Tech job market getting better? Indian IT sector records increase in hiring during June 2023
Indian IT sector recorded a slight increase in hiring activity during June 2023, as per a report. In the last couple of months, layoff news in the tech sector had left people worried.
In Short
- The tech job market scenario is slowly improving.
- There has been a slight growth in hirings in tech sector.
- Other sectors like healthcare and BPO also showed an upward trend in hiring activity.
When Twitter, in November last year, fired thousands of employees without prior notice, the world was shocked as well as appalled. However, little did they know that soon, many companies would be carrying out large-scale layoffs leaving millions of families across the world without a means of livelihood. After all, layoffs never effect just one person, entire families get affected.
So when Google, Microsoft, Amazon, Meta, IBM, and other tech companies started firing employees left, right and center, people were left worried. And the situation seemed to be only getting worse with the passing time. Millions of people took to job-search platforms like LinkedIn and Naukri, looking for the next best opportunity. As a result, the tech job market became highly competitive and landing a job became a task.
Tech job market improving?
However, according to a recent report by IANS originally attributed to foundit (previously Monster India & APAC), the tech job market scenario is slowly improving. Last month, the hiring activity in the sector has shown a 2 percent rise. While this is not a huge number, it certainly does make a difference and gives us hope.
According to the report, other sectors like healthcare, BPO, production and manufacturing and logistics also showed a rise in recruitment activity. Healthcare showed an 11 percent increase while BPO sector witnessed a 7 percent increase in hirings. Production and manufacturing and logistics, on the other hand, had 5 percent and 9 percent rise respectively.
foundit CEO Sekhar Garisa said, "Jobs in segments such as Healthcare, Manufacturing, and even IT have returned, and we expect to see better hiring intentions in the coming quarter as companies revisit their talent requirements. As seen during any global slowdown, India Inc. exhibited cautious hiring sentiments, but this is bound to bounce back with time."
Microsoft recent layoffs
Earlier today, it was reported that Microsoft had announced yet another round of layoffs. The company showed the exit door to 276 employees based out of Washington, USA. The impacted employees reportedly belonged to customer service, support, and sales departments. 66 of these employees were working remotely.
Talking about the layoffs, a spokesperson told CNBC, "Organisational and workforce adjustments are a necessary and regular part of managing our business. We will continue to prioritise and invest in strategic growth areas for our future and in support of our customers and partners."
Prior to this, Microsoft had announced laying off 10,000 employees globally in January this year.