Indian IT companies are planning to cut back hiring amid Europe, and America recession fears. Many Founders and CEOs of IT companies in India have said that companies need to be cautious over macroeconomic uncertainties.
Attrition in IT companies in India remains about 20% amid recession fears.
According to a report by Times Of India, Infosys, TCS, HCL and Wipro hired just 28,736 people in the second quarter of the current financial year which is nearly half of the hiring in the same quarter in the financial year 2022. HCL was recorded with the highest attrition rate of 23.8 %.Tata Consultancy Services (TCS) announced that attrition is 21 per cent in Q2FY23 while it was 19% in Q1FY23. The freshers who were hired earlier in the year were delayed with the onboarding process.
While announcing the financial results of the current year , the management of these top companies told that hiring of freshers will be continued as there will not be any impact of the macroeconomic factors
Milind Lakkad, chief HR officer at TCS, said that 10,000 more freshers will be onboarded in the second half of FY23.
HCL CEO C Vijaykumar, on the other hand, said that they would add 30,000 freshers in FY23. Wipro CEO Thierry Delaporte said that the company has decided to “really build” their strategy to hire freshers, according to TOI.
Companies plan to keep a check on the number of hires as each hire is countable and responsible for their growth.
They tend to hire generalists instead of specialists in a particular field. Recruiters and Talent acquisition heads are keen on planning whom to hire for their requirements from the pool of candidates.