The first quarter of calendar 2024 saw early signs of recovery in tech hiring and a potential acceleration in industry growth is expected around the middle of the year, reported HR firms.
The hiring outlook is positive as IT companies expect to regain their footing amid volatile economic conditions, according to them.
Sachin Alug, CEO, NLB Services, a U.S.-based firm that offers recruitment services said, “An upward trend in IT hiring has already been noticed during the first quarter of 2024. We expect the momentum to gain strength by the second half of the year with an increase of about 10% in hiring within the sector.”
For employees and employers, things were looking up as IT talent demand grew by 35-40% in February from the previous month, Mr. Alug observed.
According to industry observers, the economy is expected to recover, building hiring confidence among IT employers in the current year. Owing to rising IT spending, an uptick in investments, growth in Global Captive Centers, and other positive factors, the talent market in the IT industry was anticipated to get back on track and provide a variety of opportunities to IT candidates, they argued.
Sekhar Garisa, CEO, Foundit (formerly Monster) said that despite economic downturns, businesses increasingly relied on technology to drive efficiency, innovation, and digital transformation. Therefore, opportunities still exist in software development, AI/ML, cybersecurity, cloud computing, and data analytics. The pressure to maintain cost-effectiveness in the face of global uncertainties further underscores the sector’s need for skilled professionals.
“Projections for the year signal a potential acceleration in industry growth around the middle of 2024,” Mr. Garisa forecast.
However, Rohit Kishore, Global Delivery and Talent Officer, Randstad Digital thought that the IT sector in India was undergoing a somewhat subdued hiring phase with an anticipated decline of around 15-20% in the first half of 2024.
“We expect relatively static IT hiring over the next three months due to macroeconomic headwinds in major global markets. However, compared to February 2023, we have observed some improvements, hinting towards positive indicators. We anticipate a strong recovery in the year’s second half, driven by the continued demand for technology talent across non-tech sectors,” Mr. Kishore commented.