Indian IT majors do not bring good news for engineering graduates. According to a report by The Economic Times, there has been a modest intake of fresh engineers from across institutes in the country.
Lowest recruitment figures in over 20 years
As per the report, the number of graduates being picked for placement range between 70,000 to 80,000, marking the lowest recruitment figures in over twenty years.
Less than 10% of expected engineering graduates may get campus placements
Estimates from staffing agencies suggest that less than ten percent of the anticipated 1.5 million engineering graduates from various campuses this summer will secure job placements.
2022 was a ‘boom’ year for engineering graduates
IT companies hired a record-breaking 600,000 freshers during the peak of the technology services boom in fiscal 2022.
2023 was also relatively better for placements
While the numbers declined, fresher hiring stood at 250,000 in 2023, signaling the onset of a notable downturn in new recruitments.
Key reasons behind the recruitment decline
The ebbing impact of Covid-19 and escalating geopolitical tensions in regions like Ukraine and Israel, has prompted Indian IT providers to scale back their recruitment efforts for fresh talent.
Big names missing from campus recruitment
While leading IT firms such as Infosys and Wipro are expected to abstain from campus hiring for the second consecutive year, Tata Consultancy Services (TCS), India’s largest software services company, has announced plans to hire fewer freshers.
Tier-2 colleges likely to suffer the most
Tier-2 colleges, which heavily rely on IT services for placements, are anticipated to bear the brunt of this decline, with offers estimated to decrease by more than half.
Lowest recruitment figures in over 20 years
As per the report, the number of graduates being picked for placement range between 70,000 to 80,000, marking the lowest recruitment figures in over twenty years.
Less than 10% of expected engineering graduates may get campus placements
Estimates from staffing agencies suggest that less than ten percent of the anticipated 1.5 million engineering graduates from various campuses this summer will secure job placements.
2022 was a ‘boom’ year for engineering graduates
IT companies hired a record-breaking 600,000 freshers during the peak of the technology services boom in fiscal 2022.
2023 was also relatively better for placements
While the numbers declined, fresher hiring stood at 250,000 in 2023, signaling the onset of a notable downturn in new recruitments.
Key reasons behind the recruitment decline
The ebbing impact of Covid-19 and escalating geopolitical tensions in regions like Ukraine and Israel, has prompted Indian IT providers to scale back their recruitment efforts for fresh talent.
Big names missing from campus recruitment
While leading IT firms such as Infosys and Wipro are expected to abstain from campus hiring for the second consecutive year, Tata Consultancy Services (TCS), India’s largest software services company, has announced plans to hire fewer freshers.
Tier-2 colleges likely to suffer the most
Tier-2 colleges, which heavily rely on IT services for placements, are anticipated to bear the brunt of this decline, with offers estimated to decrease by more than half.