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HCL Tech to double fresher hiring in FY23 from 20,000 this fiscal

This comes amid huge demand for talents, and rising attrition. HCL Tech's attrition rate stood at 19.8 percent in the quarter, from 15.7 percent in Q2 FY22. The firm employs about 1.97 lakh employees.

hcl tech q3 fy22 results,hcl tech,hcl tech hiring,fresher hiring,attrition / January 14, 2022 / 08:04 PM IST
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Representative image

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Noida-based IT Services firm HCL Technologies will double its fresher hiring in FY23 as the demand for technology services continues to outstrip supply, and rising attrition.

The company will hire 20,000-22,000 freshers in FY22. So far 17,500 freshers have been on-boarded and the rest will join the company in the fourth quarter. The firm employs about 1.97 lakh employees.

Between January and December 2021, the company hired 38,095 people, of which 10,143 were added in the October to December quarter alone.

At 19.8 percent attrition is a huge concern for the firm. HCL Tech reported 15.7 percent in Q2 FY22, from 11.8 percent in the last quarter. During the earnings call on January 14, VV Apparao, Chief Human Resources officer, HCL Tech, said that while the overall attrition is high, it is 12.3 percent at the junior and senior leadership level.

To contain attrition, the company is taking several measures to address the issue. Last quarter, it announced stock options for senior hires, in addition to the salary hikes effective July 1, and 100 percent quarterly bonus for junior management. This is in a bid to address rising attrition and build the supply chain, even as the demand remains robust.

The company has also identified 600 people to be trained as next generation leaders, and charter a career path in the firm. Reskilling is another area of focus, where the company is now able to fulfil 40 percent of the new roles coming in internally.

Return to office

With vaccination gaining pace, the company saw 5-6 percent of its staff returning to offices in the second quarter. However, with the number of cases increasing, the number of employees coming to office is at 3 percent.

Business growth

The company reported 12-year-high sequential revenue growth of 15.7 percent in a quarter at Rs 22,331 crore in Q3 FY22. The company reported $2.1 billion in net new deals for the quarter, down from $2.3 billion in the July to September quarter. The company signed eight large deals in the IT services and products and platforms.

The products and platforms, which account for 13.5 percent of the revenue, saw a rebound, but the company cautioned that Q4 FY22 is a seasonally weak quarter for this space.
Swathi Moorthy
first published: Jan 14, 2022 08:04 pm

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