It seems that India’s IT segment has well managed the threat presented with Covid-19 with the indication of increased number of hiring in the second quarter of this financial year.
IT Companies Performing Well
As per the reports, IT majors like Infosys, Tata Consultancy Services and Wipro are showing a strong rebound in net employee hiring during the second quarter.
The positive news comes after the improved revenue performance and signing of record deals in the second quarter.
Considering the IT sector, net employee hiring is considered to be a key metric that further shows the strengthening of business.
Increased Hiring In IT Majors
Compared to the decline of 3,138 employees in Q1, Infosys’ net employee hiring increased by 975 in Q2.
On the other hand, TCS also recorded a net addition of 9,864 associates in the second quarter compared to the earlier decline of 4,788 in the first quarter when the pandemic exposure was at its peak.
In case of Wipro, they have added 3,439 associates (net), where 3,000 freshers, in Q2 as against a decline of 1,082 in Q1.
In a press release, the Global Head, Human Resources, TCS, Milind Lakkad said, “We started onboarding freshers, and increased our recruitment globally in Q2, in anticipation of the growth trajectory we see ahead,”.
Adding to the subject, the CEO and Managing Director, Wipro, Thierry Delaporte said, “The demand environment has improved from Q1. The overall pace of decision making has improved. Though, I find it still a bit slower for the larger ticket hunting deals,”.
Speedy Recovery In The IT Segment
According to Kamal Karanth, Co-Founder of Xpheno, a specialist staffing firm says, “The net headcount additions reported by Wipro, Infosys and TCS for Q2 is encouraging. This should be seen in the context of the net reduction reported in the previous quarter, “
He added, “A net addition of over 14,000 in Q2 as against a net reduction of 9,000 reported in Q1 showcases a potential V-shaped recovery in the IT services sector,”.
Here, the increase in net employee hiring grew with the revenues.
In Q2, TCS recorded a revenue of Rs 40,135 crore, which is up by 4.7 per cent QoQ and higher by 3 per cent YoY.
In similar manners, Infosys’ also reported a revenue of Rs 24,570 crore, which is a growth of 3.8 percent QoQ and 8.6 percent YoY.
While Wipro is not far behind with recorded Rs 15,115 crore in revenue, up 1.4 percent sequentially and with a marginal decrease of 0.1 percent YoY.
These firms believe that there is a better clarity in demand and now they can hire according to their earlier plan which was kept on hold.
Comments are closed, but trackbacks and pingbacks are open.