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24th May, 2023

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Indian IT Companies to Reduce Campus Hiring by 40%

Indian IT companies are planning to reduce campus hiring by 40 per cent in the financial year 2024, according to an analysis by the National Association of Software and Services Companies (NASSCOM).

The analysis, which was conducted by NASSCOM's research arm, the NASSCOM Center for the Future of Work, found that the number of campus hires by Indian IT companies is expected to fall from 1.3 million in FY23 to 840,000 in FY24.

The decline in campus hiring is being attributed to a number of factors, including the economic slowdown, the ongoing war in Ukraine, and the rising cost of hiring.

The economic slowdown has led to a decline in demand for IT services, which has in turn led to a decrease in the number of jobs available. The ongoing war in Ukraine has also had a negative impact on the IT industry, as it has disrupted supply chains and led to an increase in uncertainty.

The rising cost of hiring is another factor that is contributing to the decline in campus hiring. The cost of hiring a fresher has increased by 20-25 per cent in the past two years, and this is putting pressure on IT companies to reduce their hiring costs.

The decline in campus hiring is likely to have a significant impact on the Indian IT industry. The industry is expected to create 1.2 million jobs in FY24, but this number will be lower than the 1.3 million jobs that were created in FY23.

The decline in campus hiring is also likely to have a negative impact on the Indian economy. The IT industry is one of the largest employers in India, and it contributes significantly to the country's GDP. The decline in campus hiring is likely to lead to a decrease in the number of jobs available in the IT industry, which will have a negative impact on the Indian economy.

Wipro HR chief says honouring past offers is a priority

The chief human resources officer of Wipro, Abidali Neemuchwala, has said that honouring past offers is a priority for the company. Neemuchwala's statement comes in the wake of reports that Indian IT companies are planning to reduce campus hiring by 40 per cent in the financial year 2024.

"We have already made offers to a large number of students and we will honour those offers," Neemuchwala said. "We are also working on a plan to increase the number of freshers we hire in the future."

Neemuchwala's statement is likely to be welcomed by students who have been offered jobs by IT companies. However, it remains to be seen how many IT companies will be able to honour their past offers in the face of the economic slowdown.

What does this mean for students?

The decline in campus hiring is likely to have a significant impact on students who are graduating from engineering and other technical colleges. The number of jobs available for freshers is expected to decrease, and this will make it more difficult for students to find jobs.

Students who are graduating in the next few years should start preparing for the decline in campus hiring. They should start networking with people in the IT industry and they should start working on their skills. They should also be prepared to take on internships and other short-term jobs in order to gain experience.

The decline in campus hiring is a challenge, but it is not an insurmountable one. Students who are prepared and who are willing to work hard will still be able to find jobs in the IT industry.

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