Bengaluru-based software major Wipro will hire 38,000 freshers in FY23, double of 19,000 freshers the company hired in the previous fiscal, at the back of huge demand for technology services and rising attrition.
Its peers TCS, Infosys and HCL Tech have also ramped up their fresher hiring plans and will hire 40,000, 50,000 and 45,000 campus hires respectively for FY23.
The company also made its highest ever addition in a year at 45,416 employees for the year ended March 31, 2022, a multi-fold jump from 14,826 people added in FY21, as demand for talent soared amid shift to digital and attrition spikes.
Wipro employs about 2,43,128 people.
However, attrition is clearly a worrying trend. The company’s attrition increased to 23.8 percent in Q4 FY22 from 15.5 percent in the beginning of the fiscal year.
To contain attrition, the company has also shifted to quarterly promotion cycles to its junior employees. Saurabh Govil, chief human resources officer, said that they are also charting out career path for the next five years to the fresh joinees.
The company reported $2.72 billion in revenue, up 3.1 percent sequentially and 34.2 percent year-on-year. For the year, the company registered $10.4 billion in revenue, up 26.9 percent year-on-year for FY22.
The company has guided for 1-3 percent sequential growth in IT services for the quarter ending June 2022.
During the earnings call on April 29, Wipro CEO & MD, Thierry Delaporte said, “This is our sixth straight quarter of strong revenue growth at or over 3 percent. We are excited with the addition of Rizing and the CAS Group to Wipro’s service offerings. With all markets, sectors and Global Business Lines now growing in double-digits year on year, we have a strong foundation for next year’s growth.”
Wipro signed 37 large deals with a total contract value of $2.3 billion in FY23.
Jatin Dalal, Chief Financial Officer said in a statement, “Our efforts on client mining have resulted in an addition of eight customers in more than $100 Mn bucket on YoY basis. We delivered operating margins of 17.7 percent for the year, after significant investments on solutions, capabilities and talent. Net Income for the year was highest ever at $1.6 billion.”
The company has been making significant acquisitions since Delaporte took charge in July 2020. So far the company had made close to 10 acquisitions, including the largest-ever acquisition of Capco at $1.45 billion and Rizing at $540 million.