Almost after a year-long freezing, hiring activity seems to have gathered pace across the IT sector in India. Wading through all the challenges and disruptions during the COVID-19 pandemic, the IT industry is now booming each day.
And with the aim of improving business environment, many IT companies are adding thousands of candidates to their workforce.
National reports suggest that top IT firms - TCS, Infosys, Wipro and HCL Technologies have plans to hire over 1 lakh fresh graduates across the campuses this fiscal. Not only freshers, the IT firms are also looking to get on board thousands of experienced candidates for future business growth.
IT giant Cognizant Technology Solutions also said it will be hiring about one lakh lateral employees this year. However, despite the hiring capability, a recent report of TOI mentioned that many big companies are facing challenges to recruit experienced candidates.
Speaking about the same, co-founder of specialist Staffing Solutions company, Xpheno, Kamal Karanth elaborated how the industries are struggling in the recruitment process. Kamal explained that with a drop-out rate close to 40%, companies will have to ensure that they make offers to around 700 candidates daily to get 400 laterals onboard in a day.
According to Xpheno data, the offer acceptance rate for profiles like full stack engineer, data engineer, data scientist and developers has also seen a dramatic drop from over 80% to nearly 45%.
There is another factor that has become a cause of concern for the IT firms. Saravanan Balasundaram, CEO of talent consultancy firm Han Digital said that experienced IT engineers are having multiple offers in hand.
What this trend has done is it has forced the companies to take exceptional approvals for offering higher salary and bonuses to continue a healthy association with the employees.
(Video Credites: Editor: Surendra Pradhan, Producer: Sanchita Mondal)