It is no longer left to conjecture. The recruitment projections being made by leading Indian IT companies clearly show a 10-20 per cent drop in the number of people likely to be hired by the industry in the current fiscal year (FY) compared to the previous year.
The $64-billion Indian software and services industry added around 200,000 people in 2007-08 financial year, as per industry estimates.
“There seems to be a reduction in the number of people being recruited and instances of companies phasing hiring and the joining dates of new recruits. But you will not see a ban on hiring or a drastic reduction in new recruits this year,” said Ganesh Natarajan, chairman of NASSCOM.
This is happening as Indian IT companies are not only grappling with the uncertainty of US recession, but also the urgent need to improve their revenue per employee to remain profitable in the face of challenges like talent crunch, rising salaries and appreciation of rupee against dollar.
India’s largest IT software and services employer Tata Consultancy Services, which recruited 35,672 people in 2007-08, may see as low as 30,000 new additions in the current financial year.
While the company spokesperson says,”We do not see any slowdown in hiring momentum”, the numbers show otherwise.
Similarly, Satyam Computer Services Ltd is planning to hire 12,000-15 ,000 people in FY 2009, down from 16,000 the company hired last year. And most of those hired from campuses are not likely to come on board until October this year.
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