Amid the global uncertainties and layoffs, IT and tech companies are either skipping or rethinking college campus hiring. The bulk recruiters are facing a weak demand environment and an excess freshers’ bench.
There are sharp decline in campus hiring. The two major Tech companies Wipro and Infosys are rethinking on-campus hiring.
IT giant, Wipro has said that first, it will honour past offers before going to campuses to hire freshers.
Wipro’s Global Chief Human Resources Officer Saurabh Govil said, “We will make sure we honour every offer letter we have made. There are still some people left to be onboarded and we will be doing that as we move forward.”
“That’s our intent, and we will be adding people in the upcoming quarters”, Saurabh Govil added.
“We continue to win in the market despite the uncertain macro environment,” said Thierry Delaporte, CEO and Managing Director.
IT major, Infosys will skip campus hiring this year as it has a ‘way to go’ on utilization. However, it is monitoring the situation every quarter.
An Indian multinational information technology services and consulting company, HCLTech plans to hire 10,000 freshers this year. There is a sharp fall from the 27,000 it onboarded last financial year.
However, Tata Consultancy Services (TCS) is on track to hire 40,000 freshers in FY2024.
N Ganapathy Subramaniam, COO of TCS said “We usually hire between 35,000 to 40,000 people and those plans are intact”.
The tier-2 and tier-3 engineering colleges that have large numbers of graduates will be worried about campus hiring.
Additionally, companies are cutting jobs and slowing hiring as investors become increasingly fearful of a recession. Tech companies have either frozen the hiring process or laid off many employees.
As per trueup.io/layoffs, So far in 2023, there have been 1,709 layoffs at tech companies with 385,641 people impacted (1,312 people per day). In 2022, there were 1,557 layoffs at tech companies with 243,318 people impacted (667 people per day).
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