New Delhi: The country’s top IT companies are confident about their growth and their stocks are also making a splash in the stock market, but if we look at the hiring of these companies, it has been sluggish for the last five months.
In fact, BofA Securities and Citigroup have said in a joint analysis that the revenue of Indian IT companies is estimated to increase by 14-16 percent in 202-23. IT company Infosys had reported the highest rate of change of employees at 28 percent in the June quarter, but it is fully expected to grow its growth. The company’s stock was up 1.8 percent on the NSE on Monday morning, while the shares of Wipro were showing a jump of 1.3 percent. The IT index was also trading at a gain of 1.6 percent.
What do the job figures say?
In August 2022, IT companies removed 10 percent fewer advertisements for job postings than last year. According to the job portal Naukri.com, for the first time in the last 20 months, there has been a decrease in the job postings of IT sector companies on an annual basis. Not only this, but the number of employees leaving the job in the IT sector has also come down. This has happened due to fears of a possible slowdown in the global economy.
According to a report by the web portal Job speak, the job market is still strong, but companies in the IT sector reduced job postings in August 2022. In August 2021, IT companies made tremendous job postings on the portal.
Why job postings decreased
The reason for the increase in job postings last year was pent-up demand. Now companies are advertising for jobs only after the employees leave the company or due to some growth. Due to fears of recession, employees are leaving one company and moving less to another company.
5 major IT companies have added the lowest number of employees in the last 18 months in the June quarter. IT sector companies have slowed their hiring due to fears of an economic slowdown in America. According to a survey by a Mumbai-based brokerage firm, IT services companies are heavily dependent on portals like Naukri.com and LinkedIn for recruitment. Out of the total recruitment, 60 percent of the recruitment is done through the portal itself.
Last year employed 2,84,358 employees
Due to the Corona epidemic, companies from all sectors had spent a lot on technology. This resulted in a huge increase in the demand for IT service providers. As a result, a lot of employment opportunities were created in these IT sectors. Tata Consultancy Services Ltd., Cognizant Technology Solutions Corp., Infosys Ltd., HCL Technologies Ltd., and Wipro Ltd. together employed 2,84,358 employees last year.
