After almost a year of slump, the IT jobs market in India is witnessing a strong hiring boom!
According to media reports (Bloomberg Quint) quoting research firm Jefferies, hiring activity has picked up pace in the IT sector in India.
Notwithstanding the pressures and disruptions during the pandemic, the sector is seeing robust activity.
The report quoted Jefferies saying that it sees “strong hiring boom” on account of the post-pandemic rush for the outsourcing of IT jobs to India. The top five IT companies - Tata Consultancy Services (TCS), Infosys, HCL Technologies, Wipro, Tech Mahindra, are currently representing about 30% of the 44 lakh employed in Indian IT and BPO sector.
These top five IT companies hired at least 55,000 candidates in the first quarter of the ongoing fiscal, the report said. And, the big five could end the year with 1.3-1.5 lakh net hires, nearly 50% higher than the best year in the past 10 years, Jefferies reportedly said in its research co-authored by analysts Mahesh Nandurkar and Abhinav Sinha.
Jefferies’ analysis of employment data also showed that after a long gap tech companies are now offering sharp salary hikes. Faster job growth and salary hikes could help in urban sentiment recovery, the analysts said.
As per the report, the internet, e-commerce, and startup boom is maturing, and is absorbing significant talent.