Campus Hiring Alert: Mixed Trends For Freshers’ Jobs In H2FY24 According To TCS, Infosys, And HCL

Even though TCS, Infosys, and HCL Technologies, three of India’s largest IT businesses, experienced a net decrease in employment during the second quarter that ended in September 2023 (Q2 FY24), there is conflicting information on their recruiting intentions moving ahead. HCL Tech anticipates employing roughly 10,000 new employees by the end of FY24, but Infosys has no current plans to tour campuses for hiring. TCS hasn’t decided yet whether or not it will visit campuses.

TCS Employment Plans

TCS Chief Human Resources Officer Milind Lakkad said, “Our strategy of proactively hiring bright freshers and investing in training them with the right skills is paying off now,” on an analysts’ call after Q2 results on October 11. We were able to adjust our gross additions, maintaining it below the departures over the quarter, boosting the productivity and improving project results, thanks to that talent coming on stream and lower attrition.

Although he did not state so officially, the corporation is adjusting its employment plans and may or may not be visiting colleges.

TCS’ employee numbers decreased by 6,333 during the September 2023 quarter. As of September 30 of current year, it had Rs 608,985 worth of total workers, down from 6,15,318.

During the third quarter of September 2023, it saw less attrition in its IT services than in prior quarters, with a last-twelve-month attrition rate of 14.9%.

Infosys Hiring Strategies

Infosys Chief Financial Officer Nilanjan Roy said at a post-Q2 results conference that the business does not currently have any plans to recruit on college campuses and would review employment strategies every three months. Last year, the corporation employed roughly 50,000 freshmen.

“Due to that slowing down during this year, utilisation had dropped into the 70s, and as a result, you’re now seeing an improvement quarter over quarter. We still have a bench that is substantially younger. We’re educating them about new abilities, he added.

He added there was space to increase utilisation, which is now at 81.8%.

As of September 2023, Infosys has 3,28,764 total employees, down from 3,36,294 the previous quarter, a decrease of 7,530 in manpower.

The annual attrition rate for Infosys’ IT services decreased further to 14.6%.

HCL Technologies’s Plans for New Hires

Ramachandran Sundararajan, chief people officer at HCL Tech, said in a media interview on October 12 after the release of Q2 results that the business anticipates hiring 5,000 new employees between October and March of FY24, bringing the total number of fresh recruits for the year to roughly 10,000. Between April and September of FY24, HCL employed roughly 5,200 new employees.

“We maintain the program with regard to on-campus events and visits. The strategy has not changed. My coworkers are all out and about right now, touring universities,” he remarked.

The overall workforce of HCL Technologies decreased from July to September 2023 and was 2.21 lakh at the conclusion of the quarter. It represents a decrease of 2,299 workers over the prior quarter. Attrition decreased at HCL Tech to 14.2% percent.

Pay increases at Infosys, HCL, and TCS

Infosys and HCL Technologies have opted to implement compensation increases after delaying them by a quarter. Infosys will begin implementing compensation revisions in October, whilst HCL plans to begin doing so on November 1. However, TCS granted raises to its staff in Q1FY24, with top achievers receiving up to 12–15% more.

Financial Q2 Results for TCS, Infosys, and HCL Technology

TCS announced an 8.73% increase in net profit for the September 2023 quarter, bringing it to Rs 11,342 crore, to kick off the Q2 results season. From July to September 2023, its income increased by 7.92% to Rs 59,692 crore.

The Q2 net profit for Infosys increased by 3.2% to Rs 6,212 crore. From July to September 2023, its revenue rose 6.7% to Rs 38,994 crore.

HCL Tech reported a 9.83% increase in net profit for the quarter, coming in at Rs 3,832 crore. From July to September 2023, its operating revenue climbed by 8.04 percent to Rs 26,672 crore.