Indian tech companies to witness a 46 per cent hiring boom in 2024, despite 31 per cent of engineers experiencing a hiring freeze, according to a report by Flexiple.

A significant number of engineers (35 per cent) have noticed a hiring slowdown with some even experiencing a complete freeze (31 per cent). Hiring managers tell a different story. Nearly half, (46 per cent) of them are actively expanding their teams and only a quarter (23 per cent) have put hiring on hold.

There seems to be a mixed message about hiring. Engineers are feeling the effects of a slowdown, while hiring managers are more positive about bringing in new people. The job market might pick up as soon as managers move forward with their expansion plans. This should translate to improved sentiment among engineers as well. Overall, there’s hope that hiring will go up for 2024, with chances of a better job market than in 2023, the report noted.

Further, the report noted that 27 per cent of engineers escape layoffs, but most see colleagues let go. A whopping 73 per cent of engineers shared that some part of their team has been let go. This includes 18 per cent of engineers who have seen half of their team let go, while another 21 per cent have witnessed a reduction of about one-third in team size over the past year.

Additionally, 34 per cent of engineers claimed that 20 per cent of their team has been let go. Thankfully, 27 per cent of engineers said their teams haven’t had any layoffs at all. The past 12 months have been rough for developers. Layoffs have hit many tech teams and downsizing by companies has created a lot of uncertainty in the job market.

The good news, as we saw before, is that companies are starting to hire again, which will slow down these cuts. However, engineers are right to be cautious as they navigate this evolving situation, the report noted.