India’s IT hiring could continue to slow down in 2023
NEW DELHI, INDIA — The current moderation and caution in hiring in India’s IT sector will likely continue in 2023, according to top company executives.
In an article by The Economic Times, employers said that recession fears, geopolitical uncertainties, accelerating inflation, and sluggish growth would affect recruitment in the tech industry as well as other white-collar jobs.
On the other hand, hiring in non-tech industries will remain positive due to a revival in domestic consumption post-pandemic and favorable government policies.
Santrupt Misra, Group Human Resources Director at conglomerate Aditya Birla Group said, “People will be careful with their investments, and any sector that is linked to global demand – such as IT services, outsourcing – will continue to see moderation.”
Data from staffing company Xpheno showed that the non-tech sector had outpaced the white-collar job market over the last eight months of 2022, moving from a contribution of 19% in April to 54% in December.
Xpheno cofounder Anil Ethanur added that “amid the global uncertainties of recession and inflation, the growth in the non-tech sector will be a force to reckon with in 2023.”
Currently, the dominant contribution in the non-tech cohort is from BFSI (Banking, Financial Services, and Insurance), telecom, healthcare, consulting, energy and infrastructure.
