L&T Technology Services to hire 2,000 freshers in next six months

L&T Technology Services (LTTS), an engineering services major, estimates to reach $1.5 billion in revenue by 2025, and is thereby planning to hire new talent by adding approximately 2,000 campus recruits in the next two quarters.

With growing demand for technological services, finding qualified employees has been one of the major problems and a major emphasis area for firms dealing with increased attrition rates.

For the record, LTTS estimates a 16.5% attrition rate for Q2 FY22, which is less than its peers but is still a concern.

Amit Chadha, MD & CEO, LTTS, recently said that the firm has lower attrition rate than competitions and much lower than other companies. The demand for engineers is rising, and that's why they can find much better opportunities. LTTS is still working on several intercessions to address attrition, Mr. Amit added.

The major focus now is to hire freshers. The company is planning to hire around 3,200 freshers in FY22. This is the major change, as the company did not focus on campus hiring previously.

Mr. Chadha further pointed out that they would be going to hire freshers consistently as they move forward. They want to develop that engine on which the firm lack previously. So, hiring freshers will be a continued focus area for the firm.

For the quarter ending September 2021, LTTS posted one of its strongest performances, surpassing forecasts. Revenue was $217.4 million, up 5.7 percent from the previous quarter. In addition, the business raised its estimate from 15-17 percent to 19-20 percent.

This is due to a robust demand environment and the company's focus on six key areas paying off. Electric Autonomous & Connected Vehicle (EACV), 5G, Med-tech, AI & Digital Products, Digital Manufacturing, and Sustainability are the six strategic investments.

Source Credit - https://www.moneycontrol.com/news/business/lt-technology-services-eyes-1-5-billion-revenue-by-fy25-to-hire-2000-freshers-in-next-six-months-7605161.html