Largest private lender HDFC Bank is noticing sanity returning to the tech talent market since April 2022 in terms of salaries and joining bonuses, after 2021’s IT industry talent war also pushed up the demand for technology hiring in other industries such as banking.
“Six months back, it was absolutely crazy in terms of unreasonable demands and opportunistic behaviour on the part of potential candidates who were accepting offers and then dropping out. But we have seen a betterment on all these dimensions in the past 6-8 weeks,” CHRO Vinay Razdan told Business Today.
It was commonplace for skilled IT jobseekers to negotiate an average of three to four offers and command exorbitant joining hikes of even 70 per cent as tech and digital skills were propelled into high demand, driven by Covid-led opportunities.
The tech majors, in competition with almost every company hiring for their in-house tech needs, have been witnessing 20 per cent-plus attrition as of March 2022 and forced to re-evaluate their hiring and retention methods. The top four IT majors in India – TCS, Wipro, Infosys and HCL – hired 2.2 lakh freshers in 2021-22 and plan to hire at least 1.6 lakh freshers in the current financial year.
Covid-led digitisation sent banking also on a hiring spree for tech talent in 2021. Razdan says that opened up a sweet spot for several industries, where customers are willing to accept a digital meeting as opposed to a physical meeting only earlier, particularly when they are discussing financial products and solutions.
“That puts a demand back on the organisation broadly for tech talent – the cloud engineering piece, people who can develop business applications, people who can manage the hardware, software and the whole nine yards around that.”
The organisation is in the midst of increasing its branch count, particularly in the hinterlands and focussing on the MSME segment. It is hiring for both front-end and back-end operations. Razdan says they hire a bulk of their tech talent requirements from the IT sector and fintech sector. “But what is expected out of an IT function in a banking sector is different from what is normally expected in an IT industry.”
He added that some areas will continue to be in high demand. “Banking is very paranoid about cyberattacks. So, people in cyber security, that demand has never waned and will continue to grow.”
Copyright©2022 Living Media India Limited. For reprint rights: Syndications Today