The IT industry, a global cornerstone for innovation and employment, is undergoing a significant shift. According to a recent report by Spectrum Talent Management, the sector is experiencing a 30% decline in the hiring of new graduates, a trend driven by mass layoffs in major tech companies and amplified by the global slowdown of the industry.
The report uncovers the root of this hiring dip – an increased emphasis on upskilling and reskilling current employees in response to challenges like automation, changing customer preferences, and AI advancement. As companies prioritize in-house talent development and cost-effective contract-based employment, which rose by 20% compared to last year, job opportunities for fresh graduates have dwindled.
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Interestingly, this drop in hiring isn’t evenly distributed. While the demand for fresh talent remains stable in Tier-1 cities like Bengaluru and Hyderabad, Tier-2 and Tier-3 cities are bearing the brunt of the slowdown.
Nonetheless, the evolving industry landscape is opening doors for professionals skilled in emerging technologies. Job roles in AI, ML, Big Data, Cloud, and Cybersecurity are projected to see a 40% – 60% manpower surge in upcoming quarters. This emphasizes the need for upskilling, identifying it as a crucial path for professionals to remain competitive, with preference given to those proficient in technologies like blockchain, cybersecurity, and AI/ML DevOps. This news is based on a report by Business Standard.
