In September, this year's major IT giants reported their results for the fiscal quarter ending September 30, 2022 (Q2FY23) and the competition is Wipro vs Infosys vs TCS. With over 10,000 new workers in Q2, Infosys easily outpaced competitors like Tata Consultancy Services (TCS) and Wipro.
For the second consecutive quarter in FY23, Infosys hired more than its competitors. There were 3,35,186 workers as of June 30, 2022, but after hiring 10,032 more in Q2, the firm now has 3,45,218 workers. As of the end of Q2 FY22, Infosys had 2,79,617 workers. Hence the net increase from Q1 FY22 was 65,601. In addition, the attrition rate dropped significantly from Q1FY23 (28.4%) and Q2FY22 (20.1%) to Q2FY23 (27.1%). Infosys' consolidated Q2FY23 revenue per employee was $55.5k, down from $56.9k in Q1FY23 and $57.3k in Q2FY22. The company's goal was to employ 50,000 new graduates, but they've already hired 40,000. Infosys anticipates a rise in this figure during the coming year.
The company had the second-highest net increase in staffing levels compared to its competitors during the second quarter of this year. At the close of the September 2022 quarter, the total number of workers had risen to 616,171, an increase of 9,840 from the June 2022 quarter, when it had been at 606,331. Net hiring was lower than the Q1FY23 total of 14,136 from the March 2022 quarter. On a trailing twelve-month basis in Q2FY23, TCS's attrition rate was 21.5%. On October 10, TCS said it anticipates attrition to fall off in H2 of FY23 due to normalized salary expectations and talent supply catching up across the sector.
Wipro had the lowest Q2 hiring rate compared to its competitors. As of the end of the second quarter of fiscal year 23, the total number of employees at the corporation was 259,179, up from 258,574 on June 30, 2022, a gain of just 605. The number of new workers at the firm was 15,446 in Q1FY23. At the same time, more than 10,000 new students were enrolled. For the third quarter, Wipro's attrition rate has decreased, which is a positive trend. In the most recent quarter, the voluntary attrition rate at the firm was 23.0%, down from the previous quarter's 23.3%. The company's attrition rate surpassed 23% in Q4FY22, coming in at 23.8%.
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