IT services firm Tech Mahindra reported a net employee decline of about 3,785 employees for the quarter ended December 31, coming after two consecutive quarters of headcount growth.
On a year-on-year basis, headcount was up by 4,238.
The company’s last twelve-month (LTM) attrition has inched up to 11.2 percent up from 10.6 percent in the previous quarter.
Tech Mahindra has been on boarding freshers this fiscal year. With a target of hiring more than 6,000 freshers, the company has already added over 2,000 freshers in Q2. In Q1, the company had added about 1,000 freshers.
Speaking at the company's Q3 earnings press conference, Rohit Anand, Chief Financial Officer, Tech Mahindra said, "We are on track, we will add 6,000 people. So probably we will be in a similar range as of Q3. YTD (year-to-date) will be closer to 4,700 odd people from a fresher addition perspective."
"We will continue to be in this range that we had articulated at the beginning of the year. This is not a one-year exercise, we will continue to move forward on this journey. That is a long-term sustainable path that we have chosen from an organization standpoint," Anand said.
Mohit Joshi, CEO and MD, Tech Mahindra added, "We are investing heavily in building out training infrastructure, so that we can train these people and then quickly, over time, deploy them to productive projects."
"We are also investing in building out, apart from the training, the software infrastructure. Both the hard and the soft infrastructure. This can really allow us to get the best of the capabilities that we are bringing in from the market," Joshi said.
In comparison, rivals Tata Consultancy Services (TCS) lost 5,370 employees in Q3, Wipro lost 1,153 employees while Infosys added 5,591 employees and HCLTech added 2,134 employees respectively.
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