These firms are usually the biggest employers in campus placements, but experts said a slowdown in tech spending by their clients in the banking, financial services and insurance (BFSI) sector may force them to nearly halve annual fresher hiring targets.
The BFSI sector, which makes up the biggest chunk of business for IT services firms, is rethinking expenditures amid recessionary conditions globally.
Uncertainties from downturn in stock markets and rising interest rates by the US Federal Reserve are two of the main reasons why BFSI firms are reworking their plans.
“In FY23, eight of the largest companies by revenue in the domestic IT sector cumulatively hired around 300,000 freshers. While this was down from 600,000 freshers hired a year ago, the same target for fresher hiring could be slashed to around 150,000 across all colleges in FY24," said Prasadh MS, head of technology at Bengaluru-based staffing research firm, Xpheno.
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