The Indian IT services industry is all set to add 4.5 lakh employees between October 2021 and March 2022, with attrition on the surge and to meet the increasing demand from enterprises speeding up their digital transformation, according to a report.
The report, IT Industry Q2 Insights & FY22 Forecast, by market intelligence platform UnearthInsight, showed that this is 12 percent more compared to IT hirings in the first half of FY22.
With the demand at an all-time high, the companies will also lookout for ways for fresher hiring in the country. As per the report, “Nearly 2,50,000 freshers have been added so far in FY22 by IT services firms, both domestic and multinational firms in India.” The top companies that are hiring a large number of freshers include TCS (77,000), Infosys (45,000), Cognizant (45,000), and HCL Tech (22,000).”
“Indian technology firms are majorly focusing on upskilling programs both in India and global markets. The top two 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, and Mphasis are working towards creating a single interface for employees for learning, upskilling, reskilling and deployment,” the report said.
Attrition is at 17-19 percent in FY22 and will continue to be around 16-18 percent in FY23. “The rise in Industry attrition is largely driven by the supply-side challenges which are transient and are expected to normalize from FY23,” the report said.
Cloud will be the key domain of revenue generators for IT. The report expects the cloud services revenue to attract $80 billion-$100 billion in revenues for the IT services industry by 2030.
The software product and platform business shall see $15 billion to $20 billion in revenues by 2030 for Top Tier IT services firms, the report said.