IT giants Infosys and Tata Consultancy Services (TCS) have increased the number of hirings in the financial year ending 2022 (FY22), to over thrice the number of hirings in FY21, in some cases.
TCS and Infosys have together hired more than 1.85 lakh freshers in FY22, given the meteoric rise in demand for technologies amid the pandemic, and as the world swifty shifted to digital for better continuity of businesses.
However, it is not just the number of hirings that have increased, the attrition rate of these IT majors have also touched multi-year highs, a trend in picture since the past three quarters, as supply side crunch became a huge challenge for the companies.
TCS and Infosys Fresher Hiring Rise in FY22
The two Indian giants have increased their hiring of freshers in FY22 to multi-year highs.
In FY21, TCS hired 40,000 freshers on campus, which surged to 1 lakh in FY22. Infosys, on the other hand, hired 21,000 campus freshers in FY21, skyrocketing the hirings over three times to 85,000 in FY22.
These numbers are just campus hirings of freshers. The count rallied to over 1.85 lakh in the past fiscal year.
In FY23, Salil Parekh, the MD & CEO of Infosys has announced to hire about 50,000 freshers, and the operations chief of TCS, NG Subramaniam has set this target to 40,000 in the year. However, both of these numbers are pegged to increase as the year proceeds.
Attrition for IT Firms Rise Too in FY22
Even though hirings in these IT companies rose largely in the last fiscal, the attrition rate climbed too.
In the Jan-Mar 2022 quarter (Q4 FY22), TCS’ attrition rose to 17.4%, up from 11.9% in the Dec 2021 quarter and 8.6% at the start of the year.
For Infosys, this figure surged from 13.9% at the start of the year to 27.7% in the March 2022 ending quarter.
According to the MD & CEO of TCS, Rajesh Gopinathan, the attrition rate is likely to rise before it moderates.
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