IT companies hiring as world goes digital |
Indian IT services providers led by Tata Consultancy Services, Infosys and Wipro are hiring a significant number of software engineers and other support staff to meet the growing demand for talent that can execute projects offshore for clients looking to digitally transform their businesses. TCS plans to hire over 40,000 people from campuses in 2021, while Infosys is likely to recruit nearly 25,000 people from campuses. Wipro will hire more people than 2020. Analysts of the IT sector say the top five companies including TCS, Wipro, Infosys, HCL Technologies, and Tech Mahindra will hire more than 110 thousand workers in 2021. The new fiscal has commenced with a hiring buoyancy due to higher projected attrition, fresher hiring plans, the release of pent-up demand, return of IT spending, and a re-filling of benches to stabilize utilization rates. With an attrition-linked replacement hiring of more than 120 thousand, the total hiring churn of these companies was 210 thousand in 2020. While TCS reported a record low 7.2% attrition rate in the fourth quarter of the previous fiscal year, the attrition rates rose sharply for Infosys and Wipro. Both the Bengaluru-based companies confirmed that there would be a further increase in attrition and that they were undertaking measures to retain talent. The near 15% attrition rate is at the high end of Infosys`s average and is higher than the previous quarter. This year Infosys has added 21,000 employees from campuses globally and plans are to add 25,000 from campuses. Companies such as DXC Technology, Mindtree, and others are also looking to step up hiring in the next few quarters of this financial year to manage higher attrition rates.
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