Nearly 2 Lakhs Employees Hired in FY 22: by TCS, Infosys, HCL – amid robust growth, alarming attrition. According to data analysed by ET, India’s top three IT service providers by revenue — Tata Consultancy Services (TCS), Infosys, and HCL Technologies – added roughly 198,000 workers (net recruits) in the fiscal year 2022 (FY22).
This is 56% more than what these three corporations contributed in the previous two fiscal years combined, and only slightly less than what they added in the previous three fiscal years combined. According to ET’s data, the top three have accounted for about two-thirds of the total predicted hiring for the IT industry in FY22.
The figures show excellent revenue growth as a result of strong demand, which has led to employment expansion. Simultaneously, it has fueled worrying attrition rates.
In fact, TCS’s net hiring – at 103,000 for FY22 – has surpassed the top three companies’ combined net recruiting in any of the preceding years. “They (new jobs) represent rising demand, and businesses want to capitalise on it.” It has to be viewed in the context of the companies’ transaction wins and revenue growth over the last few years,” said Gaurav Vasu, founder and CEO of UnearthInsight.
Because of the strong demand expectation expressed by the top corporations, the IT industry’s pattern of enormous hiring is likely to continue in the current fiscal year. TCS and Infosys have forecast 45,000 and 50,000 campus hires for fiscal year 2023, respectively (FY23).Companies forecasted comparable amounts last year as well, but they greatly exceeded their expectations. In the most recent fiscal year, TCS and Infosys hired about 100,000 and 85,000 people from colleges, respectively.
HCL Tech, which employed 23,000 freshers in FY22, has maintained its original forecast of growing the number by 50% in the current fiscal year. Increased revenue The Indian IT industry is expected to add 280,000-300,000 net personnel in FY22, according to market intelligence firm UnearthInsight.
In FY22, TCS saw its highest-ever incremental revenue in a year, while Infosys expanded at its quickest rate in 11 years, driven by digital demand as customers front-loaded technology spending to pursue new revenue streams and save expenses.In FY22, the Indian IT services business grew twice as quickly as it did before the pandemic, bringing in $227 billion in sales. TCS, Infosys, and HCL Tech all had double-digit revenue growth in FY22, thanks to strong demand and record contract wins.
To be sure, the top three companies hired a total of 207,248 individuals in the previous three fiscal years – 2021, 2020, and 2019 – and 126,872 in the previous two fiscal years – 2021, 2020. In FY21, 75,987 workers were hired, followed by 50,885 in FY20 and 80,376 in FY19.
As a result of the high demand, salary expenses are rising, putting pressure on operational margins. As experienced workers demand substantial wage raises, these corporations are actively onboarding freshers, doubling down on campus hires. Separately, analysts say that increased demand for digital and new-age technology is compelling these organisations to go in a new direction. According to Aditya Narayan Mishra, director and chief executive of staffing services provider CIEL HR Services, digitisation programmes in large corporations and demand for new technologies such as Internet of Things, cybersecurity, blockchain, automation, data and analytics are fueling the need for freshers.
“It makes more sense to deploy someone who is new to emerging technologies than someone who is experienced,” Mishra added. Nasscom, the trade association for the IT industry, predicted earlier this year that 450,000 new positions would be produced in FY22. The entire workforce in the IT sector would reach 5 million by the end of FY22, according to the report. The industry added a net 138,000 new jobs last year (FY21).
| To Follow Our Instagram | Click Here |
| To Follow Our Twitter | Click Here |
| To Join Whatsapp | Click Here |
| To Join Telegram Channel | Click Here |
| To Join Our Facebook | Click Here |