Larsen & Toubro Infotech (L&T Infotech) is hiring 4,500 freshers this year, compared to 3,000 last year, as it faces high attrition rate like rival companies Cognizant, Infosys, and TCS, etc.
As of the June quarter, the city-headquartered firm employs 38,300, of them as much as 78 per cent are deployed at its offshore centres. And a good portion of the new talent will be locally sourced from key overseas markets.
Sanjay Jalona, CEO and MD at L&T Infotech said, “We’ve plans to hire 4,500 freshers this year and we remain upbeat about our career upskilling proposition,”
The attrition rate at LTI has dropped from 18.3 per cent in Q1 of FY21 to 15.2 per cent in Q1 of FY22 as its net hiring increased from 4 per cent to 6 per cent during this period, he said and admitted that on a sequential basis, it has gone up from 12.3 per cent in the March quarter.
“We added 2,000 people in the March quarter and 2,300 in the June quarter. As against this, the whole of FY21 saw only 3,000 net additions,” Jalona said.
He further said most of the new hiring will be done in those markets where there is more need for talent or where there is more attrition.
On the emerging trends in the digital space, Jalona said cloud and all things data are the hottest opportunities because those are the technologies that help customers deal with the new normal.
On LTI’s accelerated hiring plans, Apurva Prasad of HDFC Securities said the plan addresses the talent supply-side crunch it has been facing for long now. This, clubbed with the scaling-up in products through Mosaic and Leni and partnerships with Snowflake makes LTI a good prospect from a long-term investment perspective, he said.
Manik Taneja of JM Financial too is optimistic on the attrition side saying the entire domestic IT industry is facing a battle-like situation on the talent front. But as long it continues to grow faster than the industry and innovate in exponential technologies, we are confident that will be able to attract the right talent. With PTI Inputs
