A piece of good news for technology institutions in the country as India’s two biggest IT service providers announced that they will continue to hire in thousands from engineering colleges this financial year.
Infosys To Hire 20000 Fresh Graduates
The statement comes at a time when revenue growth is expected to remain weak in a subdued macroeconomic environment.
Infosys announced that it will hire 20,000 fresh engineering graduates this fiscal, on Thursday.
Earlier TCS also announced their commitment to stick to its annual hiring numbers of 42,000.
Contrary to this only Wipro said that it would recalibrate its campus hiring programme based on the demand environment.
Now, it remains to be seen how this hiring process works out as it will largely depend on the project ramp-ups and more deal inflows.
It is noteworthy here that any further deterioration may force the companies to proceed with caution.
Hiring In A Slow Gear
The demand from IT services companies has already started to slow down, according to the Human resource firms.
Further adding that the hiring by these companies has already been in slow gear for the last three financial years.
This is mainly affected by the huge workforce inducted a year after the pandemic as the companies rationalise.
This has also affected the need for the large numbers of software engineers as it has declined as more entry-level work gets automated and codes are written by AI agents.
While that being said, Infosys’ total headcount was up by 6,338 for the full year, with total employees at 3,23,578 as of March 31.
The IT firm’s voluntary attrition rate also rose to 14.1 percent for the fourth quarter, from 12.6 per cent a year earlier.
Similarly, TCS added 6,433 people during the year and Wipro 732 people.
Besides this, Infosys claimed that their salary hikes for the remaining section of the employees are on track which will go effective from April.
Moving ahead the chief financial officer Jayesh Sanghrajka said, “We are on track on wages. A large part of wage increments were rolled out in January and the balance is rolled out, which is effective from April 1.”
Besides this, Infosys had given 5–8 per cent hikes on average for its employees, which was lower than in previous years.
The company classifies employees’ performance into four categories including outstanding, commendable, met expectations, and needs improvement.
