Coronavirus Fallout - Engineering graduates job prospects low as IT/ITes freezes hiring
Freeze in hiring by IT/ITeS firms due to the crisis triggered by the corona virus outbreak will leave thousands of engineering graduates jobless.
According to a Teamlease Services survey, estimated job openings across 19 sectors and eight tier 1 cities is 1.95 lakh in FY2020.
Of these anywhere between 70,000 and one lakh are hired by IT/ITeS firms and BPOs and startups recruit about 30,000-50,000 making IT and tech firms one of the largest recruiters.According to HR experts and institutions, campus hiring will likely to see 10-15 percent drop in tier 1 colleges and 50 percent drop in tier 2 and 3 colleges.
This is in sharp contrast to the momentum the industry witnessed in the beginning of FY20, which saw the highest hiring in the June quarter. Over 80,000 freshers were recruited and till about Q3, the momentum continued. It was projected that FY21 would see an increase of 30 percent in hiring.External placements are competitive and chances for students to get place is lower compared to campus placements.
If hiring in an issue, on-boarding of students is going to be challenge as well. Graduation for FY20 is now being pushed back by couple of months due to COVID-19.
TCS during its Q4 results said that it would start on-boarding in September. Wipro will defer the on-boarding but it did not give any timeline for the same. Infosys will start on-boarding in phases as well post September.