The hiring of freshers in the Indian IT sector has decreased by 30 per cent compared to the previous two years due to the downturn, according to a study by Spectrum Talent Management.
The IT sector, a major contributor to the Indian economy, has been facing a slowdown in recent times, leading to a dip in the freshers hiring. As compared to 2022, the new job openings for freshers, especially in the IT sector, have dipped by almost 20 per cent this year.
The drop in hiring was not uniform across all cities and sectors. According to the study, Tier-1 cities such as Bengaluru and Hyderabad were still seeing steady demand for freshers, while Tier-2 and Tier-3 cities were experiencing a more significant slowdown.
Additionally, the industry has been grappling with several challenges, such as the rise of automation and artificial intelligence, changing customer preferences, and many more, leading to a decrease in the jobs available to them. However, job roles in newer technologies such as AI, ML, big data, cloud, and cybersecurity are slated to witness a manpower spike ranging between 40- 60 per cent in the coming quarters.
Job seekers have identified “upskilling” as the key to market competitiveness, and they prefer professionals well-versed in technologies like blockchain, cybersecurity, and AI/ML DevOps. Due to the rapid pace of technological advancement and increased globalization, the job market has become dynamic while being responsive to global turbulence.
“The IT sector has been going through a period of transition, and we are seeing a shift towards more contract-based employment and upskilling of existing employees. However, we expect the situation to improve in the coming years as the sector adapts to the changing landscape. The current market slump in IT jobs is evident but won’t last long and will respond strongly to global headwinds,” said Sidharth Agarwal, Director of Spectrum Talent Management.