Over the years, contract staffing has proven to be very beneficial for leading IT companies in India. As we are ready with the pool of talents and we can onboard a candidate quickly as compared to their traditional in-house hiring timeframes, the leading IT companies are now leaning towards contract staffing. With such exceptional benefits, we are about to experience positive growth in future.
Nearly 90% of the tier one IT companies are moving to a blend of full-time and contract-to-hire employees. The IT sector in India has created more than 5 lakh jobs and the need for professionals with the skill set of digital transformation, IoT, Cloud, Blockchain, Automation and various emerging technologies has significantly increased. With such demand for talents, our hiring will become more aggressive in the coming months.
In the past couple of years, the contract staffing expenses for tier-one IT companies have increased between 6% to 11%. Whereas in the previous quarter companies like TCS, Wipro and HCL observed increased spend on contract-to-hire by 34%, 30% and 23% respectively. And Infosys spent a whopping 77% during the same period. Kyndryl, a spun off from IBM as an independent company, is betting on India on the back of a strong talent pool.
