IT Sector Records Positive Net Hiring from Top Four Firms for First Time in Two Years
Information technology companies are back on the college campus for bulk hiring with employee utilization reaching high levels; project signing, picking up, and onboarding started in a major way for the freshers who were given offer letters in the last couple of years. As a result, for the first time in the last two years, all four IT companies – Tata Consultancy Services, Cognizant, Infosys, and Wipro – have shown positive net employee hiring in the September quarter.
Yugal Joshi, Partner, Everest Group, says that these firms have pushed out their graduate requirements for quite some time now, so, this initiative does not come as a surprise.
The current demand environment continues to be uncertain, and this hiring should not be construed as a material change in demand. These graduates will join next year, and by then, more clarity will have emerged. As the demand has struggled, CFOs are being asked to drive more profitability, and therefore, they need to expand the pyramid further.
“If the demand environment improves, it will also enhance employability of people and therefore, these firms may be expecting higher attrition. They need such graduates to manage attrition spikes,” he said.
Read more at: The Hindu
