Top three IT companies of India, TCS, Infosys, and HCL Tech have hired more than 18,000 freshers in just last three months of the year, as per their December quarter results
TCS, the largest IT services company in India, hired around 7,000 new freshers in third quarter of FY23
Infosys, the second largest Indian IT company, hired about 6,000 employees in Q3FY23
HCL Tech, the third largest IT/ITeS company in India, hired 5,892 freshers in Q3FY23
Despite the big numbers, fresher hiring has reduced across the top three IT companies for various reasons
The fresher hiring in Q2FY23 at India’s top 3 IT companies was as follows:
The drop in fresher hiring across top 3 Indian IT companies is being attributed to seasonality in the business and several other factors
Bench, in an IT company, refers to employees who are currently not on a project. But these employees are still on the companies' payroll because they maintain benches in case a new project shows up
The retention rate of employees has also gone up significantly as compared to the previous quarters. This has led to reduced lateral hiring of replacements
The attrition rate at Indian IT majors has moderated over last few quarters. Therefore, companies have hired fewer people to replace the employees who voluntarily exited
Story by: Aakanksha Chaturvedi
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