Indian IT Companies To Hire 360,000 Freshers In 2022

Indian IT Companies To Hire 360,000 Freshers In 2022 | A report from the cognitive intelligence platform UnearthInsight projects that Indian IT companies will hire approximately 360,000 freshers in 2022.

According to IT Industry Q3 Insights & FY22 Forecast, released on Thursday, the attrition rate is expected to grow to 22-24%, up from 22.3 percent last quarter and 19.5 percent the previous quarter. It is expected to fall to 16-18% in 2023.

Indian IT Companies To Hire 360,000 Freshers In 2022

According to the report, mid-tier and small Indian IT firms offered employee advancement bonuses and salary increases ranging from 8-12 percent.

In fiscal 2022, Indian IT services organisations are expected to grow revenues by 19-12%, the highest level ever.

“The IT industry’s growth expectation remains unaltered,” stated Gaurav Vasu, founder and CEO of UnearthInsight, “despite the nationwide severe pandemic wave in the last few weeks.”

“This fiscal year, the industry is expected to post its best-ever revenue growth and will continue to hire as planned.” “Attrition levels remain a source of concern, and they’re likely to endure for another quarter before improving in the coming fiscal year,” says the report.

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As a result of cost, skill, and teamwork, this growth momentum is expected to continue in fiscal 2023 and 2024. Due to robust growth among the top 15 to 20 Indian IT service providers and significant growth in GCC and captive industries, the Indian IT services market will reach $230 billion to $240 billion by fiscal 2022.

“Cloud and product & platform businesses at key IT organisations are enjoying excellent growth, while low-code and no-code platform penetration is gaining significant pace,” Vasu said.

According to the study, Tier-1 and Tier-2 players’ staff expenditures or wage bills (excluding contractors) will likely rise by 0.5-1 percent in FY23. During the third quarter of fiscal 2022, margins decreased as hiring, retention, and subcontracting costs increased.

TCV is expected to remain strong due to the significant platform implementation, digital transformation, and product and cloud implementation transactions across the BFSI, retail, and healthcare sectors. Indian IT Companies To Hire

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