India’s IT services sector will see an addition of nearly 4.5 lakh of jobs in the second half of this fiscal year, according to a report.
According to a report by market intelligence firm UnearthInsight, the industry will experience higher second-half attrition at 17-19 percent, but will have a net employee addition of around 1.75 lakh over the course of the year. period.
Compared to the first half, the industry will see an addition of about 12% more employees in the second half, according to the report.
“The perceived ‘war on talent’ by the IT industry is real and is becoming intense with attrition, a growing concern for the industry. It is crucial for the industry to focus on the Employee Value Proposition (EVP) even more aggressively to control attrition, ”said Gaurav Vasu, Founder and CEO of UnearthInsight.
During the first half of the fiscal year, leading IT companies have developed a robust infrastructure to support initiatives on the digital format, offering online development programs, Vasu added.
Freshers in demand
So far in this fiscal year, nearly 2.50 lakh Freshers have been hired by more than 30 IT service companies in India, according to the report.
The top five IT companies – Tata Consultancy Services (TCS), Infosys, Cognizant, HCL Technologies, and Tech Mahindra – will likely hire more than 2 lakh freshers.
Second-half attrition is expected to be 17-19 percent over the past 12 months, which will drop to 16-18 percent in the next fiscal year. Indeed, the supply side challenges that are causing attrition in the industry are expected to normalize over the next fiscal year.
According to Unearthinsight, cloud services will generate around $ 80 billion to $ 100 billion in revenue for the IT service industry by 2030.
The software products and platforms business will generate $ 15 billion to $ 20 billion in revenue by 2030 for leading IT service companies, Unearthinsight said.
(Edited by : Shoma bhattacharjee)