IT majors Tata Consultancy Services, Accenture and Cognizant have topped the list of each of the 2022 Top Companies list for India by LinkedIn. The professional networking platform announced it on Wednesday.
The firms in the list prioritize young talent, women’s representation, and retention, said the professional networking platform LinkedIn.
The sixth annual edition highlights the 25 best workplaces where professionals in India can grow their careers. “These 25 companies have continued to attract and retain talent by offering stability in today’s ever-changing world of work,” LinkedIn said.
Tata Consultancy Services, Accenture, and Cognizant have taken up the first, second, and third spots on the list, respectively, as the companies consistently ramp up IT investments, thus sparking more hiring and skilling opportunities.
Top companies in the IT sector are also moving towards inclusivity and representation by revising their organizational policies. The year’s list as digital transformation continues to influence India’s business landscape. 11 out of the top 25 companies were from the information technology and service industry.
Amid this digital boom, the list also features noteworthy financial organizations including EY, (#13), ICICI Bank (#14), and HDFC bank (#17), among others. This year’s list also features Publicis Groupe (#12), Arm (#21), and Bosch (#24), marking their debut as ‘LinkedIn Top Companies’ for the first time in India.
“As 23 out of the 25 top companies have offices in Bengaluru, the city has reinforced its reputation as the ‘Silicon Valley of India’,” LinkedIn said.
“The 2022 Top Companies India list spotlights the continuing influence of tech companies on India’s labour market dynamics. The companies on the list are at the vanguard of refreshed organizational policies that foster young talent, promote retention by upskilling, and boost women’s representation in the workforce. By leaning on such policies, India’s top companies are creating more employment and skilling opportunities that aid career progress in today’s disruptive world of work,” said Nirajita Banerjee, India Managing Editor, LinkedIn.
LinkedIn has also highlighted some notable workplace trends being led by the top ten companies this year. Companies are prioritizing young talent, women representation, and retention to create more jobs and skilling opportunities, as per the report.
“As businesses become location agnostic and dependency on tech intensifies, top companies are focusing on expanding their workforce to make it more competent and diverse,” the report said.
“As other companies focus on tapping young talent, IBM (#7) plans to expand to and hire from non-metro cities to cast a wide talent net,” it said.
“As India’s labour market continues to tighten, more organizations are now making it a top strategic imperative to hire, develop, and retain the right talent,” the report said.
“Further, this year’s top company TCS was able to successfully mitigate the aftermath of the ‘Great Reshuffle’ by offering promotions and growth opportunities to its employees, which helped the IT giant to maintain higher retention rates among India’s IT majors,” it said.
Infosys ranked at number four is extending tailored L&D opportunities, having onboarded over 1.2 million users on its digital reskilling platform. Cognizant is offering promotions and higher bonuses and investing in employee training to encourage long-term talent growth and retention.
As cited by the report, Accenture (#2) has moved closer to its goal of 50:50 representation with women now comprising 45 per cent of the company’s workforce, after switching to gender-neutral policies in India last year. Wipro (#6) has also taken actionable steps toward inclusion by introducing a return to work program to help women relaunch their careers after a break. The total employee strength at TCS (#1) is more than five lakh; more than two lakh of whom are working women.
As per the report, Wipro (#6) plans to hire nearly 30,000 freshers in the fiscal year 2023, up from 17,500 in FY22 while HCL Technologies (#8) is almost doubling its fresher hiring target from around 22,000 in FY22 to 40,000-45,000 in FY23 to meet the demand-supply gap for tech talent.
LinkedIn has looked at platform data across seven pillars, the most important element of career progression: ability to advance, skills growth, company stability, external opportunity, company affinity, gender diversity, and educational background.
The eligible companies must have had at least 500 employees as of December 31, 2021 in the country and attrition can be no higher than 10 per cent over the methodology time period, based on LinkedIn data.
Similarly, companies with layoffs during that time that amount to more than 10 per cent of their workforce, based on public announcements, were also ineligible. Only parent companies rank on the list; majority-owned subsidiaries and data about those subsidiaries are incorporated into the parent company score.
The list excludes all staffing and recruiting firms, educational institutions and government agencies. It also excludes LinkedIn, its parent company Microsoft and Microsoft subsidiaries.