This is the end of the IT metrics for this financial year
60-80 percent reduction in recruitment
Slowdown in industry, uncertain environment
Infosys, Wipro, TCS and other companies are dull
IT Jobs | New Delhi, August 7: In the current financial year (2023-24), the recruitments in the domestic IT sector are said to be limited. Expectations are strong that major IT companies may offer fewer jobs this time compared to the past. It is noteworthy that there are signs that about 60 percent of the recruitment is going to fall. The opinion expressed by the experts is that this situation is due to the slowness and uncertain environment surrounding the IT industry.
New jobs under lakh
According to the staffing company Expend, new jobs can come from IT companies between 50 thousand and 1 lakh this financial year. In the last financial year (2022-23) it is recalled that more than 2,50,000 recruitments were made. It is stated that jobs may decrease by 60 to 80 percent due to this. In the first quarter (April-June), the top-5 companies in the domestic IT industry, namely Tata Consultancy Services (TCS), Infosys, HCL Tech, Wipro and Tech Mahindra, have seen a drop of 21,838. If you look closely, TCS job placements have increased by almost 500, while the other four companies have reduced significantly.
In foreign companies too..
Domestic companies as well as foreign IT sector organizations are responding promptly in the matter of recruitment. Global technology companies such as Accenture, Capgemini, Cognizant, which have a large number of employees in India, cut about 6 thousand jobs each in the April-June quarter. It is noteworthy that from this April until now new appointments have dropped by about 50 percent compared to the previous year.
Global market deals
It is known that domestic IT companies mainly get their income from foreign projects. Indian IT companies are particularly popular in the markets of America and Europe. But now the adverse conditions in those countries are depressing the domestic IT companies. All the companies are in a bit of confusion due to lack of expected projects. Fears of inflation, Russia-Ukraine war atmosphere and global economic depression are haunting the international financial system. When will these problems come to an end? When job seekers and IT companies are waiting for that hope.
TCS is expected to hire 40 thousand freshers this financial year
Wipro will not take on new entrants in this April-June quarter
Implications for America and European countries with geopolitical issues
International projects on the back burner amid slowdown and economic uncertainty
Tata Consultancy Services missed expectations in its first quarter financial results
Infosys cuts annual revenue growth guidance to 1-3.5 percent from 4-7 percent
HCL Technology profits fell due to lack of projects this April-June
Wipro has cut its revenue forecast for the July-September quarter from 2 percent to 1 percent
"The worst quarter I have seen in the last five years was probably April-June this year. But these conditions are temporary. Better days are ahead. The domestic IT industry will regain its former glory. The reason for this uncertainty is the unstable situation in the global market. If everything is arranged there. It will be fine here.'
-CP Gurnani, Tech Mahindra CEO
The economic unfavorable conditions in the international market are affecting new job opportunities in domestic IT companies. 25-30 percent recruitment is likely to drop due to reduced business especially from America and European countries. The situation can be expected till December. But there may be demand for freshers in January-March next year.
-Vijay Sivaram, CEO, Ques IT Staffing
The recruitment of IT services companies may fall heavily this time. Chances of new projects are very low. With this, all organizations are taking steps towards cost control measures to reduce unnecessary expenses. In this order, there may be a decrease of 40 percent in the net job placements of the current financial year.
-Sunil, CEO, TeamLease Digital
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