IT Hiring To Remain Muted In Q3 And Q4 FY24

As the FY2024 is nearing an end, major Indian IT companies are gearing up to reveal their Q3 results from Thursday. It is anticipated that the third quarter results will showcase attrition rates similar to Q2 with hiring taking a backseat. Although speculations suggest stabler attrition rates, the ongoing evolution of events globally and associated challenges could lead to unforeseen outcomes in IT.

Neelabh Shukla, Chief Business Officer at Careernet, anticipates stable hiring during Q3 FY 2024. Speaking with BW Businessworld, he stressed that this trend will gradually shift towards an upward trajectory, albeit with only a slight recovery in Q1 FY 2025.

For Q3, Shukla predicted, “If we largely focus on Wipro, Infosys, TCS and Tech Mahindra it can be assumed that their attrition should roughly change by 15 to 16 per cent. A similar percentage can be locked for Q4.”

He mentioned that in the past, the hiring patterns were noticeably focused on recruiting freshers from college campuses. However, currently, companies have changed their perspective and prioritised experienced professionals.

Shedding light on the future hiring pattern the Careernet leader anticipated better opportunities for the mid-career professionals. He said the demand will be more for technical talents with 3 to 7 years of experience. However, for recent graduates, particularly those graduating in 2024 the situation might be challenging.

“There is still optimism for aspiring young individuals as they can secure employment opportunities through enrolling in supplementary courses or participating in internship programmes. Although the upcoming year may still exhibit a sluggish pace, it is likely to surpass the current year in terms of improvement, concluded Shukla.

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