Cognizant, among other IT firms, plans to hire 30,000 freshers and 100000 laterals this year, which translates to on-boarding nearly 300 experienced professionals every day
India’s top IT firms – TCS, Infosys, HCL and Wipro – plan to hire more than 1 lakh freshers this fiscal, but the intent and and ability to hire are different things, explains Kamal Karanth, co-founder of specialist staffing firm Xpheno.
Cognizant, among other IT firms, plans to hire 30,000 freshers and 100000 laterals this year, which translates to on-boarding nearly 300 experienced professionals every day.
To on-board around 400 laterals a day, an IT firm would need to make offers to 700 people a day, as IT firms have a dropout ratio of more than 40 per cent, said Karanth.
This is a challenging year to hire laterals, though IT has robust hiring processes and large talent acquisition teams, says Karanth. “If the mix is 75:25 between freshers and laterals, then it’s feasible”, he added.
Especially for skills with severe shortages, offer acceptance rates have fallen dramatically. For roles like full-stack engineer, data engineer, data scientist, DevOps engineers, the offer acceptance rate at IT firms has dropped to about 45 per cent, from over 80 per cent, Xpheno data shows.
On-boarding as a proportion of total offers have dropped to less than 50 per cent for IT services firms as employees are sitting on multiple offers, said Saravanan Balasundaram, CEO of talent consultancy firm Han Digital.
Firms are taking approvals to make higher salary offers quickly so that candidates get less time to shop for other offers, he added.
Meanwhile, there has been an increase of 100 per cent in salaries for roles in cloud, cloud native, and mean stack developers, said Sriram Rajagopal, managing partner of talent solutions firm Diamondpick.
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