industry: IT sector’s fresher hiring to be 30% lower in fiscal 2024: TeamLease Digital

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The IT sector will onboard one-third or 32% fewer engineering graduates in fiscal 2024 compared to fiscal 2023, according to a new report by TeamLease Digital. The findings indicate that 1.55 lakh freshers are likely to be hired in the IT/technology sector this fiscal as compared to 2.3 lakh in the previous year.

With approximately 1.5 million engineering graduates actively seeking IT/tech roles, muted market sentiments and intensified skills evaluation mechanisms will mean only 10% of the fresher pool will find coveted IT jobs.

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Findings reveal that only 45% of applicants currently meet the well-rounded proficiency expectations showcasing the widening skill gap.

Krishna Vij, business head, TeamLease Digital, said government initiatives will play a pivotal role in supporting skill development to meet industry-specific challenges. “A united front can be forged through the collaborative efforts of the industry, academia, and government, leading to relevant programs and curricula being designed,” said Vij.

The report also reveals that companies are looking for a combination of soft skills like communication, problem-solving, teamwork, emotional intelligence etc and hard skills such as technical proficiency in programming languages, software development methodologies, cloud computing and data analytics.

In the current educational landscape, institutions must prioritise integration of industry-specific training programs into their curriculum. These programs can help equip freshers with latest technological skills and enhance their overall employability, TeamLease said in a statement. Additionally, these training programs should also extend to faculty members to help them stay well-versed in the latest technological advancements, and to facilitate effective knowledge transfer between educators and students.

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As major IT companies freeze fresher intake, alternate sectors are opening up demand. Global capability centers (GCCs) and non-tech sectors like banking financial services and insurance (BFSI), communication, media and technology, retail and consumer business, life sciences and healthcare, engineering research and development, and energy and resources, have expanded entry-level hiring, thereby exhibiting a noteworthy shift in the hiring landscape.Also read | As tech companies turn conservative, GCCs step up hiring

TeamLease Digital also recommends the most sought-after courses that align with the skills employers expect candidates to possess and can significantly boost their employability. These courses include data science with R certification, SQL certification training, postgraduate programs in AI, cybersecurity, and ML, digital marketing, as well as professional certificate programs in blockchain and web design certification, among others.

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