- 15 Jan, 2024
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Only 1.55 lakh engineers are likely to be hired in the IT/tech sector
As major IT companies freeze fresher intake, alternate sectors are opening up demand.
Amid global layoff, hiring of freshers is likely to further decline in the current fiscal as major IT companies look to freeze the intake of freshers, as per a report by TeamLease Digital. In comparison to 2.3 lakh freshers hired in the previous financial year, 1.55 lakh freshers are likely to be hired in the IT/Tech sector this fiscal, report claims.
With approximately 1.5 million engineering graduates actively seeking IT/tech roles, muted market sentiments and intensified skills evaluation mechanisms have created a turbulent landscape, it added. The report is based on secondary sources, including news reports and company reports, it said. Meanwhile, as major IT companies freeze fresher intake, alternate sectors are opening up demand.Other segments, including Global Capability Centers (GCCs) and non-tech sectors like banking, financial services and insurance (BFSI), communication, media and technology, retail and consumer business, life sciences and healthcare, have expanded entry-level hiring. This reflects a noteworthy shift in the hiring landscape, as per the report.
“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 programs and curricula being designed. Government initiatives play a pivotal role in supporting skill development and research projects aimed at tackling industry-specific challenges. This is not a one-off effort, but a collective movement to nurture talent at scale and meet the industry’s changing needs.”,” TeamLease Digital Business Head Krishna Vij said.