According to media reports, the Indian IT company services sector has created more than 500,000 new jobs in the last financial year, FY22. Most of the new jobs created were in the fresher segment.
According to data put together by specialist staffing firm Xpheno and ET, this will be double the earlier projected net growth of its active workforce for this fiscal year.
Anil Ethanur, Co-Founder, Xpheno said, “Majority of the net additions continues to be with the fresher recruitment that this sector traditionally does to build capacity for servicing future businesses.”
“The expansion hiring trends seen are encouraging as job creation in key manpower sectors is directly beneficial to the fresh graduates entering the workforce,” he added.
The manpower addition will be in a major role. The IT services sector post-pandemic is helping businesses across the globe in their digital transformation and the implementation of emerging technologies such as cloud, IoT, blockchain, and AI.
Industry experts said the creation of new jobs shows the strong business pipeline of these companies and an active order book.
Experts said that the demand for digital talent will continue unabated at technology services companies this year. This is over and above the hiring, due to a record high attrition refills when companies faced an all-time high level average annual attrition of 22-25%.
As attrition continues to be high while at the same time business growth is leading to the need for more people.
Nitin Bhatt, Technology Sector Leader, EY-India, said, “The unprecedented market opportunity around digital transformation, cloud, data analytics, and cyber security is fueling the record job creation we are witnessing in the tech services sector.”
“Net addition and creation of new jobs will continue. However, availability of digital skills will be a challenge as this talent pool is limited in supply.” He added.
Another tier 2 and tier 3 IT services players together created over 50,000 new jobs. The job creation was led by Indian IT company services marquees such as HCL, Tech Mahindra, and L&T Infotech, among others.
The sector also gained from net additions by MNCs like Accenture, Capgemini, Cognizant, IBM, Oracle, etc. Just 30 marquee companies contributed to 90% of the net headcount growth.
The net headcount addition by the top listed Indian IT services players stood at over 300,000, while the net addition by MNCs was over 160,000.
According to projected industry estimates the IT services companies were earlier expected to create about 220,000-260,000 new jobs in the last fiscal.
