According to reports and Q3 financial results, the top five Indian IT companies – Tata Consultancy Services (TCS), Infosys, HCL Technologies, Wipro, and Tech Mahindra are planning to hire nearly 1.8 lakh freshers this fiscal.
These companies have recruited over 80,000 freshers in the same period last year. Hopefully, this momentum will continue in 2022 as well.
In the last quarter, These five IT companies have added close to 2.3 lakh employees, multiplied increase from the close to 35,000 net employee addition in FY21 by the IT firms.
The major reasons for the increase in freshers hiring are;
First, the demand continues to be high for specialized digital skills such as cloud, cybersecurity, artificial intelligence, machine learning, and others driven by Covid-led opportunities.
The second major reason is attrition. TCS and HCL Tech reported an attrition rate of 15.3% and 19.8% for the quarter ended December. The attrition rate for Infosys, Wipro, and Tech Mahindra stood 25.5%, 22.7%, and 24%, respectively, during the third quarter.
Third, every company is looking for IT candidates with a limited talent pool of 3-5 years of experience which leads to high attrition and a huge demand-supply gap.
All these reasons are resulting in increased fresher hiring by the IT companies.
Tata Consultancy Services (TCS) could end FY22 with fresher hiring of 100,000, the highest ever not just by the company in a financial year but also by any IT services player in India and multinationals.
It has hired 43,000 freshers in the first half of fiscal 2022, said in the third quarter itself it hired the 34,000 freshers planned for the entire second half and will likely hire more in the fourth quarter.
Infosys, India’s second-largest IT company, on Wednesday said it is planning to hire 55,000 freshers for FY22.
Wipro said it expects to hire about 30,000 freshers in FY22, as the IT services major strives to ensure that supply is not a constraint in managing the robust demand environment.
HCL Technologies is looking to hire 20,000-22,000 freshers in the fiscal ended March 31, 2022, as the demand for technology services continues to outstrip the supply of talent adept at digital skills.
Tech Mahindra has added 3,874 people in the Q3FY22 with a total headcount of 145,067. And it is looking to hire 15,000 freshers from campus in the Finacial year 2022-23.
Nilanjan Roy, Chief Financial Officer, Infosys said, “We continue to prioritize investments in talent acquisition and development and have further increased our global graduate hiring program to over 55,000 for FY22 to support our growth ambitions.”
Commenting on results Samir Seksaria, CFO, TCS said, “Our sustained investment in our talent has helped us power strong growth despite a challenging supply environment,”
“We remain focused on long-term talent development as well as on tactical measures to mitigate the talent churn.” he added.
