IT services major HCLTech’s headcount decreased by 8,080 employees in the quarter ended June. This decline includes approximately 7,398 employees lost due to the divestment of the firm, State Street, the company said.
“We need to look at the headcount taking into account the effect of divestment of State Street. Outside of that, if you see, quarter-on-quarter it’s effectively flat,” the company’s management said in the post earnings press conference.
Th comes after HCLTech’s notable performance in Q4 of FY24, during which it achieved net increases in headcount both year-on-year and sequentially. This growth contrasted sharply with industry rivals such as Tata Consultancy Services (TCS), Infosys, and Wipro, which all reported workforce reductions during the same period.
As on June 30, the company’s total headcount stood at 219,401. The company has also onboarded 1,078 fresh graduates and plans to hire a total of 10,000 freshers during the fiscal year 2025.
“Our quota for hiring freshers keeps changing as per our requirement, and that’s we plan campus and off campus interviews. This reasonable flexibility helps us to respond to our needs vis-a-vis the demand a quarter ahead,” the management said.
Meanwhile, HCLTech’s attrition in the last twelve-month basis increased 40 basis points quarter-on-quarter to 12.8% and the company expects the rate to stabilise around the same levels in the coming quarters.
TCS added 5,452 employees on a net-to-net basis in April-June, reversing three straight quarters of decline. However, the overall headcount of TCS dropped 1,759 sequentially.
In contrast to HCLTech, on Thursday TCS saw net addition of 5,452 employees during the April-June quarter, ending its total employee count at 606,998.
For the full year in FY24, IT firms like Infosys, Wipro, and Tech Mahindra had seen a cumulative headcount drop of 70,704 employees.