It’s not just Alphabet, Salesforce, Amazon, Disney and Meta that are slowing down hiring, many Indian multinationals have also hired less than the previous year. They are also experiencing lesser attrition.
Tata Consultancy Services (TCS) has added only about 800 employees (net) in Q4 and 22,600 for the whole year. Infosys, on the other hand, has hired 1,627 employees in Q4 of FY23, which is less than the previous quarter. HCL Tech onboarded a net of over 17,000 employees for FY23, again a lot lower than FY 22.
In terms of attrition, TCS is experiencing a downward trend, and so are Infosys and HCL Tech. While TCS posted an attrition rate of 20.1 per cent (last-twelve-month or LTM basis), the voluntary attrition (LTM – IT services) at Infosys was 20.9 per cent on a trailing twelve-month basis. At HCL, the attrition rate for Q4 was 19.5 per cent on (LTM basis), decreasing significantly from 21.7 per cent in the previous quarter and 21.9 per cent during the same quarter last year.
Overall revenue for TCS went up 19.1 per cent to Rs 58,229 crore for Q3. Infosys reported a 20.2 per cent year-on-year hike in consolidated revenue for December quarter at Rs 38,318 crore. HCL Tech posted a 19 per cent increase in the consolidated net income to Rs 4,096 crore for Q3.
