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IT Industry Set to Hire 10% of Engineering Graduates in FY 2023-24, Reveals TeamLease Digital’s Latest Findings 

  • 1.55 lakh freshers likely to be recruited in FY24 versus 2.3 lakh in FY23
  • With the widening skill gap, only 45% of job-seeking graduates deemed employable
  • Fresher salaries range between INR 3-5 lakh; Companies investing in training and upskilling to be industry ready

TeamLease Digital, one of the largest tech staffing & solutions provider, has unveiled latest statistics regarding the hiring outlook for fresh IT/engineering graduates in the Fiscal Year 2023-24. The findings indicate that 1.55 lakh freshers are likely to be hired in the IT/Tech sector this fiscal as compared to 2.3 lakh freshers in the previous fiscal year.

With approximately 1.5 million engineering graduates actively seeking IT/Tech roles, muted market sentiments and intensified skills evaluation mechanisms have created a turbulent landscape. The findings reveal that only 45% of applicants currently meet the well-rounded proficiency expectations showcasing the widening skill gap. As major IT companies freeze fresher intake, alternate sectors are opening up demand. Global Capability Centers (GCCs) and non-tech sectors like BFSI, Communication, Media and Technology, Retail and Consumer Business, Life Sciences and Healthcare, Engineering Research and Development, and Energy and Resources, have expanded entry-level hiring thereby exhibiting a noteworthy shift in the hiring landscape. 

Industry veterans are emphasizing the urgent need for upskilling and training interventions to address the market needs holistically. The findings also reveal that companies are looking for a combination of soft skills like communication, problem-solving, teamwork, emotional intelligence etc. and hard skills, which involves technical proficiency in programming languages, software development methodologies, cloud computing, and data analytics. Along with this, freshers can also benefit from focusing on improving industry skills focusing on digital aptitude and proficiency in utilizing digital tools and technologies.

Providing further insights into the statistics and prevailing trends, Krishna Vij, Business Head, TeamLease Digital, said, “The tech world is evolving rapidly, and we need to keep up. It is not just about companies broadening their hiring horizons, but also about ensuring that the talent pool of our country is ready for it. A united front can be forged through the collaborative efforts of the industry, academia, and government, leading to relevant programs and curricula being designed. Government initiatives play a pivotal role in supporting skill development and research projects aimed at tackling industry-specific challenges. This is not a one-off effort, but a collective movement to nurture talent at scale and meet the industry’s changing needs.”

In the current educational landscape, it is imperative for institutions to prioritize the integration of industry-specific training programs into their curriculum. These programs can help equip the freshers with the latest technological skills and enhance their overall employability. Additionally, these training programs should also extend to the faculty members to help them stay well-versed in the latest technological advancements, and to facilitate effective knowledge transfer between educators and students.

TeamLease Digital also recommends the most sought-after courses that align to the skills employers expect candidates to possess and can significantly boost their employability. These courses include Data Science with R Certification, SQL Certification Training, Postgraduate Programs in Artificial Intelligence, Cybersecurity and Machine Learning, Digital Marketing, as well as Professional Certificate Programs in Blockchain and Web Design Certification, among others.

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