Just 1 in 10 engineering grads may land a job this fiscal

By admin Dec19,2023

Hiring of fresh engineering graduates is likely to fall by over 30% this fiscal amid a freeze on fresher intake at major IT and technology companies, according to a report by tech staffing and solutions provider TeamLease Digital.

Only about 155,000 IT/engineering freshers are likely to be hired in 2023-24 as compared to 230,000 in the previous fiscal year, said the report on the hiring outlook for fresh IT/engineering graduates in 2023-24.

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Fresher salaries range between Rs 3 lakh and Rs 5 lakh per annum.

“15 lakh engineering graduates pass out each year from the colleges across the country, of this only 10% may land with job offers this fiscal,” Krishna Vij, business head at TeamLease Digital, told ET.

The report also said that only 45% of applicants currently meet the expectations of prospective employers, showcasing the widening skill gap.

“As major IT companies freeze fresher intake, alternate sectors—such as global capability centres (GCCs) and non-tech sectors like BFSI, communication, media and technology, retail and consumer business, etc—have expanded entry-level hiring, thereby exhibiting a noteworthy shift in the hiring landscape,” the report said.The report also said that companies are looking for a combination of soft skills like communication, problem-solving, teamwork, emotional intelligence etc. and hard skills, which involve technical proficiency in programming languages, software development methodologies, cloud computing and data analytics.“The tech world is evolving rapidly, and we need to keep up. It is not just about companies broadening their hiring horizons, but also about ensuring that the talent pool of our country is ready for it,” said Vij.

TeamLease Digital also lists out the most sought-after courses that align to the skills employers expect candidates to possess.

“These courses include data science with R certification, SQL certification training, postgraduate programmes in artificial intelligence, cybersecurity and machine learning, digital marketing as well as professional certificate programmes in blockchain and web design certification, among others,” according to the report.

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