New Delhi: In recent times, hiring activity in the Information Technology (IT) sectors has sped up. Four major IT service providers namely Tata Consultancy Services (TCS), Infosys, Wipro, and HCL Technologies together will likely hire over 1 lakh freshers in this fiscal year. Amid increased demand across sectors and skyrocketing attrition rates, the four IT companies in India will hire around 1,20,000 freshers combined as per the claims by the firms in their quarterly earnings update respectively.
TCS, Wipro, HCL Technologies, and Infosys have sped up their hiring projections and have added more than 50,000 employees in the second quarter of FY22, with recruitment numbers reaching over one lakh ((1,02,517) in the first six months of the fiscal year. Reportedly, these four firms hire more than one-fourth of India’s total workforce.
Recently, the companies are experiencing a huge surge in attrition rates, which has enabled them to hire more employees than necessary. Owing to the large new deals and strong quarterly results, the IT firms are in a position to employ fresh graduates and mentor them.
Announcing the financial results for the quarter ending September 30, Milind Lakkad, chief HR officer of TCS stated this Friday, “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.”
Besides, TCS has announced that it would hire additional 35,000 fresh graduates in the second half of the current financial year, leading to the hiring of a total of 78,000 employees in the total financial year. The attrition rate of TCS marked an 11.9% increase from 8.6% in the last quarter. According to the management, this trend is expected to continue for the next two or three quarters.
Infosys has experienced an increase in revenue on broad-based demand across geographies and verticals, owing to which they have decided to ramp up the hiring process.
“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 company underwent an increase in attrition rate to 20.1% in the quarter ending September 30 from 13.9% experienced at the end of June. Rao added that Infosys has rolled out another round of salary hikes for its existing employees.
“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,” stated Rao earlier this month.
According to the announcement made by Wipro in the second-quarter earnings, the company has hired at least 8,100 employees in college recruitment procedure during the second quarter. Wipro has doubled the speed of hiring freshers, stated 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 added.
On the other hand, HCL Technologies are planning to hire around 20,000-22,000 college graduates from the campusing process this year. The management stated that the company is planning to hire 30,000 freshers next year.
