: It’s raining jobs! Hexaware to add 10,000 more to headcount in 2022 #IndiaNEWS #Business Mumbai: To offset the high attrition rate and execute about USD 2-billion order pipeline, global private

It’s raining jobs! Hexaware to add 10,000 more to headcount in 2022 #IndiaNEWS #Business
Mumbai: To offset the high attrition rate and execute about USD 2-billion order pipeline, global private equity major Carlyle Group-controlled Hexaware Technologies is adding 10,000 more to its 25,000-strong headcount this year, a senior company official has said.
Last October, the Carlyle Group offered a reported USD 3 billion to Baring Private Equity Asia for the city-based software firm founded by technology veteran Atul K Nishar in 1990.
PTI was the first to report in late August 2021 that Carlyle, the Washington-based private equity, alternative asset management and financial services giant set to pip bulge bracket rivals such as Bain Capital, KKR & Co and the Paris-based outsourcer Teleperformance, was the winner with a USD 3-billion bid for the company.
None of the three parties has yet officially announced the deal completion.
Nishar, who was founder and chairman of Hexaware Technologies, had in 2013 sold majority stake to Baring PE Asia for Rs 1,687 crore, with an open offer for another 26 per cent totalling the deal at Rs 2,745 crore. Later, he fully exited the company but remained chairman till the deal with Carlyle was completed. By November that year, Baring had picked up 100 per cent in the company.
Hexaware had hired 10,000 people — both from campuses and laterals in 2021 taking its headcount to 25,000 from 15,000 in 2020.
The company is set to hire a similar number of freshers and lateral this year, taking its overall staff strength to 35,000 in 2022, its Chief Executive R Srikrishna told PTI on Tuesday.
The demand environment is high and healthy but good talent is always in short supply. While a good number of them are going into the start-ups that are paying high paychecks, many with experience are also getting into the product side of technology, he added.
Our hiring from the campuses will go up further, as we are expecting accelerated growth this year. Campus and lateral hiring will be 10,000 this year as well, Srikrishna said.
Srikrishna added that the large hiring is needed for one to offset the high attrition, which rose to 21. 2 per cent — probably the highest in the industry in 2021 from 13-14 per cent in the previous year; secondly, to execute the massive USD 1. 9-billion of order pipeline that the company has.
Hexaware, which earns a little over 70 per cent of its USD 1-billion revenue (2021), has 75 per cent of its people sitting in India, and has 100 per cent locals manning its offices in Argentina, Mexico, Warsaw in Poland, Amsterdam, Russia and the Philippines, who together account for three per cent of its 25,000 headcount now.
Sounding bullish about 2022, he expects to close this year with over 20 per cent topline (revenue) growth and a high-teen uptick in net income, almost similar to 2021 performance.

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