Indian IT’s Hiring Frenzy
Demand continues to be high and the IT firms have not reported a decline in deal signings despite the absence of mega deals
Top five Indian IT services companies – TCS, Infosys, HCL Tech, Wipro and Tech Mahindra – will be hiring a record nearly 1.8 lakh freshers this fiscal, as enterprises across the world move to digital.
The companies hired over 80,000 freshers in the same period last year. This momentum is likely to continue in the next year as well.
This step-up in hiring comes on the back of increasing attrition rate in these companies, as they compete to hire candidates from the limited talent pool available in the market. Over 2 lakh people the five companies added between January and December 2021 in part reflect the war for talent the industry is witnessing.
For the year ended December 2021, the five IT companies added close to 2.3 lakh employees, multifold increase from the close to 35,000 net employee addition in FY21 by the companies.
Nasdaq-listed IT services company Cognizant will be onboarding 50,000 freshers from India in CY22. The company added 33,000 freshers in CY21.
Indian technology firms are majorly focusing on upskilling programs both in India and global markets. While TCS has leveraged multiple learning tools on iON learning platform and initiatives for reskilling its global workforce, 90% of Infosys employees have learned through LEX, a platform that helps them reskill and upskill to meet the evolving requirements of the organizations. “The Top 2 Indian IT players offer integrated learning platforms for different personas of employees. Other Tier I and Tier II firms like Wipro, HCL, Tech Mahindra, Mindtree, Mphasis are working towards to create a single interface for employees for learning, upskilling, reskilling and deployment,” added the report.