Revival of Campus Recruitment
India’s leading IT companies, including Tata Consultancy Services (TCS), Infosys, HCLTech, Wipro, and Tech Mahindra, are returning to campuses to recruit fresh engineering graduates. This marks a significant shift after a year-long slowdown in hiring due to reduced demand. According to a Moneycontrol analysis, these top five IT firms are expected to hire between 81,000 and 88,000 freshers in the current financial year.
TCS Leads the Pack
Tata Consultancy Services, the country’s largest software exporter, plans to hire around 40,000 freshers, maintaining its FY24 numbers. In FY23, TCS added 44,000 freshers. During the June quarter of this fiscal year, TCS hired about 11,000 freshers. Milind Lakkad, TCS’s Chief HR Officer, stated, “Our key strategy has been to hire from the campus. We identify skill gaps and hire based on that.”
Infosys Adjusts Hiring Strategy
Infosys, which had paused campus hiring for at least three quarters in FY24, aims to recruit 15,000 to 20,000 freshers this fiscal year. In FY24, Infosys hired 11,900 freshers, a significant drop from over 50,000 in FY23. Jayesh Sanghrajka, Infosys’s Chief Financial Officer, noted, “We have moved to an agile hiring base. Our utilization is at 85 percent, so we have little headroom left. As growth resumes, we will look at more hiring.”
HCLTech’s Steady Recruitment
HCLTech added 12,141 freshers in FY24 and 26,734 in FY23. This year, the company expects to hire between 10,000 and 12,000 freshers, having already hired 1,078 in the first quarter. Ramachandran Sundararajan, HCLTech’s Chief People Officer, mentioned, “For FY25, our target is about 10,000. We’ve already released offers covering a significant part of our plan.”
Wipro’s Renewed Focus
Wipro, which had been focusing on clearing its backlog of onboarding from previous years, plans to hire around 10,000 to 12,000 freshers this fiscal year. In FY23, Wipro added 22,000 freshers but had skipped campus recruitment in FY24, resulting in six consecutive quarters of headcount decline. Saurabh Govil, Wipro’s Chief Human Resources Officer, said, “We will go for hiring on campus and off-campus this year. We are building muscle to be ready as our growth comes back.”
Tech Mahindra’s Strategic Expansion
Tech Mahindra plans to add 6,000 freshers in FY25, having already hired 1,000 in the June quarter. The company is implementing Vision 2027, a programme to diversify and grow its business. Under Project Fortius, Tech Mahindra aims to hire, train, and deploy early-career professionals to manage costs effectively. Rohit Anand, Tech Mahindra’s Chief Financial Officer, stated, “Investing in this is a long-term perspective for us. We will continue to upskill people strategically.”
Economic Impact
The hiring spree by these IT giants is partly driven by the recent reduction in basic customs duty on mobile phones from 20% to 15%, as announced in the Union Budget 2024 by Finance Minister Nirmala Sitharaman. This reduction is expected to lower operational costs and boost recruitment efforts. Currently, imported smartphones sold in India attract 18% GST and 22% customs duty. With the recent tax cuts, the total customs duty on imported phones will be 16.5%.
The renewed hiring efforts by India’s top IT firms indicate a positive outlook for the industry and the economy. As these companies ramp up their recruitment of fresh talent, they are poised to address skill gaps, manage costs, and prepare for future growth. This wave of fresh hires not only provides opportunities for new graduates but also signifies a broader economic recovery and optimism within the tech sector.
(With inputs from agencies)
