Hiring at top four IT firms touches eight-year high of 78,500
While India’s technology sector continues to lay off employees lacking required skills, companies are also busy recruiting those with the right skill sets. This is reflected in the hiring trend of the top Indian information technology companies which touched an eight-year high of 78,500 this year.
After a dip in the previous financial year, net hiring at the top four IT companies hit an eight-year high of 78,500. The sample includes Tata Consulting Services, Infosys, Wipro, and HCL Technologies – ranked based on the size of their respective headcount.
The last time the quartet’s headcount addition exceeded the latest tally was in FY12 when the companies had recruited 81,722 employees on a net basis. In all the years from FY13 to FY18, hiring remained below 70,000.
At the end of March 2019, the aggregate employee base of the four companies stood at 9.6 lakh, 8.9% higher than the year ago. Out of this, TCS accounted for 44% of the sample’s aggregate number of employees followed by Infosys at 23.7%.
Meanwhile, while HCL Tech’s share in the sample’s employee base at 14.3% was lower than Wipro’s share of 17.8%, its revenue share exceeded that of the latter for the first time in FY19. HCL Tech’s revenues at $8,632 MN contributed 17.4% to the sample’s revenue while Wipro with $8,189 Mn of revenue on FY19, accounted for 16.5% of the sample revenue of over $ 49,534 Mn.
Just this week it was reported that HCL plans to hire about 12,000 fresh graduates from campuses in the current fiscal and would hire another 20,000 (net) people with 2-10 years of experience in 2019.
The hiring trend is good news as it is often considered as a leading indicator of demand reflecting the confidence of companies in future demand scenario. However, it still needs to be remembered that employees still need to acquire the required skills to be employable in the rapidly changing world of technology.