Hiring in the Information Technology (IT) sector has surged all-time high in the recent years. Four major service providers, namely Tata Consultancy Services (TCS), Infosys, Wipro and HCL Technologies are set to recruit more than one lakh freshers amid increased demands across sectors and skyrocketing attrition rates. The four big IT companies in the country plan to hire around 1,20,000 employees combined in this fiscal year, according to claims by the firms in their quarterly earnings update respectively.
TCS, Wipro, HCL Technologies and Infosys have ramped up their hiring projections and have added over 50,000 people in the second quarter of FY22, taking the hiring number to more than one lakh (1,02,517) in the first six months of the fiscal year. These four firms employ more than one fourth of India’s total workforce.
However, these IT companies have been witnessing a sharp increase in attrition rates, which has led them to hire more employees out of necessity. Thanks to large new deals and strong quarterly results, the IT firms are in a good shape to hire fresh graduates and mentor them.
“This has been a fulfilling quarter in more ways than one. We brought on board a record number of 43,000 fresh graduates in the last six months. Our Shift-Left training strategy has helped us significantly accelerate their deployment. Investing ahead of time in building our own pipeline of talent has helped us overcome supply-side challenges, and meet the execution timelines of our customers’ growth and transformation programs,” said Milind Lakkad, chief HR offer, TCS on Friday while announcing financial results for the quarter ending September 30.
The company also announced that it will employ another 35,000 fresh graduates in the second half of the current financial year, thereby hiring 78,000 of them in the total financial year. The attrition rate of TCS was recorded at 11.9 per cent, up from 8.6 per cent in the last quarter. The management said that they expect this trend to go on for the for the next two to three quarters.
As for Infosys, the company has projected an increase in revenue on broad-based demand across geographies and verticals, due to which the hiring process has ramped up.
“The kind of demand we are seeing is unusually high. The last time we saw this kind of demand goes back to 2010 or so,” said UB Pravin Rao, chief operating officer, Infosys.
The attrition rate increased to 20.1 per cent in the quarter ending September 30, from 13.9 per cent at the end of June. Infosys has also rolled out another round of salary hike for its employees, added Rao.
“In order to harness the full potential of the market opportunity, we are expanding our college graduates hiring program to 45,000 for the year. Simultaneously, we continue to strengthen employee value
proposition including health and wellness measures, reskilling programs, appropriate compensation interventions and enhanced career growth opportunities,” said Rao earlier this month.
Wipro on the other hand, during its second quarter earnings announcement, said that the company had hired as many as 8,100 employees in college recruitment procedures during the second quarter. Wipro has doubled down on its fresher intake, said Thierry Delaporte, managing director and CEO at the company.
“We will continue to aggressively build on this. We are well positioned to hire 25,000 freshers in the next financial year,” Delaporte was quoted as saying by the media.
HCL Technologies, meanwhile, is planning to employ around 20,000-22,000 fresh graduates from college campuses this year. It is also looking to onboard 30,000 freshers next year, said the management on Thursday.
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