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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