The current predicament of employment seekers is comparable to a pit in the back. On the one hand, corporations are reducing the workload of their employees through massive redundancies. On the other hand, even the largest companies are delaying the launch of their new recruitment processes. Because of this, employment seekers struggle with not understanding what to do.
Recent reports indicate that Google and Amazon are once again attempting to cast off employees. Now, however, numerous IT companies, including TCS and Infosys, have slowed recruitment.
TCS and Infosys will freeze recruiting for FY23. There has been no progress in hiring.
The decision appears to have been made due to the uncertain demand for technology in markets such as the United States and Europe. According to industry specialists, geographical and political issues as well as macroeconomic challenges in the respective countries have significantly impacted the recruitment process.
Two of the country’s leading IT companies, Infosys and TCS, have reduced recruiting by two-thirds compared to the previous fiscal year, according to a prominent media outlet. If we examine the difference between last year and FY22, we find that these corporations hired more than 1.5 lakh employees, but this fiscal year they have only hired 50,000 individuals.
In the most recent quarter, TCS added only 821 employees. Infosys, the second-ranked IT company in the country, also reported a decrease in headcount of over 3,000.
According to industry specialists, this circumstance is the result of decreased foreign spending on technology and increased global uncertainty. In addition to this, it appears that companies are in the process of reducing operations even more than recruiting, as IT titans posted slower-than-anticipated growth in the last quarter ending in March.