IT companies reduce Campus placement: The past year has brought with it a multitude of different economic problems, ranging from recession to inflation, employment crisis, and economic downfall. These issues have had a ripple effect that has reached India, and the IT industry is no exception. Many of the US’s top IT companies, such as Amazon, Meta, Intel, and Twitter, have all announced major layoffs over the past few months. This has had a particularly negative impact on freshers, with delayed joining, slashed salaries, and an overall decrease in salary packages.
The Hiring Boom
IT companies reduce Campus placement: The hiring boom of 2021-22 saw a huge increase in the number of candidates accepted, regardless of their talent. Companies expected pandemic-level demand to last for at least one year, but it did not, resulting in a decrease in share prices for many IT companies. This has put a lot of pressure on these companies from their investors, who have asked them to reduce the number of employees to keep their business profitable.
Delayed Onboarding and Slashed Salaries
The drop in projected projects has also had an impact on the onboarding of past batches. IT companies, such as Wipro, have offered reduced salaries to those they had previously offered more. Karishma Shetty, for example, had completed a training program and was offered an annual salary of Rs 3.5 lakh, before being told to look elsewhere for a job.
The Impact on Campus Placements: IT companies reduce Campus placement
The global tech slowdown is likely to have a significant impact on campus placements over the coming years. Large companies such as Infosys, HCL Technologies, Tech Mahindra, Accenture, and Capgemini have not onboarded fresh graduates since 2021, according to experts. The volume of hiring for the 2023 batch is expected to be lower than the last two years, and premier institutes such as the IITs may be less affected than other engineering colleges.
The Need for Government Intervention
The Nascent Information Technology Employees Senate (NITES) has filed a complaint against Wipro with the labor ministry, alleging an “unethical reduction” in salary offers to more than 4,000 candidates. The union has more than 7,000 members and is asking for government intervention to resolve the issue.
conclusion: IT companies reduce Campus placement
The global tech layoff has had a major effect on freshers, with delayed onboarding, slashed salaries, and a decline in salary packages. This is likely to have an impact on campus placements over the coming years, although the IITs may be less affected than other engineering colleges. The NITES has filed a complaint with the labor ministry in an effort to resolve the issue, and government intervention may be necessary to prevent similar issues in the future.