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The slowdown in the information technology and services sector is expected to continue for the next two to three quarters, the CEO of job portal foundit (formerly Monster), Sekhar Garisa, told Financial Express (FE). The sector consists of top recruiters in the country, such as Tata Consultancy Service (TCS), Infosys, and Wipro.
Garisa told the newspaper, “We see that the softness in IT hiring will continue at least for the next two quarters. That doesn’t mean that hiring isn’t happening, it means that the hiring is happening at a number which is much lower than before.”
Global slowdown in tech spending to blame
Responding to the global economic slowdown and sluggish revenue growth in the technology sector, top Indian IT companies applied breaks to their hiring this year. A dampened macroeconomic environment also played a key role and resulted in clients making more cautious choices regarding discretionary spending. Before the slowdown set in, IT companies hired employees in large numbers.
Garisa told Financial Express that recent technological advances have also led to a slowdown in demand for certain jobs. He said companies do not need as many designers and content writers as before since technology can help make some of these jobs more efficient.
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Innovation brought in by artificial intelligence
As ChatGPT has popularised generative AI features, hiring platforms such as Naukri and LinkedIn have also introduced AI-based capabilities on their products. The report said These features help people draft their emails and optimise job searches.
Foundit, a part of the Quess Corp, has also included AI-based features that can help candidates draft many personalised emails. Garisa told FE, We also use generative AI to plug in the right contextual synonyms so that the recruiter doesn’t have to remember all the different variations of the same job title or skill while searching for candidates.”
