Indian IT sector to reduce college hiring by 40%, will prioritise last year’s offers first

Currently, the job market for the Indian IT industry is extremely competitive due to companies increasingly laying off employees as a cost-cutting measure. Whether it’s a startup, a medium-sized company, or a major corporation like Microsoft and Google, the wave of layoffs has impacted the majority of tech companies. In light of this situation, an analysis conducted by recruitment firm TeamLease Digital has revealed that most Indian IT companies are planning to hire 40 per cent fewer freshers during the financial year 2023-2024. No room for freshers According to a report from LiveMint citing the analysis, it is projected that Indian IT firms will recruit approximately 155,000 students from campuses in 2023-2024. However, in 2022-2023, this number was a significant 230,000. The report also quotes Saurabh Govil, Chief Human Resource officer at Wipro, who states that the company will refrain from hiring from campus recruitment drives and instead will prioritise honouring job offers that have already been extended to candidates this year and the year before this. “We have made the decision not to engage in campus recruitment as we intend to fulfill the offers we have already made,” he informed the publication. Govil further highlights that the “current talent landscape is different from what it was a year ago. The race to hire ahead of demand has been replaced by a more cautious approach in light of declining attrition rates and the ongoing economic uncertainty.” Wipro and other tech companies tried reneging on their offers Wipro gained attention in February when it reduced job offers for freshers by nearly 50 per cent. Initially, the tech giant had offered a salary package of Rs 6.5 lakh to freshers. However, citing the “changing macro environment” as the reason, the company stated that it was adjusting the compensation for freshers. This decision faced criticism from individuals questioning its ethical implications. Nevertheless, reports also mentioned that the company did not force freshers to accept the new offer and provided them with the opportunity to decide whether they wished to accept the revised compensation. Left with no choice, freshers forced to accept Wipro’s amended offer During an interview with the Economic Times, Jatin Dalal, Wipro’s Chief Financial Officer, disclosed that 92 per cent of freshers opted to join the company at the lower salary offer to expedite the onboarding process. “Decisions concerning freshers are made with complete fairness and transparency,” said Dalal, trying to defend Wipro’s decision. “The next-generation associates were presented with both options, and 92 per cent of campus hires chose to join Wipro at the original offer. We will continue to onboard next-generation associates based on our business requirements throughout the year,” he stated. Read all the  Latest News ,  Trending News ,  Cricket News ,  Bollywood News , India News  and  Entertainment News  here. Follow us on  Facebook,  Twitter and  Instagram.