A multinational information technology services and consulting company, HCL Tech announced the results for the quarter that ended March 2023 (Q4FY23) period.
The company reported a net addition of 17,067 employees for the fiscal year 2023, there is a significant drop of around 57.3 percent from the 39,900 employees added in FY22.
C Vijay Kumar, CEO & MD, HCL Tech said, “Our pipeline is near an all-time high, which reflects our differentiated business mix and strong client demand for our offerings.”
“We have added 3674 employees this quarter and overall employee strength has now grown beyond 225000”, C Vijay Kumar said.
C Vijay Kumar further said, “All these set us well in FY24 for a healthy revenue growth in the 6-8 percent range with operating margins in the 18-19 percent range.”
“IN FY2023, employees delivered customer value worth $1.4 billion and more than 10,100 unique employees accessed the Value Creation Portal, generating over 15,400 ideas and 7,8300 implementations,” said HCL Tech.
Ramachandran Sundararajan, chief people officer at HCL Tech said, “The good thing is we honoured all the offers that we made, without any onboarding delays. That’s baked into our quarterly rollout plans.”
“Attrition has been a phenomenal story. In summary, the success we have had in FY23 is clearly attributable to our people strengths not only in our numbers but also in terms of skills and investments we have made through the year in our upskilling programmes,” he added.
The total workforce as on 31 March, 2023 stood at 225,944. The company onboarded over 4,480 freshers in the March quarter.
The current attrition rate stood at was at 19.5%. The LTM Attrition in the previous quarter was 21.7% which was slightly lower as compared to the September quarter of the fiscal year where it was at 23.8 percent.
The major IT services companies have started reducing hiring and started focusing on improving employee utilization rates.
