A recent study indicates that major IT organizations are planning to reduce their recruitment of new graduates in the current fiscal year.
According to TeamLease Digital’s hiring forecast for the fiscal year 2023-24, the IT/Tech industry is expected to hire approximately 1.55 lakh new graduates, marking a decline from the 2.3 lakh new graduates recruited in the previous fiscal year.
This decline is occurring against the backdrop of a challenging landscape, with nearly 1.5 million engineering graduates actively seeking positions in the IT/Tech sector. This shift can be attributed to decreased market confidence and a more stringent evaluation of talent.
Tech sector ready to hire 1.55 lakh new graduates in 2024
The analysis, primarily based on secondary sources such as news and corporate reports, underscores that as large IT companies curtail their hiring of new employees, other industries are experiencing a surge in demand.
Significantly, Global Capability Centers (GCCs) and non-tech sectors such as banking, financial services, insurance (BFSI), communication, media and technology, retail and consumer business, life sciences, and healthcare are expanding their recruitment of entry-level candidates. This represents a noteworthy transformation in the hiring landscape, as highlighted in the report.
Krishna Vij, TeamLease Digital Business Head, emphasized the importance of adaptability in the evolving tech landscape. He underscored the need for collaborative efforts among industry stakeholders, academia, and the government to develop relevant programs and curricula that align with the evolving demands of the tech industry. Click the link to know more.