IT giants TCS, Infosys, Wipro 30% less hiring in FY24 | delays in fresher onboardingadmin | 2023-09-19
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Several thousands of freshers from the 2022 and 2023 batches of engineering colleges who bagged jobs with IT services companies, on- or off campus, are facing endless onboarding delays IT services majors are now planning to cut back on hiring freshers due to a weak deal pipeline amid lingering recessionary fears in the US.
It is imperative for the industry to make itself attractive to the top talent from the Tier II colleges at least, experts say.
After the euphoric days of 2021 up to September-October 2022 where the likes of TCS, Infosys, Wipro, HCL, Tech Mahindra, Cognizant, Accenture and several other IT services firms hired freshers in droves in anticipation of growth, they are now planning to cut back on hiring freshers due to a weak deal pipeline amid lingering recessionary fears in the US.
Staffing firm TeamLease Digital has projected a 30 per cent year-on-year decline in FY24.
Besides, several thousands of freshers from the 2022 and 2023 batches of engineering colleges who bagged jobs with IT services companies, on- or off campus, are facing endless onboarding delays.
If many have not heard back from their prospective employers about a joining date after being promised a job over a year ago, for others it is little solace when companies keep extending joining dates every two-three months. Still others have been compelled to undergo additional training even as their offer letters are nearing expiry, while some have had their offers rescinded. They are essentially floating in an uncertain tech job market.
Emerging Information Technology Employees Senate (NITES) Chairman Harpreet Singh Saluja said that in the last two batches he has received complaints about delays in new employee training from his 20,000 to 25,000 students. It is assumed that the information was sent to the union. ``If the business was going bankrupt, why did we have to send out so many offer letters to these new students?''
These are young people, and this [delayed and revoked offers] Completely wrong,” says TV. Mohandas Pai is Chairman of Aarin Capital and former CFO of Infosys. Industry veterans say companies should hire and train new graduates immediately, even if it means taking a two- to three-quarter financial hit. “Yes, business needs are very important. But they still make profits and lose people at lower costs. We may need to maintain redundancy for a quarter or two," Pai added.