Attrition rate at HCL Tech increases to 23.8%, net profit up by 2.4%

The Company will be hiring at least 30,000 freshers in FY23

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As on 30 June 2022, HCL Technologies reported an attrition rate of 23.8 per cent. This is kind of alarming since the attrition rate was 11.8 per cent during the same period last year. The Indian software multinational does not see this figure improving immediately, as attrition rates are expected to take time to stabilise, across tech companies.

However, the net profit of the Company has gone up by 2.4 per cent, from Rs 3,205 crore during the same period last year, to Rs 3,283 crore.

Having expanded its team size in the tier 2 and tier 3 cities, including Lucknow, Madurai and Vijayawada, HCL intends to hire at least 30,000 freshers in FY23.

Presently, HCL has a workforce strength of over 2,10,000, globally and about 12-15 per cent of the employees are working from the office.

Women make up a significant 28.30 per cent of the workforce. Employees belonging to 167 nationalities from across 52 countries are part of the HCL workforce.

With attrition rising in the information technology (IT) space, many companies are facing pressure or will soon do so, as it is predicted that attrition is not going to reduce very soon. This will, naturally, increase the costs pertaining to retention, bonuses and compensations.

In terms of revenue, HCL seems to have done well, with its revenue rising 16.92 per cent this year, to Rs 23,464 in the first quarter of FY21, as compared to Rs 20,068 during the same time in FY22.

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