IT industry likely to hire 1.55 lakh freshers in FY24 as against 2.3 lakh in FY23: Report

Tech staffing & solutions provider firm TeamLease Digital’s latest report’s findings show that 1.55 lakh freshers are likely to be hired in the IT/Tech sector in FY24 as compared to 2.3 lakh in FY23. The report dwells on the statistics of the hiring outlook for fresh IT/engineering graduates in FY24.

With approximately 1.5 million engineering graduates actively seeking IT/Tech roles, muted market sentiments and intensified skills evaluation mechanisms have created a turbulent landscape for them. The report's findings further reveal that only 45 per cent of applicants currently meet the well-rounded proficiency expectations, showcasing the widening skill gap.

As major IT companies freeze fresher intake, alternate sectors are opening up demand. Global capability centres (GCCs) and non-tech sectors like 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, leading to a noteworthy shift in the hiring landscape of the IT sector.

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

In addition, freshers can also focus on improving industry skills like digital aptitude and proficiency in utilising digital tools and technologies.

Providing further insights into the statistics and prevailing trends, Krishna Vij, Business Head of TeamLease Digital, said: “The tech world is evolving rapidly, and we need to keep up. It is not just about companies broadening their hiring horizons, but also about ensuring that the talent pool of our country is ready for it.”

He further said that a combined effort from industry, academia, and government will help design a more holistic curriculum. “A united front can be forged through the collaborative efforts of the industry, academia, and government, leading to relevant programs and curricula being designed. Government initiatives play a pivotal role in supporting skill development and research projects aimed at tackling industry-specific challenges. This is not a one-off effort, but a collective movement to nurture talent at scale and meet the industry’s changing needs,” added Vij.