Job Alert! The effect of inflation and recession is now visible all over the world. Hiring has also slowed down due to the impact on the new projects of IT companies. It has been said in a report that till August, companies have done 50 percent less hiring and it is expected to remain more or less the same situation throughout the year.
The IT sector, which provides the maximum number of jobs in the country, is currently facing many challenges. For the past one year, companies in the IT sector have adopted various strategies regarding retrenchment and recruitment. Its effect is likely to be visible in the future as well. It has been said in a report that IT companies have reduced hiring significantly in the current financial year and there is a possibility of a similar environment in the future.
It has been said in the report that the crisis on the country’s $ 245 billion (about Rs 20 lakh crore) IT industry has increased so much that there is a plan to give about 40 percent fewer jobs than last year. According to the Economic Times report, Bangalore-based data company Xpheno has told that companies have reduced hiring in the first quarter itself.
Scissors on 22 thousand jobs
The report states that companies like TCS, Infosys, HCL Tech, Wipro and Tech Mahindra (TCS, Infosys, HCL Tech, Wipro and Tech Mahindra) have reduced hiring in the first quarter of 2023-24. In the first quarter, these companies have cut 21,838 vacancies. Last year, the total hiring of these companies was 2.50 lakh people, while in the current financial year there is a preparation to give jobs to only 50 thousand to 1 lakh people.
TCS gave jobs to only 500
It has been clearly stated in the report that the country’s largest IT company TCS has given jobs to only 500 people in the first quarter of the financial year. Not only this, global IT companies Accenture, Capgemini and Cognizant have reduced hiring by 5,000 in the first quarter. In such a situation, the financial year is going to be very difficult in terms of IT services. Sunil C, CEO of TeamLease Digital, says that companies are finding it difficult to get new projects. This is the reason why there is such a big impact on hiring.
Hiring halved till August
IT companies may reduce their hiring by up to 40 per cent this year as they reorient their strategy to utilize their workforce. The intention of the companies is to make minimum use of the employees and instead they are giving more emphasis on technology. If we look at the August figures, then the companies have done 50 percent less hiring than last year. Not only Indian companies, but world’s leading tech companies such as Meta, Apple, Amazon, Microsoft, Netflix and Alphabet have hired only 1,400 people till July 2023.