Tech Hiring Rebounds as Companies and Startups Accelerate Recruitment
Hiring Activity Shows Promising Growth After Period of Sluggishness
New Delhi, October 8: After a period of stagnation, the tech industry and startups are witnessing a renewed surge in hiring. Companies have ramped up recruitment efforts, actively seeking fresh talent. Previously, business slowdowns and funding challenges forced many tech firms and startups to reduce hiring activities and even resort to large-scale layoffs. However, the current scenario indicates a positive shift.
According to a report by staffing firm Xpheno, there was a noticeable uptick in hiring activities during the quarter ending in September. The IT sector, in particular, experienced sequential growth in recruitment. However, the report also cautions that it is too early to determine if this hiring increase is temporary or sustainable. If the trend continues in the next quarter, it could be a clear sign of overall improvement in the sector.
In terms of hiring data, active job openings reached a 20-month high of 168,000 in March 2024. However, this number dropped to 156,000 in April and plummeted to a record low of 107,000 in May. This represents a 50 percent decline from the peak hiring activity.
The report further highlights that hiring activities in IT companies picked up during the last quarter. In addition, campus selections are expected to rise, offering new opportunities for fresh graduates. Startups have also resumed expanding their operations, accelerating recruitment efforts, which is creating more openings for freshers.
