IT hiring to remain impacted few quarters only, V-shaped recovery soon

IT hiring may continue to be impacted for 2-3 quarters
Sekhar Garisa, CEO of job recruitment platform foundit (formerly Monster) said, “We see that the softness in IT hiring will continue at least for the next two quarters."

It is expected that the IT hiring slowdown is likely to continue for 2-3 quarters. Companies including Wipro, TCS, Infosys, and many more may remain impacted due to the macro environment.

The recent technological advances have also led to a slowdown in demand for certain jobs. There are certain roles that IT companies now don’t require.

Sekhar Garisa, CEO of job recruitment platform foundit (formerly Monster) while speaking to Financial Express, said, “We see that the softness in IT hiring will continue at least for the next two quarters.”

“That doesn’t mean that hiring isn’t happening, it means that the hiring is happening at a number that is much lower than before”, Sekhar Garisa added.

Commenting on the Hiring in 2024 for IT Industry, Ankit Aggarwal, Founder & CEO of Ustop said, “Overall, in the last couple of quarters hiring has been slowed down in the IT Industry due to macro environment and will continue for another one, or two quarters, but there will be V-shaped recovery from the start of next financial year

CompanyQ1FY24Q2FY24Dip in HeadCount
TCS6,15,3186,08,985 6,333
Infosys3,36,2943,28,764 7,530
Wipro249,7582,44,707 5,051
HCL Tech223,4382,21,139 2,299

India’s IT industry is facing challenges due to macroeconomic challenges like high inflation, interest rates, and banking crisis in the US and European regions. IT giants in India like TCS, Infosys, Wipro, and HCLTech have reported slow hiring and a dip in headcounts in Q2FY24.

Infosys said the company will skip campus hiring this year as it has a ‘way to go’ on utilization and they will keep monitoring the situation every quarter. However, according to media reports, Infosys CEO, Salil Parekh said that we will start hiring when the new projects arrive.

In the Indian Information Technology (IT) sector, layoffs and a slowdown in hiring are a cause for concern for campus placements.

Many companies earlier delayed the onboarding of employees now the reports show that campus placements for IT and tech slows down amid layoffs.

The impact of layoffs is huge on campus hiring as the number of companies hiring for core tech roles has come down as the companies have reduced the number of campus recruiters this year.

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