HCL Tech to hire 15,000 freshers, lateral hiring on hold

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HCL Tech to hire 15000 freshers, but lateral hiring on hold amid COVID-19 in 2020

On 07 May 2020, C Vijayakumar, Chief Executive Officer, HCL Technologies said the company is expected to get 15,000 freshers onboard in 2020 but it will be placing lateral hiring on hold.

Due to the Covid-19 pandemic, many customers have reduced operations and some projects are getting postponed, The company’s customers are seeking cost reduction in projects for the next one or two quarters and that the company is “very flexible in providing short-term relief.”, he said.

He added, the company is seeing both kind of impacts – “pockets of good demand in weak verticals” and “weak demand in strong verticals” given HCL Tech’s mixed portfolio mix.

“… we do not see this pandemic influencing our multi-year engagements beyond the short term, our efforts of building a strong relationship with our clients, most of them are fortune 500 or global 2000 brands, with very strong and sustainable business model gives us that confidence that in the long term they’re intact but in the short term there could be some challenges,” he explained.

HCL Technologies ended the fiscal year 2020 with the fastest growth seen among the top five Indian IT services firms. The firm grew revenue by 16.7% to $9.94 billion (Rs. 70,678 crore) in fiscal year 2020.

Whereas other IT giants, Infosys grew 9.8% with revenues of $ 12.78 billion in last fiscal, while Tata Consultancy Services, India’s largest IT firm grew 7.1% to $ 22.03 billion. Smaller rivals Wipro grew 3.8% to $ 8.6 billion and Tech Mahindra by 4.3% to $ 5.18 billion.

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