HCL Technologies Breaks Industry Norms with a Surge in Q3FY24 Headcount, Soaring by 3,617

15 Jan 2024 , 11:52 AM

Contrary to the trend in the IT sector, HCLTech’s net staff addition climbed by 3,617 in the third quarter ended December 31 for fiscal year 2024, in keeping with the company’s goals to resume recruiting following two prior quarters of slowdown.

Fresher additions for the quarter was 3,818, up from 3,630 in the previous quarter. The company’s overall headcount was 224,756. Over the course of three quarters, the corporation hired 9,000 new employees. HCLTech plans to hire 10,000 new employees in fiscal year 24.

This follows a reduction in headcount over the last two quarters. In the first quarter, the company’s workforce decreased by 2,506, followed by 2,299 in the second quarter.

During the company’s earnings conference, Ramachandran Sundararajan, Chief People Officer at HCL Technologies, conveyed to the media, ‘We remain dedicated to onboarding fresh talent as per our commitments…Our attrition rate is at its lowest point in the past seven years, marking a significant 9 percent decrease compared to the previous year.’

HCLTech’s last 12-month (LTM) attrition rate for Q3 was 12.8%, compared to 14.2% the previous quarter. This is the company’s lowest attrition rate since the COVID-19 quarter in 2021. In Q3FY23, the attrition rate was 21.70%.

Its rival Infosys reported a workforce loss of around 6,101 in Q3 FY24, TCS’s headcount decreased by 5,680 personnel, while Wipro’s headcount decreased by 4,473.

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