Software company MindTree Ltd informed that the number of employees came down by 170 in the first quarter of current financial year.
Although the gross addition of employees was 272, there was a reduction at the ‘net level’ because the “company has become selective in terms of attrition replacement,” says a report of Angel Research, quoting MindTree management.
However, MindTree has given campus job offers to some 3,000 people for the current year. The company expects three-fourths of them to join.
Currently, MindTree has 10,830 employees, of whom 10,173 are software professionals. Comparatively, at the end of the first quarter of last year, the company had on its rolls 9,577 employees, of whom 8,887 were software professionals.
Therefore, the intake of over 1,000 more employees this year is a substantial addition to the talent pool. Comparatively, in the whole of last year, MindTree’s net intake was 1,453. Angel Research sees this as a measure of confidence that MindTree has in business prospects this year.
MindTree’s management has said that its growth rate would be consistent with the 11-14 per cent projected by Nasscom for the software industry during the current year.
“To achieve this MindTree requires a minimum growth rate of 3.8 per cent from the second quarter, which looks a bit stretched,” says Angel Research.