HCL Technologies’ attrition rate increased to 23.8% in the first quarter of 2022, compared with 11.8% last quarter. According to the firm, this rate will continue through the second quarter before stabilizing in the second half.
IT companies have been reporting attrition rates of over 18-20% for a few quarters now. On Tuesday, HCL posted a 2.4% increase in its first-quarter net profit at Rs 3,283 crore.
During the previous year, the company had a net profit of Rs 3,205 crore. We have continued to accelerate our talent acquisition and development efforts. This quarter, we added nearly 2,000 plus net new employees and trained 22,000 plus employees on digital skills.
HCL Plans to Hire Over 10,000 Freshers in Q2
The company plans to hire 10,000 or more freshers this quarter, leveraging entry-level talent globally. In the past few years, we have rewarded a robust train-to-deploy model that allows us to send the best talent to clients on short notice.
The results should start showing up in the next few quarters. According to HCL, the attrition rate in the IT sector will continue through the second quarter before stabilizing in the second half.
IT companies have been reporting attrition rates over 18–20% for the past few quarters. According to him, HCL’s new bookings increased by 23.4 percent year over year, and our pipeline is still very strong. For the IT company, the operating margin and EBITDA margins were 17 and 21.2 percent, respectively.
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