A drastic reduction in Indian tech companies has hit tier 2 and 3 engineering schools that rely on them for campus placement. Basic coding skills are outdated, and roles in new technologies such as artificial intelligence, machine learning, big data, cloud, and cybersecurity are in high demand.
According to rough industry estimates, job placements for students from these technical colleges could fall 35-40% this year compared to last year. Even at a macro level, IT services companies such as TCS, Infosys, HCL Technologies and Wipro reduced their workforce by 66% in FY2023 compared to a year ago.
As the talent market returns to pre-pandemic levels and these firms’ FY23 net additions approached FY21 net additions, Tier 2 and Tier 3 engineering colleges are looking to product-based companies as destinations for their students. pointing to The problem, however, is that these companies don’t hire as much as IT services companies. For example, about 60% of students graduating from these universities are typically employed by service-based companies.
Mr D Ranganath, Dean of Employment Department at RV Engineering College (RVCE), Bangalore said: “Since the last two years, service-based companies have seen a 10% decline in hiring from their campuses each year.
Spectrum Talent Management Director Sidharth Agarwal said: “The IT sector is going through a period of transition, with a move toward more contract-based hiring and upskilling of existing employees.
Compared to 2022, the number of new job openings in the IT field has fallen by almost 20% this year, he said. “Many IT services companies like Wipro did not visit our campus this year due to the over-hiring that has been done so far.” Career and training officer at Karnataka-based private university said the person.
He said that the decline in employment in IT service companies has been partially compensated by employment from other industries such as banking and fast-moving consumer goods, but since these industries do not require a large number of human resources, the number of added that there were very few
Savitha Rani M., Head of Training and Employment at Ramaiah Institute of Technology, Bangalore, said entry-level jobs are becoming automated and students will be hired in niche sectors with vacancies. said they need to improve their skills.
TeamLease Digital CEO Sunil C said traffic to one of its job portals, Freshersworld.com, has surged due to a decline in campus hiring. “Our website traffic is up 20-22% and this trend will continue to increase from June,” he said.
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Recruitment experts said companies recognize that upskilling is the key to market competitiveness and prefer technology-savvy professionals such as blockchain, cybersecurity, AI and ML. Rapid technological advances and increasing globalization have made the job market highly dynamic, responding sensitively to turmoil in the global market.
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