The Indian IT sector appears to be booming despite grappling with a global pandemic. Freshers can now hope for a better shot at getting hired by some top IT companies such as HCL Technologies, Wipro, Tata Consultancy Services (TCS), and Infosys.
HCL Tech alone will hire up to 9000 freshers in the next six months due to its commendable growth in the September quarter. This amounts to a total of 12000 fresher hires in the current fiscal year. HCL also expects an average rise of 1.5% to 2.5% in the constant currency, which shall boost its revenue for the next two quarters. Lateral hiring and carrying out campus recruitments is one of the key steps in maintaining the current growth momentum.
We have not yet finalized. We’re doing a bottom-up exercise where we ask each of the businesses what is the growth they see. Part of it will be based on form booking, and a part of it will be based on anticipation and past numbers. But it won’t be less than 10,000. – said Apparao VV, Chief Human Resources Officer, HCL Tech
Infosys has already onboarded over 16000 freshers this fiscal year and shall recruit another 15000 in the next year. Wipro, which has recently undergone a change in leadership with Thierry Delaporte acquiring the CEO role, seems to have “robust” hiring plans in the next six months. TCS is also looking forward to recruiting over 10000 employees in the US in the following fiscal year.
We started onboarding freshers and increased our recruitment globally in Q2 in anticipation of the growth trajectory. – said Milind Lakkad, Chief Human Resources Officer, TCS
The upward trend in fresher recruitment can be attributed to an all-time low attrition rate of 8.9%. HCL Tech’s CHRO explains that lateral hires are dependent on attrition replacement. Since there has been a lesser workforce loss in this fiscal year, companies do not feel the need to make lateral hires and are inclined towards onboarding freshers only. HCL Tech’s attrition rate was as low as 12.2% in this quarter- the lowest it has been in recent years.
Massive onboarding in IT companies shows that the Indian IT sector is recovering from the financial impact of the Coronavirus pandemic. Amidst fear of large-scale layoffs at the onset of the pandemic, IT companies have been able to retain their former employees and make fresh recruitments. Companies are increasingly inclined towards hiring freshers rather than making lateral hires. It means that new graduates can now aim for a good head start to their careers despite the conditions of a sinking economy.
Hiring more freshers than lateral hires allows IT companies to onboard fresh talent in exchange for lower salaries. Moreover, companies can train young minds to develop specific skills to cater to their particular needs. Freshers are comparatively more flexible and energetic in their professional approach. This can mean great things for the IT workforce demographics in India as well.
Large-scale onboarding of freshers conveys a promising picture for India’s youth. Despite confronting a global pandemic, the Indian IT sector has maintained its momentum and stayed financially upright.