Many companies earlier delayed the onboarding of employees now the reports show that campus hiring for IT and tech slows down by 25% amid layoffs.
The impact of layoffs is huge on campus hiring as the number of companies hiring for core tech roles has come down by almost 20-25 percent as the companies have reduced the number of campus recruitment this year.
Additionally, the employees that will be hired from the campus may face additional difficulties such as delays in onboarding.
IT companies are fearing to recruit, as India’s top IT companies, which draw up to 40 per cent of their revenues from the Banking, Financial Services, and Insurance (BFSI) sector, see an impact. The Indian Union Minister of State for IT, Rajeev Chandrasekhar said the revenues from BFSI can take a hit.
The probability is a bit uncertain. However, the report of January 2023 shows that the Indian Institute of Technology (IIT) Guwahati announced the results of the first phase of placements for the 2022-23 academic year. The highest offer stood at Rs 2.4 crore per annum.
The companies like Amazon, Google, and Microsoft also hired graduates from college even after mass layoffs at the companies.
On the other end, the experts suggest that the demand for freshers may have reduced but the demand for mid-level employees with 5-10 years of experience remains on a higher end. The demand for reskilling according to the latest trend is required to hire.
Apparently, Major tech companies are laying off employees exponentially due to economic uncertainties. The move of layoffs is part of a larger trend of tech companies 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.
Recently, the consulting giant Accenture shocked the industry by announcing plans to trim its workforce by 19,000 over the next 18 months. Around 40% of Accenture employees are based in India and around 7,000 jobs will be eliminated in the country.
Amazon sacked 27,000 employees in the last three months. Recently, the company announced to layoff of 9000 employees. The major companies that laid off employees include Infosys, Amazon, Google, Byju’s, Wipro, and Salesforce laid off a maximum number of workers globally.
