IT hiring has accelerated in the last six months growing at the rate of 30 percent, according to a report by job search portal Naukri.com.
Buoyed by rise in investments in digital ecosystem, domestic demand and startups, IT hiring has received a shot in the arm, feel experts.
Ajay Shah, Vice President and Head – Recruitment services, TeamLease, an IT staffing firm, said: "IT sentiment is great right now with huge demand driven by tech startups and digitisation by non-IT firms."
The $170 billion industry went through a period of de-growth followed by a hiring freeze.
In the last two years, the industry also went through the wave of digital disruption, where it had to shift its focus on digital from its core businesses such as support and maintenance of legacy systems as clients were looking to shift to cloud infrastructure.
However, the forecast is bright for IT as the companies have reached a level of stability as evident in the growth the IT majors witnessed in the last few quarters. Top IT companies saw better than estimated annual growth in the year and quarter ended March 31, 2019.
"The sluggishness was primarily due to high dependency in the US market. But now the companies' clientele is much more diverse," Shah explained.
Earlier, US accounted for 80 percent of the orders for IT companies while 20 percent came from other geographies. Though the US is still the major market, it is getting closer to 60-40 ration, with demand from other markets such as Europe and Asia Pacific increasing.
"In addition domestic investments are also seeing an increase as non-tech companies are also going the digital way," Shah added.
There are over 8,000 tech startups in India that are in need of IT talent and it will last for the next 18 months, pointed out Shah.
As this translates to better consumer sentiments, it reflects in better hiring. The results revealed that IT majors in India have stepped up their hiring last fiscal compared to the year before. For instance, TCS had a net addition of 29,287 employees whereas Infosys added 24,016 software professionals for the fiscal ended March 31, 2019.
Infosys said the company is looking to hire 20,000 campus graduates in FY2020. Wipro's hiring pipeline is robust and the company is set to double its campus hiring compared to last fiscal. Mindtree is expected to hire 2,000 campus graduates this year. IT majors on average giving wage hikes of 6 percent offshore and 1-1.5 percent onsite.
In fact, IT hiring has accelerated in the last six months growing at the rate of 30 percent, according to a report by job search portal Naukri.com. Sumeet Singh, CMO, InfoEdge India Ltd, said in a recent report that the IT industry will be play a key role in hiring based on its recent survey in the coming months.
According to a TeamLease Services report on 'IT hiring projections for 2019', the Indian IT industry is expected to add around 2.5 lakh new jobs this year.Though the traditional IT skills will continue to be in demand, there is a significant shift in the role the IT companies are looking for. Alka Dhingra, who was with the staffing firm TeamLease Services Ltd earlier, said that knowledge of new age technologies will be the key going forward.The Great Diwali Discount!
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