Last month in April, HCLTech, a leading global technology company, reported financial results for the fourth quarter and the full year ended March 31, 2024.
HCLTech added 2,725 in Q4 and the total people count at the end of the quarter stood at 227,481. In Q3, the company added 3617 employees, and its Total Headcount stood at 224,756.
However, in Q2 IT giant reported a drop in headcount of 2,319 employees. In Q1FY24 HCLTech reported a reduction of 4,043 employees.
Though peer companies have reported a sequential drop in headcounts in FY24 expected TCS in the first quarter.
The company hired a total of 12,141 freshers during the full year. LTM attrition further moderated to 12.4% from 12.8% in the previous quarter and 19.5 per cent in the March 2023 quarter.
During the financial results announcement, Ramachandran Sundararajan Chief People Officer at HCLTech said that the company plans to adopt a hiring strategy resembling that of the previous year, with a target of incorporating over 10,000 freshers in FY25.
The company remains committed to both campus programs and initiatives for hiring fresh graduates, he added.
| Total Headcount | ||||
| Company | Q1FY24 | Q2FY24 | Q3FY24 | Q4FY24 |
| TCS | 6,15,318 | 6,08,985 | 6,03,305 | 6,01,546 |
| Infosys | 3,36,294 | 3,28,764 | 3,22,663 | 3,17,240 |
| Wipro | 249,758 | 2,44,707 | 2,40,234 | 2,34,054 |
| HCL Tech | 223,438 | 2,21,139 | 2,24,756 | 2,27,481 |
C Vijayakumar, CEO & Managing Director, HCLTech said, “HCLTech continues to lead the industry in FY24 with good USD revenue growth of 5.4% YoY during challenging times through our strong commitment to our clients and our people.”
“More importantly, we have translated this growth into even higher value creation for our shareholders with our OCF (operating cashflow) coming at $2,711 million, up 21.6% YoY, and FCF (free cashflow) at $2,584 million, up 27.7% YoY,” C Vijayakumar added.
On the other hand, Tech Mahindra reported a net employee decline of 795 sequentially for the fourth quarter ended March 31. The total headcount stood at 145,455, marking a 1% decline QoQ and a 4.6% decrease YoY.
Wipro reported a net reduction of 6,180 employees, total headcount at the end of March 2024 stood at 234,054. The company’s headcount was reduced by 24,516 in FY24.
In the January-March period, Tata Consultancy Services (TCS) saw a sequential decrease in headcount by 1,759 employees and the total workforce stood at 6,01,546 as of March 31, 2024.
In Q4FY24 and FY24, Infosys witnessed decreased hiring compared to previous quarters and fiscal years, reflecting a shifting trend.
Despite a 1.4% year-on-year revenue increase in constant currency. In Fiscal Year 24, Infosys’s headcount dropped by 25,994 YoY basis.
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