Only 1.55 lakh Engineers are Likely to be Appointed in the IT and Tech Sector

IT and Tech Sector: Amid global layoffs, fresher hiring is likely to decline further in the current financial year as major IT companies look to put a halt to fresher hiring, according to a report by TeamLease Digital.

The report claims that 1.55 lakh freshers are likely to be hired in the IT/Tech sector this financial year, compared to 2.3 lakh freshers hired in the last financial year. The report is based on secondary sources, including news reports and company reports.

Meanwhile, as major IT companies stop hiring new people, demand in alternative sectors is increasing.

Global capability centers (GCCs) and other sectors including non-tech sectors like banking, financial services and insurance (BFSI), communications, media and technology, retail and consumer business, life sciences and healthcare have expanded entry-level hiring. According to the report, this marks a significant change in the hiring scenario.

According to another report, other sectors such as healthcare, BPO, production and manufacturing and logistics saw an increase in recruitment activity. Healthcare saw an 11 percent growth while the BPO sector saw a 7 percent increase in hiring. On the other hand, production and manufacturing and logistics grew by 5 percent and 9 percent respectively.

 “The technological world is rapidly evolving, and we need to keep up. It is not just about companies widening their hiring horizons, but also about ensuring that our country’s talent pool is ready for it. A united front can be created through collaborative efforts of the industry, academia and Government, whereby relevant programs and curriculum are being prepared.

Government initiatives play an important role in supporting skill development and research projects aimed at addressing industry-specific challenges. This is not a one-time effort, but a collective movement to nurture talent on a large scale and meet the changing needs of the industry,” said Krishna Vij, TeamLease Digital Business Head.

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