New Delhi: In the upcoming fiscal year, Indian IT companies may hire up to 20% fewer candidates for campus placements and entry-level positions (FY24). According to a Mint research, IT organisations have already slowed down hiring and the onboarding process due to looming fears of a recession in the US and Europe.
Indian technology companies have been struggling with high attrition and shrinking margins despite positive signs for the software sector. Its effects are most likely to be felt when employing new employees, according to the survey.
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Infosys anticipates hiring 50,000 individuals from college campuses in FY23. There will probably be 30,000 and 40,000 new employees at TCS and Wipro, respectively. According to Mint, Tech Mahindra Ltd. will hire 15,000 people, and HCL Technologies Ltd. anticipates hiring 45,000.
There have also been recent claims that many applicants who received offer letters as recently as six months ago still do not have a joining date. Many of these candidates brought up the subject on social media.
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Before February 2022, when economic activity was beginning to pick up steam following multiple waves of the Covid-19 pandemic, job offers had already been made. However, the conflict between Russia and Ukraine has influenced inflation and made supply chain problems worse.
Companies put up a lot of effort in the early stages of the epidemic to fulfil the demands of digitalisation. This resulted in more hiring and rising compensation.
“In FY22, about 470,000 employees were onboarded in the IT and IT-enabled services sector. In FY23, we estimate 350,000-370,000, but in FY24, if the recession continues, the numbers will drop. But at best, it will be similar to FY23,” Saran Balasundaram, founder of the tech recruitment firm, HanDigital told Mint.
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