In addition to introducing variable compensation, the IT behemoth has promoted 16,000 internal staff members so far this year. In the second quarter of the current fiscal year, the corporation claimed to have hired 605 new employees.
Right after the issue of IT employees moonlighting garnered attention in India, where many of them were caught doing two jobs at the same time due to the COVID pandemic remote work mode, there is news that IT firms were delaying the onboarding of new recruits by 3-4 months and even rejecting them leading to a fear of an IT recruitment slump in the coming days. As per reports
IT companies including Wipro, Infosys and Tech Mahindra have revoked many employment letters that they had given to students. The IT firms reportedly cancelled employment after months of delay in the onboarding process, probably because of adverse business conditions.
In a campaign started a few weeks ago, the software services company has been trying to evoke nostalgia about working from the office via social media posts.
Harsha Upadhyaya, President and CIO of Equity at Kotak Mahindra AMC, highlighted that the margin pressures have become evident in Indian IT sector companies. He also stressed that hiring in the industry has witnessed a slump, indicating a slowdown in business momentum.