Infosys is looking to hire 50,000 employees this year while expecting the attrition rate to come down

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Infosys is looking to hire 50,000 employees this year while expecting the attrition rate to come down
BCCL
  • Infosys’ attrition worsened more in the January-March quarter reaching at 27.7% from 25.5% in the previous quarter.
  • Also, the IT major’s attrition rate is worse in the industry compared to other Indian peers.
  • The company is looking to hire 50,000 employees in FY23 as against 85,000 it hired in FY22.
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Infosys, India’s second-biggest information technology (IT) company in terms of market capitalisation, continues to be the biggest victim of the talent war with a high number of employees leaving the organisation.

Infosys’ attrition worsened more in the January-March quarter reaching at 27.7% from 25.5% in the previous quarter. The IT major’s attrition rate is worse in the industry compared to other Indian peers, even more than TCS’ attrition rate of 17.4% in the same quarter.
Infosys is looking to hire 50,000 employees this year while expecting the attrition rate to come down
However, the management at Infosys said the attrition rate has come down on a quarterly basis as against the LTM (last twelve months) data disclosed. Moreover, it expects the attrition rate to decline gradually as it also kicks off hikes from April 1.

“Attrition for the quarter has come down by close to 5% both in percentage and absolute headcount. So we talked that last quarter attrition had actually stabilised… of course the tail effect will continue to climb. Good news is we have seen stability and of course the intervention we are looking at like the April 1 hike plan, we should continue to see some improvement in them,” said Nilanjan Roy, chief financial officer at Infosys.

Further, the company is looking to hire more than 50,000 employees in FY23 as against 85,000 it hired in FY22. Infosys has an employee base of 3.14 lakh, half of what TCS has.

The company’s net profit for the March quarter rose about 12% to ₹5,686 crore with revenue growth of 22.7% year-on-year at ₹32,276 crore. Infosys has set a revenue growth guidance of 13-15% for FY23.
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