By the reports of the Economic Times, engineering colleges have witnessed a tough placement season due to the hiring slowdown.
Harpreet Singh Saluja, Founder-President of Nascent Information Technology Employees Senate said, “This situation will remain till the U.S. economy recovers”
The companies have initially delayed the onboarding of the employees and also reduced the salary package of the employees.
Earlier, it was also reported that the IT majors Amazon, Accenture, Mindtree, Wipro, Infosys, and Tech Mahindra have delayed the onboarding of employees.
Additionally, the impact of economic uncertainty has also caused many companies not to visit the engineering colleges campuses or are revising salaries downward.
The reports suggest that the situation is expected to continue for the next few months leading to an impact on the students. However, the colleges are trying the recruiter pool to ensure minimal impact on placements.
Rajesh Rohilla, Head, of Training and Placement at Delhi Technological University said, “There is some pullback because of the slowdown in markets such as the US. Companies are coming but numbers are affected.”
“There has been an up to 50% drop in some cases. But some startups and new software companies are making up for it. If a particular company does not honour selections, they will be given less priority”, Rajesh Rohilla added.
Other Fresher Movements of Previous Batches
Mphasis fresher’s offer letter will expire soon due to a delay in onboarding. The company provided offer letters to freshers for the position of Trainee Associate Software in September 2021. And these job offers will expire in March 2023. Also, for Associate Software Engineer, offers made in late 2021 will expire in April 2023.
Recently, Wipro has reduced the employee’s salary by 50 percent from Rs 6.5 lakh to Rs 3.5 lakh per annum. The Nascent Information Technology Employees Senate (NITES) has filed a complaint against Wipro in the Labour Ministry.
Additionally, the company also sacked 452 fresher employees due to poor performance. The union of IT employees NITES said that it ‘strongly condemns the unethical layoffs done by Wipro.’
Infosys has fired 600 freshers after they fail an internal assessment test. The company hired around 6,000 freshers in Q3FY23. Additionally, IT companies have laid off thousands of employees due to a slowdown in the industry.
Additionally, earlier, Harpreet Singh Saluja also said that nearly 30,000 IT professionals have been impacted by the delay in onboarding at top IT firms like Infosys, Wipro, Tech Mahindra, Capgemini, and others.