TCS and Infosys Rethink Fresher Recruitment Strategy, May Slash Hiring by 30% in 2024
The year 2024 is poised to bring significant changes to the hiring landscape in the IT sector. With concerns about a recession looming over the United States, major tech giants such as TCS, Infosys, Wipro, Tech Mahindra, and Accenture are reevaluating their strategies for fresh graduate recruitment. In this blog post, we will delve into the challenges faced by recent engineering graduates from the 2022 and 2023 batches who secured job offers with these IT giants, both on- and off-campus, and explore the implications of delayed onboarding processes.
Freshers Face Uncertainty
Recession Fears Impacting Hiring
The ongoing recession fears in the United States have prompted major IT companies to consider scaling down their hiring of freshers in the fiscal year 2024. According to TeamLease Digital, a staffing firm, there is a projected 30 percent year-on-year decline in fresh graduate hiring for this period. ([source](insert link here))
Delayed Onboarding Processes
Many fresh graduates who secured job offers with IT service firms have been experiencing persistent delays in their onboarding processes. Some have not received joining dates even after being promised employment over a year ago. For others, the frustration arises from repeated postponements in their joining dates every two to three months. This situation has left these aspiring professionals in a state of uncertainty within the tech job market.
Compulsory Additional Training
In certain cases, fresh graduates have been compelled to undergo additional training, even as their offer letters approach their expiration dates. To make matters worse, there have been instances where job offers were withdrawn entirely. This uncertain job landscape has left many young professionals in a state of flux.
The Stakeholder Perspectives
President of NITES Raises Questions
Harpreet Singh Saluja, President of Nascent Information Technology Employees Senate (NITES), has voiced concerns about these onboarding delays. NITES has received complaints from as many as 20,000-25,000 students in the past two batches regarding the delays. Saluja questions the necessity of issuing so many offer letters to fresh graduates if the business was down. ([source](insert link here))
Industry Experts Speak Out
TV Mohandas Pai, Chairman of Aarin Capital and former CFO of Infosys, has criticized the delays and the revoking of job offers. He emphasizes that companies should prioritize onboarding fresh graduates and providing immediate training, even if it results in financial losses for two to three quarters. ([source](insert link here))
Vineet Nayar, Founder Chairman of Sampark Foundation and former CEO of HCL Technologies, is optimistic about the industry's future growth. He urges IT companies to onboard freshers now and earn their trust and respect, stating that growth will inevitably return. This advice comes in the wake of massive job cuts seen earlier this year, even in tech giants like Google, Microsoft, and Amazon. ([source](insert link here))
The IT industry is currently navigating a challenging period, with fresh graduate hiring facing unprecedented disruptions due to recession fears and onboarding delays. As the situation evolves, it remains to be seen how IT giants will adapt their recruitment strategies to address these challenges. For fresh graduates, patience and adaptability may be key as they await their entry into the tech workforce amidst these uncertain times.