Tech Industry Faces Hiring Slowdown as Major IT Firms Halt Recruitment

Tech Industry Faces Hiring Slowdown as Major IT Firms Halt Recruitment

Tech Industry Faces Hiring Slowdown Amidst Global Job Cuts.

Siksha MUpdated: Thursday, December 21, 2023, 06:52 PM IST
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Amid a global wave of job cuts, the hiring of new graduates is expected to decrease further in the current fiscal year as major IT companies plan to halt the recruitment of fresh talent, according to a report by TeamLease Digital.

The report suggests that around 1.55 lakh fresh graduates are likely to be hired in the IT/tech sector this fiscal year, compared to 2.3 lakh in the previous year. With approximately 1.5 million engineering graduates actively seeking roles in IT/tech, the market sentiment is subdued and rigorous skills assessment methods have created a challenging environment, the report added.

Major IT firms put a hold on hiring freshers

The findings are based on secondary sources such as news and company reports. Meanwhile, as major IT firms put a hold on hiring freshers, other sectors like Global Capability Centers (GCCs) and non-tech areas including banking, financial services and insurance (BFSI), communication, media and technology, retail, consumer business, life sciences, and healthcare, have increased their recruitment of entry-level employees. This shift in the hiring landscape is noteworthy, as per the report.

Tech industry need to adapt to changes

Krishna Vij, Business Head at TeamLease Digital, emphasized the need for the tech industry to adapt to rapid changes and stressed the importance of collaboration between industry, academia, and government to ensure the country's talent pool is prepared for evolving demands.

He highlighted the role of government initiatives in supporting skill development and research projects aimed at addressing industry-specific challenges. This, he noted, is not a one-time effort but a collective movement to nurture talent at scale and meet the changing needs of the industry.

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