Posted by The Top Indian IT firms have increased their net addition nearly threefold to 2.4 lakh employees in the 2021-22 financial year compared with 90,813 last year. This is a sharp increase in the past five financial years, signalling a robust #demand environment for IT services and how the pandemic accelerated the adoption of multi-cloud strategy.
These IT firms are also battling a sharp increase in attrition rates marred by the great resignation wave and the dramatic shift to a remote working environment has made labour across all sectors and markets more mobile.
Source : Times of India, May 03, 2022
TCS added over 1 lakh employees in the 2021-22 financial year, taking the total headcount to 5.9 lakh. It plans to add at least 40,000 people in the 2023 fiscal.
Infosys hired 54,396 people during the last financial year taking its employee strength of 3.1 lakh. Its CFO Nilanjan Roy said the company plans to hire 50,000 people in FY23. Attrition spiked to 27.7% in the March quarter, from 25.5% in the previous quarter. Infosys also had higher subcontracting expenses, of Rs 16,300 crore in the 2022 fiscal, compared to Rs 9,500 crore in the previous year.
Wipro added 45,416 people in 2021-22, its highest ever, taking the headcount tally to 2.4 lakh employees. Wipro president and CHRO Saurabh Govil said the firm will double its fresher intake to 38,000 in 2022-23. Wipro hired 19,000 from campuses in the last fiscal. Total new hiring this year is expected to be 45,000. Employee attrition rates are rising for everyone, including for Wipro, where attrition rose to 23.8% in the March quarter, compared to 12.1% in the year-ago period, and 22.7% in the preceding quarter.
HCL Technologies hired 11,000 people in the March quarter and employs 2.2 lakh employees till date. The firm added 39,900 employees for the full year.
The hiring outlook is on a strong wicket due to a robust demand environment for cloud solutions that continues to grow significantly.
IT research advisory Gartner said the worldwide IT spending is projected to be $4.4 trillion in 2022, an increase of 4% from 2021, according to the latest forecast. While worldwide IT spending is estimated to grow at 4%, IT services is expected to grow at 6.8%. However, Indian IT firms are battling higher churn even as back filling and higher subcontracting expenses have dented their margins to some extent.
Credit: LinkedIn (Ramesh Kotnana)
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