It is not just the big names in the tech space in India that are making significant hiring plans. Happiest Minds, the Bengaluru-based IT services company, is also gearing up to add at least 300 techies to its over 3,500-strong team, in each of the next three quarters. The Company had taken on about 310 people before June.
Happiest Minds had gone public in September 2020, amidst the pandemic. Its shares had been oversubscribed 151 times, giving its shareholders 562 per cent in returns. At the time of listing, the Company had about two lakh public shareholders. This number has grown by about 1.25 lakh ever since.
The need to hire has emerged because of the high attrition rate and also because the demand for digitisation has gone up significantly, leading to higher utilisation of existing employees. Attrition levels are high in the IT sector right now, with talent being lured with very attractive offers.
However, the Company was able to save costs due to lower overheads. In fact, the Company is said to have saved about Rs 65 lakh a month on energy and also experienced a significant fall in rental expenses. In addition, things have been looking up in the industry of late, which has made it possible for Happiest Minds to set aside a significant budget for hiring in the coming quarters.