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Mass layoffs, decline in hiring, and delayed onboarding have triggered increased volatility in India’s employment landscape. This does not bode well for freshers trying to break into the job market. Both white-collar and blue-collar hiring have significantly declined, with major repercussions for several industries like e-commerce, logistics, the IT and Technology sector, etc.
IT services companies are anticipating reduced hiring in the short term due to an anticipated growth slowdown and a decreasing attrition rate. This trend is expected to continue for the next few quarters before stabilising at the long-term average of 13-15 percent.
