Shocking news for BE/BTech students as IT companies ready to give a big blow to campus hiring!

Indian IT companies are likely to cut campus placements and entry-level recruitments by almost 20 percent in the next financial year, 2023-24. IT companies have halted new recruitment amid fears of a global economic slowdown.

Most of the tech giants are also doing layoffs. Despite strong indicators in the tech market, Indian tech giants are facing an exodus and declining margins. According to the Mint report, this could have the worst impact on the hiring of young engineering lads. In such a fearful situation, the hopes of the students targeting for the big package jobs in prominent technical institutes like IITs, NITs, and IIITs can take a blow too.

A few days back, social media was full of news that many people, who received the letter six months ago, still don’t know their joining dates. Many of these people raised the issue on social media. With job offers from big companies like Wipro, Infosys, and TCS, these tech literates are now looking for other opportunities as onboarding has been delayed by more than six months. Please click here if you haven’t read our cover story on this issue.

Process of hiring likely to take a halt
Process of hiring likely to take a halt

Seeing this atmosphere, the students of the engineering course are very anxious. They fear that the delay in the appointment may affect their future jobs too. However, rising prices are causing problems in the supply chain due to the war between Russia and Ukraine.

Saran Balasundaram, Founder, Hand Digital, a tech enlistment firm, said, “In the financial year 2021-22, around 470,000 workers were enrolled in the IT area. In the financial year 2022-23, we are assessing 35000-370000 enlistments. This figure might fall further if the economic slowdown continues at the same pace. However, beneficially, the figure will continue as before in FY2023.

PR’s Take:

We have been closely following the global news and situations. At this moment, all the sentiments are pretty negative. Thus, we can only hope that things will improve over time. Eventually companies will be back on the hiring tracks the same as before. The only mantra here for the students would be to keep upskilling themselves and stay calm!

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