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The 72 per cent hiring intent represents a 4 per cent increase from the first half of this year and a 7 per cent rise compared to the second half of 2023

72% of employers plan to hire freshers in second half of 2024, report reveals

The 72 per cent hiring intent represents a 4 per cent increase from the first half of this year and a 7 per cent rise compared to the second half of 2023

The job market is picking up pace, and fresh talent is in demand. A new report reveals that 72% of employers are planning to hire freshers in the second half of this year.
This marks a 4% increase from the first half of 2024 and a 7% jump compared to the same period in 2023. The findings of the TeamLease EdTech's 'Career Outlook Report&rsquo; signal steady improvement in employment opportunities.
Leading the charge in hiring fresh talent are the e-commerce and technology start-ups, engineering and infrastructure, and retail sectors, all of which are showing strong intent to onboard freshers in the coming months.
"The increase in hiring intent for freshers is an encouraging sign. It reflects growing confidence among employers and presents valuable opportunities for fresh talent entering the workforce," TeamLease EdTech founder and CEO Shantanu Rooj said.
Bengaluru Tops Freshers Hiring
Geographically, Bengaluru leads with 74 per cent of employers intending to hire freshers, followed by Mumbai at 60 per cent and Chennai at 54 per cent, it added.
In terms of job roles, the report said full-stack developer, Search Engine Optimisation executive, digital sales associate, and User Interface/User Experience designer have emerged as the most in-demand positions for freshers.
Employers are particularly seeking candidates with skills in cybersecurity, cloud computing, data analytics, and search engine optimisation, it stated.

Hexaware Technologies plans to hire 6,000-8,000 employees globally in 2024, focusing on specific roles in India, US, UK, and other countries, with recruitment dependent on favorable market conditions

IT service firm Hexaware to hire up to 8,000 employees globally in 2024

<h2>Hexaware Technologies plans to hire 6,000-8,000 employees globally in 2024, focusing on specific roles in India, US, UK, and other countries, with recruitment dependent on favorable market conditions</h2>

IT services firm Hexaware Technologies is planning to hire between 6,000 to 8,000 employees in countries including US, India, Canada, Mexico, Poland and the UK in 2024. In a news release the firm mentioned that the hiring plans are subject to favourable global market conditions.
"We're actively seeking talented individuals across the globe to join our team," said Rajesh Balasubramanian, executive vice president and global head, Talent Supply Chain, at Hexaware.
<h3>Hexaware hiring</h3>
In India, the firm is planning to hire employees in locations including Hyderabad, Noida, Coimbatore, Dehradun and Bengaluru. Hexaware will also conduct recruitment drives in Ahmedabad, Indore, Pune, Mumbai, Chennai, Dehradun, Kochi and Thiruvananthapuram.
The hiring will be done for roles including SeviceNow tech leads, automation testing specialists, AEM architects, Big Data leads and workday financial consultants.
"City-specific hirings would focus on Hyderabad and Noida (ITSM, HRSD, ServiceNow), Coimbatore and Bengaluru (Azure Databricks, Python ADF) and Hyderabad (AEM, Front-End, MSD, Java FSD, .NET FSD)," the release stated.
Meanwhile, in the US it plans to hire cloud application architects (Azure), ESM architects (ServiceNow), Java full-stack engineers, test analysts (SDET) with automation expertise and senior Java full-stack developers with AWS expertise. In UK, Hexaware will hire test managers (manual and automation), AEM, DevOps (Azure), service desk professionals and full-stack developers (Java and .NET)
Also watch: <a href="https://www.editorji.com/business-news/it-hiring-plummets-to-14-over-the-last-year-here-s-why-1702390289107">IT hiring plummets to 14% over the last year, Here's why</a>

HSBC's cost-cutting measures suggest that lenders are preparing for central banks to begin lowering interest rates in the coming months, signaling an end to the period of high rates that have boosted profits for large global banks like HSBC in recent years

HSBC halts hiring, cuts expenses amid cost reduction efforts: Report

HSBC's cost-cutting measures suggest that lenders are preparing for central banks to begin lowering interest rates in the coming months, signaling an end to the period of high rates that have boosted profits for large global banks like HSBC in recent years

HSBC Holdings is slowing down hiring and instructing investment bankers to reduce travel and entertainment expenses, according to a Bloomberg report. The report further adds that sources familiar with the situation said the bank is not replacing staff who have left or resigned in recent months, and certain business units have been instructed to pause hiring altogether. Also read/watch - <a title="Amid SEBI's new norms on sharing live market data, many stocks gaming apps quit operations" href="https://www.editorji.com/business-news/amid-sebi-s-new-norms-on-sharing-live-market-data-many-stocks-gaming-apps-quit-operations-1719920900211">Amid SEBI's new norms on sharing live market data, many stocks gaming apps quit operations</a> However, this hiring freeze is not intended to affect client-facing roles. Bloomberg also reports that Investment bankers have been encouraged to set up at least three client meetings a day to maximize work travel. Employees in some divisions were reminded of these expectations at a recent company town hall. HSBC's cost-cutting measures suggest that lenders are preparing for central banks to begin lowering interest rates in the coming months, signaling an end to the period of high rates that have boosted profits for large global banks like HSBC in recent years.

The hospitality industry is expected to create 1 million jobs due to a post-pandemic boom, but faces a significant talent gap. Experts stress the need for upskilling and recruitment from other industries to meet future demands

Hospitality industry set to create 1 million jobs amid talent shortage

<h2>The hospitality industry is expected to create 1 million jobs due to a post-pandemic boom, but faces a significant talent gap. Experts stress the need for upskilling and recruitment from other industries to meet future demands</h2>

The hospitality industry is poised to generate around 1 million jobs over the next few years, driven by a significant talent shortage and rapid post-pandemic expansion, experts reveal.
"The current demand-supply gap of talent stands at around 55-60%, indicating a substantial mismatch between the needs and the available talent pool", said Sanjay Shetty, Director of Professional Talent Solutions at Randstad India
<h3>Hiring by hospitality sector</h3>
This shortage has been exacerbated by the surge in demand following the Covid-19 pandemic, with Shetty predicting that the momentum will continue, creating at least a million new jobs in the coming years.
The pandemic-induced boom has resulted in a more than fourfold increase in overall hiring, with entry-level positions being the most sought-after in the past two years. Companies have responded by upskilling existing staff and recruiting from other industries to fill the void. Additionally, they have intensified efforts to attract and retain talent by offering competitive salaries, benefits, and opportunities for career growth.
"It is estimated that in 2023, the tourism and hospitality industry provided employment to around 11.1 million people. By 2024, it is expected to require a workforce of 11.8 million individuals. This demand is predicted to increase to 14.8 million by 2028, with an annual growth of 16.5 per cent," said Dhriti Prasanna Mahanta, Vice President and Business Head of TeamLease Degree Apprenticeship
Balasubramanian A, Vice President and Business Head at Staffing, TeamLease Services, pointed out the significant gap between current manpower and future needs. "Data from the Tourism and Hospitality Skill Council (THSC) indicates that in 2023, only a fraction of available seats for hospitality management programmes were filled," he noted, underscoring the industry's pressing need for a skilled workforce.
In response to these challenges, many companies are investing in training programs and partnerships with educational institutions to ensure a steady pipeline of qualified talent. As the hospitality sector continues to expand, addressing the talent shortage will be crucial for sustaining its growth and meeting the increasing demand for services.
[With PTI inputs]
Also Watch: <a href="https://www.editorji.com/business-news/markets/tata-electronics-ramps-up-hiring-at-hosur-iphone-hub-adding-35-000-jobs-1713195447067">Tata Electronics ramps up hiring at Hosur iPhone hub, adding 35,000 jobs</a>

HCLTech plans to hire 10,000 freshers this year and train 50,000 of its employees in generative AI even with a global slowdown marred by weak client spends, geopolitical shocks, high inflation, and macroeconomic uncertainties

Good news for freshers! HCLTech to hire 10,000 employees this year, says CEO C Vijayakumar

<h2>HCLTech plans to hire 10,000 freshers this year and train 50,000 of its employees in generative AI even with a global slowdown marred by weak client spends, geopolitical shocks, high inflation, and macroeconomic uncertainties</h2>

In some good news for freshers, HCL Tech CEO C Vijayakumar has mentioned that the firm will be hiring 10,000 new employees. He further added that the company's headcount should not come as a surprise because of the company's growth of 5.4% in the current environment.
&ldquo;The headcount addition should not come as a surprise, because we had a good growth of 5.4 per cent in the current environment, so that obviously needs good talent to execute, and that's why our headcount is growing. And coming to FY25, of course, a lot will depend on how the year shapes up. At this point, we've planned at least 10,000 freshers to be hired during this year&rdquo;, Vijayakumar told PTI in an interview&nbsp;
<h3>HCLTech hiring</h3>
Meanwhile, the lateral hiring will depend on the company's performance this year, said Vijayakumar. In the March quarter the company added over 2,700 employees. The CEO also announced plans to fully train 50,000 of its employees in generative AI by the end of this year.
Despite a global slowdown marred by weak client spends, geopolitical shocks, high inflation, and macroeconomic uncertainties, HCLTech reported net profit of Rs 3,986 crore year-on-year for March quarter. Meanwhile, the net profit was down 8.4% on a sequential basis.
In the fourth quarter of FY24, the revenue from operations stood at Rs 28,499 crore, up 7.11% from a year ago. For the full fiscal year (FY24), the company reported a 5.7% rise in net profit to Rs 15,702 crore. The company posted Rs 1,09,913 crore in revenue in FY24, up 8.3% from the previous fiscal.
"Across the industry there is good mix of revenue, which is coming from discretionary spending patterns of clients in this environment that is subdued, which will be visible in FY25. If things change sometime you will have a much better outcome, if things remain similar to what it was in FY24 then you will have subdued growth in FY25," Vijayakumar said.
HCLTech's projected revenue growth of 3%-5% for FY25 is a "good growth" in current environment and probably highest guidance among the tier-one providers, according to Vijayakumar.
[With PTI inputs]
Also watch: <a href="https://www.editorji.com/business-news/it-hiring-plummets-to-14-over-the-last-year-here-s-why-1702390289107">IT hiring plummets to 14% over the last year, Here's why</a>

As IT companies are expecting greater certainty and a more promising environment for growth post elections, the recruiters are seeing a rise in the number of search mandates for senior IT talent to be closed in the next few quarters

Leadership hiring in IT firms pick up amid expectations of economy growth post polls across the globe

<h2>As IT companies are expecting greater certainty and a more promising environment for growth post elections, the recruiters are seeing a rise in the number of search mandates for senior IT talent to be closed in the next few quarters</h2>

After a dry spell of almost a year, the Information Technology sector has re-started hiring for leadership roles. As per The Economic Times report that quotes executive search and recruitment services firms, IT companies are looking to fill pending positions at leadership and senior levels and for new roles in anticipation of things looking up with elections getting over in India, the US and the UK.
<h3>IT hiring re-starts</h3>
The report mentioned that IT companies are expecting greater certainty and a more promising environment for growth post elections. Due to this recruiters are seeing a rise in the number of search mandates for senior IT talent to be closed in the next few quarters.
"We are seeing green shoots after almost two years of lull in searches. Tier-2 companies are looking for C-suite talent. Even the tier-1 set of IT firms have opened searches in a decent way. Many are even looking at candidates from the diversity and inclusion lens," Ratna Gupta, senior partner at ABC Consultants, an executive search and talent advisory firm told The Economic Times.
Gupta also revealed to the publication that there are at least 20 search mandates with ABC for senior tech talent compared to none about a year ago.&nbsp;
Also Read: <a href="https://www.editorji.com/business-news/elon-musk-boosts-tesla-engineer-salaries-amidst-poaching-threat-from-openai-and-competitors-1712237230497">Elon Musk boosts Tesla engineer salaries amidst poaching threat from OpenAI and competitors</a>
The Economic Times quoted Mphasis CHRO Ayaskant Sarangi and said that the firm has bolstered hiring in its Europe business, Insurance vertical and AI business.
"Across geographies, capabilities, and domains, we continuously look for senior talent both internally and externally whose expertise aligns seamlessly with our vision, ensuring a well-knit team for growth. We have recently bolstered our Europe business, Insurance vertical, and AI business through external leadership hires", Ayaskant Sarangi told The Economic Times.
The experts also told the publication that earlier conversations were taking place regarding hiring but now companies are springing into action to close mandates. Puneet Malhotra, partner - Global Technology &amp; Services, Asia Pacific at Heidrick &amp; Struggles, a leading executive search firm told the Economic Times that there is demand for tech talent by Indian IT companies for the North America region. "We currently have over 10 search mandates for the US alone. This is mostly CXO-1 positions."
Likewise, the report quoted Pranshu Upadhyay, regional director at Michael Page India and said that there is an uptick of 26% YoY in senior leadership hiring in the tech ecosystem for roles like CTO, CEO, sales, product, design, and engineering heads.
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Tesla Power India announces a significant expansion initiative, aiming to recruit over 2,000 employees across various sectors including engineering, operations, sales, marketing, and support functions.

Tesla Power India plans to hire more than 2000 people

Tesla Power India announces a significant expansion initiative, aiming to recruit over 2,000 employees across various sectors including engineering, operations, sales, marketing, and support functions.

Tesla Power India said it is planning to recruit over 2,000 employees across various verticals as part of its expansion plans.
The planned recruitment drive will encompass positions across engineering, operations, sales, marketing, and support functions, providing ample job opportunities for the youth, it said in a statement.
The sustainable energy storage solutions provider also recently launched its refurbished battery brand ReStore. It plans to open 5,000 ReStore units by 2026 across the country.
"As we continue to expand our footprint in India, we recognise the critical role that talented individuals will play in achieving the sustainable goals through innovation. We are excited to welcome the new talent in our team and leverage their contribution to further our mission of Save Cost. Save the Environment. Save Lives," Tesla Power India Managing Director Kavinder Khurana said.&nbsp; Also Watch: <a href="https://www.editorji.com/business-news/tesla-recalls-nearly-2-lakh-full-self-driving-vehicles-due-to-a-software-glitch-1706338772530#google_vignette">Tesla recalls nearly 2 lakh 'Full Self-Driving' vehicles due to a software glitch</a>

Infosys is looking to hire from campus for roles in cybersecurity and data mining with compensation to be higher than what fresh graduates are offered

Infosys eyes campus placement for niche job profiles

<h2>Infosys is looking to hire from campus for roles in cybersecurity and data mining with compensation to be higher than what fresh graduates are offered</h2>

Indian IT giant Infosys has reversed its plans to skip campus placement this year. In a major relief to institutes, Infosys &nbsp;is recruiting a select few who are specializing in cybersecurity and data mining, reported Mint.
<h3>Hiring for niche roles</h3>
As per Mint, the compensation is higher than what fresh graduates are offered when hired in large numbers. Meanwhile, the report quoted analysts and said even when hiring for niche profiles, IT firms will prefer to recruit talent from campuses rather than the market as the latter will be costlier.
Also Read: <a href="https://www.editorji.com/business-news/markets/tech-hiring-slowdown-tcs-hcl-infosys-report-significant-workforce-reductions-1697199655632">Tech hiring slowdown: TCS, HCL, Infosys report significant workforce reductions</a>
&ldquo;Infosys is coming for a bigger segment. They are not coming for general hiring. Infosys is hiring for a software engineer&rsquo;s position next month. There is no clarity on the number of freshers that they will take, but they will pay Rs 9 lakh per annum and above," Savitha Rani M, Training and Placement officer, MS Ramaiah Institute of Technology told Mint.&nbsp;
In October last year, Infosys had decided to not visit any college campus this year as it had a &ldquo;significant fresher bench&rdquo; amid a demand decline in key markets such as the US. The IT services industry typically absorbs 20-25% of the 1.5 million engineering graduates in India every year.&nbsp;
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While Citigroup is set to eliminate 20,000 roles and Morgan Stanley had set aside $353 million in severance cost last year, their rival JP Morgan Chase &amp; Co is planning to hire this year amid a revival in the banking sector

Amidst massive layoffs by banks, JP Morgan plans hiring as the sector revives

While Citigroup is set to eliminate 20,000 roles and Morgan Stanley had set aside $353 million in severance cost last year, their rival JP Morgan Chase & Co is planning to hire this year amid a revival in the banking sector

<h2>While Citigroup is set to eliminate 20,000 roles and Morgan Stanley had set aside $353 million in severance cost last year, their rival JP Morgan Chase &amp; Co is planning to hire this year amid a revival in the banking sector</h2>

JP Morgan Chase &amp; Co plans to hire this year as the firm is seeing opportunities across the banking sector from dealmaking to US wealth management to international retail banking. The bank's president Daniel Pinto in an interview to Bloomberg mentioned that the US bank is seeing "plenty of growth" and &ldquo;all the components are for a strong year&rdquo;.
<h3>Hiring by Jp Morgan&nbsp;</h3>
JP Morgan closed out on its most profitable year in US banking history. The hiring plan comes, as many of the banking executives expect dealmaking to pick up following a prolonged drought that brought investment-banking revenue last year to the lowest level in more than a decade.
Also Read: <a href="https://www.editorji.com/business-news/google-layoffs-tech-giant-confirms-elimination-of-hundreds-of-jobs-in-ad-team-tweak-1705471125144">Google layoffs: Tech giant confirms elimination of hundreds of jobs in ad team tweak</a>
JPMorgan &ldquo;has the returns and the firepower to continue investing through the cycles and that is really what allows us to continue, regardless of the economic environment, to continue growing,&rdquo; Pinto told Bloomberg. &ldquo;When I look at our plans, we will increase our staff this year for sure.&rdquo;
<h3>Layoffs by Banks</h3>
While JP Morgan is planning to increase its headcount, other banking giants like Citigroup and Morgan Stanley are staring at impendent layoffs this year.&nbsp;
Citigroup Inc. said last week it will eliminate 20,000 roles to save as much as $2.5 billion as part of Chief Executive Officer Jane Fraser&rsquo;s quest to boost its lagging returns. &nbsp;Morgan Stanley had to set aside $353 million in severance cost last year, while Goldman Sachs Group Inc. said its number of staff decreased 7% during 2023, which reflected a &ldquo;headcount reduction initiative&rdquo; across the firm.

Expectations are looming for a prospective two-quarter halt in hiring attributed to the global economic conditions and the rapid advancements in AI. On a worldwide scale, major tech corporations have significantly reduced job openings by more than 50

Top 6 global tech giants, including Amazon & Meta see 90% dip in job posting in India, says report

Expectations are looming for a prospective two-quarter halt in hiring attributed to the global economic conditions and the rapid advancements in AI. On a worldwide scale, major tech corporations have significantly reduced job openings by more than 50%.

Expectations are looming for a prospective two-quarter halt in hiring attributed to the global economic conditions and the rapid advancements in AI. On a worldwide scale, major tech corporations have significantly reduced job openings by more than 50%.

Top global tech companies like Facebook, Apple, and Google may soon freeze hiring altogether in India. Data compiled by Xpheno, a specialized staffing firm, revealed a whopping 90% decline in job postings by the leading Big 6 firms, including Amazon, Microsoft, and Netflix, in India.
The current year, 2023, witnessed an unprecedented slump in active job listings compared to the previous year, hinting at an imminent hiring hiatus by these technology behemoths in the Indian market.&nbsp;
The global economic slowdown has hit the technology sector hard, with a substantial portion of its revenue linked intricately to the performance of the US economy. Google, notably, made headlines last year with the largest job cut in its history, laying off 12,000 employees in response to the economic slowdown.
Prasadh MS, head of workforce research at Xpheno, highlighted to ET the prolonged impact on experienced lateral talent movements, emphasizing the persisting trend of little to no hiring activity among these firms.
The question looms: when will this hiring pause come to an end? A report by Economic Times suggests that the demand for tech roles within companies like Google, Netflix, and Meta has witnessed a substantial 78% decline in 2023, particularly in India. Given the current global economic climate and advancements in artificial intelligence, experts anticipate this hiring hiatus to endure for the next two quarters.
Globally, major tech players have slashed job openings by over 50%, with less than 30,000 vacancies available. Moreover, the core operations in India employ fewer than 150,000 individuals, depicting a stark decline in job opportunities in these tech giants.
The crisis isn't limited to established tech corporations alone; Indian startups have also felt the brunt, witnessing layoffs totalling 28,000 jobs nationwide, adding to the prevailing job scarcity in the technology sector.
As the year draws to a close, the ominous spectre of minimal tech job opportunities continues to cast a long shadow over India's burgeoning job market. Also Watch: <a href="https://www.editorji.com/business-news/only-10-of-engineers-graduating-this-year-may-be-hired-in-india-report-1702983362404#google_vignette">Only 10% of engineers graduating this year may be hired in India: Report</a>

Before the pandemic, IT providers heavily relied on campus-based hiring for entry-level positions, preparing for future demand

IT hiring plummets to 14% over the last year, Here's why

Before the pandemic, IT providers heavily relied on campus-based hiring for entry-level positions, preparing for future demand

IT companies globally have slowed hiring due to reduced discretionary spending and a prevailing global economic slowdown. ISG, a US-based IT analyst firm, reported a substantial decline in gross IT hiring from 40% to 14% over the past 12 months, well below the 2017-2019 average of 21%. Concurrently, service providers are deferring entry-level hires, maintaining stable attrition rates, and keeping new employee numbers at pandemic lows.
In India, the job market witnessed a 2% month-over-month decrease and a 10% year-on-year decline, according to the November 2023 foundit Insights Tracker, portraying a stagnant hiring environment. Despite this, there's optimism in the country's economic landscape, especially in the Public Sector Undertakings (PSU) sector, expected to address employment gaps. Notably, the unemployment rate dropped from 7.2% to 6.6% in the September quarter, reflecting economic resilience, as highlighted by Sekhar Garisa, CEO of foundit.
Also read/watch - <a title="Retail inflation rises to a 3-month peak of 5.55% in November" href="https://www.editorji.com/business-news/economy/retail-inflation-rises-to-a-3-month-peak-of-5-55-in-november-1702384897215">Retail inflation rises to a 3-month peak of 5.55% in November</a>
However, India's technology services sector, a primary source of white-collar jobs, is experiencing a notable slowdown. Major players like Infosys, Wipro, and Info Edge's Naukri portal anticipate further hiring declines until March 2024, raising concerns about the overall job market.
Krishna Vij, Business Head of IT Staffing at TeamLease Digital Pvt Ltd, highlighted a significant industry shift called the "Great Stay." This denotes a reduction in hiring at all levels as large IT firms in India respond to economic uncertainties. The decline in new hires has significantly impacted the labor market over the past couple of years. The industry's emphasis on maximizing current talent, aiming for an employee utilization rate of 80-85%, has led to delays in campus recruitment, impacting opportunities for graduates.

IIM Ahmedabad Placements 2023-24: IIM-A conducted the cluster 1 summer placements for the PGP for the students of class 2025. The summer placements conducted in hybrid mode.

IIM Ahmedabad Placement 2023-24: Goldman Sachs, BCG top recruiters on Day 1 of summer placements for for PGP

While 60 offers were made on the first day of summer internship placement process, two other rounds will be held on November 3rd and 6th in IIM-Ahmedabad

IIM Placement: Goldman Sachs, BCG top recruiters on Day 1 of recruitment in IIM-Ahmedabad

<h2>While 60 offers were made on the first day of summer internship placement process, two other rounds will be held on November 3rd and 6th in IIM-Ahmedabad</h2>

IIM Ahmedabad Summer Placement 2023-2024: Internship recruitment for the Post Graduate Program in Management for the Class of 2025 at the Indian Institute of Management, Ahmedabad began on Wednesday. On Day 1 of recruitment, top companies like Boston Consulting Group and Goldman Sachs recruited students.
<h3>IIM Ahmedabad PGP Summer Placement 2023-24: Intern Recruitment</h3>
On the first day of the recruitment drive a total of 60 offers were made. In the Investment Banking and Markets domain, Goldman Sachs was the largest recruiter with 9 offers. Meanwhile, Management Consulting Firm Boston Consulting Group made 22 offers.&nbsp;
Also Read: <a href="https://www.editorji.com/business-news/campus-hiring-engineering-students-stare-at-a-tough-placement-season-1695012663796">Campus Hiring: Engineering students stare at a tough placement season</a>
Along with this, consulting firms like Bain &amp; Company, McKinsey &amp; Company, Accenture Strategy hired students. Three out of the 'Big Four' accounting firms including PricewaterhouseCoopers, KPMG, and Ernst &amp; Young too hired interns.
Bank of America, Citibank, Morgan Stanley, Goldman Sachs, JP Morgan Chase, and HSBC also hired for investment-related roles.
<h3>IIM Ahmedabad summer internship placement process</h3>
The current round in which the offers were made is the first out of the three clusters of the summer internship placement process. The first cluster had 6 cohorts including investment banking and markets, management consulting, niche consulting, advisory consulting, cards and financial advisory and private equity as well as venture capital and asset management.
Cluster 2 of the summer placement process will be held on November 3 and cluster 3 will be held on November 6.

Tech hiring slowdown: 3 major IT companies have reported tepid recruitment trends for Q2, in contrast to the previous year when they collectively hired a significant number of employees. Check here for more details.

Tech hiring slowdown: TCS, HCL, Infosys report significant workforce reductions

<h2>Overall, these three major IT companies have reported tepid hiring trends for Q2, in contrast to the previous year when they collectively hired a significant number of employees</h2>

Tech Hiring: Indian IT giants Tata Consultancy Services (TCS), Infosys, and HCL Technologies have recently announced their Q2 FY24 results, and a common trend across all these companies is a significant reduction in their workforce.
<h3>TCS Hiring</h3>
TCS reported a net decrease of 6,333 employees on a quarterly basis, bringing its net employee headcount to 608,985 as of September 30. This marked a drop from 615,318 in the previous quarter. On a yearly basis, TCS's headcount in Q2FY23 was 616,171, indicating a decline of 7,186 employees in Q2FY24.
The Chief Human Resources Officer (CHRO) attributed this to a recalibration of hiring targets. TCS has been proactively hiring and training fresh talent to meet its needs, reducing attrition and increasing productivity.
Also read/watch - <a title="Tech layoff 2023: Qualcomm continues to cut jobs amid weak demand" href="https://www.editorji.com/business-news/tech-layoff-2023-qualcomm-continues-to-cut-jobs-amid-weak-demand-1697194636084">Tech layoff 2023: Qualcomm continues to cut jobs amid weak demand</a>
<h3>Infosys Hiring</h3>
Infosys witnessed a net decrease of 7,530 employees in its headcount compared to the previous quarter, leaving it with 328,764 employees as of September 2023. This is a decrease from the 336,294 employees it had in the previous quarter. Additionally, when compared to the same quarter the previous year, the headcount is down by 16,454.
Infosys has slowed down on hiring and postponed mass recruitment drives on Indian college campuses due to its substantial bench size, as explained by the CFO.
<h3>HCL Tech Hiring</h3>
HCL Technologies also saw a decline in net headcount addition, with a reduction of 2,299 employees in Q2 FY24. The company's total headcount stood at 221,139, marking the second consecutive quarter of a declining headcount. The CEO and MD clarified that this reduction was due to the readiness of freshers in the workforce to be deployed on projects.
Also read/watch - <a title="Tech Jobs: Infosys postpones campus recruitment for this year" href="https://www.editorji.com/business-news/tech-jobs-infosys-postpones-campus-recruitment-for-this-year-1697194274734">Tech Jobs: Infosys postpones campus recruitment for this year</a>
<h3>IT Sector Overview</h3>
Overall, these three major IT companies have reported tepid hiring trends for Q2, in contrast to the previous year when they collectively hired a significant number of employees. In Q2 2022, TCS hired 9,840, Infosys hired 10,032, and HCLTech hired 8,382 people, resulting in a combined headcount growth of 28,254.
In contrast, for the quarter ending in September 2023, the net employee addition across these three companies is negative, with a total reduction of 16,162 employees.

The IT/ITeS recruiters are hiring lower number of students due to cancellation of projects and uncertain demand environment

Campus Hiring: Engineering students stare at a tough placement season 

The IT/ITeS recruiters are hiring lower number of students due to cancellation of projects and uncertain demand environment

The class of 2024 is staring at probably one of the toughest placement seasons as many IT/ITeS companies that typically recruit a big chunk of students have either stayed away so far or are deferring their plans, reported Economic Times.&nbsp;
The report also mentioned that students of government and private colleges in tier-2 and tier-3 cities might face the biggest brunt. Placement officials from Karnataka, Kerala, Tamil Nadu and Rajasthan told Economic Times that about 30-50% of the offers usually come from IT/ITeS companies.
Also Read: <a href="https://www.editorji.com/business-news/employers-willing-to-hire-older-applicants-to-overcome-talent-shortages-survey-1694523110418">Employers willing to hire older applicants to overcome talent shortages: Survey</a>
As per Economic Times, Tata Consultancy Services (TCS) and Cognizant have not yet visited the Government Engineering College, Thrissur this year. In 2023, the college had received close to 570 offers while the class of 2022 received over 770 offers.&nbsp;
The college's training and placement officer Subin Poulose also told Economic Times that the college is expecting the offers to drop further by 20% or more.
Meanwhile, IT recruiters are citing reasons like cancellation of projects/uncertain demand environment for hiring lower numbers to the placement officials. While the placement season at most colleges start by August which has been delayed this year, placement officials are still hopeful that the recruiters would visit the colleges towards the end of the placement season.
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Companies ready for increased hiring in July-Dec 2023. 92% of 1,200 recruiters anticipate higher activity, with focus on business roles. 20% to maintain staff; 4% foresee downsizing. Attrition expected under 15%. Mid-level professionals, especially i

Most companies anticipate new or replacement hires in July-Dec period: Survey

Companies ready for increased hiring in July-Dec 2023. 92% of 1,200 recruiters anticipate higher activity, with focus on business roles. 20% to maintain staff; 4% foresee downsizing. Attrition expected under 15%. Mid-level professionals, especially in business, marketing, ops, & HR, in demand

Companies ready for increased hiring in July-Dec 2023. 92% of 1,200 recruiters anticipate higher activity, with focus on business roles. Attrition expected under 15%. Mid-level professionals, especially in business, marketing, ops, &amp; HR, in demand

In a positive outlook for the job market, a recent Naukri Hiring Outlook Survey unveiled that a majority of companies are gearing up to bring in new talent or fill replacement positions in the latter half of 2023. The survey, participated in by over 1,200 recruiters and consultants, offers insights into recruitment trends across various industries in the country.
According to the findings, around 92% of the surveyed recruiters have high expectations for hiring activity. Among them, 47% predicted a mix of new hires and replacements, while 26% were confident that new job openings would emerge. This upbeat sentiment indicates a surge in employment opportunities spanning business development, marketing, and operational roles, which are projected to drive the hiring surge from July to December.
Intriguingly, the survey highlights that about 20% of recruiters intend to keep their current workforce intact, while a mere 4% foresee potential downsizing or layoffs in the coming months. This reflects a strong sense of stability and optimism in the job market.
A significant aspect of the survey revolves around attrition rates, with nearly 70% of recruiters projecting that attrition would remain below 15%. This suggests that employees are likely to retain their current jobs amid the prevailing uncertainties in the job market.
Professionals in the mid-level strata are expected to be in high demand, followed closely by those at the entry-level. Notably, attrition rates are anticipated to be highest within business development, marketing, operations, and HR roles, with mid-level professionals showing the most propensity for job transitions.
The survey also provides insights into salary increments, with 42% of recruiters revealing that their companies had offered less than a 10% raise during the last appraisal cycle. Meanwhile, 31% reported increments ranging between 10-15%.
In sum, the robust participation and optimistic outlook of recruiters in this survey point towards a promising landscape for white-collar hiring in the latter half of 2023. As stated by Pawan Goyal, Chief Business Officer of Naukri.com, "With 92% of recruiters forecasting hiring activity... the survey manifests an optimistic white-collar hiring landscape in the second half of 2023." Also Watch: <a href="https://www.editorji.com/business-news/freshers-hiring-in-india-intention-improves-marginally-by-3-says-report-1691501572810">Freshers hiring in India: Intention improves marginally by 3% says report</a>

Teleperformance plans to hire 60,000 in India over 2 years, taking total employees to 150,000. The global firm sees India as a strategic talent hub

Teleperformance to hire 60,000 people in India amid Tech layoffs

Teleperformance plans to hire 60,000 in India over 2 years, taking total employee count to 150,000. The global firm sees India as a strategic talent hub

Teleperformance, a global digital business services firm, is bucking the trend during a time of tech layoffs by announcing its ambitious plan to hire approximately 60,000 people in India over the next two years. This move comes as the company seeks to expand its operations in the country, taking its total employee strength from around 90,000 to 150,000.
Anish Mukker, CEO of Teleperformance in India, speaking to Business Standard highlighted the strategic importance of the country as a talent hub for the company. He emphasized that India possesses the best talent for high-end non-voice work, including underwriting, financial planning, and customer problem-solving. The company currently has centres in key locations such as Gurugram, Hyderabad, Mumbai, Chennai, Jaipur, Indore, and Mohali, and is eyeing the opening of additional centres in Noida, Bengaluru, Pune, and Hyderabad to support its growth objectives.
For Teleperformance India, two major verticals are Banking, Financial Services &amp; Insurance (BFSI) and travel and hospitality. The company works closely with these industries to enhance customer experiences and provide citizen services. Mukker also noted that healthcare is an emerging sector for them, along with collaborations with state governments in areas like income tax, resulting in nearly 30,000 employees serving local Indian clients.
Furthermore, Teleperformance is looking to leverage the power of AI through partnerships with startups rather than outright acquisitions. The CEO explained that partnerships are becoming the preferred approach for industry players like Accenture as well.
Despite the challenging economic landscape with tech layoffs, Teleperformance's bold hiring plan underscores its confidence in India's talent pool and its commitment to continued growth and expansion. As the company strengthens its position in key sectors and markets, it reaffirms its status as a major player in the digital business services arena.
Also Watch: <a href="https://www.editorji.com/business-news/amazon-lays-off-more-employees-in-a-cost-cutting-drive-this-time-from-pharmacy-division-1689747748610">Amazon lays off more employees, in a cost-cutting drive, this time from pharmacy division</a>

Amid the ongoing layoffs, IT companies have witnessed a massive drop in hiring and headcount in the first quarter of the current fiscal compared to the same quarter last year

IT company jobs: Hiring, headcount fall drastically in Q1FY24

Amid the ongoing layoffs, IT companies have witnessed a massive drop in hiring and headcount in the first quarter of the current fiscal compared to the same quarter last year

Indian IT service companies have released their quartely earnings report for the first quarter of FY24. Companies including TCS, Wipro, HCL Tech have witnessed a drastic fall in hiring compared to the same quarter last year.&nbsp;
<h2>TCS</h2>
TCS hired 523 employees in Q1FY24. Meanwhile, the company had hired 14,136 employees in Q2FY23 - which is 28 times more than Q1FY24. The company Chief Human Resource Officer, Milind Lakkad has said that the company plans on leveraging its existing employee strength instead of adding more employees.&nbsp;
<h2>Wipro</h2>
In Q1FY24 Wipro had hired only 8,812 employees while during the same quarter last year&nbsp; the company added 15,446 employees. The company's Chief HR Sourabh Govil has also noted that the company will hire only for critical roles such as AI, data, security and engineering in the coming quarters.
Also Read: <a href="https://www.editorji.com/business-news/indian-jobseekers-value-work-flexibility-over-big-salary-shows-indeed-survey-1689775062778">Indian jobseekers value work flexibility over big salary shows Indeed survey</a>
<h2>Infosys</h2>
The number of employees went down by over 7,000 in Q1FY24 with the total headcount standing at 3,36,294 now. Infosys CEO Salil Parikh has mentioned that the company is currently focussing on building AI capabilities in the coming quarters.
<h2>HCL Tech</h2>
HCLTech&rsquo;s headcount too went down by 2506 employees in the first quarter of FY24. While, the company had added around 2089 employees in the first quarter of FY23. HCL has also defered the annual salary hikes of some employees.
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The growth in the IT/ITes sector is muted compared to the previous year amidst an uncertain economic scenario and global challenges like inflation, recessionary concerns and geopolitical events impacting the global markets

Hiring in India rises by 12% in January-May this year: report 

The growth in the IT/ITes sector is muted compared to the previous year amidst an uncertain economic scenario and global challenges like inflation, recessionary concerns and geopolitical events impacting the global markets

The hiring in India grew 12 per cent year-on-year in January-May this year, led by professional services, manufacturing, BFSI, e-commerce and IT/ITES sectors, a report said on Tuesday.
"The current global instability has had a significant impact on industries worldwide. Over the past few months, we have seen companies tightening their belts, but India's hiring prospects have improved from the past year," Allsec Technologies (a Quess Company) CEO Naozer Dalal said, quoting the report.
Quess Corp, business services provider, on Tuesday released employment trends insights in a report, based on payroll distribution data collated by its subsidiary Allsec Technologies.
Dalal stated that several global bodies have affirmed that India will maintain its position as the fastest-growing economy in the world.
"The increase in headcount growth (12 per cent) from January-May 2023, compared to the same period last year proves that Indian businesses are holding steady and looking to tide the global economic storm. We anticipate that India's continued investment in crucial sectors like energy and infrastructure will catalyse employment growth in the years ahead," he added.
The data revealed that compared to last year, the professional services industry has doubled its headcount, registering the highest growth.
This directly corresponds to companies increasingly seeking external expertise to expedite business operations while looking to tide over global turbulence, the report noted.
This is especially predominant in areas such as taxation, business consulting, risk advisory, deal advisory, technology services, and environmental, social and corporate governance (ESG) services, it said.
The manufacturing sector also exhibited nearly a 50 per cent increase in headcount, with companies experiencing a strong uptick in sales for Indian products, both locally as well as internationally, it said. &nbsp; This in turn paved the way for an increase in production and employment, it added.
The BFSI and e-commerce sectors witnessed robust growth too at 16 per cent each, the report stated.
The BFSI sector in India has remained steady due to Indian banks holding their ground amidst challenges faced by banks worldwide due to factors, such as strong domestic demand, enhanced credit conditions for borrowers, and strengthened solvency and funding, it noted.
The e-commerce sector is also doing well due to the widespread adoption of smartphones, increasing internet penetration, growing access to digital payment systems and the government's push towards digital transactions.
The government's efforts to create a more business-friendly environment and promote foreign investment in the country have also contributed to the sector's growth.
The growth in the IT/ITes sector is muted compared to the previous year (just coming out of Covid) and reflects the industry's sentiment of treading carefully amidst an uncertain economic scenario and global challenges like inflation, recessionary concerns and geopolitical events impacting the global markets, the report added.

The latest tracker indicates there has been a 7% slowdown in hiring compared to the same time last year. 

Hiring in India slows down by 7% in May, here are the key reasons

The latest tracker indicates there has been a 7 per cent slowdown in hiring compared to the same time last year. However, despite the general decline, positive trends were seen in tier II cities like Ahmedabad and Jaipur

Hiring activities have slowed down by 7 per cent in May compared to the same month last year mainly due to companies adopting cautious approach to cut expenses on the back of economic slowdown, a report said on Thursday.
Foundit (formerly Monster APAC &amp; ME) released foundit Insights Tracker (fIT), presenting the latest findings on monthly hiring trends.
The latest tracker indicates there has been a 7 per cent slowdown in hiring compared to the same time last year. However, despite the general decline, positive trends were seen in tier II cities like Ahmedabad and Jaipur.
The tracker indicated that hiring activity is declining across all industries, with a 4 per cent month-over-month (MoM) decline.
The report noted that this decline can be attributed to several factors like economic slowdown, which has forced companies to cut expenses.
The significant skills gap in the country has also complicated employers' hiring process by making it challenging to locate qualified candidates, it said.
Further, the report stated that the ongoing technological disruption is changing industries and leading to job changes, impacting hiring activity in general.
Commenting on job trends for May 2023, Sekhar Garisa, CEO - foundit, a Quess company, said, "The current hiring trend reflects the challenges faced by India's job market. However, amidst these challenges, there are pockets of growth that offer opportunities for job seekers." Increased hiring in tier II cities and specific industries like shipping/marine, advertising, public relations, retail, and travel and tourism demonstrate resilience, he said.
"Although the hiring environment may remain challenging in the near future, as the economy strengthens, we anticipate a surge in hiring across industries. Also, it is crucial for job seekers to be adaptable to this shifting labour market. The skills in demand today may not remain relevant in the future, emphasising the importance of continuous learning and acquiring new skills," Garisa added.
foundit Insights Tracker (fIT) is based on the monthly analysis of job posting activity online across recruitment platforms.
Among cities, Ahmedabad stood out witnessing an 8 per cent increase in hiring, while Jaipur also demonstrated a marginal YoY growth of 1 per cent.
However, several major cities have experienced decline in hiring including IT hub Bangalore witnessing a 24 per cent dip.
This fall may be attributed to multiple factors, including the rapid automation that is replacing jobs in various industries like the IT sector.
Similarly, Delhi/NCR, Mumbai, Pune, and Hyderabad also saw significant YoY declines ranging from 9 per cent to 16 per cent, underscoring the difficulties faced in the job market in these areas, the report added.

Shipment of handsets in the mobile industry has gone down and this has hit the job market with low hiring in sales roles

As mobile shipments shrink, hiring also takes a hit 

Shipment of handsets in the mobile industry has gone down and this has hit the job market with low hiring in sales roles

A slowdown in device shipments in the mobile phones industry is creating ripple effects in the job market, particularly in sales roles where new hires are being put on hold.&nbsp;
Local sales promoter profiles are seeing indirect attrition since companies aren't instantly replacing employees who are leaving these roles, reported The Economic Times through experts.
Exports have helped counterbalance the effects of the domestic slowdown on production and manufacturing, but this isn't the case for local sales promoter profiles. Even though there haven't been any job losses yet, experts warned that they might happen if shipments don't increase.
'We are observing a gradual slowdown in hiring for sales roles among handset manufacturers, primarily due to the absence of replacements for employees who leave the company. This is ranging 5-6% in the first two months of Q1 (April-June quarter FY24) as compared to (fiscal 2023) Q4,' Kartik Narayan, CEO, TeamLease Services, said.
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