Tables have turned for the IT sector as hiring for the IT sector has reached 124,000, a significant 50% increase from January and 33% higher than December, according to datafrom Xpheno, a staffing firm. As per the data published by Teamlease and another recruitment firm, there is a 7-8% rise in actual IT hiring in the second half of this year. Accordingly, Krishna Gautam, Business head, Xpheno, stated “There is a positive trend in tech talent demand in the IT service sector, including software products and tech startups, marking the first growth phase this year anticipating an increase in IT talent demand to 150,000 in March.”
In a recent report the overall fresher recruitment for the IT industry has declined to 60%- 65% in March 2024, compared to the previous year. This showcases the lowest recruitment level in the last two decades. As per Teamlease, a Bangalore-based firm, projects an 8.2% hiring in the IT sector in the second half of 2024. According to Gautam, the surge in demand is ignited by tier-1 and tier-2 players in the service sectors, digital and AI domains.
Additionally, the industry saw a net addition of 60,000 jobs in FY23 until February. The entry-level and mid-junior level job openings in the IT sector are on the rise showing a change in trend. While the mid-senior level positions have increased to 30% of total demand. Irrespective of the recent growth, the growth tally has been low compared to 2022. “I foresee a significant increase in contingent hiring in India, driven by the growth of global capability centres in the country,” adds Siva Prasad Nanduri, CEO, of Diensten Tech Ltd.