Latest Hiring News: Indian IT Firms Hired 25% Fewer Employees In FY20
Latest Hiring News: India’s top five IT services companies- Tata Consultancy Services, Infosys, HCL Technologies, Wipro and Tech Mahindra -hired 25% fewer employees in the fiscal year 2019-20, as automation picked up pace amid slower business growth and COVID-19 pandemic.
As compared to net hiring of 87,060 people in the financial year 2018-19, The five software services providers added a net 66,500 employees only. Together, they employ nearly 1.14 million people, a quarter of India’s 4.3 million technology workforce.
While organizations are trying to improve on their ability to deliver more with a lesser workforce, the subdued hiring trend is expected to prevail this year as well on account of COVID-19.
No. of employees in tier-I IT firms in the last 5 yrs
|Company|| Net |
|FY20||Attrition (In %)||Net addition||FY19||Attrition (In %)|
India’s top five IT services companies have promised to honor job offers already rolled out but have put on new hiring in the wake of the pandemic. For instance, although HCL Tech stated it would hire 15,000 freshers, it has frozen lateral hiring.
The pandemic is expected to have a short-term impact on job creation during the current fiscal year, but the declining trend in job creation is likely to continue due to the IT sector’s changing business model, analysts said.
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