HCL Tech Q4 results: HCL Technologies saw a net addition of over 3,600 employees in the January to March 2023 quarter during which its attrition rate fell below 20 percent for the first time in five quarters.
Tech giant HCLTechnologies saw a net addition of 3,674 employees in the January to March 2023 period of the 2022-2023 fiscal, the firm's earnings statement showed on April 20. The company also hired 4,480 freshers during the quarter under review.
HCLTech also saw attrition slip below 20 percent to 19.5 percent in Q4 for the first time in five quarters.
The total strength of India's third largest IT services company, by market cap, to 225,944 at the end of the last financial year. For the full year FY23, the company saw a net addition of more than 17,067.
HCLTech's dip in hiring compares to 821 net addition that its peer Tata Consultancy Services (TCS) saw during the quarter while Infosys’ workforce saw a net reduction of 3,611 employees.
In a post earnings presser, HCLTech’s Chief People Officer Ramachandran Sundararajan said that FY24 hiring will be moderated by the headcount addition seen in the last 2 quarters.
Reflecting on the drop in hiring, he said lateral hiring is always a function of projected growth and attrition and that one quarter’s view won't give a correct picture. Optimistic about the decreasing attrition rate, he said, a sharp quarterly decline indicates it will drop further.
Amid reports about delays in onboarding freshers and reduced remuneration, Sundararajan said HCL Tech won’t reduce fresher compensation based on market in order to get the best talent.
He also said that the IT services company won't be making any changes to variable pay plans. "It's 5 percent mostly," he said.
First Published: Apr 20, 2023 5:47 PM IST
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