The boom in technical hiring seems to be diminishing at present. This can be owed to the economic turbulence in the domestic and international markets. Tech hiring has shrunk up to 40%.
India has over a million technical workers of which IT services alone accounts for almost 7 lakhs, on an average, 15%, that means 1,05,000 people are on the benches.
Many IT firms are looking at saving on additional hiring as they are focusing on moving the bench out into productivity.
The quantum of hiring has definitely come down in the recent past. In the coming quarters, many IT firms are likely to revise their people outlook.
According to Manish Sabrawal, founding partner, Teamlease, there is something weird going on in this downturn. There has been a clear decline in salary growth but unlike most slowdowns where lower attrition is almost a leading indicator, this time attrition continues to chug away.
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Braj Chaturvedi