In 2023, Tech layoff is part of a larger trend of cutting jobs and slowing hiring as investors become increasingly fearful of a recession. Tech companies have either frozen the hiring process or laid off many employees.
Moreover, an Indian multinational corporation that provides information technology, consultant, and business process services, Wipro has said that it will honour past offers before going to campuses to hire freshers.
Wipro’s Global Chief Human Resources Officer Saurabh Govil said, “We will make sure we honour every offer letter we have made. There are still some people left to be onboarded and we will be doing that as we move forward.”
“That’s our intent, and we will be adding people in the upcoming quarters”, Saurabh Govil added.
Moreover, Infosys said the company will skip campus hiring this year as it has a ‘way to go’ on utilization and they will keep monitoring the situation every quarter.
However, recently, Infosys CEO, Salil Parekh said that we will start hiring when the new projects arrive. “The company will honor all the offers made regarding the appointment and will also make recruitments when the project comes,’ he said.
According to Hindu Business Line, a report by TeamLease Digital has shown that the IT/tech sector is likely to hire 1.55 lakh freshers in this fiscal compared to 2.3 lakh freshers in the previous fiscal year. IT sector’s fresher hiring to be 30% lower in fiscal 2024.
Krishna Vij, Business Head, TeamLease Digital, said, “The tech world is evolving rapidly, and we need to keep up. It is not just about companies broadening their hiring horizons, but also about ensuring that the talent pool of our country is ready for it.”
“A united front can be forged through the collaborative efforts of the industry, academia, and government, leading to relevant programmes and curricula being designed”, Krishna Vij added.
As most IT/Tech companies are doing slow freshers hiring, alternate sectors are opening up demand. Global Capability Centres (GCCs) and non-tech sectors like BFSI, communication, media and technology, retail and consumer business, life sciences and healthcare, engineering research and development, and energy and resources, have expanded entry-level hiring thereby exhibiting a noteworthy shift in the hiring landscape.
The report emphasized that Tech freshers can also benefit from focusing on improving industry skills related to digital aptitude and proficiency in utilizing digital tools and technologies.
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