Persistent Systems, a worldwide IT business based in Pune, wants to hire 6,000 people in the fiscal year 2021-22. The hiring strategy comprises a mix of 2,000 new hires and 4,000 lateral hires.
Persistent Systems has also increased compensation for its employees in India by 8-10 per cent and those in the United States by 3-4 per cent, starting in July.
The corporation has expressed concerns regarding staff churn in the IT industry, although the business is improving overall due to a greater focus on digitization.
“In the last three quarters, we have hired 4,200 individuals, including 3,500 lateral hires,” Sandeep Kalra, CEO of Persistent Systems, said, adding that the fresher to lateral hires ratio will no longer remain the same.
According to Kalra, there are sequential pressures on the attrition front when the business environment is excellent in the sector. “On the talent side, there will be pressure,” he remarked.
As of June 2021, the company had 14,904 employees, up 37% from the same period the previous year.
Because of visa filing-related expenditures and a one-time impairment hit, profit margins decreased in the June quarter, Sapre said, adding that these elements will not be present in the future.
He said that it has applied for H1-B visas to deploy senior resources to the United States, which accounts for 80% of its income, to increase business and as an attrition management mechanism where a staff member’s career path is uplifted.
On the BSE, the IT company’s stock was up 6.86 per cent at Rs. 3,023.35 apiece, outperforming the benchmark by 0.36 per cent.
Persistent Systems is a global IT solutions provider that specializes in accelerating digital business and modernizing enterprises. Technology Services, Alliance, and Accelerite, are its three business segments (Products).
A digital business strategy, CX innovation and optimization, digital product engineering, data-driven business and intelligence, identity, access, and privacy are among Persistent’s services.
Banking, financial services, insurance, healthcare and life sciences, industrial, and software and technology are among the industries served by the organization.