Disclosing the results for the last quarter, Tech Mahindra reports that it has onboarded 14,930 new employees. With this, the total strength of the Company stands at around 1.41 lakhs.
The increase in hiring is a direct result of the increase in the attrition rate for the Company. Tech Mahindra’s attrition, for the July-September quarter, stands at 21 per cent. The attrition rate for last quarter was pegged at 17 per cent.
The Company has introduced multiple measures to secure talent. The steps taken include broad-based hikes, promotions and retention incentives.
In comparison with this quarter’s hiring, the Indian multinational technology company had added around 5,200 employees in the last quarter.
Similar trends of bumped up attrition rates have been observed in the IT industry.
Infoys has posted an attrition rate of 20.1 per cent, while the rate for TCS is 11.9 per cent and Wipro recorded 20.5 per cent attrition in the previous quarter.
For Tech Mahindra, the highest attrition took place in tier I cities.
With the trend of increasing resignations, the Company also reported a fall in profit in the previous quarter as well. The IT major’s profit fell marginally from one per cent to Rs 1,339 crores.
Further, to strengthen its engineering capabilities in addressing machine learning challenges, the Tech Mahindra has acquired Lodestone, a digital engineering quality assurance provider.