TeamLease Digital’s data indicates that fresh graduates looking for IT jobs will encounter tough going. Due to global economic slowdown and its effect on Indian IT/Tech sector hiring 1.55 lakh less freshers this year versus what was employed last year (2.3 lakh).
IT services typically absorb 20-25% of India’s 1.5 Million engineering graduates each year; with firms planning on cutting hiring due to ongoing recessionary concerns in the US, absorption will drop down to 10% by FY24.
Infosys, in particular, will not hire freshers on college campuses across the US this year as it still boasts “a significant fresher bench”, despite an apparent decrease in demand across key markets such as America.
As technology rapidly develops, our goal should be to prepare our talent pool for what lies ahead.
The study discovered that, despite less volatile market sentiment and increased skills evaluation mechanisms, freshers face an ever widening skill gap – only 45 percent meet well-rounded proficiency expectations for job applications.
Tata Steel is actively recruiting new talent in emerging technologies like data science and artificial intelligence (AI), agile transformation roles related to R&D projects as well as merger and purchase finance roles related to sustainability initiatives.
C Jayakumar is L&T’s Executive Vice President and CHRO. According to him, L&T boasts an expansive order book which encompasses projects both within its core business as well as emerging areas like green power and hydrogen energy production.
L&T relies heavily on engineering campuses as their source of recruits; Jayakumar noted that L&T hired over 2700 candidates during its recruitment drive for 2023 alone! We anticipate similar success for 2024 as well.
L&T executive Jayakumar commented that business prospects for construction, energy and infrastructure sectors remain positive due to both government initiatives and market forces.
As part of ITC Ltd.’s campus recruitment strategy, they recruit students from top tier campuses (engineering, management and business). For their flagship training program in management.
ITC provides entry-level manager positions on campus hires through campus recruitment for roles such as manufacturing, operations, supply chain and HR. According to Mukherji: We typically hire around 90-100 students each year from top tier universities as part of this initiative and don’t anticipate this number changing significantly over time.”
PepsiCo India’s hiring emphasis underscores our dedication to talent development and driving diversity and inclusion (D&I). Pavitra Singh, Chief Human Resources Officer of PepsiCo stated they also want to increase freshers by expanding critical experiences.
Titan Company Limited plans on hiring more than 3000 staff over the course of five years.
Amrita Padda, Airtel’s chief people officer, anticipates sustained hiring trends due to optimism within the telecom industry in 2024.
Airtel would continue to increase their talent pool to accommodate digital businesses, network technology and sales of consumer and enterprise business as well as other functional roles.
Airtel is currently seeking engineers, network managers, product managers, sales territory managers and key accounts managers for several positions.