According to the co-founder of Xpheno, Kamal Karanth, a specialist staffing firm, top Indian IT companies like Wipro, Infosys, HCL, and Tata Consultancy Services (TCS) have planned to hire over 1 lakh freshers in the current financial year. But accomplishing this target will not be an easy task for them.
The 2021 hiring plan of IT firm Cognizant, including the onboarding of around 30,000 freshers, and 1 lakh experienced professionals. To bring this plan to reality, the IT firm would have to perform the hiring of about 300 laterals per day.
Emphasizing on the dropout ratio of 40%, Mr. Kedarnath said that, an Indian IT firm would have to offer jobs to around 700 peoples every day to achieve the hiring target of 400 employees, as around 40% of them drops the job offers by IT services enterprises on daily basis.
He added that, even after having access to large talent acquisition teams, and a sorted hiring process, hiring laterals will still be a tough task for the Indian IT industry in the ongoing year. He said that the achievable freshers to laterals hiring ratio for this year could be 75:25.
One of the major reasons behind the decrease in the acceptance rates in Indian IT is considered to be the lack of relevant skills for the job offered.
According to Xpheno’s data, in past, around 80% of the job seekers used to accept the job offers for the roles of data scientist, data engineer, DevOps engineers, full-stack engineer. But now that percentage has reduced significantly to 40%.
According to the CEO of Han Digital, a talent consultancy firm, Saravanan Balasundaram the availability of multiple job offers at the same time, is the reason behind the employee’s onboarding percentage of 50%.
To deal with this scenario, firms have adopted a strategy, where they offer high salaries to job seekers very quickly from preventing them to think about other options available to them.