IT Giants Like TCS, Infosys May Cut Fresher’s Hiring By 30% in FY 2024: Report

Due to a weakened deal pipeline amidst the ongoing recession fears in the United States, major tech giants including TCS, Infosys, Wipro, Tech Mahindra, Accenture, and others are likely to scale down their hiring of freshers in the fiscal year 2024 (FY24). Staffing firm TeamLease Digital has projected a 30 per cent year-on-year decline in fresh graduate hiring for this period, reported India Today.

Amidst the news of IT companies cutting back on hiring new joiners, thousands of freshers from 2022 and 2023 batches of engineering colleges who bagged job offers with IT services firms, on- or off-campus, are encountering persistent delays in their onboarding processes. While some have not heard back from their prospective employers about their joining dates even after being promised a job over a year ago, for others it is little solace when they have faced repeated delays in their joining dates every two to three months.

According to the report, a few have been compelled to undergo additional training, even after their offer letters are nearing their expiration dates, and, in some cases, job offers have been withdrawn entirely, leaving these growing professionals in a state of uncertainty within the tech market.

The report quoted the President of Nascent Information Technology Employees Senate (NITES) Harpreet Singh Saluja as saying that the employees’ union has received complaints of onboarding delays from as many as 20,000-25,000 students in the past two batches. Questing the companies, he asked, “Our contention is that if the business was down, what was the need to issue so many offer letters to these fresh graduates?”

Speaking to the news portal, TV Mohandas Pai, Chairman of Aarin Capital and former CFO of Infosys said that these delays and revoking of offers are totally wrong and firms should prioritise onboarding fresh graduates and providing immediate training, even if it results in financial losses for two-three quarters.

Founder Chairman of Sampark Foundation and former CEO of HCL Technologies, Vineet Nayar emphasised that growth will come back for sure, today or tomorrow. It is wise to onboard freshers now and win their trust and respect. The IT company saw massive job cuts earlier this year even in companies like Google, Microsoft, and Amazon.