There are thousands of such job seekers, including many from top-tier engineering and management institutes, who have fallen victim to what market experts call a “fresher glut” created by a spike in the talent pool of young professionals – freshers and those with one to two years of experience.

This pool has swelled this year with a higher-than-usual number of candidates from the 2022 batch of engineers and B-school graduates already looking out for a job change in sectors such as consulting, IT services and startups, adding to those freshers from the 2023 batch whose final offers have been delayed or revoked.

Nearly 45% candidates from the 2022 batch are currently in the job market, according to data from HirePro, compared with around 25% in a normal year, as an uncertain macroeconomic environment globally forces companies to cut jobs and tighten recruitments as part of efforts to reduce cost. “Our estimates suggest nearly 20-30% of the offers from the 2023 batch are delayed or revoked,” said S Pasupathi, chief operating officer at HirePro, a recruitment firm.

“This means the 2022 batch is already competing with the 2023 batch. In a few months, the 2024 batch will be in the job market, thus creating a very large talent pool,” he added.

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The Q1 and Q2 of the calendar year 2023 (January–June) witnessed the most significant impact on hiring in the tech sector in India. Many organisations implemented hiring freezes and even laid off employees during this period, and talent acquisition reached an all-time low. The sector has also been suffering due to decreased demand from global clients and the extra dose of caution the private equity (PE) investors and venture capitalists (VCs) have been adopting in their investment thesis. However, there seems to be brighter days ahead as a gradual improvement is expected to start early next year.

Experts to whom THE WEEK spoke are expecting a gradual revival in the sector that gives employment to one of the largest talent pools in the country. “While the situation remained challenging in the last quarter (July-September), we are beginning to detect signs of improvement. The number of layoffs has decreased, and some organisations, particularly those that were early adopters of hiring freezes, are gradually increasing their hiring numbers. However, the market is still challenging, and we are cautiously optimistic about the emerging green shoots. It hasn’t fully recovered yet, but we have seen some improvement from a plummeting situation. We anticipate further improvement in the next three-four months, and a significant revival in the technology sector by the first quarter of calendar year 2024. The last quarter of this year (October to December) is likely to remain uncertain, although there could be some selective hiring, either by new companies establishing themselves or large established players resuming their hiring activities after earlier pauses,” observed Neelabh Shukla, chief business officer, Careernet.

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In an episode by Entreprenur Lounge of India, Anshuman Das, the Co-Founder & CEO of Careernet, HirePro, and LONGHOUSE Consulting shares his remarkable journey from his upbringing in Lucknow, India, to his studies at IIT Delhi during the late 90s. He started his career at Infosys but quickly realised that his passion lay elsewhere. This led him to embark on a transformative entrepreneurial path that would shape his future.

Tune in to discover the pivotal moments that shaped Anshuman’s trajectory, including the inception of Careernet in 1999. As the conversation unfolds, Anshuman delves into the creation of HirePro, a revolutionary platform for university hiring and assessments. Fast forward to more recent times, Anshuman’s insights about entering the startup ecosystem and the creation of LONGHOUSE Consulting offer valuable lessons on adaptability and staying ahead of the curve.

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India’s manufacturing sector is a key pillar of economic growth and employment, contributing 15% to the GDP and employing about 12% of the workforce. Post-independence, industrialisation has been a national development priority, recognising the sector’s significance in nation-building. The government’s Make-in-India initiative is poised to boost manufacturing and assembly within the country, offering lucrative career prospects for fresh graduates across various sectors and job roles. The sector currently demands skilled, competitive, and trainable individuals, with a relatively high acceptance rate for freshers. Equipping oneself with in-demand skills through courses, projects, and internships can significantly increase job seekers’ chances of securing placements in the sector.

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India’s information technology (IT) sector will witness subdued hiring in 2023-24 as macro uncertainties impact demand environment, with clients either taking a pause on spend or stopping discretionary spend, say human resource experts.
To begin with, unlike earlier years, the three large IT players TCS, HCLTech, and Wipro have not provided any new hiring targets for the financial year. And Wipro has said that its hiring target will depend on the demand environment.
“We do see a small revival in the IT services industry. However, the overall sentiment in the market is of ‘no rush’ because the overall market is subdued for hiring,” said S Pasupathi, chief operating officer (COO), HirePro, a recruitment automation solutions provider.

When asked about the campus hiring scenario, Pasupathi said that the slowdown in businesses has impacted campus hiring in 2022, which would have ripple effects in 2023 as well. “Because of the market scenario in 2022, the absorption of early talent spilled over to 2023. This means for the 2024 batch the hiring process that starts in July-August might be delayed by a couple of months,” he explained.

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With the launch of ChatGPT in November 2022, generative artificial intelligence (AI) has been the topic of discussion in corporate boardrooms, and living rooms alike. The World Economic Forum’s report, ‘Top 10 Emerging Technologies of 2023’, released on June 26, has also listed generative AI as one of the top emerging technologies and also explores the question about job displacement due to the new technology.

The big question is whether generative AI will also replace workers, especially those doing simple repetitive tasks. The WEF report mentions that it is crucial to acknowledge the likelihood of job displacement due to generative AI.
“The worry that AI, and automation would result in job losses in certain areas is justified. Automation, and AI are changing the job market, and some jobs may eventually become obsolete as a result. These are likely to be those at the lower end of the creativity spectrum repetitive tasks,” says S. Pasupathi, Chief Operating Officer, HirePro, a technology platform for enterprise recruitment.

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As per industry estimates about 15 lakh engineers graduate every year in India and approximately 10,000 get admitted in IITs each year. Rest go for NITs, state-run government colleges, and private colleges.

“A good number of large and mid-sized IT services companies are yet to onboard their 2022 batch. As a result, campus hiring will be relatively low this year, especially given the present upheaval in the BFSI industry. It does not appear like there will be any growth in the IT sector until at least the end of this year,” said S Pasupathi, COO, HirePro.
Pasupathi added that college hiring in 2022 faced issues starting around January and February, and when peak recruitment time began in July and August, companies did not hire in large numbers.
Companies will be selective in their college hiring this year. Some companies may not even visit certain colleges, or if they do, it will be primarily to maintain relationships rather than hiring in large numbers, according to Pasupathi.

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Based on the objective of initiating stories around HirePro’s new features to prevent candidate malpractice and ensure integrity in the selection process, we have received coverage through an email interaction on the topic, ‘Revolutionising Recruitment: Here’s how HirePro’s new features are improving ease and integrity in hiring’ in CXO Today.

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When one thinks of pursuing an MBA at an Indian institution, it’s common to imagine a rigorous admission process, a demanding curriculum with strict project deadlines, and a high likelihood of securing a lucrative job post graduation. However, despite the reputation of India’s legacy colleges like the IIMs, India still falls behind in global college rankings.
S Pasupathi, chief operating officer, HirePro, a recruitment automation and assessment solutions provider that specialised in campus recruitment services, agrees. “There is a lot of demand for tech expertise, data and machine learning capabilities, and user experience skills across all industries since an exceeding number of businesses are building a digital front,” he says.

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As the end of the academic year approaches, college students across the country are preparing for the upcoming campus recruitment season as much as their potential employers are. For students, this can be a daunting experience filled with uncertainty and competition. However, with the pandemic-induced disruption of the traditional campus experience, the expectations and recruitment strategies of companies to identify suitable candidates have also changed.
Batches of students graduating this year have likely spent a significant portion of their education online or in remote learning environments due to the pandemic. As a result, these candidates may have a different combination of talents and experiences than in earlier batches. For example, they are likely to be more adept at using technology and collaborating virtually. At the same time, they may have less experience with in-person communication and networking. Employers need to be aware of these differences and adjust their recruitment strategies accordingly to identify, engage, and attract suitable candidates.

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