According to staffing firms and job portals, hiring is not expected to pick up soon either, amid muted demand for technology services and rising fears of artificial intelligence eating into existing jobs.
Hitesh Oberoi, CEO of Info Edge India Ltd, which operates Naukri.com, said IT services companies went on a hiring binge during the two pandemic years, but a subsequent slowdown forced them to trim down.
"We didn't see any recovery in Q3. IT hiring was slow in Q3 as well. What we've been seeing for the last three quarters now is a serious slowdown in IT hiring," said Oberoi in a post-earnings interaction with analysts on 13 February. "They've (IT services firms) not been adding new people. In many cases, they've been letting people go."
Oberoi's acknowledgment of retrenchment is the first comment by a boss of a job portal, a subject that none of the companies admit to. It is also significant because staffing firms and job portals including Naukri, Quess Corp and TeamLease Ltd are the first to offer people a role with companies in good times, making their commentary and performance a good leading indicator of the health of the sector.
Denne historien er fra February 26, 2024-utgaven av Mint Mumbai.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra February 26, 2024-utgaven av Mint Mumbai.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Buying Online? Beware Of these deceptive patterns
Deceptive prompts in apps—ways to coerce people into spending more time or money—are on the rise. Here's how to identify them
As AI gets real, slow and steady wins the race
Companies head into 2025 with careful deliberation when it comes to using AI
Why the Earth Is Not a Type 1 Technological Civilization
According to one theory about how we harness energy, Type 1s have total control over planetary energy resources
Our legislative frameworks must adapt to the rise of AI
Probabilistic digital systems complicate guilt assignment but we'll need tight controls against major harms
Take tax action for Viksit Bharat in the Union budget for 2025-26
The government could take major steps towards its worthy goal of a tax regime that's simple, predictable and competitive
Trump's US mustn't repeat its profiling of Chinese scientists
Espionage suspicions could lead the US to lose its war for talent
The rise of Trump poses a paradox of higher education
An elitist college system seems to have deepened divisions in the US and this may hold lessons for India too
There's a case for heavy taxes on MNC royalties
Royalty payments to MNCs by their local units have been rising-even going above dividend payouts in some cases. India needs shareholder vigilance and fiscal action to curb excesses
Financial frauds evolve fast but we can still safeguard ourselves
While technology has transformed how scamsters operate, reliable ways exist to dodge their traps
Smart-beta funds: A guide to balancing your portfolio
Tailor-made strategies will help you navigate the market cycles better and optimize returns
