these were her answers</a><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/india-budgets-2022-for-a-trickle-down-as-slow-as-that-might-be/articleshow/89280984.cms">India budgets for a trickle down ⁠— as slow as that might be</a>

More employees are leaving Infosys, Tech Mahindra than TCS and Wipro

Talent from large IT firms has been flowing towards India's tech startups

<ul><li><keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword> saw its attrition increase from 11% to 12.1% over the last three months, ending March 31.</li><li>The IT giant’s chief human resources officer (CHRO) believes that the churn in employees is likely to keep increasing between April to June.</li><li>Analysts believe the second wave of outsourcing is upon the information technology (IT) sector and demand is likely to keep increasing for the next one year at least.</li></ul>Wipro saw an uptick in employees walking out the doors between January and March as compared to the previous quarter. While 12% is the industry average, the company believes that things aren’t going to ease up anytime soon. <br /><br />  <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/5865143"></div>]]></cdata></div><br />“Given the growth environment in the industry, we see attrition. We see continued pressure. We see attrition picking up in the first quarter [April to June],” said Saurabh Govil, Wipro’s chief human resources officer (CHRO) during the earnings call.<br /><br />There has been an explosion of opportunities in the information technology (IT) services sector as more companies look to become more digital-friendly. It’s not just Wipro, but Infosys too saw its attrition rate spike from 10% to 15% in the last three months, ending March 31.<br /><br />  <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/5865121"></div>]]></cdata></div><br />According to analysts, a second wave outsourcing is upon us. The <a href="https://www.businessinsider.in/tech/enterprise/news/rise-in-work-from-anywhere-will-lead-to-more-outsourcing-thats-an-opportunity-for-tcs-infosys-and-hcl-tech/articleshow/77864248.cms">demand for talent is high</a> and the supply pool, while ample, lacks specialisation in growing areas like the internet of things (IoT), cloud services and other arenas.<br /><br />Companies like Wipro, Infosys and TCS <a href="https://www.businessinsider.in/tech/enterprise/news/three-ways-tcs-infosys-and-other-it-giants-in-india-are-trying-to-cut-costs-but-its-not-going-to-increase-their-profitability/articleshow/76021884.cms">seem to be okay with that</a>. They pick up a large number of freshers every year and train them within the company for the roles these graduates need to fill. <br /><br />“Our hiring on campuses will be much more robust than what we have done in FY 21. We will continue to hire laterally across the globe. We will continue to invest in domain and specific skill sets,” explained Govil.<br /><br />However, there’s no guarantee that these employees won’t leave once a better offer comes along — especially if it's from another big wig competitor.<br /><br />  <div type="Article" hostid="261" msid="82085345" title="Wipro showcases best Q4 results in a decade and eyes double digit growth next year" mstype="2" mssubtype="0"></div><br /><cmsannotation type="cmsannotation" annotationid="IT companies are wooing employees to stay with wage hikes and promotions" comment="subhead" text="IT companies are wooing employees to stay with wage hikes and promotions"><span data-til="noop">IT companies are wooing employees to stay with wage hikes and promotions</span></cmsannotation><br /><br />“We see that there will be pressure on us, but the efforts that we have called out will help us sustain and control attrition, and will not impact our growth agenda,” said Govil. In <a href="https://timesofindia.indiatimes.com/business/india-business/wipro-to-roll-out-pay-hikes-from-january-1/articleshow/79616441.cms">December</a> last year, the IT giant announced wage hikes for junior employees from January 1. <br /><br />All other employees of Wipro will receive their increments in June, ‘as is usual practice’. For instance, Infosys revealed that its wage hikes will be announced in July.<br /><br />While wage hikes are a good way to retain employees, it does take a marginal toll on a company’s operating margin. <br /><br /><strong>SEE ALSO:<br /></strong><a href="https://www.businessinsider.in/business/corporates/news/wipro-showcases-best-q4-results-in-a-decade-and-eyes-double-digit-growth-next-year/articleshow/82085345.cms" id="docs-internal-guid-14500995-7fff-e658-fe9e-22ceb248aadc"><strong>Wipro showcases best Q4 results in a decade and eyes double digit growth next year</strong></a><br />

You Searched For "attrition in wipro" and got 9 results

Wipro to double fresher intake this year, promotions to be faster as employees are still jumping ship in hordes

Bhakti Makwana

The attrition at Infosys is worse than that at Wipro, Salil Parekh has increased hiring plan by 10,000

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Wipro increases hiring plan to 30,000 as attrition hits a new high

BI India Bureau

Wipro’s revenues fall 2% in Q2, guides for a steeper fall in Q3

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Cognizant’s latest earnings have a silver lining for Indian IT majors TCS, Infosys and Wipro

Bhakti Makwana

TCS, Infosys, and Wipro hired 2.33 lakh employees in FY22 to tame high attrition

Bhakti Makwana

More employees are leaving Infosys, Tech Mahindra than TCS and Wipro

Bhakti Makwana

Talent from large IT firms has been flowing towards India's tech startups

Business Insider India

Wipro fears it may lose its employees to competitors as there is an explosion of IT jobs

Prabhjote Gill

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