According to a Spectrum Talent Management survey, new graduate hiring in India’s IT sector has fallen by 30% compared to the last two years due to the recession.
The IT sector, a major contributor to India’s economy, has faced a downturn in recent years, leading to a drop in new graduate hiring. Compared to 2022, he has seen a nearly 20% drop in new job openings this year, especially for recent graduates in his IT department.
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Employment declines were not uniform across all cities and sectors. The study shows that demand for fresheners remains stable in Tier 1 cities such as Bangalore and Hyderabad, while Tier 2 and Tier 3 cities are seeing a more pronounced slowdown.
Additionally, the industry is grappling with several challenges, including the rise of automation, artificial intelligence, and changing customer preferences, leading to fewer jobs for customers. However, in new technology roles such as AI, ML, big data, cloud and cybersecurity, he expects headcount to increase by 40-60% in the coming quarters.
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Job seekers recognize that ‘upskilling’ is the key to market competitiveness and prefer technology-savvy professionals such as blockchain, cybersecurity, and AI/ML DevOps. Rapid technological advances and increasing globalization have made the job market dynamic, responding sensitively to global turmoil.
“IT departments are going through a period of transition, with a move toward more contract-based hiring and upskilling of existing employees. However, we expect the situation to improve in the coming years as the sector adapts to changing conditions. The current market downturn for IT jobs is clear, but it will not last long and will react strongly to global headwinds,” said Sidarth Agarwal, Director of Spectrum Talent Management.
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