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Apple iPhone, BMW Bikes, Mercedes — How IT Firms Are Luring Employees with Incentives

Roles that are most in demand are the highest of demand are data scientists, full-stack engineers, cybersecurity professionals, cloud architects, and AI experts. (Representative Image)

Roles that are most in demand are the highest of demand are data scientists, full-stack engineers, cybersecurity professionals, cloud architects, and AI experts. (Representative Image)

IT companies go out of their way to offer expensive incentives to acquire candidates from the limited talent pool for highly specific job roles.

Information Technology (IT) companies across India have ramped up their hiring initiatives with the hirings this year has hit a record high. In the wake of the pandemic, everything shifted to the digital platform, and IT companies have kept that momentum up. The top 10 IT companies in India have so far hired 1.2 lakh people in the six-month period ended June 2021. This trend is mostly due to the higher demand for software and digital services that were brought on by the pandemic, the lockdown and the ensuing work-from-home situation.

Even with all the jobs and rampant hiring by big companies, there is a distinct lack of qualified professionals to fill the positions. As a result, resignations are also at an all-time high. With quitting, poaching, and bargaining becoming the norm in this job-saturated market IT companies have resorted to doing everything they can to ‘woo’ their potential candidates into taking the job. For instance, Fintech giant, BharatPe is offering its employees BMW bikes if they join the company. In mid-July, it was also reported that HCL Technologies was going the extra mile to combat attrition rates by possibly bringing back the practice of rewarding top performers with Mercedes-Benz cars.

Some of the roles that are in the highest of demand are data scientists, full-stack engineers, cybersecurity professionals, cloud architects, and artificial intelligence (AI) experts. The candidates who fit these roles are being offered cash bonuses to write tests, or even iPhones or better work hours in order to get them to take the job before the competition poaches them.

With such high demand for jobs and such a constraint on a talent pool to fill these highly specific roles, companies will continue to go out of their way and offer expensive incentives to latch onto the talent that they can find. As attrition rates keep climbing, it is expected that salaries will also climb to retain the employees that remain.

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The Hunger for New Hires Driving IT Companies

The overall hirings have seen the highest numbers in the past five years, but more so in the past year since the beginning of the pandemic which accelerated things. Top companies such as TCS, Infosys and Wipro announced in early July that they were looking to hire over 1 lakh college graduates this fiscal. TCS was eyeing 40,000 new recruits via campus placements across India for the fiscal year 2021 to 2022. Infosys was planning on hiring 35,000 college pass-outs globally for FY22 according to statements made by the Chief Operating Officer, Pravin Rao.

Wipro had already added more than 12,000 employees in the April-June quarter in anticipation of a hiked attrition rate. In addition to that, the tech giant was also planning on hiring 30,000 additional candidates by FY22.

While TCS, Infosys, HCL and Wipro accounted for the potential hire of nearly 1 lakh people this fiscal, Cognizant alone plans to hire 1 lakh professionals by next year. This year Cognizant is planning on hiring around 30,000 freshers. It also plans to make around 45,000 offers to campus recruits who will then be onboarded next year. Accenture, another big name, has listed the opening of 34,000 positions across said job roles and more.

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first published:August 04, 2021, 13:27 IST