Chennai: With some IT majors performing below industry expectations, NASSCOM on Wednesday said smaller and mid-size companies, which adopted different strategy after the 2008-09 economic crisis have peformed well, posting up to 20 per cent growth.
"The mid-size companies were most affected by the 2008 downturn. They changed the business strategy and I think that model has paid off for them," NASSCOM President Som Mittal told reporters here.
Noting that many mid-size companies have posted a 20 percent growth, he said the fundamentals of the domestic IT industry remain strong.
Besides, compared to the traditional US and UK regions, newer markets in Asia Pacific, Latin American and Africa are "new opportunities" for the industry, he said.
"The US and UK are traditionally large markets. But that does not mean that they have become minority," he said, adding that most companies now look at newer geographies.
He said many IT companies are also looking at leveraging mobile platform and cloud computing to remain "competitive".
Mittal also said there would not be any downward trend in companies' recruitment plans this year.
"I do not think there will be any change in hiring," he said.
Observing that four kinds of hiring take place in an organisation, he said companies first hire on-campus, then go in for off-campus (when there is a need to recruit), lateral entry and lastly global hiring.
"These are four trends we are seeing now. I think companies had fairly good campus hires," he said, adding, majority of people who were offered in 2011 and those who just passed out in 2012 would get on board by March 2013.
"I do not think it is a delay. These are all in phases... Even when there is uncertainity (IT companies) onboarded everybody (those who have been offered). I think, 1,10,000 offers have been made (this year) and onboarding has already started. By end of March 2013, you can see a very large percentage onboarded," he said.
First Published: Wednesday, July 25, 2012, 18:55