Indian software major Infosys on Thursday, April 14, reported a 2.2 percent quarterly increase in its attrition rate. In its earnings report for the quarter ended March 31, 2022, Infosys reported an attrition rate of 27.7 percent as against 25.5 percent reported in the previous quarter.
In an interview to Moneycontrol’s Chandra Srikanth, Infosys MD and CEO, Salil Parekh spoke at length about what led to the disappointing earnings print and the road ahead.
He said, “We have given a growth guidance of 13-15 percent, which is very strong guidance as we start the year. We see our pipeline in good shape, we see very good demand environment and we have recruited, in Q4, 22,000 net new employees joining and that among other things gives us very strong confidence for the future.”
On demand environment, Parekh said, “In the last year, we continue to see more traction as the year progressed and we were in a fortunate position to raise the guidance. As we start the year, we already starting at a high number, 13-15 percent and we will see, as the year progresses, what the environment holds and based on that we will decide what to do.”
Talking about attrition, he said, “Our attrition has come down by 5 points from the previous quarter. What we see, as we look ahead, is many of the initiatives we have taken, for example, greater employee engagement, compensation increases, more opportunities on different projects across the company, career progressions, we see those starting to have an impact and will have a greater impact going ahead and so we see the attrition which has come down with all of these initiatives coming in place further benefiting as we go ahead.”
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