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Employees are leaving IT giants TCS, Infosys – here’s why

<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>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>Infosys’ attrition worsened more in the January-March quarter reaching at 27.7% from 25.5% in the previous quarter.</li><li>Also, the IT major’s attrition rate is worse in the industry compared to other Indian peers.</li><li>The company is looking to hire 50,000 employees in FY23 as against 85,000 it hired in FY22.</li></ul>Infosys, India’s second-biggest information technology (IT) company in terms of market capitalisation, continues to be the biggest victim of the talent war with a high number of employees leaving the organisation. <br /><br />Infosys’ attrition worsened more in the January-March quarter reaching at 27.7% from 25.5% in the previous quarter. The IT major’s attrition rate is worse in the industry compared to other Indian peers, even more than TCS’ attrition rate of 17.4% in the same quarter. <br /><div type="image" title="infosys attrition" height="900" width="1200" msid="90826018" hostid="261"></div>However, the management at Infosys said the attrition rate has come down on a quarterly basis as against the LTM (last twelve months) data disclosed. Moreover, it expects the attrition rate to decline gradually as it also kicks off hikes from April 1. <br /><br />“Attrition for the quarter has come down by close to 5% both in percentage and absolute headcount. So we talked that last quarter attrition had actually stabilised… of course the tail effect will continue to climb. Good news is we have seen stability and of course the intervention we are looking at like the April 1 hike plan, we should continue to see some improvement in them,” said Nilanjan Roy, chief financial officer at Infosys. <br /><br />Further, the company is looking to hire more than 50,000 employees in FY23 as against 85,000 it hired in FY22. Infosys has an employee base of 3.14 lakh, half of what TCS has. <br /><br />The company’s net profit for the March quarter rose about 12% to ₹5,686 crore with revenue growth of 22.7% year-on-year at ₹32,276 crore. Infosys has set a revenue growth guidance of 13-15% for FY23. <br /><br /><br /><strong>SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/gautam-adanis-green-energy-firm-now-even-bigger-than-hdfc-bajaj-finance-bharti-airtel/articleshow/90819094.cms">Gautam Adani’s renewable energy firm now bigger than HDFC, Bajaj Finance, and Bharti Airtel</a><br /> </strong><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/web-3-0-saas-and-fintech-will-be-big-investment-focus-for-2022/articleshow/90819387.cms">Web 3.0, SaaS and fintech will be big focus areas for 2022 even though early stage investments are expected to slow down</a>

Infosys is looking to hire 50,000 employees this year while expecting the attrition rate to come down

<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>Nasdaq-listed IT firm <keyword id="28721" type="General" weightage="20" keywordseo="cognizant" source="Orion">Cognizant</keyword> is going through a bad phase in terms of employees leaving the organisation.</li><li>The attrition rate of Cognizant is 33% much more than its Indian counterparts <keyword id="6357150" type="General" weightage="20" keywordseo="tcs" source="Orion">TCS</keyword> with 11.9%, <keyword id="6354512" type="General" weightage="20" keywordseo="infosys" source="Orion">Infosys</keyword> with 20.1%.</li><li>The IT giant added a record number of employees to fill the gap.</li></ul>The Indian information technology (IT) industry is reeling with a very high number of employees leaving the firms as the demand for digital services rises and so does the talent serving it. <br /><br />US-based Cognizant in its September quarter saw 33% attrition rate, which is far more than its Indian counterparts Tata Consultancy Services (TCS) with 11.9% and Infosys with 20.1%.<br />          <div type="image" title="cognizant attri" height="900" width="1200" msid="87327381" hostid="261"></div><br />As a result of the rising attrition rate, the company has brought in a number of employees onboard. It added 17,200 new employees in the September quarter taking the total headcount to 3.18 lakh.<br /><br />“While the industry faces an unprecedented competition for talent, we attracted a record number of employees to Cognizant, and stayed focused on delivering against our client commitments and our strategic repositioning,” said Brian Humphries, chief executive officer at Cognizant.<br /><br />The issue is not limited to a few <keyword id="6357647" type="General" weightage="20" keywordseo="it-companies" source="Orion">IT companies</keyword> but across the industry and to mitigate the number of employees leaving the firm, companies are deploying measures like broad-based hikes, promotions and retention incentives.<br /><br />Meanwhile, the company reported a double digit revenue growth of 12% to $4.7 billion in the third quarter (July-September), 2021. <br />    <div type="image" title="cog rev" height="900" width="1200" msid="87328900" hostid="261"></div><br />Further, the company has guided for $18.6 billion revenue in FY2021. The company follows a January to December accounting year. <br /><br />Shares of most IT companies were trading a tad lower on Thursday morning.<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;">Share price change on October 28<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;">-0.14%<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;">HCL Technologies<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;">-0.2%<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;">L&amp;T Technology 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;">-0.19%<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;">-0.18%<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;">-0.4%<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;">Mindtree<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;">-1.12%<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;">Mphasis<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;">-1.36%<br /><br /></td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table><br />SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/nykaa-raises-2400-crore-from-174-anchor-investors/articleshow/87325004.cms">Nykaa raises nearly ₹2,400 crore in anchor investment from Government of Singapore, Goldman Sachs, JP Morgan and others</a><br /><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/nykaa-ipo-will-open-today-here-is-how-to-apply-via-bank-and-apps-like-zerodha-paytm-money/articleshow/87312035.cms">Nykaa IPO will open today — here is how to apply via bank and apps like Zerodha, Paytm Money</a>

Cognizant faces the worst attrition rate in the industry, hires record number of employees to fill the gap

<ul><li>Tata Consultancy Services (TCS), Infosys, HCL Technologies and Wipro plan to open up lateral hiring further in the next three months. </li><li>In April to June, the attrition rate — number of employees that continue with the company — have dipped for all four of them. </li><li>Although hiring will not be done to replace them immediately, aside from freshers who already have promises to come onboard, Indian IT companies will be hiring laterally to meet deal requirements.</li></ul>Every major Indian IT tech company decided to go slow on hiring or suspended hiring altogether at end of the last quarter in March. However, despite these assertions, they have continued to bring on lateral hires.<br /><br />  <div type="Article" hostid="261" msid="77082427" title="Why TCS, Infosys, Wipro and HCL Tech can expect better earnings this year ⁠— here’s what’s working for each one of them" mstype="2" mssubtype="0"></div><br /><br /><table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></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;">Company<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;">Lateral hires<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;">5,000<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;">HCL Tech<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;">2,000<br /><br /></td></tr></tbody></table><em>Source: Company earnings call</em><br /><br />One of the big reasons is attrition. Attrition rates present the speed at which employees are leaving the organisation. The lower the attrition rate, the fewer employees a company has been able to retain. <br /><br />    <div type="image" title="Attrition rates" msid="77046033" hostid="261" caption="&amp;lt;p&amp;gt;Attrition rates across TCS, Infosys, HCL Tech and Wipro for the last five quarters&amp;lt;/p&amp;gt;"></div><br /><strong>Lateral hiring continues driven by demand<br /></strong>Any freshers on-boarded before the pandemic will continue to come through albeit at a slower rate with training facilities caught in the coronavirus pandemic lurch. Meanwhile, offering any new freshers to come on board isn’t a part of the plan. <br /><br />    <div type="Article" hostid="261" msid="76995155" title="Infosys is still on the fence when it comes to making work from home a permanent change" mstype="2" mssubtype="0"></div><br />Instead, the companies are looking at lateral hires to fill the gaps where skill is needed to fulfil current deals and projects. Even at Wipro’s chief human resources officer (CHRO) Saurabh Govil claims that lateral hiring never stopped at the company. “We will continue to hire in Q2 based on demand.”<br /><br />“The downward trend in attrition continues. Expected to continue in the next quarter as well,” said HCL Technologies chief human resources officer (CHRO) Apparao VV. “Attrition has significantly come down but we will not be hiring significant numbers for immediate replacement,” he added.<br /><br />Tata Consultancy Services (TCS) didn’t hire in Q1FY21 but filled in over 4,500 positions by reskilling, cross-skilling and multiskilling the company’s existing employees. CEO Rajesh Gopinathan claims that learning intensity at the company has increased by nearly 25% between April to June.<br /><br />    <div type="Article" hostid="261" msid="76887172" title="TCS to kickstart lateral hiring and bring back 5% of its employees to offices" mstype="2" mssubtype="0"></div><br />The company is now revising its freeze on lateral hiring to meet the demand environment. “We decided to open up on the lateral hiring side and have started onboarding new associates into the TCS ecosystem,” said Gopinathan.<br /><br />Indian IT services companies — like Tata Consultancy Services (TCS), Infosys, Wipro and HCL Technologies — has been launching new initiatives for their staff. Infosys, for instance, increased the variable pay for their staffers in the first quarter of 2020-21. TCS, on the other hand, rejigged their learning module to promote employees already within the organisation. <br /><br /><strong>SEE ALSO:<br /><a href="https://www.businessinsider.in/business/corporates/news/tcs-infosys-wipro-and-tech-mahindra-what-to-expect-from-earnings/articleshow/76865753.cms">TCS and Infosys to face least impact — Indian IT companies likely to report sharp decline in revenue during first quarter</a><br /><br /><a href="https://www.businessinsider.in/careers/news/infosys-work-from-home-not-permanent-says-coo-pravin-rao/articleshow/76995155.cms">Infosys is still on the fence when it comes to making work from home a permanent change</a><br /><br /><a href="https://www.businessinsider.in/business/corporates/news/h1-b-visa-impact-on-tcs-hcl-tech-infosys-wipro-and-cognizant-after-december-2020/articleshow/76681640.cms">Two ways the H1-B visa freeze could change things for TCS, HCL Tech, Infosys and other Indian IT companies</a></strong><br />

TCS, Infosys, HCL Tech and Wipro open up lateral hiring as more people walk out the door during the COVID-19 pandemic

<ul><li>Nasdaq-listed <keyword id="28721" type="General" weightage="20" keywordseo="cognizant" source="Orion">Cognizant</keyword> Technology Solutions posted highest-ever quarterly revenue growth of 14.5% in constant currency to $4.8 billion for the fourth quarter ended December</li><li>Moreover, the company also forecasted for a highest-ever revenue growth of 8.5-11.5% for 2022.</li><li>Shares of the IT major ended 2% higher on February 2 on Nasdaq.</li></ul>Nasdaq-listed information technology (IT) major Cognizant Technology Solutions has delivered its highest-ever quarterly revenue in October to December quarter, signalling positive cues to its Indian counterparts like Infosys, TCS, Wipro etc. It has posted a revenue growth of 14.5% in constant currency to $4.8 billion. <br /><br />Moreover, it forecasts revenue growth of 8.5-11.5% in constant currency for next year 2022 at $20.0-$20.5 billion. The company follows the calendar year for its financial performance.<br /><div type="image" title="cognizant rev 2" height="900" width="1200" msid="89315381" hostid="261"></div>Following strong quarterly earnings, shares of the IT major ended 2% higher on February 2 on Nasdaq.<br /><br />Another positive element in Cognizant’s earnings, which can be a sign of relief for the Indian IT industry, is its improving rate of attrition. <br /><br />Cognizant’s attrition rate has improved to 31% in the fourth quarter from 33% in the third quarter with 3.30 lakh total employees. <br /><br />“During 2021, we continued to invest in our people and strategic initiatives while navigating the heightened cost pressures driven by the labor supply demand imbalance,” said Jan Siegmund, chief financial officer at Cognizant. <br /><br />However, Cognizant still has the highest attrition rate compared to its Indian peers. <br /><div type="image" title="cognizant attrition 2" height="900" width="1200" msid="89315410" hostid="261"></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/manyavars-vedant-fashions-ipo-is-heavily-expensive-for-investors-as-per-analysts/articleshow/89299258.cms">Here’s why analysts are saying Manyavar’s IPO is heavily expensive leaving very little room for investor profit</a><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/more-employees-are-leaving-tech-mahindra-than-tcs-and-wipro/articleshow/89291721.cms">More employees are leaving Tech Mahindra than TCS and Wipro</a>

You Searched For "infosys attrition rate" and got 10 results

Employees are leaving IT giants TCS, Infosys – here’s why

Bhakti Makwana

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

BI India Bureau

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

Infosys is looking to hire 50,000 employees this year while expecting the attrition rate to come down

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

Cognizant faces the worst attrition rate in the industry, hires record number of employees to fill the gap

Bhakti Makwana

TCS, Infosys, HCL Tech and Wipro open up lateral hiring as more people walk out the door during the COVID-19 pandemic

Prabhjote Gill

Cognizant is giving positive vibes to the Indian IT industry with strong revenue growth and an improving attrition rate

Bhakti Makwana

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