Tech Mahindra reported a net employee addition of 2,165 for the first quarter ending 30 June. This aligns with the company’s plans to increase its workforce this financial year.
The company onboarded around 1,000 freshers in Q1 and plans to engage in campus hiring this year to meet its target of adding 6,000 freshers for FY25. Attrition rates remained steady sequentially at 10 per cent and showed an improvement from 13 per cent in Q1 FY24.
The company emphasised that the majority of this quarter’s headcount increase came from hiring interns in the business process services (BPS) vertical. Furthermore, the company highlighted its plans to onboard more freshers in the coming quarters.
Despite this growth, the company’s headcount showed a year-on-year decline of 677, bringing the total number of employees in Q1 to 1,47,620. Additionally, the company is still assessing the situation on wage hikes and has informed employees that wage increments will be deferred to the second half of the fiscal year, contingent on the company’s performance.
In comparison, Tata Consultancy Services (TCS) added 5,452 employees on a net basis in Q1, reversing three straight quarters of decline. Meanwhile, Infosys’ headcount dropped by 1,908, Wipro added 337 employees and HCLTech’s headcount declined by 8,080 sequentially in Q1 FY25. LTIMindtree was an exception, adding around 284 employees sequentially in the same period.