Tech Hiring 2023: Wipro slows down hiring as tech spending cools and sales dip

Wipro Hiring 2023: India's Tech giant Wipro that specialises in outsourcing services, has decided to hire fewer engineering graduates, as clients are cautious of spending, reported Bloomberg. Wipro has decided to onboard the people who have already been offered jobs instead of new recruitment.

Bloomberg quoted Wipro's Chief Human Officer Saurabh Govil mentioned that the company had hired about 22,000 new graduates in the year through March.

Decelerating Sales

Wipro made this announcement amid a decelerating sales and a less than expected net income in the second quarter of the fiscal year.

Also Read: Tech Jobs: Infosys postpones campus recruitment for this year

“This year the environment has changed, as you’ve seen across the industry,” said Saurabh Govil, chief human resources officer to Bloomberg.

Cost Cutting Measures

It is not just Wipro that has restrained from recruiting. Other IT majors like Infosys, HCL and TCS have also slowed down the hiring in an cost cutting effort. As per Bloomberg, Infosys which hired more than 50,000 graduates in the last fiscal year, has said it’s unlikely to go to colleges for campus placement in the year through March 2024.

While HCL Technologies is hiring just about 10,000 new graduates, 5,000 fewer than it previously planned and about half of what it hired last year.

Also Read: Campus Hiring: Engineering students stare at a tough placement season

India's IT service sector which is one of the largest employers in the South Asian Nation known for hiring thousands of recent college graduates, recruited aggressively during the peak of the Covid pandemic as companies around the world outsourced work to keep their businesses running smoothly.

However, after the pandemic the boom cooled and clients are facing major inflation and high interest rate trouble. This is forcing them to spend a little on technologies affecting the Indian IT Services Sector that is valued over $245 billion.