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There is some good news for fresh engineering graduates as the IT services sector will be hiring over 1,50,000 fresh graduates in this financial year as per industry estimates.

The $150 billion industry is on a hiring mission to meet the increasing demand for technology services worldwide.

From the big four

India’s top four software exporters Tata Consultancy services (TCS), Infosys, HCL technologies and Wipro will hire over 1,20,000 freshers primarily in India.

The software giants together account for over a third of the country’s total IT services revenue. Many global corporations have stepped up their spending on digital transformation in the aftermath of the pandemic, as they secured lucrative international deals.

While speaking with The Economic Times Kamal Karanth, co-founder, Xpheno a staffing solutions firm had said that IT companies have completely exhausted their bench and are falling short in human resources for their new projects while winning large deals.

Karnath expects the demand for freshers to go up in the next 12-18 months, as hiring senior talent is expected to be a lot more expensive in the current market conditions.

Boom in hiring

In the June quarter TCS added a net of over 20,400 employees the highest ever by a company in a three month period taking the total employee tally to 5,00,000. Infosys added over 8,200 professionals, while Wipro and HCL added over 12,000 and 7,500 people respectively.

Speaking to The Economic Times, Pravin Rao, COO of Infosys said that the company is planning to expand their hiring program of college graduates to approximately 35,000 globally to meet the rising demand for digital talent and increasing attrition rates.

Companies are not only looking for new hires but are also stepping up with investments in upskilling and reskilling existing employees to meet the demand for talent in emerging technologies.

HCL Technologies has added over 19,000 employees in the last two quarters and are planning to hire over 22,000 freshers, the company Chief human resource officer, V V Appa Rao said in an interview with The Economic Times.

Increase in attrition

There has also been a sharp increase in attrition in these companies, particularly in the last quarter as these companies are trying to fill gaps. Employees having 2-10 years of experience have been the ones signing out in large numbers.

Wipro CEO Thiery Delaporte, while speaking with The Economic Times had said that attrition has become a universal issue with the pandemic making the labour force more mobile. He also adds that the company has doubled down on intake of freshers from across the world and  are reskilling their employees.

Demand to Continue

Staffing experts estimate that demand for talent will stretch into the next fiscal as well.  Wipro for instance has made offer to 30,000 graduates this year, of which 22,000 will join only next year.

While speaking with The Economic Times, Sunil C, Head, Specialized Staffing, TeamLease Digital said that the demand for digital talent has gone up by 50% in Q1, and the trend is set to continue for Q2 and rest of the year as digital talent are required in huge numbers.