IT Giants TCS, Infosys, and Wipro Eye 30% Reduction in Graduate Hiring for FY24 Amid Economic Caution

In the realm of Indian Information Technology (IT), the titans — TCS, Infosys, and Wipro — are gearing up for a substantial reduction in fresh graduate hiring, anticipated to hit 30% in the upcoming fiscal year, FY24. This strategic downsizing is a result of a weakened deal pipeline and the lingering economic uncertainties within the United States, a key market for these tech giants. In stark contrast to the hiring spree that marked the tech industry from 2021 to September-October 2022, the forecast for FY24 signals a slowdown in the recruitment momentum.

In Short:

  • Major IT firms like TCS, Infosys, and Wipro are planning to reduce fresh graduate hiring in FY24.
  • Ongoing onboarding challenges persist for new hires in these IT companies.
  • The National Information Technology Employees Senate (NITES) has fielded complaints from around 25,000 students regarding onboarding delays.

Adding to the conundrum, a significant number of recent engineering graduates, predominantly from the 2022 and 2023 classes, are grappling with persistent onboarding delays. Despite securing job offers from IT services firms, several graduates have yet to receive any communication regarding their joining dates, leaving them in a state of uncertainty. Harpreet Singh Saluja, President of Nascent Information Technology Employees Senate (NITES), has been inundated with complaints from approximately 20,000-25,000 students expressing their dismay over these onboarding delays.

Industry veterans and experts are weighing in on the matter, emphasizing the importance of prioritizing the onboarding of fresh graduates, even if it incurs short-term financial losses for the companies. They stress the need for maintaining transparency and integrity in the hiring process and propose revisiting campus recruitments, reevaluating workforce structures, and offering more competitive salaries to fresh graduates. Amidst these challenges, it becomes imperative for the IT industry to adapt, secure its future, and uphold responsible hiring practices by valuing fresh talent.

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