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BANGALORE: Concerns about the global economy appear to be pushing
technology companies to temper their hiring plans.
Despite many firms still talking about aggressive hiring, the
indication from third party hirers is that hiring numbers are likely
to drop significantly in the current quarter compared to the last two
quarters.
Hirers say some companies have revised downwards their people
requirement, and some hirers have witnessed as much as a 40% decline
in their hiring mandates compared to that in the previous quarter.
"Hiring is slow and the demand is dull during the current quarter and
it's going to be so in the coming quarters too," says B S Murthy, CEO
of hiring firm LeadershipCapital .
Ajith kumar B, director for global HR in UST Global says there is a
lot of uncertainty in the economic environment and so companies are
cautious. "No one wants to build benches again. The dip in hiring may
be a temporary phenomenon, but it has the potential to be around for
several quarters," he says.
In the January-March quarter, tech hiring was over 60,000. In the
April-June quarter, it was about 70,000. Recruiters say hiring slowed
down towards the end of the April-June quarter.
Pankaj Sharma, chief trustee, Centre for Transforming India, an
independent body focused on skill development and employment
generation, says the US economy is heading towards a second turmoil.
Europe and the Middle East are also in crisis. "Each of these can take
the zeal off Indian providers," he says.
E Balaji, MD of recruitment firm Ma Foi Randstad, says the telecom
space looks very dull as it is under a lot of revenue and bottom line
pressures.
Will the slowdown impact campus hiring? Amitabh Das, CEO of
recruitment firm Vati Consulting, says as of now, freshers are joining
as per schedule. "More market clarity will emerge by the end of this
quarter. Only then will we know if there is any postponement of
freshers' joining dates," he says.
technology companies to temper their hiring plans.
Despite many firms still talking about aggressive hiring, the
indication from third party hirers is that hiring numbers are likely
to drop significantly in the current quarter compared to the last two
quarters.
Hirers say some companies have revised downwards their people
requirement, and some hirers have witnessed as much as a 40% decline
in their hiring mandates compared to that in the previous quarter.
"Hiring is slow and the demand is dull during the current quarter and
it's going to be so in the coming quarters too," says B S Murthy, CEO
of hiring firm LeadershipCapital .
Ajith kumar B, director for global HR in UST Global says there is a
lot of uncertainty in the economic environment and so companies are
cautious. "No one wants to build benches again. The dip in hiring may
be a temporary phenomenon, but it has the potential to be around for
several quarters," he says.
In the January-March quarter, tech hiring was over 60,000. In the
April-June quarter, it was about 70,000. Recruiters say hiring slowed
down towards the end of the April-June quarter.
Pankaj Sharma, chief trustee, Centre for Transforming India, an
independent body focused on skill development and employment
generation, says the US economy is heading towards a second turmoil.
Europe and the Middle East are also in crisis. "Each of these can take
the zeal off Indian providers," he says.
E Balaji, MD of recruitment firm Ma Foi Randstad, says the telecom
space looks very dull as it is under a lot of revenue and bottom line
pressures.
Will the slowdown impact campus hiring? Amitabh Das, CEO of
recruitment firm Vati Consulting, says as of now, freshers are joining
as per schedule. "More market clarity will emerge by the end of this
quarter. Only then will we know if there is any postponement of
freshers' joining dates," he says.
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