Indian IT Companies created over 5 Lakh new jobs in FY22

Indian IT Companies created over 5 Lakh new jobs in FY22

Indian IT Companies created over 5 Lakh new jobs in FY22. The IT services sector in India created more than 500,000 new jobs in FY22, doubling the earlier projected net growth of its active workforce for the fiscal, according to data put together by specialist staffing company Xpheno and shared exclusively with ET. This is over and above the hiring, due to record, high attrition refills when companies faced an all-time high level average annual attrition of 22-25%.

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The job creation was led by Indian IT services marquees such as TCS, Infosys, Wipro, HCL, Tech Mahindra, L&T Infotech, and Mindtree, among others. That apart, the sector also gained from net additions by MNCs like Accenture, Capgemini, Cognizant, IBM, Oracle, etc. Just 30 marquee companies contributed to 90% of the net headcount growth.
The net headcount addition by the top listed Indian IT services players stood at over 300,000, while the net addition by MNCs was over 160,000. Another tier 2 and tier 3 IT services players together created over 50,000 new jobs. The top four companies – TCS, Infosys, Wipro, and HCL – together net added about 243,000 jobs.

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According to projected industry estimates the IT services companies were earlier expected to create about 220,000-260,000 new jobs in the last fiscal. The net manpower addition is an indication of the major role the IT services sector has played post-pandemic in helping businesses across the globe in their digital transformation and in the implementation of emerging technologies such as cloud, IoT, blockchain, and AI. The creation of new jobs shows the strong business pipeline of these companies and an active order book, said, industry experts.

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“The unprecedented market opportunity around digital transformation, cloud, data analytics, and cyber security is fuelling the record job creation we are witnessing in the tech services sector,” said Nitin Bhatt, Technology Sector Leader, EY-India.
Most of the new jobs created were in the fresher segment.

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“Majority of the net additions continues to be with the fresher recruitment that this sector traditionally does to build capacity for servicing future businesses,” said Anil Ethanur, Co-Founder, Xpheno. “The expansion hiring trends seen are encouraging as job creation in key manpower sectors is directly beneficial to the fresh graduates entering the workforce,” he added.

Experts said the demand for digital talent will continue unabated at technology services companies this year too as attrition continues to be high while at the same time business growth is leading to the need for more people.
“Net addition and creation of new jobs will continue,” said Bhatt of EY. “However, availability of digital skills will be a challenge as this talent pool is limited in supply,” he added.

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