Tech Mahindra, a global IT services company, is reportedly experiencing a hiring slowdown and a decrease in overall headcount of 4,688 from the previous quarter. This follows a trend of increased hiring in the previous fiscal year and is part of an industry-wide move.
Despite the decrease in new hires, the company has seen an improvement in attrition rates, dropping from 17 percent in the third quarter to 15 percent in the fourth quarter. The company has been focusing on upskilling its current employees, which has contributed to the decrease in attrition rates.
While the focus continues to be on upskilling current employees, Harshvendra Soin, global chief people officer and head of marketing at Tech Mahindra expects the company to significantly increase its hiring of freshers in the current fiscal year, potentially by 2-3 times. The company has explained that hiring is not always linear and that the company’s focus on automation has contributed to greater efficiency.
The company reported a decline in net profit from the previous year, but revenue from operations grew 13 percent year-on-year. EBIT margin for the fourth quarter dropped to 9.6 percent.
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