While TCS cited evolving business needs and future readiness as reasons, industry experts say the action is a cost-cutting measure aimed at improving operating margins that have remained below the firm's aspirational range despite multiple efforts.
The IT sector's fresher hiring is expected to rise by 20% to 25% for 2024-2025. The increase in hiring is driven by a focus on specialised skills catering to segments like AI, machine learning and data analytics.
Around 72 per cent of employers in India intend to hire freshers in the second half of 2024, according to a report released by TeamLease EdTeach on Wednesday. The report titled 'Career Outlook Report HY2 (July-December 2024), based on a survey of over 603 companies across India conducted between April and June 2024, indicated a positive trend in the job market for new graduates.
Bengaluru dominated as the country's top city for job opportunities and salary growth as it has registered a 9.3 per cent year-on-year increase, closely followed by Chennai and Delhi, a report said on Thursday. This growth underlines Bengaluru's reputation as a technology and business hub as the average monthly unified salary in the city stood at Rs 29,500, making it the highest-paying city in the country, according to TeamLease Services Jobs and Salaries Primer report for FY24. The report is based on an analysis of unified salaries across temporary and permanent hiring markets.
The country's biggest carmaker, Maruti Suzuki India, has raised concerns about the continuing slide in small car sales.
Indian IT hiring landscape is at a pivotal juncture as it transitions from a year of decline towards a more hopeful future. The focus on specialised skills, particularly in AI and data science, combined with geographical shifts towards Tier 2 cities, indicates a transformation within the sector.
'We are getting to understand the mind of this generation.' 'Minor tweaks are being made to ease the process as we go along.'
Companies like Flipkart, Amazon and Meesho as well as quick commerce ones like Blinkit, Zepto and Swiggy Instamart may create hundreds of thousands of seasonal jobs for the coming festival season.
Finance Minister Nirmala Sitharaman on Saturday said the government will arrange identity cards and registration on the e-Shram portal to assist 1 crore gig workers. Presenting the Union Budget 2025-26, the finance minister also said a scheme for the socio-economic upliftment of urban workers will be implemented.
'The first job you pick up may not be your ultimate dream job.' 'When the situation is no job or any job, my advice to them will be, pick up any job at the moment.' 'You should use that job as a learning experience.' 'It is easier to find a job when you are working somewhere than when you are sitting at home with no work.'
'Skilled labour is different from immigration.' 'While any adverse immigration ruling will impact Indians, it may not necessarily affect the IT services industry.'
IT attrition rate is expected to be around 12% to 13% this year.
The average Indian works 46.7 hours per week, surpassing even China's 46.1 hours. In some sectors, the numbers are even more staggering.
'The noise that we are hearing is because the five big IT players are not hiring significantly.'
E-commerce firm Amazon India has announced the creation of over 110,000 seasonal job opportunities across its operations network as it prepares to serve millions of customers throughout India during the upcoming festival season. These positions include both direct and indirect roles in cities such as Mumbai, Delhi, Pune, Bengaluru, Hyderabad, Kolkata, Lucknow, and Chennai, among others. Notably, Amazon has hired thousands of women and nearly 1,900 individuals with disabilities into its existing network.
'These are the two core skill sets that are required for any job, in any profession.'
'If people want to work 90 hours, we should let them work.' 'If people want to work 30 hours, you should let them work 30 hours.' 'But they should not expect the same level of success and attention.'
The good news is that salary hikes are expected, though it is uncertain when they will be implemented.
Apprentices get at an average of Rs 10,000 to Rs 12,000 per month which can double after one year of on-the-job training.
'The top five IT giants are not hiring, but most of the freshers want to start their careers with the top five IT firms.' 'In today's scenario this is a challenge.'
In 2024 so far, 20 startups have already visited the campus with 80 placements.
'This year overall hiring has seen a slight improvement as compared to the dip seen during the last financial year.'
'India's top companies currently lack the organisational wherewithal to hire and train 2 million interns annually, given their current scale of operations and existing employee base.'
Severe skilled, unskilled shortage threatens to pull emergency brakes on India's industrial engine.
While praising the internship scheme announced in the Budget, India Inc wants clarity on how it will be implemented. The scheme is expected to help companies address the skill gap in employment. Dheeraj Hinduja, chairman, auto major Ashok Leyland, said: "We had started an internship programme at our plant in Pantnagar, which we established in 2010 with colleges there.
'In India, managers and the leadership almost glorify overworking.'
Even as cyber threats continue to rise in India - the second-largest global active internet user base - the country is currently facing a big skill gap in the cybersecurity domain and represents just six per cent of global cybersecurity jobs, finds a report. As of May 2023, the industry had about 40,000 open opportunities, indicating the growing demand for skilled cybersecurity professionals. However, the demand-supply gap stood at 30 per cent, projecting a major skill challenge in the industry, finds the study by tech staffing firm TeamLease.
'In the second half of 2024, about 60% of startup jobs will be taken by entry-level candidates with 0-3 years of experience.'
As the job markets open up, top IT services firms may look at a tiered strategy in which they hire entry-level talents at higher salaries, amid a major technological shift, say HR analysts.
The latest ruling by the Registrar of Companies (RoC) in the LinkedIn Technology Information case for violating significant beneficial ownership (SBO) norms has brought the amended rules into the spotlight. Experts suggest that more entities, particularly multinational companies (MNCs), are expected to face greater scrutiny. "Companies are closely watching this space.
Under the National Apprenticeship Promotion Scheme, close to 1 million apprentices will be trained in FY24.
The Indian IT industry recorded 25.2 per cent employee attrition in FY22 and that pain will continue as it loses talent to other industries, said a report by TeamLease. The attrition in the contract staffing industry is predicted to touch at least 50 per cent in FY23 compared to 49 per cent in FY22, said the report called 'Brain Drain: Tackling the great talent exodus in IT sector'. Company policies, payment and work flexibility is making talent move, as non-technology firms step up demand. "Tech talent in non-tech companies will see 3X growth in the coming years, opening up approx 1 million new tech jobs by 2025.
More people working in India's technology industry have lost their jobs in the first six months of 2023 than in the corresponding period in 2022.
'The expeditious enactment of labour codes and strategic measures to bridge the skills jobs gap are critical.'
'Such steps would be a barrier and something people do not want.'
'Corporations that were recruiting 15 or 20 [students] have reduced the number to two or three.'
Engineering, telecom and healthcare sectors are likely to add close to 12 million new jobs by FY26, largely due to the focus on recovery along with technology proliferation and digitisation in these segments, according to a report. A report by TeamLease Digital, the staffing division of TeamLease Services, said specialised staff or professional staff with high-skill and expertise will form nearly 17 per cent of the overall jobs created. The report -- titled 'Professional Staffing - Digital Employment Trends Report' -- is a qualitative research that has surveyed and interviewed more than 750 employers/ leaders from across engineering, telecom and healthcare sectors.
Sources within the Congress, including those who have been members of the teams that drafted its 2019 and 2024 Lok Sabha poll manifestos, said the Karnataka government decision lacked any empirical basis.
Nearly 40 per cent of IITians sitting for placements in 2024 are yet to receive job offers, showing a doubling of the 'unplaced' in the last three years from 19 per cent in 2021-2022 to 38 per cent in 2023-2024.
The writing has been on the wall for some time. Exodus of senior leadership and growth behind its peers are reasons that have prompted Thierry Delaporte, the chief executive officer (CEO) of Wipro to resign, analysts said. Delaporte, Wipro's seventh CEO, also resigned without completing his five-year term, like his predecessor Abidali Neemuchwala decided to end his tenure prematurely in 2020. Phil Fersht, HFS Research CEO and chief analyst believes the change in leadership was at least six months overdue.
