There are several employment vacancies in the Indian information technology (IT) industry, as resignations in the $195 billion industry are at an all-time high. Multiple employment offers are being made to techies with a few years of experience. Joining bonuses are being offered to lure them.
As reported by The Times of India, BharatPe, a fintech firm, is giving BMW bikes to new employees upon joining. While other firms are offering Apple iPhones and work-from-home options. Some organisations are even paying candidates between Rs 1,000 and Rs 5,000 to complete their evaluation check, regardless of whether or not they end up working for them.
As reported, the companies that specialise in recruiting are making a lot of money. But they have been putting in extra hours, and candidate negotiations have turned into a nightmare. The candidate has already received a better offer by the time they make a proposal. Then they must return to their client to see if they can increase their offer.
Saravanan Balasundaram, the founder and CEO of recruitment consultancy firm Han Digital, stated that they plan over 1,000 interviews every week, but in 40 percent of cases, either the candidate does not turn up or the appointment is cancelled or postponed due to internet connectivity issues. "Only approximately 75 people join out of 600 interviews," he explained.
Talent demand from IT organisations was 5,000 in the first quarter of this year, according to Siva Prasad Nanduri, VP and business head at IT hiring agency TeamLease Digital, but it surged to 20,000 in the second quarter, reported The Times of India.
TCS, Infosys, HCL and Wipro are expected to hire 1 lakh people in 2021-22. This year, Cognizant alone wants to hire 1 lakh experienced professionals, onboard 30,000 freshers, as well as make 45,000 offers to campus recruits who would join the company the following year. Following the pandemic's experiences, the global drive for digitalisation has resulted in a sharp increase in enterprise for IT firms.
According to Vijay Sivaram, CEO of IT employment firm Quess, 30-50 percent of candidates to whom offers are given do not accept them. "They mostly search for other offers throughout the 60-90-day notice period. The more proficient they are, the more offers they have," he stated.
Sivaram noted that DevOps, Kubernetes, cloud, and analytics are in high demand.
The report of The Times of India further says that product businesses have always had a premium amongst IT jobseekers. According to Kamal Karanth, co-founder of recruiting firm Xpheno, their onboarding ratio was 98-100 percent last year. However, in the last 3-4 months, this ratio has plummeted to the 80s, showing that employees are looking for other opportunities.
"Pre-Covid, IT services firms had an onboarding percentage of over 80 percent, which is now plummeted to 45-50 percent," he said.
Most of the companies are interviewing only candidates who are on notice period, according to Karanth, giving them less time to look for more opportunities, and reducing the number of interview rounds to employ them faster. According to him, the average duration from the primary round of interviews to the release of the offer letter is now around 8-10 days.