IT Sector Hiring: Relief news for IT professionals, companies preparing to recruit 3.6 lakhs

There is big news for IT professionals, according to a report, 3.6 lakh recruitments will be done in the IT sector. According to a recent report, companies are planning to hire a large number of freshers in the current financial year.

Job layoff rate rises

According to the report, there has been a sharp increase in the job loss rate in the current financial year. The job loss rate in the IT sector stood at 22.3 percent in the third quarter (October-December), as against 19.5 percent in the second quarter (July-September). The report has estimated that in the fourth quarter (January-March), this rate may remain in the range of 22 to 24 percent. It is a matter of concern that salaries in the IT sector continue to rise, while the attrition rate is not declining.

There will be a big increase in revenue

It said that despite the outbreak of Corona, there is a boom in the IT sector. That is, there is no special effect of the epidemic on this sector. According to the report, this year there will also be a huge jump in revenue and companies will recruit on a large scale. It is expected that the revenue growth for the IT sector in the current financial year will be in the range of 19 to 21 percent, which will be the highest in its history. It said that this growth will continue till the financial year 2023-24.

Highest recruitment in six companies

In a report released recently, it was said that the top six IT firms have hired 2.15 lakh graduates as freshers in the company in FY 2022, looking at last year's figures, this figure was just a little over 99,000. According to the report, Cognizant, HCL Tech, Wipro, and Tech Mahindra together are preparing to hire 1.4 lakh freshers for the coming year.

Indian IT market will grow

The Indian IT services market is expected to reach $230 billion to $240 billion. Which is mainly driven by the growth of the top 15 to 20 Indian IT companies. A recent report by NASSCOM also said that the next financial year is also expected to be excellent for the IT sector. Next year also digital demand will remain, due to which this sector will grow rapidly. The size of this industry will be $350 billion by 2026.