Technology companies impacted by the Covid-19 pandemic over the last few months have chosen to save costs by freezing hiring and laying off employees, posing a challenge to fresh graduates seeking jobs.
Companies including Cognizant, IBM and Accenture have and are likely to lay off thousands of technology professionals across the country.
However, Indian IT services companies like TCS, Infosys and HCL Technologies have said that they would honour commitments and hire a combined 100,000 professionals in the current year.
TCS had said that it would hire 40,000 freshers from Indian campuses similar to last year’s levels.
“In absolute terms, Indian IT’s employment potential will continue to be quite strong and will relatively keep growing in pace with where we see the opportunity,” Gopinathan said at a webinar organised by professional networking site LinkedIn on Wednesday.
“Into the foreseeable future, IT services will remain very attractive and a significant part of the job environment in India because I believe that the demand for talent and the demand for these services is only going to explode given the role that technology is playing today and in the future,” he added.
Young executives will not lose jobs due to automation of functions across industries because they are native to new technologies; however, older professionals should embrace new skills, he said.
“My bigger message is to those who have more experience, 10-15 years’ experience, they also need to embrace it (new skills) rather than being worried about it. They need to invest in contextual knowledge and upgrade their skills in terms of tool usage,” Gopinathan said.
TCS is on the path to revenue and margin recovery that it forecast at the beginning of the Covid-19 pandemic, he added.
The software exporter said in April that demand recovery would ensue from the third quarter of the ongoing fiscal year and that the first quarter ended June 30 would be the worst hit.
The company, expectedly, reported a tepid set of numbers in the first quarter, underperforming peer Infosys in revenue growth terms.
“We expect that we will recover on the revenue front by the end of Q3 and we should be able to recover to where we were on the margin side by the end of Q4. We are seeing that in the way things are panning out in this quarter also. Standing at the middle of the quarter, I am quite confident that the trajectory we laid out, we are holding steady on that,” said Gopinathan.
Europe will remain an attractive market for the company and will outperform other regions from a growth perspective, he said.
S&P Global Ratings on Tuesday revised its outlook on TCS to ‘stable’ from ‘positive’.
According to the ratings agency, TCS is likely to face slower growth in revenue and profitability over the next 12-18 months, given subdued technology spending across the world.
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