This year, businesses in the information technology (IT) and IT-enabled services industries have considerably cut back on the number of students they typically hire from engineering college campuses. Principals and placement officers at colleges claim that major corporations are not actively seeking to hire students. This could have an impact on placement in 2024, according to Tier 2 and Tier 3 institutions that rely on IT and ITeS firms.
“Our analysis on college placement predicts a 20% hiring decline in the IT industry this year. Campus placements in 2024 are likely to be impacted by this, according to T. Saravanan, principal of New Prince Shri Bhavani College of Engineering, a tier 2 institution that accepts students with cut-off marks ranging from 189 to 150. Some well-known IT firms have already delayed hiring and are delaying job offers to freshmen by three to six months. Campus placements are under strain as a result of this. However, we anticipate that things will change for the class of 2024. The hiring process this year has been slower than it has been the previous three years, he added.
A. Ramesh, the principal of Chennai Institute of Technology, concurred that overall placement trends were down from the previous year, but tier 1 colleges had not seen any issues. Although mass recruiters for IT and ITeS have not released any formal announcements, universities claim that human resource managers have stated that these firms have not yet made plans for the following year. “Companies that hire 40,000–50,000 people a year have cut this down to 9,000 people. We’ve heard that some IT organizations won’t be holding any recruitment drives at all,” claimed a college president who asked to remain anonymous. A placement officer for deemed universities added that there had been a decline in service sector hiring since the previous year. According to parent Aravinth, there aren’t any mass hirings at private institutions like there were in prior years.