Job growth in Indian IT sector slumps 25% amid layoffs

Due to corrections in hiring in the IT industry, job growth in the Indian IT sector has declined by 25 per cent this year as compared to last year.

New Delhi: Due to corrections in hiring in the IT industry, job growth in the Indian IT sector has declined by 25 per cent this year as compared to last year, a report showed on Thursday.

The hiring intent declined across both large IT giants and unicorns, while trends across other IT startups remained stable as compared to last year, according to a report by naukri.com.

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Regarding the hiring dip across experience levels, fresher hiring faces the biggest slump followed by a mid-experience hiring decline, while hiring across senior levels (greater than 12 years of experience) remained stable in IT, the report mentioned.

“As the year begins, Non IT sectors hold the fort for hiring activity in India with insurance, oil and hospitality flying high. Interestingly, IT-linked metros, which were the main growth drivers last year, were overshadowed by emerging cities like Ahmedabad and Baroda,” saidAPawan Goyal, Chief Business Officer, Naukri.com.

In the era of hiring corrections, increasing demand for senior professionals with more than 12 years of experience continues to dominate the hiring activity at the beginning of 2023, recording more than 20 per cent growth vs. last year.

Hiring activity remains stable for freshers and mid-experience level professionals, said the report.

In the New Year, the Indian job market continues to show resilience and stability, said the report.