India’s top four IT giants Tata Consultancy Services (TCS), Infosys, Wipro, and HCLTech net employees addition drops by 93% in Q3FY23. Infosys, HCL Tech, and TCS added 1,940 employees in Q3FY23.
These companies added 28,832 employees (freshers and lateral hires) in Q3FY23. On the other hand, the net addition has come down by 45% from the first quarter, the companies hired 52,842.
- TCS hired 7000 freshers in Q3 FY23
- Infosys hired 6000 freshers in Q3 FY23
- HCL Tech hired 5892 freshers in Q3 FY23
- Wipro hired 8000 freshers in Q3 FY23
The top two recruiters have even faced a drop in total headcount. TCS’s headcount dropped by 2,197 employees from the previous quarter. On the other hand, Wipro had a reduction of 435 employees.
Infosys’ total employee count stood at 3,46,845 in Q3FY23 a net addition of 1,627 employees compared to 3,45,218 employees in Q2 of FY23. In the Q3FY22 quarter Infosys, the headcount stood at 2,92,067 employees.
HCLTech’s third-quarter net addition was 2,945 during the third quarter. The closing headcount was 222,270. 8,359 freshers were onboarded at HCL Tech in Q2FY23.
The company’s attrition has significantly dropped. Hence, it is also a reason the companies have dropped new hiring.
- HCL attrition was 21.7% which was slightly lower as compared to the September quarter of the fiscal year where it was at 23.8 percent.
- TCS has reported attrition in Q3FY23 stood at 21.3 percent, a slight decline from 21.5 percent in Q2FY23 on a last-twelve-month basis.
- Infosys’ current attrition rate in Q3FY23 stood at 24.3% down from 27.1% in the September 2022 quarter.
- Wipro attrition rate has also continued to ease to 21.2% from 23% in the previous quarter.
However, these companies are expected to hire good numbers of freshers during campus hiring in FY24. TCS has said it will be hiring 1.25 lakh to 1.5 lakh employees in the financial year 2023-24 (FY24).
The current hiring slowdown is also due to economic uncertainty and a cautionary demand environment.