TCS, Cognizant Can Increase Freshers’ Salary By 30% In 2020; HCL Will Hire 100% More Freshers This Year!
How Did This Happen?
The IT major is expected to hire over 20,000 Indian tech graduates in 2020 who are ‘digitally-skilled’.
Not only that, but it is also scaling up the average compensation for campus freshers to Rs 400,000 per annum which is an 18% surge from last year’s.
Why Would This Happen?
The company spokesperson said “We continue to be a net hirer of engineering, science, management and other graduates as well as experienced professionals. With more and more students on campuses becoming digitally ready, we have announced a 30 percent increase in our hiring of engineering and science students for 2020,”.
Also, it is expanding in India. Cognizant became operational in Mangaluru last week with its new facility that can accommodate 1,100 employees.
Presently, the company has nearly 80 clients in India across industry verticals.
According to the company, expanding the base of engineers and tech graduates is a part of its strategy to build on new-age businesses by hiring those with digital skills.
Also, its digital revenue has been growing by more than 20% year-on-year.
Hence, it is looking to strengthen its core areas of — data, digital engineering, cloud, and internet of things (IoT).
What Does Cognizant Say?
According to CEO of Cognizant, Brian Humphries, India is an attractive market.
He said “The acceptance rate for offers we have made in about 100 premier engineering campuses is more than 80%, reflecting in the company. This is much higher than recent years,”.
This hiring move comes right after extensive job cuts in Cognizant in 2019.
Earlier as many as 7,000 mid and senior-level jobs were axed – accounting for 2% of its global workforce.
The company also said that nearly 5,000 employees will be redeployed into other job roles.
Why Entry Level Salary Rising?
As per the reports, the salaries of entry-level employees in India’s information technology companies have risen faster than that of mid-level executives in the past three years as recruiters continued to focus more on hiring fresh graduates.
According to data compiled by recruitment services firm Teamlease, the salaries of entry-level employees grew nearly 15% between 2017 and 2019, compared with the mid-level salary base that increased 11% during the same period.
While those with 7-15 years of experience are considered mid-level.