IT Companies Hiring Drops By 2 Decade Low: Report (image-pixabay)
Indian software companies will see the lowest hiring in the year 2024 having hired 70,000 and 80,000 fresh engineers. The sector once considered as the uber force on college campuses saw a decline in fresher hiring, reports The Economic Times.
As per the report, the number of graduates picked for placement marks the lowest recruitment figures in over twenty years. The estimates from the staffing agencies suggest that less than ten percent of the anticipated 1.5 million engineers from various campuses this summer will secure job placements.
The staffing companies have estimated that less than a tenth of the 1.5 million engineers who are expected to graduate from campuses this summer will find a job placement.
While in 2022, IT companies hired a record-breaking 600,000 freshers. But the number declined in the year after as freshers hiring stood at 250,000 in 2023.
The report suggests that the ebbing impact of Covid-19 and escalating geopolitical tensions in Ukraine and Palestine, has prompted Indian IT providers to scale back their recruitment efforts for fresh talent. While leading IT firms including Infosys and Wipro has decided to abstain from campus hiring for the second consecutive year. The Tata Consultancy Services, India’s largest software services company, has announced it to hire fewer freshers this year.
At the beginning of the pandemic, the IT industry experienced a decline in entry-level hiring when only 85,000 employees were onboarded.
Tier-2 colleges will be affected the most as they heavily depend upon IT services for placements. And the offers are estimated to decline by half. However, analysts are cautiously optimistic of a revival in fortunes in the fiscal year 2025.
