India’s Biggest IT Firms Will Hire 30% Less Freshers – Recession Scare?

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India's Biggest IT Firms Will Hire 30%
India's Biggest IT Firms Will Hire 30%

India’s Biggest IT Firms Will Hire 30% Less Freshers – Recession Scare?  India’s biggest IT giants TCS, Wipro, Infosys and HCL have been hiring thousands of new employees across the country. Especially, these IT firms each has appointed more than 10,000 employees in the last quarter of this fiscal year. And now TCS, Wipro, Infosys and HCL have indicated the increase in labor costs and their impact on profits at quarterly financial statements.

Considering this India’s second largest IT company Infosys has recorded the strong growth with strategic investments in talent through hiring and competitive compensation revision, chief financial officer Nilanjan Roy said. Moreover, he expects that it will reduce the attrition rate of the company. Because, Infosys has recorded 28.4 percent attrition rate in the last 12 months. Likewise, Wipro’s CEO Thierry Delaport said that, the company’s operating margins became lower which is at 15 percent.

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However, Wipro has reported gross revenue at $2.7 billion along with 23 percent attrition rate. On Following this HCL’s attrition rate stand at 23.8 percent. According to this CEO C Vijakumar, the company did not moderate any hiring based on demand. TCS has recorded 23.1 percent of attrition which reflects the impact of annual raises, the increased cost of managing talent. And it gradually normalizing travel expenses of the company.

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