There will be trouble for new graduate engineers as IT hiring hit a 3-yr low in FY24.
According to the Hindu Business Line, it is expected that the Indian IT industry will be recruiting 1.55 lakh new graduates this year versus 3 lakhs in a good year.
The figures in the reports suggest that:-
- The IT industry hired 390,000 fresh graduates in FY22 which was around 26 percent of the total engineering class of 2022.
- Additionally, the recruitments cooled down to 280,000 in FY23.
The fear of a recession in the United States has emerged as a major hurdle in the execution of existing projects.
Additionally, senior officials in the IT industry have said, “The advent of artificial technology will have little to no impact on the jobs of newly recruited engineers, the numbers tell a different story.”
Additionally, IT majors Infosys, TCS, and Wipro have witnessed a drop in attrition in Q1 FY24 amid a slowdown in hiring. And also decline in Hedacounts.
HCL
HCLTech attrition rate for the quarter remained at 16.3% from 19.5 % in the preceding March quarter of fiscal 2022-23. The company has reported a 223,438 headcount in Q1Fy23 which was 2,25,944 in the previous quarter.
Wipro
Wipro also reported that the employee count has gone down by 8,812 individuals in the June quarter. The total employee count at Wipro experienced a decline, reaching 249,758 by the end of the first quarter, in comparison to 258,570 at the end of the previous fiscal year, FY23.
TCS
TCS reported an attrition rate for this quarter of 17.8% with a workforce strength of 615,318. The company’s net headcount addition of 523 and the contribution of women in the workforce is 35.8%.
However, At TCS there is a marginal rise in Headcounts, the company reported 6,15,318 in Q1FY23 which was 6,14,795 at the end of the previous fiscal year, FY23.
Infosys
Infosys headcount shrinks by 6,940 in Q1FY24. The attrition rate at Infosys has improved by over 300 bps and stands at 17.3 percent. Moreover, the net employee headcount has seen a marginal decline.
The total employee headcount for Q1 FY24 stood at 3,36,294, while the employee headcount for Q4 FY 23 stood at 3,43,234.