After observing months of slowdown in hiring in the IT industry, November finally shows signs of recovery, albeit only marginally. A talent management platform published a report on job trends in November showing an uptick of 3 per cent in job demand in comparison to previous months.
In contrast to last year, when companies were aggressively hiring new tech talent with wage hikes, bonuses and incentives to battle high attrition rates, the IT sector recorded a 14 percent fall on a year on year basis.
The platform noted a 6 percent increase in overall month on month hiring activity in freshers but found a 3 percent dip in yearly hiring. This is attributed to the fierce competition faced by tech firms from banking, financial services and insurance (BFSI) and the fast moving consumer goods (FMCG) industries despite IT offering the highest on boarding salary to freshers, ranging from close to ?3.5 lakh to ?6.7 lakh.
Also reported is a 5 percent incline in month-on-month demand for mid-senior level professionals while showing a 9 percent decline in year-on-year demand. The reason for the same is because companies now prefer to employ trained professionals for specialist roles to improve efficiency and productivity.
India’s tier 2 cities seem to have been doing much better according to the report, exhibiting a positive hiring outlook. The rapid infrastructure development, better connectivity have created ample job opportunities. Cites such as Chandigarh, Baroda and Ahmedabad are up 8, 5 and 3 percent respectively.