![venture forthe payroll venture forthe payroll](https://bloximages.chicago2.vip.townnews.com/niagara-gazette.com/content/tncms/assets/v3/editorial/b/aa/baac5b7a-1022-5502-97e0-b048c75673bf/5ddf0e8c7a3ef.image.jpg)
Mint poll shows repo rate might go up by 50 bpsĪ slow pace of hiring comes at the back of fewer people quitting their jobs. How will India fare as global growth sputters?įor merger, HDFC Bank to raise Rs2.7 trillion hired a net of 2,087 and 900, respectively, in the latest quarter, to their workforce.Įven Accenture Plc, which has added the highest incremental revenue in the last two years, has become a tad cautious as the company added in the latest quarter the least number of employees to its workforce in the last seven quarters. HCL Technologies and Cognizant Technology Solutions Corp. During the April-June quarter, the five largest IT services firms added the least number of employees in over six quarters. Now fears of an imminent recession in the US have made IT services companies temper their hiring plans.
![venture forthe payroll venture forthe payroll](https://media.glassdoor.com/lst/94/d3/d9/ca/headway-of-wny-s-walk-run-and-wheel.jpg)
Unsurprisingly, many analysts like Pankaj Kapoor of CLSA, a brokerage, estimate that the impact of wage hikes on the profitability of the largest IT services companies would not be significantly higher than last year. This year, TCS and Infosys have given their first annual hike last month while Wipro will give its first one-a-year salary increment to its top managers that comprise a fifth of its workforce, only in September.
![venture forthe payroll venture forthe payroll](https://www.ventureforthe.com/wp-content/uploads/2018/12/Counselor_Feature_1-300x236.png)
Wipro Ltd, India’s four-largest technology services company handed out three increments to its top performers. In 2021, both Tata Consultancy Services Ltd and Infosys Ltd gave two salary increases to most of their employees. Understandably, technology services firms took the simplest way to retain employees-bunging more money at them. A shortage of engineers conversant in data analytics, cyber security and machine learning tools further created a demand-supply mismatch in the market for skilled workforce. At the same time, Fortune 500 companies were spending less on buying servers and were instead using the infrastructure offered by Amazon Web Services or Microsoft Azure, which rents out computing power by the hour.īoth these factors made IT services companies go on a tear as they needed more people to fulfill the demand. Retailers wanted to allow curbside pick-up or even home delivery of goods. Banks allowed customers to use their services from the comfort of their homes. As the world was wrought by the pandemic, businesses, across industries, upped their spending on technology. During the last two years, there was a surge in demand for services offered by homegrown technology services companies.