23/08/2017
PUNE: As it
targets to more than double its revenues to US$ 1 billion by FY20, mid-tier IT
firm Synechron said that it is looking to hire up to 1,500 in the next 12
months. “We have 7,500 employees at present and are looking to hire
1,000-1,500 more over the next 12 months,” its chief executive Faisal Husain
told reporters in Pune.
The move by the US-headquartered company, which employs over
5,000 people in Bengaluru, Hyderabad and Pune, comes amid growing instances of
job cuts in the IT sector facing a slew of challenges, including automation,
currency volatilities and rising protectionism in mature markets. Husain said
the company is benefiting because of the moves of its peers, but added the
rupee appreciation is taking away the advantages, which may help in staff being
hired at lower salaries.
The company clocked a revenue of US$ 390 million in FY17 and
is targeting to increase it to US$ 480 million in FY18, he said, adding right
now it is growing faster than the target and tracking a run rate of US$ 500
million per year. The company is able to exceed the 25 per cent revenue growth
objective due to the nature of the work it does for the banking, financial
services and the insurance sectors,he said.
He said nearly 1,000 people in the fresh hiring will be based
here at Pune, which is its single largest development centre, he said. When
asked about the quality of the talent that it is getting, Husain said most of
the freshers it hires at reputed engineering colleges are trainable, but sought
an overhaul of education system to make it more relevant for the industry.
The company, which launched a facility to showcase its
innovations called Finlabs here, is also working with startups who can work out
of the campus here, he said, adding it has helped three city-based start-ups
till now.
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