More Indian employers to hire more fresh grads, outsourcing firms boost salaries

NEW DELHI, INDIA — A recent survey by TeamLease EdTech indicates a promising trend for fresh graduates entering the job market. According to their ‘Career Outlook Report,’ 72% of employers plan to hire fresh graduates in the second half of 2024.
This represents a significant increase from previous periods, reflecting growing confidence among employers and a recovering job market.
The survey, which included 603 companies, highlights a four-point rise from the first half of the year and a seven-point increase from a year ago.
High demand in e-commerce, engineering, and retail
The e-commerce, engineering, and retail sectors are leading the charge in hiring fresh talent, with 61%, 59%, and 54% of employers in these industries, respectively, planning to recruit.
Key roles in demand include full stack developer, SEO executive, digital sales associate, and UI/UX designer. Employers are particularly interested in candidates with skills in cybersecurity, cloud computing, data analytics, and search engine optimization.
TeamLease EdTech CEO Shantanu Rooj said, “The increase in hiring intent for freshers is an encouraging sign. It reflects growing confidence among employers and presents valuable opportunities for fresh talent entering the workforce.”
Outsourcing firms attract freshers with higher salaries
In response to the increasing demand for skilled fresh graduates, outsourcing firms are stepping up their game by offering higher pay packages. Companies like Tata Consultancy Services, Cognizant, and Infosys launched specialized hiring programs targeting fresh graduates with expertise in cloud computing, AI/ML, and cybersecurity.
These programs offer salaries significantly higher than the industry average, with packages reaching up to ₹12 lakh (US$14,000) per year for top talent.
Speaking with The Economic Times, Cognizant CFO Jatin Dalal emphasized their commitment to competitive salaries for entry-level engineers, stating, “For engineers, our pay goes from ₹4 lakh to ₹12 lakh (US$4,700 to US$14,000) for different roles, hired from different colleges.”
Importance of industry-academia collaboration
The report also underscores the growing importance of industry-academia collaboration.
A significant 70% of employers advocate for enhancing curricula with experiential learning, while 62% support partnerships between academia and industry to better align educational programs with market needs.
Rooj said that this alignment is crucial as the job market evolves, with technology and digital skills becoming increasingly central.
Positive outlook for India’s fresh graduates
As the job market recovers, fresh graduates in India can expect more opportunities and competitive compensation packages.
The increased hiring intent and the strategic moves by outsourcing firms to attract skilled talent signal a positive shift in the employment landscape.
With the right skills and industry-aligned education, freshers are well-positioned to thrive in this evolving job market.