In a promising sign of recovery, the robust earnings in the IT sector for the April-June quarter have led to a significant surge in hiring. Top tech companies in India are set to recruit nearly 90,000 freshers in the current fiscal year, IANS reports.
Rating agency ICRA forecasts the revenue growth of the Indian IT services industry to improve mildly from 2 percent in 9M FY2024, but remain modest at 3-5 percent in FY2025.
ICRA expects hiring to remain muted in the near term with gradual pick-up until the growth momentum improves. Attrition levels are expected to stabilise over the near term, inching closer to the long-term average of 12-13 percent, as overall slowdown in growth momentum and strong hiring in the previous fiscal has corrected the demand-supply mismatch witnessed earlier.
Rating agency Crisil says IT service companies have scaled back on hiring new talent, leading to a 4 percent reduction in headcount in December 2023.
A decline in attrition rates to about 13 percent in December 2023, down from 20 percent in fiscal 2023, has eased the pressure of hiring replacements at higher costs.
Hiring Plans: TCS aims to hire around 40,000 freshers in FY25.
Recent Hiring: The company added 5,452 employees in the first quarter, reversing a three-quarter drop in headcount, now totaling 606,998 employees.
Attrition Rate: The attrition rate decreased to 12.1 percent in Q1.
Strategy: Chief HR Officer Milind Lakkad emphasized campus hiring and planning based on skill gaps.
Hiring Plans: Infosys plans to recruit 15,000-20,000 freshers in FY25.
Recent Trends: The company hired 11,900 freshers in FY24, significantly down from over 50,000 in FY23.
Strategy: CFO Jayesh Sanghrajka mentioned that the hiring target for the year would depend on growth.
Hiring Plans: HCLTech intends to hire over 10,000 freshers from campuses in FY25.
Current Workforce: The company employs 219,401 people, with a net addition of 8,080 in Q1.
Hiring Plans: Wipro aims to hire around 10,000-12,000 employees in FY25, completing its backlog of fresher onboarding.
Strategy: Chief Human Resources Officer Saurabh Govil confirmed the hiring targets for the fiscal year.
Hiring Plans: Tech Mahindra plans to recruit 6,000 freshers in the current fiscal year.
Hiring Plans: Accenture is hiring graduates and post-graduates for roles at its Advanced Technology Centers in India.
This hiring spree indicates a positive outlook for the IT sector, driven by strong earnings and a strategic focus on filling skill gaps through campus recruitment.
