India’s top four IT companies – TCS, Wipro, Infosys, and HCL have increased their hiring targets for FY22 to 160,000 freshers. The move comes on the back of companies hastening their digital transformation journey amid the pandemic along with rising attrition.
As per reports, the big 4 IT firms hired about 82,000 newcomers in FY21 and added almost 53,964 employees in the quarter ending September 2021, up from 17,076 a year ago.
Organizations worldwide have stepped forward to move on to digital formation as there has been a shift towards a normal new since the outbreak.
Technology has been more about driving business rather than just driving cost-efficiency. For example, industries in the aviation and hospitality sector were impacted severely due to the pandemic and are investing in contactless check-in facilities as restriction are being elevated slowly.
Additionally, retailers are investing in IT infrastructure to run their business online rather than just being offline.
Rajesh Gopinathan, Chief Executive Officer and Managing Director of TCS, indicated that this high demand was a once-in-a-decade opportunity. As a result, IT businesses have altered their forecasts and now expect double-digit growth.
This has resulted in a need for cloud architecture, cybersecurity, full-stack development, and AI/ML knowledge, among other capabilities.
TCS has noted the its churn rate is rising from 8.6% to 11.9% between the last quarter. Wipro and Infosys also reported an attrition rate of over 20% and HCL 15.7%. For the last quarter, the attrition stood at 10-15% for these three IT companies.
TCS's Chief Human Resources Officer, Milind Lakkad, claims that attrition may persist for the next two to three quarters.
Meanwhile, Thierry Delaporte, Wipro’s CEO and MD, says that hiring freshers has emerged as a viable option for reducing attrition while also meeting growing demand. Wipro has doubled down on its fresher intake, and they are delighted to announce that the firm is on track to add over 25,000 freshers in the coming fiscal year.