India’s over $240 billion IT services export sector will cap fresher recruitments to just 70-80K in fiscal year 2024 – the lowest intake in two decades, as post-pandemic demand struggles. Leading firms plan missing campus visits consecutive years amid conservative presence.
As per ET, With under 150K freshers onboarded till now and marginal expectations ahead, total yearly intake could nosedive 60-65% versus the 2022 peak of 600K that marked the world’s largest campus recruitment drive ever then.
Tier-2 Colleges to Be Worst Hit
Beyond IT majors already freezing hiring, the sharper plunge in entry-level roles now threatens tier-2 institutes solely dependent on the sector for placements as packages get slashed in half. Even top campuses witness a 20% drop in IT offers. Just 15% of yearly engineering graduates may find IT employment today versus over 70% previously.
With remote working evolution and AI-led reskilling substituting fresher demand, economic uncertainties have exacerbated existential placement crisis for thousands barely months from graduation as industry recovers slowly.
Encouraging Trends in Lateral Hiring
However, lateral recruitment of experienced IT professionals as replacement hires indicates early stabilization signs – hiring intent improved 10% by January-end versus late 2022 as per reports. But despite net employee decline of 60K+ across top 5 firms, robust fresher intake recovery remains unlikely before FY2025 amid cautious business strategies balancing growth and margins.
