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Goldman Sachs to Hire Over 2,000 People for Hyderabad Office

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Goldman Sachs announced in a press release on Monday, that it will be hiring over 2,000 employees by 2023. On June 19, the investment banking institution said that it will be opening its offices in Hyderabad as part of its commitment to expand its global centre for engineering and business innovation in India.

“In adherence to local government guidelines, Hyderabad operations commenced remotely in March 2021 and currently have about 250 employees…of 2021 it is expected that the Hyderabad office will grow to 800 employees of which about 70 per cent employees will be new hires. size of Hyderabad office could reach as many as 2,500 employees,” it said. The new facility was inaugurated by the Telangana IT and Industries Minister, KT Rama Rao.

The Chairman and Chief Executive Officer (CEO), David M Solomon added that the new office would serve as a ‘crucial innovation hub’ for a wide range of Goldman Sachs’ businesses and that it would play a part in enhancing its reputation as a global firm.

Goldman Sachs is just one among other Industry titans driving up their hiring numbers in India. Amongst the fold are Tata Consultancy Services (TCS), Infosys and Wipro. TCS is eyeing to hire around 40,000 freshers through campus placements in the fiscal year 2021-2022. Infosys is targeting around 35,000 college graduates across India and the world to add to its ranks in FY22, and Wipro is planning on adding another 12,000 employees to its numbers in the April-June quarter. These companies are committing to these numbers going forward as they predict an increased attrition rate and want to offset the effects of that. Infosys had around 2.59 employees in the March quarter and managed to bring that number up to 2.67 lakh positions by the end of the June quarter. On the other hand, TCS has stayed consistent in its hiring as it hired 40,000 employees in 2020 as well.

Following the downturn in the economy caused by the Covid-19 pandemic, these top information technology (IT) companies have stepped up their hiring game across India. They are targeting college-age employees for the vast pool of potential that it can deliver in terms of sheer numbers.

These companies have gone up from a marginally low 9,000 hires at the start of FY21 to a massive jump in recruitment numbers that sat at 40,000 employees in the first quarter. Wipro had brought on around 12,000 employees in the June quarter alone. Infosys added around 8,300 employees. TCS added around 20,000 numbers to its ranks, bringing the total number up to 5 lakh employees.

The Chief of Global Human Resources for TCS, Milind Lakkad said, “From the campus in India, we hired 40,000 last year. We will continue to hire and hire 40,000 or more this year in India.” He added that the lockdown did not pose any threat to the hiring process as the previous year itself saw around 3.06 lakh freshers apply via virtual exams.

The Chief Operating Officer for Infosys, Pravin Rao said, “As the demand for digital talent explodes, rising attrition in the industry poses a near-term challenge. We plan to meet this demand by expanding our hiring program of college graduates for FY 22 to 35,000 globally. Employee wellbeing is of paramount importance to us and we have had multiple interventions in this regard including facilitating vaccination for them and their dependents.”

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