• Investment World
• eWorld
• Catalyst
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources

Group Sites

• The Hindu
• Business Line
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Raja Simhan T.E.

`At senior levels, Covansys has almost nil attrition'

Chennai , May 9

COVANSYS Corporation is likely to add over 800 software technology specialists in the next six months at its development centres in India.

The addition will be greater than the company's total recruitment for 2003 . The billing headcount for Covansys in India, which does not include administrative staff, increased by 294 consultants in the fourth quarter ended December 2003 and by 672 consultants or over 50 per cent since December 2002, said a company release announcing the annual financial results.

Covansys, which provides outsourcing and integration services, has 2,800 employees at its development centres in Chennai, Mumbai and Bangalore. It is listed on the Nasdaq.

The recent announcement that Covansys will be the primary provider of outsourced information technology services to Fidelity National Financial (FNF) of US could be a major reason for the increase in headcount in India, said an industry source.

Mr K. Subramanium, President and CEO, Covansys India Pvt Ltd, declining to comment on a specific client-related data, said FNF had the potential to generate an income stream that was expected to increase the company's annual global revenues by more than five per cent by 2005. The deal is expected to yield revenues of $150 million (about Rs 650 crore) to Covansys over the next five years, the company said in a release recently.

According to Mr Subramanium, since the FNF agreement is significantly offshore-oriented it will accelerate growth for Covansys in India beginning now. The company's ability to deliver solutions to its clients in the financial sector would also get strengthened, he added.

Mr Subramanium said at senior levels Covansys had almost no attrition at all. However, at junior levels attrition is around 12 per cent to 14 per cent.

More Stories on : Human Resources | Software

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Trans Works looks for acquisition overseas

Copyright © 2004, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line