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The slowdown, triggered by global uncertainty in demand, is unprecedented in an industry that is one of the biggest hirers in India's services sector since the 1990s and provides an assured career path and prosperity to hundreds of thousands of students each year.
\"Weak IT hiring<\/a> could be for two different reasons: short-term negative demand shock or a long-term displacement resulting from labour-saving technologies,\" said Rohit Azad, an economics professor at New Delhi's Jawaharlal Nehru University.
\"The impact of weak hiring would depend on which is the primary cause driving it. A negative multiplier effect in the immediate would be there nevertheless,\" Azad added.
The IT sector accounts for about 8% of India's GDP versus less than 1% about 30 years back, according to Rishad Premji, the chairman of Wipro<\/a>, one of the country's IT giants.
Overall, the Indian tech sector employs over 5.4 million people, according to trade group Nasscom, although the number is dominated by the IT sector. About 290,000 new jobs<\/a> in the tech sector were created in the financial year that ended in March, but Nasscom warned of \"global headwinds\" in the current year.
With IT employees seen as big spenders on everything from cars, durables and second homes to travel and entertainment, they are likely to have had some effect on the sluggish 0.5% sequential growth in private consumption in January-March.
\"Some slowdown in IT hiring intentions could contribute to the flat-lining in consumption that is already underway,\" said HDFC Bank<\/a> Principal Economist Sakshi Gupta.
There are pockets of optimism elsewhere in the services sector - especially in accounting<\/a>, where there is a surge in hiring. But the numbers are still dwarfed by the IT industry.
RECESSION FEARS
<\/strong>
IT firms, which count global heavyweights such as Apple<\/a>, Citigroup and American Express<\/a> among its clients, went on a hiring binge during the pandemic that fuelled a digital services boom.
However, things changed this year as recession fears gripped the world and the collapse of three U.S. regional banks and the forced sale of Europe's Credit<\/a> Suisse to UBS left the global financial industry shaken, making IT clients across sectors cut spending.
\"The post-pandemic phase saw companies ramping up production to meet new demands in the market, leading to a growth in hiring across IT companies. This boom, however, soon fizzled out in the face of the global economic crisis and a looming recession,\" said Sachin Alug, the CEO of staffing firm NLB Services.
NLB sees a 20-25% drop in IT employee additions in the first half of the current financial year, while TeamLease Digital expects a 40% decrease for the entire year.
Jobs portal Naukri.com's parent Info Edge<\/a> flagged in May that its recruitment business was seeing \"cautious\" spending by IT customers.
IT bellwether Tata Consultancy Services<\/a> said this month it had \"recalibrated\" its hiring after a drop in attrition. It added 22,600 people in the last financial year, taking its overall headcount to 614,795.
Infosys<\/a>, another IT giant, warned in April its annual revenue<\/a> growth would hit a six-year low and refrained from its usual practice of setting a target of fresh hires at the start of the financial year.
\"We have a lot of bench with us. They are ready to move into production projects,\" Infosys CFO Nilanjan Roy said at the time.
Nasscom declined comment on the hiring slowdown.
DOOM AND GLOOM
<\/strong>
The dismal outlook is worrying many students as the IT sector typically absorbs 20-25% of the 1.5 million engineers who graduate every year in India and was a rare bright spot during the pandemic, when most other industries put hiring on ice.
\"Normally, on-campus hiring is easier than off-campus. This year, that kind of flipped,\" said Gautam, an engineering student in Punjab state, who declined to be identified further. \"Some people had their internship revoked or full-time (job offers) revoked too due to cost-cutting.\"
He said some of his classmates have decided to study further as they have lost hope of finding a job.
IT firms such as LTIMindtree<\/a> and Wipro<\/a> have been accused by an employee's union of trying to cut costs by deferring joining dates and slashing starting salaries.
That has \"surely left applicants concerned about future prospects\", said staffing firm Xpheno's co-founder Kamal Karanth, who highlighted how current hiring activity was \"under a third of what was recorded in the buoyant peak\".
LTIMindtree did not respond to a request for comment.
Wipro did not directly address the accusations but said the environment was different from a year ago.
\"The race to hire ahead of demand has been replaced by a more measured approach in light of the declining attrition rates and the ongoing economic uncertainty,\" it said.
NO PLAN B
<\/strong>
India's engineers might find it hard to find jobs even beyond the IT sector as startups too have been laying off employees in recent months due to a funding squeeze.
\"Even if a few startups do absorb freshers, they would skim the cream off the top, and not match the high volume intakes that the IT services and product enterprises do,\" Karanth said.
Some industry veterans said Indian students may be better off looking at other industries.
\"We have significantly different opportunities that are better sustainable as career paths\" than two decades back, venture capital<\/a> firm Siana Capital's founder Siddharth Pai said.
Pai highlighted sectors such as financial services, consumer goods, specialised manufacturing, medicine, law, chartered accounting and other services as more viable options.
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印度的外包巨头削减招聘;令人沮丧的经济,学生
引发的放缓,全球需求的不确定性,是史无前例的在一个行业的最大的雇主之一印度自1990年代以来服务业提供了一个保证职业道路和繁荣,每年成千上万的学生。
读到
引发的放缓,全球需求的不确定性,是史无前例的在一个行业的最大的雇主之一印度自1990年代以来服务业提供了一个保证职业道路和繁荣,每年成千上万的学生。
“弱它的招聘可能是两个不同的原因:短期负需求冲击或长期位移造成劳动节约型技术,“Rohit Azad说,新德里贾瓦哈拉尔•尼赫鲁大学经济学教授。
“疲弱的就业的影响将取决于驱动它的主要原因。负面的乘数效应立即将,然而,”部长说。
IT部门占印度GDP的8%和小于1%大约30年前,主席根据Rishad普Wipro,中国的IT巨头之一。
总的来说,印度科技行业雇佣了超过540万人,根据贸易组织行业协会,虽然数量是由IT部门。大约290000个新工作创建科技部门在3月结束的财政年度,但行业协会警告称,在当前年度“全球阻力”。
它的员工视为主要的买家从汽车、耐用品和第二套住房和娱乐旅游,他们可能会有一些影响缓慢连续1私人消费的增长0.5%。
“有些放缓招聘意向可能导致对方已经开始消费,”说HDFC银行主要经济学家Sakshi Gupta。
有口袋的服务业,特别是在其他地区的乐观会计,那里有招聘激增。但仍相形见绌的数字产业。
经济衰退的恐惧
IT公司,计数等全球巨头苹果、花旗集团和美国运通在其客户,在流感大流行期间,招聘热潮引发了数字服务热潮。
然而,事情改变了今年经济衰退的恐惧笼罩世界和三个美国地区性银行的崩溃迫使欧洲的销售信贷瑞银瑞士离开了全球金融行业震动,使其客户各部门削减支出。
“大流行后阶段看到企业在扩大生产,以满足市场新需求,导致招聘在IT公司的增长。这种繁荣,然而,很快失败了在面对全球经济危机和迫在眉睫的经济衰退,”猎头公司的首席执行官NLB Sachin Alug说:服务。
NLB看到下降20 - 25%,上半年员工增加的当前财政年度,而TeamLease数字预计全年下降40%。
招聘网站Naukri.com的母公司信息优势标记,其5月招聘业务是看到“谨慎”的消费客户。
它的领头羊塔塔咨询服务公司本月表示,它已“重新调整”招聘后消耗的下降。它增加了22600人在过去的财政年度,采取整体人数614795人。
印孚瑟斯4月,另一个巨人,警告其年度收入增长将达到6年低点,避免其惯例设定一个目标的新员工在开始的财政年度。
“我们有很多的长椅上。他们已经准备好进入生产项目”,印孚瑟斯首席财务官Nilanjan罗伊说。
行业协会在招聘放缓拒绝置评。
凄惨
惨淡的前景令人担忧的许多学生是IT部门通常吸收20 - 25%的150万名工程师毕业生每年在印度和是一个难得的亮点在大流行期间,当大多数其他行业招聘放在冰。
“通常,校园招聘比校外要容易得多。今年,这种翻转,“Gautam说工科学生在旁遮普的状态,不愿具名。“一些人的撤销或全职实习(工作机会)撤销由于削减成本。”
他说,他的一些同学决定进一步研究,因为他们失去了找工作的希望。
公司如LTIMindtree和Wipro被指控的雇员的工会试图削减成本通过延迟加入日期和削减起薪。
这“肯定离开申请者关心未来前景”,人力资源公司Kamal Karanth Xpheno的联合创始人说,他强调目前的招聘活动是如何“在三分之一的记录在活跃的高峰”。
LTIMindtree没有回应记者的置评请求。
Wipro没有直接解决这些指控,但表示环境不同于一年前。
“比赛前雇佣需求已经取代了更为谨慎的离职率下降,持续的经济不确定性,”它说。
没有B计划
印度的工程师可能很难找到工作甚至超出了行业初创公司也一直在裁员近几个月由于资金紧缩。
“即使几个创业公司做吸收新生,他们将脱脂奶油,和不匹配的大量摄入IT服务和产品企业,“Karanth说。
一些行业老兵说,印度学生可能更好看其他行业。
“我们有明显不同的机会,更可持续的职业道路”比二十年,风险资本公司Siana Capital的创始人哈斯Pai说。
Pai强调金融服务等行业、消费品、专业制造、医学、法律、特许会计和其他服务是更可行的选择。
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