Persistent Systems, a Pune headquartered global IT company plans to hire 6,000 employees in Financial Year 2021-22. The hiring plan includes a mix of 2,000 freshers and about 4,000 lateral employees.
Persistent Systems has also hiked salaries from July onwards for its employees working in India by 8-10% and for those who are working in the US by 3-4%.
The company also indicated its concerns about employee attrition in the IT industry as the business sees an overall improvement due to greater focus on digitalization.
Sandeep Kalra, CEO at Persistent Systems said, “In the last three quarters, we have hired 4,200 people, which included 3,500 lateral hires, and added that the fresher to lateral hires ratio will not be the same anymore,”
Kalra said sequential pressures are being observed on the attrition front as it happens whenever the business environment is good in the sector. “There will be pressure on the talent side,” he said.
The company had 14,904 employees as of June 2021, 37 per cent higher than the same base in the year-ago period.
During the June quarter, the profit margins declined because of the visa filing-related costs and a one-time impairment hit, Sapre said, adding that both the factors will not be there going forward.
He added that it has applied for H1-B visas to send senior resources to the US, which accounts for 80 per cent of its revenues, looking at the business improvement and also as attrition controlling measure where a staff member’s career trajectory is uplifted.
The IT company scrip was trading 6.86% up at Rs. 3,023.35 apiece on the BSE as against gains of 0.36% on the benchmark.
Persistent Systems is a global solutions IT company delivering digital business acceleration and enterprise modernization. It operates through three segments: Technology Services, Alliance, and Accelerite (Products).
Persistent’s service line includes digital business strategy, CX innovation and optimization, digital product engineering, data-driven business and intelligence, and identity, access, and privacy.
The company serves the banking, financial services, insurance, healthcare and life sciences, industrial, and software and technology industries. With PTI Inputs