The Indian IT sector, which was a dominant recruiter on campuses, shows drastic decline in campus hiring in recent years. Data highlights a steep drop in hiring, with only 250,000 graduates recruited in 2023 compared to 380,000 in 2022, marking a 34% decline. What has caused this slowdown affecting even the best universities known for their top placements? Before worrying about the chaos, let's analyse the significant causes behind this.
IT campus hiring has hit a two decade low due to these major reasons :-
1] The Adoption of Generative AI and Automation : Technologies has led to a decreased need for entry-level jobs, forcing companies to prioritise experienced professionals over fresh graduates.
2] Mass Layoffs : Large tech companies are looking to cut their operational costs with layoffs and job cuts.
3] Global Scenario : Global economic uncertainty, geopolitical tensions and recession signs in few countries have restricted company's hiring budgets.
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