IT Firms Fresher Hiring: India’s top IT firms, which are struggling with increasing attrition in a strong demand environment, have doubled their campus hiring. With the job market showing no signs of sluggishness, this spurt in freshers hiring is likely to continue during the upcoming financial year as well.
We often look at the hiring statistics of top companies known by the abbreviation TWITCH (TCS, Wipro, Infosys, Tech Mahindra, Cognizant, HCL Tech). Although Cognizant is listed in the US, most of its employee base is here.
Increased recruitment due to increase in attrition rate
TWITCH firms recruited a total of 2.15 lakh freshers in FY22, while the figure stood at 99,000 graduates in FY21. Cognizant’s hiring figures are for January-December.
The reason for this increase is the increase in migration in companies. Cognizant had the highest migration rate at 31 per cent, followed by Infosys, Tech Mahindra and Wipro with 25.5 per cent, 24 per cent and 22.7 per cent respectively. The high rate of migration is expected to continue in the coming quarters as well.
There is heavy competition for talent
Brian Humphreys, CEO of Cognizant, said during an earnings call last week, “There is strong demand right now. There is definitely an extraordinary competition for the talent.” He added that the company is expecting more migration throughout the year and the company is making every effort to minimize it and limit its business impact.
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All companies are increasing freshers hiring
This is the problem of almost all IT companies. Infosys CFO Nilanjan Roy said during an earnings call in January, “In terms of migration, I think it’s a big industry issue. This is not new for us and the volume in the industry is to grow mainly from freshers.” All companies are increasing freshers hiring to deal with this problem.
Benefits of hiring freshers
Satish Jayaraman, CEO of Diamondpick, a talent hiring firm, said in an interaction that hiring freshers is a good workforce strategy for IT companies. “When you recruit from the grassroots level, train them, put them in meaningful work, they quickly become productive,” he said.
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Which company will do how many recruitments
Cognizant plans to recruit a record 50,000 people from campus in 2022. HCL Tech will recruit 40,000 to 45,000 and Wipro 30,000 in FY23. Tech Mahindra is expecting to recruit 15,000 freshers. However, TCS and Infosys have not disclosed the hiring figures for FY23.
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