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.