Fresher hiring by IT cos likely to decline in FY24: Report

With approximately 1.5 million engineering graduates actively seeking IT/Tech roles, muted market sentiments and intensified skills evaluation mechanisms have created a turbulent landscape, the report added.

Mumbai: Hiring of freshers is likely to decline in the current fiscal as major IT companies look to freeze intake of freshers, according to a report.

In its hiring outlook for fresh IT/engineering graduates in the fiscal year 2023-24, TeamLease Digital said that 1.55 lakh freshers are likely to be hired in the IT/Tech sector this fiscal compared to 2.3 lakh freshers in the previous financial year.

With approximately 1.5 million engineering graduates actively seeking IT/Tech roles, muted market sentiments and intensified skills evaluation mechanisms have created a turbulent landscape, it added.

The report is based on secondary sources, including news reports and company reports, it said.

As major IT companies freeze fresher intake, alternate sectors are opening up demand.

Other segments, including Global Capability Centers (GCCs) and non-tech sectors like banking, financial services and insurance (BFSI), communication, media and technology, retail and consumer business, life sciences and healthcare, have expanded entry-level hiring. This reflects a noteworthy shift in the hiring landscape, as per the report.

"The tech world is evolving rapidly, and we need to keep up. It is not just about companies broadening their hiring horizons, but also about ensuring that the talent pool of our country is ready for it. A united front can be forged through the collaborative efforts of the industry, academia, and government, leading to relevant programs and curricula being designed," TeamLease Digital Business Head Krishna Vij said.