According to a recent report by staffing firm TeamLease Digital, major IT companies in India, including TCS and Infosys, are planning to reduce fresh graduate hiring by 30% in the financial year 2024 (FY24) due to a weakened business outlook.
Top it firms in India IT companies
Tata Consultancy Services (TCS), Infosys and Wipro are expected to not hire as many freshers this year as they normally do in FY 2023-24.
According to a Times Now report, these companies have stopped hiring freshers for the time being due to weak contracts amid fears of a recession in the US.
This is a significant decline from the previous year, when the IT industry was booming and companies were hiring in large numbers.
There are a few factors that are contributing to this slowdown in hiring. One is the ongoing global recession fears, which are leading to uncertainty in the global economy.
This is making companies more cautious about their spending and hiring. Additionally, the IT industry is facing increasing competition from new entrants, such as cloud computing providers and artificial intelligence companies. This is putting pressure on IT companies to reduce costs and improve efficiency.
The slowdown in hiring is likely to have a negative impact on fresh graduates who are looking for jobs in the IT industry. However, it is important to note that the IT industry is still a major employer in India, and there are still opportunities for qualified candidates.
Here are some tips for fresh graduates who are looking for jobs in the IT industry during this time:
Focus on developing your skills and knowledge. Make sure you are up-to-date on the latest technologies and trends.
Network with people in the IT industry. Attend industry events and connect with people on LinkedIn.
Be flexible and willing to consider different types of roles and locations.
Don’t give up. The job search can be tough, but keep applying for jobs and networking, and you will eventually find a good opportunity.
It can be seen that many employees (freshers) who are already hired are delaying in joining the company. Freshers from engineering colleges of 2022 and 2023 have secured jobs in top IT companies,
But even after a year had passed, their joining date was not given; Some have had their placements canceled and some have been asked to complete additional training even as their placements are nearing their last date.