India’s top IT services companies TCS, Infosys, Wipro, HCL Technologies, and Tech Mahindra, have matched the numbers of last year’s hiring in the first half of the current financial year.
According to Nasscom data, these 5 Indian IT companies have added 122546 employees from April to September 2021 compared to an estimated 138000 hiring in the previous financial year. However, these companies have added a net 68894 people in the second quarter ended September, compared with 17918 in the same period of the last year.
The software services industry in India is going through a talent crunch as the current pool of digitally skilled professionals is not enough to meet the pandemic-driven demand for digitization.
Indian IT companies are in a hire-or-poach mode, resulting in sky-rocketed salaries, with many companies choosing even non-engineering graduates to fill the skill gap.
India’s largest IT employer TCS has added 19690 employees in the second quarter of fiscal 2022 compared to 9864 in the year-ago period. Tech Mahindra hired 14930 people in the same period. On the other hand, Wipro, Infosys, and HCL Tech added over 11000 each in the Q2 of FY22. Since the national lockdown in April-June last year, these five companies have hired nearly 2.02 lakh employees.
Experts said these hiring trends would sustain for the next three years, with IT firms anticipating a talent crunch to persist for the next few quarters. The talent crunch is an industry-wide phenomenon. However, the IT sector is competing with global capability centers, offshore units of MNCs, and heavily funded startups for the same talent base.
During the earnings call, Samir Seksaria, CFO, TCS, said, “We had the vision to continue hiring in bulk numbers throughout the second half of last year and the first half of this year. We have onboarded 43000 freshers and also ramped up our organic talent development initiatives and employee engagement outreach.”
Nasdaq-listed Cognizant said it is planning to hire nearly 1 lakh associates in the current year to overcome rising attrition levels.