Indian IT Companies Delay Onboarding of 10,000+ Fresh Graduates Amid Economic Uncertainty
Several leading Indian IT companies, including Infosys, Wipro, and TCS, have postponed the onboarding of over 10,000 fresh graduates, leaving them in limbo without definite joining dates. This delay, affecting candidates offered jobs in the past two years, reflects the cautious approach amidst economic uncertainties in key markets.
According to Harpreet Singh Saluja, President of NITES (Nascent Information Technology Employees Senate), the union has received numerous complaints from candidates awaiting their joining dates from top and mid-tier IT firms like TCS, Infosys, Wipro, Zensar, and LTIMindtree.
Infosys, for instance, informed candidates that their Date of Joining (DOJ) would be determined based on business requirements and communicated with a 3-4 week notice. In FY24, Infosys hired only 11,900 campus recruits, marking a significant decline of 76% from the previous year's 50,000 freshers. Similarly, Wipro has yet to honor campus offers extended two years ago.
During a recent earnings call, Wipro's CHRO Saurabh Govil mentioned their commitment to fulfill pending offers before taking on new freshers, though specific numbers remain uncertain due to the prevailing macroeconomic conditions. Meanwhile, mid-tier player Zensar recently requested candidates to undergo evaluations for potential onboarding based on performance.
The hesitation in onboarding stems largely from economic uncertainties in North America and Europe, where clients have become cautious about IT spending amidst signs of a slowdown. Quarterly results and forecasts from various IT firms underscore this cautious sentiment, leading to a significant reduction in combined headcounts at TCS, Infosys, and Wipro by nearly 64,000 in the financial year ending March.
Ashwin Yardi, CEO of Capgemini India, indicated ongoing evaluations for this year's campus hiring numbers, with a plan to moderate figures after hiring approximately 30,000 freshers from campuses last year. This adjustment reflects a broader industry trend towards enhancing productivity without substantially increasing headcounts.
Efforts to seek responses from TCS, Infosys, Wipro, Zensar, and LTIMindtree regarding these delays did not yield immediate responses.
The delay in onboarding fresh graduates underscores the current cautious approach adopted by Indian IT majors amidst global economic uncertainties, aiming to align recruitment strategies closely with evolving market dynamics and client needs.
According to Harpreet Singh Saluja, President of NITES (Nascent Information Technology Employees Senate), the union has received numerous complaints from candidates awaiting their joining dates from top and mid-tier IT firms like TCS, Infosys, Wipro, Zensar, and LTIMindtree.
Infosys, for instance, informed candidates that their Date of Joining (DOJ) would be determined based on business requirements and communicated with a 3-4 week notice. In FY24, Infosys hired only 11,900 campus recruits, marking a significant decline of 76% from the previous year's 50,000 freshers. Similarly, Wipro has yet to honor campus offers extended two years ago.
During a recent earnings call, Wipro's CHRO Saurabh Govil mentioned their commitment to fulfill pending offers before taking on new freshers, though specific numbers remain uncertain due to the prevailing macroeconomic conditions. Meanwhile, mid-tier player Zensar recently requested candidates to undergo evaluations for potential onboarding based on performance.
The hesitation in onboarding stems largely from economic uncertainties in North America and Europe, where clients have become cautious about IT spending amidst signs of a slowdown. Quarterly results and forecasts from various IT firms underscore this cautious sentiment, leading to a significant reduction in combined headcounts at TCS, Infosys, and Wipro by nearly 64,000 in the financial year ending March.
Ashwin Yardi, CEO of Capgemini India, indicated ongoing evaluations for this year's campus hiring numbers, with a plan to moderate figures after hiring approximately 30,000 freshers from campuses last year. This adjustment reflects a broader industry trend towards enhancing productivity without substantially increasing headcounts.
Efforts to seek responses from TCS, Infosys, Wipro, Zensar, and LTIMindtree regarding these delays did not yield immediate responses.
The delay in onboarding fresh graduates underscores the current cautious approach adopted by Indian IT majors amidst global economic uncertainties, aiming to align recruitment strategies closely with evolving market dynamics and client needs.
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