Amid the continuous hiring crisis across the country, hiring of new graduates from engineering institutes and colleges is likely to fall by over 30% this fiscal year. According to a report by TeamLease Digital, there is a freeze on the hiring of freshers at major IT and technology companies.
According to the report on the hiring outlook for fresh IT/engineering graduates in 2023–24, only roughly 155,000 of the 230,000 who were hired in the previous fiscal year are expected to be hired in 2023–24. Salary ranges for fresh graduates are 3 lakhs to 15 lakhs annually.
“15 lakh engineering graduates pass out each year from the colleges across the country of this only 10% may land with job offers this fiscal,” said Krishna Vij, Business Head at TeamLease Digital.
According to the report, there is a growing skill gap as only 45% of applicants currently meet the expectations of potential employers.
“There has been a notable shift in the hiring landscape as major IT companies have frozen fresher intake. Global capability centers (GCCS) and non-tech sectors like BFSI, retail and customer business, media and technology, and communication have expanded entry-level hiring.”
According to the report, employers are seeking candidates with a blend of hard skills—such as technical proficiency in programming languages, software development methodologies, cloud computing, and data analytics—and soft skills—such as problem-solving, teamwork, emotional intelligence, etc.
“The tech world is evolving rapidly, and we need to keep up. It is not just about companies broadening their hiring horizons, but also about ensuring that the talent pool of our country is ready for it,” said Krishna Vij.
