Hyderabad: Tech Companies Set To Hit Hiring Pause, Aspirants Explore Career Options

Hyderabad: Leading tech companies are set to hit the pause button on hiring in India, with the IT sector expected to onboard 32 per cent fewer engineering candidates in the 2024 fiscal, compared to the previous year, according to a report by a technological professional services platform.

“This translates to only about 1.55 lakh freshers likely to be hired in the IT/technology sector this fiscal, a stark decline from the 2.3 lakh hired in the previous year,” the report by TeamLease Digital stated.

The ‘Big 6’ tech firms, who are most sought after by job aspirants, are set to cut hiring by 78 per cent due to a decrease in demand in 2023.

Another report on the IT sector, however, said the issue was not exclusive to bigger companies, but also for start-ups.

“This hiring slowdown extends beyond big tech players, affecting Indian start-ups as well. Start-ups across the country have witnessed job cuts and layoffs this year, indicating a broader industry trend. The impact is particularly felt at the entry level, with a record-high number of candidates actively seeking jobs. The job market at the entry level is facing considerable slack, with large IT companies imposing hiring freezes and downsizing,” the second report said.

Students and freshers, who have been growing worried, are now looking to adapt to the slump. “After having waited for more than six months, we've begun to realise that looking for jobs outside the tech industry, at least temporarily, is probably the best thing to do at the moment,” said Mahima Koneti, an MTech graduate.

“Given the current scenario, I'm exploring opportunities in diverse fields beyond IT to secure my future. For now, I've taken up a copywriting and editing job to pay my bills, I hope things get better mid-2024,” Akshit Gopal, a migrant (Tamil) graduate, said.

Tanish H., a student from IIT Hyderabad, said that the unpredictability in hiring processes led him, his batchmates and seniors to consider options outside the tech sector for a more stable career path.

Ankit Aggarwal, founder-CEO of an online engagement and hiring platform with millions of users from about 50,000 colleges and companies across the country, emphasised the importance of upskilling and adapting to company requirements. “Those who persist, refine skills, expand networks, and engage in competitions will thrive when employment conditions improve,” he said.

“Always be open to being flexible and versatile, as life can always throw challenges; it's wise to learn to fit into various industries,” said Prof. Harichander Molla, an IT faculty at a top engineering and technology college in the city.

• Google, Netflix, and Meta: 78% decrease in demand for tech jobs.
• Global tech spending downturn impacts Indian IT companies.
• Indian start-ups: 28,000 job cuts across the country.
• One-third or 32% fewer engineering graduates to be hired in 2024 fiscal.
• 1.55 lakh freshers, down from 2.3 lakh, are likely to be hired.
• 45% of applicants currently meet the well-rounded proficiency expectations, showcasing the widening skill gap.