Indian biggest IT companies lost nearly 20,000 employees in the first quarter of FY24. According to Q1 data released over the past few days, three out of the countries four biggest tech companies – Wipro, Tech Mahindra and Infosys – lost employees in the quarter ended June 2023. Tata Consultancy Services meanwhile saw a net addition of 523 employees during the same period.
Infosys saw its attrition rate improve to stand at 17.3% at the end of June even as the company lost nearly 7,000 employees. According to a regulatory filing, the headcount of the employees at the firm stood at 3,36,294 at the end of June this year.
Wipro faced a similar scenario, losing nearly 9,000 employees even as voluntary attrition dropped to an 8-quarter low of 14% quarter-on-quarter. The IT services’ voluntary attrition rate for the trailing 12-month period stood at 17.3%, compared to 19.4% QoQ.
In total Wipro’s headcount declined by 8,812 in the June quarter – dropping from 258,570 at the end of FY23 to 249,758 at the end of Q1FY24.
Meanwhile reverses on the business front also impacted staffing at Tech Mahindra with the overall employee base declining by more than 6% when compared to the year-ago period. The the attrition rate however improved to 13% from the 23% in the year-ago period and 15% in the quarter-ago period.
In total the company appears to have lost 4,103 employees in the last quarter. The headcount – including software and professionals, BPO professionals, and sales and support – stood at 1,48,297 for the quarter ended June 30.
Only four of the well known Indian IT majors ended the quarter with headcount additions: Tata Consultancy Services, L&T Technology Services, Persistent, and Coforge
“Our attrition continues to trend down and we expect it to be back in our industry-leading, long term range in the second half of the year,” said TCS Chief HR Officer Milind Lakkad earlier this week.
India’s largest software services exporter announced its April-June quarter results in mid-July, revealing that its attrition rate had declined to 17.8% for the last 12 months.
According to a regulatory filing the IT major added 523 people during the quarter, bringing its total workforce up to 6,15,318 on June 30.
(With inputs from agencies)
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Updated: 28 Jul 2023, 04:56 AM IST