Indian IT Services Sector to Have 450,000 Gross Employee Addition
Indian IT Services sector to have ~450,000 gross employee addition and ~150,000 to 175,000 Net adds in H2FY22 - Market Intelligence Firm UnearthInsight
As pandemic restrictions are almost lifted and workplaces are opening, the Indian IT industry is putting a fresh push on the paddle on hiring again. UnearthInsight, a metrics benchmarking and market intelligence firm, today unveiled its report on “IT Industry Q2 Insights & FY22 Forecast” an interesting set of analysis on hiring, attrition, and technology evolution of India’s IT Industry. The report estimates Gross employee addition of ~ 450,000 in the IT Services sector in H2FY22. With higher attrition in H2 of around 17 to 19%, the industry is expected to have a net employee addition of ~175,000 in H2FY22.
Commenting on the Insights, Mr. Gaurav Vasu, Founder and CEO UnearthInsight said “Our H2FY22 report unveils insightful findings, and it further brings out the fact that the IT Industry’s perceived “War on Talent” is real and it’s getting intense with attrition is a rising concern for the industry. It’s crucial for the industry to focus on Employee Value Proposition (EVP) even more aggressively to keep attrition in check. Also, one of the highlights of H1 is the way top IT firms have delivered Upskilling programs in completely digital format and have developed a robust infrastructure to support such initiatives. On the hiring side, the industry is expected to see a sharp momentum with the addition of around 12% more employees than H1 in the second half of the year.”
Key Hiring trends
UnearthInsight expects ~450,000 gross employee addition in the IT services sector in H2FY22, largely laterals/experienced however fresher is a large portion compared to last year.
Nearly 2,50,000 freshers to be added so far in FY22 by 30+ IT Services firms, both domestic and multinational firms in India. In fresher hiring in FY22, the top 5 companies are expected to be
- 77,000 freshers for TCS (43,000 hired in 1HFY21 + 34,000 in 2HFY22)
- 45000 freshers for Cognizant (revised earlier target of 38000)
- 45,000 freshers for Infosys (Revised earlier target of 35,000)
- 15,000 freshers for Tech Mahindra
- 22,000 freshers for HCL (30,000 for FY23)
Indian technology firms are majorly focusing on upskilling programs both in India and global markets. TCS leverages multiple learning tools on iON learning platform and initiatives for reskilling its global workforce. 90% of Infosys employees learn through LEX, a platform that helps them reskill and upskill to meet the evolving requirements of the organizations. The Top 2 Indian IT players offer integrated learning platforms for different personas of employees. Other Tier I and Tier II firms like Wipro, HCL, Tech Mahindra, Mindtree, Mphasis are working towards creating a single interface for employees for learning, upskilling, reskilling and deployment.