India’s IT services sector, which has been a major source of employment in the country, is facing a significant slowdown in hiring. According to Info Edge, the company behind Naukri job portal, major IT services companies are experiencing a sharp decline in hiring activity. This trend is expected to persist throughout the fiscal year, with experts predicting a decrease in hiring by these companies.
The slowdown in IT hiring has raised concerns about the impact on overall job market. While non-IT sectors have shown some growth, they have only partially offset the impact of the IT hiring slowdown. As a response, Info Edge is expanding its branch network to reach customers in smaller towns, where demand for jobs is on the rise.
Despite the decline in IT hiring, salaries for IT employees have increased by approximately 15%, providing some support. However, the overall hiring outlook for IT services remains weak, with major IT companies expected to hire significantly fewer employees in the coming year. This caution in hiring is also expected to have an impact on the overall employment scenario in India.
The decline in hiring by IT companies is a cause for concern, as it will likely have a significant impact on the job market in the coming months. While efforts are being made to tap into non-IT hiring and reach customers in smaller towns, the recovery in IT services demand is expected to be slow. This situation will require close monitoring and careful consideration as it unfolds.
I have over 10 years of experience in the cryptocurrency industry and I have been on the list of the top authors on LinkedIn for the past 5 years. I have a wealth of knowledge to share with my readers, and my goal is to help them navigate the ever-changing world of cryptocurrencies.
