IT companies to hire 20% less people in next financial year

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Indian IT companies may hire up to 20 per cent fewer people in campus placements and entry-level hiring in the next financial year (FY24).

On the back of the looming fears of a recession in the US and Europe, IT companies have already slowed down hirings and the onboarding process.

Despite strong indicators in the software market, Indian tech companies have been facing high attrition and narrowing margins.

Its impact is most likely to be faced during the hiring of freshers, the report added.

In FY23, Infosys is expected to hire 50,000 people from college campuses.

Wipro and TCS are likely to hire 30,000 and 40,000 people, respectively.

Tech Mahindra Ltd will recruit 15,000 and HCL Technologies Ltd is expected to hire 45,000, Mint said.

Many people who were sent offer letters as much as six months ago have not yet received a joining date.

"In FY23, we estimate 350,000-370,000, but in FY24, if the recession  continues, the numbers will drop. But at best, it will be similar to FY23," founder of HanDigital said.