New Delhi, 7th October 2022: Indian IT companies may cut campus placements and entry-level recruitments by 20 per cent in the next financial year 2023-24. IT companies have stopped new recruitment amid fears of an economic slowdown in the US and Europe. Many companies are also doing layoffs. Despite strong indicators in the software market, Indian tech companies are facing exodus and declining margins.
According to reports, this could have the worst effect on the hiring of freshers. In such a situation, the hopes of the students waiting for the big package jobs in the big technical institutes like IITs, NITs, IIITs can be dashed.
In the financial year 2022-2023, Infosys can offer jobs to 50 thousand, Wipro to 30 thousand and TCS to 40 thousand students from the college campus. While Tech Mahindra can recruit 15 thousand and HCL can 45 thousand students.
But a few days back there were reports that many people, who were sent offer letters six months back, have not been informed about the joining date yet. Many of these people have raised the issue on social media. With job offers from big companies including Wipro, Infosys and Tata Consultancy Services, these tech graduates are now looking for other jobs as onboarding has been delayed by over six months.
The job offers to tech graduates were made in February 2022 when the economy was picking up pace after the aftershocks of the Corona pandemic. However, due to the war between Russia and Ukraine, inflation increased and there was a problem in the supply chain.
Saran Balasundaram, Founder, Hand Digital, a tech recruitment firm, said, “In the financial year of 2021-22, around 4,70,000 employees were recruited in the IT and IT enabled service sectors. However, in 2022-23, we are estimating to hire around 3,50,000-3,70,000 people. But if the current economic slowdown continues then this figure fight fall too.