Net hiring in Indian IT industry more in FY22 than FY21
Net hiring of Indian IT industry in FY22 was higher than that of FY21 owing to robust demand scenario last fiscal year. However, sources in the know said that despite a strong outlook on hiring, the momentum is likely to slow down in the second half of the current financial year.
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Bengaluru, 18 June Net hiring of Indian IT industry in FY22 was higher than that of FY21 owing to robust demand scenario last fiscal year. However, sources in the know said that despite a strong outlook on hiring, the momentum is likely to slow down in the second half of the current financial year.
"Tier-I companies' net hiring for FY22 is even higher than FY21. TCS, Infosys, Wipro and HCL Technologies' net addition for FY22 was at 103,000, 53,000, 45,000, 39,000, respectively, which is higher than their net adds for FY21," said ICICI Securities in a note.
"Similar trend is visible for tier-II companies, wherein LTI, Mindtree, Coforge added employees net adds in FY22," it added. However, attrition for all the companies have moved significantly during the fourth quarter.
All large Indian IT services firms have projected to hire higher number of freshers in FY23. Wipro has announced that it would hire about 30,000 freshers in FY23. Infosys Chief Financial Officer Nilanjan Roy has said that the IT firm would offer jobs to over 50,000 more freshers in FY23. Last year, the company has hired around 85,000 freshers across campuses globally.
Market leader Tata Consultancy Services (TCS) Chief Operating Officer's N G Subramaniam had said the IT firm would hire around 40,000 freshers in FY23 but could step up hiring if needed. Similarly, HCL Technologies is planning to hire about 45,000 freshers in FY23.
However, hiring is expected to slow down in the second half of this fiscal year as demand environment shows signs of slackening owing to economic uncertainty. Moreover, lay offs in startups is leading to less attrition in the Indian IT sector.
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