Home / Companies / News /  Covid-19: HCL Tech to hire 15,000 freshers in 2020 but lateral hiring on hold

HCL Technologies' CEO on Thursday said the IT company is expected to get 15,000 freshers onboard in 2020 but it will be placing lateral hiring on hold.

In the wake of coronavirus, many customers have reduced operations and some projects are getting postponed, said C. Vijayakumar who is also the President of the IT services firm.

Lateral recruitment is the process of hiring an 'expert' for a job role that needs to be filled.

Vijayakumar said the company's customers are seeking cost reduction in projects for next one or two quarters and that the company is "very flexibe in providing short-term relief".

The IT services major on Thursday posted 24.3 per cent jump in March quarter consolidated net profit at 3,154 crore, and said there could be certain short-term challenges like clients deferring new projects and volume-based billing impact on account of Covid-19 pandemic.

Vijayakumar said the company is seeing both kind of impacts - "pockets of good demand in weak verticals" and "weak demand in strong verticals" given HCL Tech's mixed portfolio mix.

"... we do not see this pandemic influencing our multi-year engagements beyond the short term, our efforts of building strong relationship with our clients, most of them are fortune 500 or global 2000 brands, with very strong and sustainable business model gives us that confidence that in the long term they're intact but in the short term there could be some challenges," he explained.

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less

Recommended For You

Trending Stocks

Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout