Indian software company Infosys reported a 2.2 percentage increase in its quarterly attrition rate on Thursday, April 14. Infosys reported a 27.7 percent attrition rate in its quarter-end March 31, 2022 earnings report, compared to 25.5 percent in the previous quarter.
Salil Parekh, Infosys CEO and MD, spoke in detail about the disappointing earnings print as well as the future.
He stated, “We have given growth guidance of 13-15%, which is very strong guidance as the year begins.” We see the pipeline in good shape, there is a strong demand environment, and we have hired 22,000 new employees in Q4. This, among other things, gives us great confidence for the future.
Parekh stated that the demand environment has improved over the past year and that we were able to raise the guidance. We are already at 13-15 percent as we begin the year. We will continue to monitor the environment and decide what to do based on that.
He said that attrition had fallen by five points compared to the previous quarter. We see that many of the initiatives we have taken (e.g., higher employee engagement, increased compensation, more opportunities on various projects across the company and career progressions) are having an impact and will have greater impact going forward. As a result, we see that attrition has decreased with all these initiatives.
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