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IT industry hiring next to be hit by U.S. slowdown
By siliconindia
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Monday, 21 April 2008, 23:15 IST
New Delhi: The Indian IT industry, which has been on a hiring spree for the last two years, appears to have cut down on its new additions because of the U.S. slowdown.
"There is a definite decline in the recruitments in the last two-to-three months. This is prominent in the IT services segment and not so much in the Business Process Outsourcing and product development segment," said Unit Head of Kelly Services, India's IT recruitment cell at Hyderabad, Phanishree Puramshetty.
Companies are looking at all possible means to cut costs and reducing the people on bench is just one form of it, she said.
"Earlier, IT companies used to hire anticipating projects, but this is no longer happening. IT companies now hire as and when demand emerges," strategist at research firm KRIS, Arun Kejriwal, said.
"Many IT companies are giving out no or lower bonuses this year. Recruitments are happening in the junior and mid-level management but not in the senior level," Executive Access India's Research Associate Vansh Vardhan Joshi said. According to him, the current slowdown in hiring is likely to continue for another six months.
With slowdown in the U.S. likely to continue for some more time, the trend of decline in hiring is also expected to continue, says a recruitment firm.
Employees are also realizing that it is not conducive to their growth to keep changing jobs and this is in fact leading to more stability in the industry, believes Kejriwal.
IT bellwether Infosys Technologies has already announced reduction in their hiring plans this year as compared to last year. Infosys would be recruiting 25,000 employees, compared to 32,000 last year.