Last Updated: November 25, 2022, 16:49 IST
Hiring for senior management also declined 68 per cent in October.
The hiring activity has slowed due to uncertainty about the global economy and the Ukraine war
Hiring in the IT and business process management (BPM) industries declined by 43 per cent in October, compared to the average between January and September 2022, according to a report by mid-management recruitment firm CIEL HR Services. It says the hiring activity has slowed due to uncertainty about the global economy and the Ukraine war.
It added that hiring for senior management also declined 68 per cent in October compared to the corresponding period a year ago. Data showed hiring is expected to pick up in the January-March quarter of 2023.
“The reasons for the decline in hiring are global headwinds like the ongoing war, drying up of start-up capital and also due to the fact that a lot of companies are tightening the strings for IT. They are using money for absolute essentials, not investing money on future looking softwares,” said Aditya Narayan Mishra, managing director and chief executive officer, CIEL HR Services, according to a Business Standard report.
It added that CIEL expected hiring activity increasing by around 15 per cent during the coming January to March period, compared to the average for October to December. “The recovery is expected to happen during the January to March period. The driving forces right now continue to be caution, but in the January to March period, it will shift towards cost optimisation, so India will score high from a cost optimisation perspective,” Mishra said.
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