News: Lateral hiring in IT sector grinds to a halt

#Updates

Lateral hiring in IT sector grinds to a halt

The technology sector - largest employer of skilled workforce in the country- is putting off hiring people with experience. This is indeed indicative of the surest sign of a slowing economy. While campus recruitment for entry-level jobs is still on, lateral tech hiring seems to have come to a near halt with many IT firms giving fresh instructions to third party hirers to put hiring on "slow" , "mute" or "halt" mode. The primary reasons for this is a huge bench (employees without work due to lack of new projects). Other factors that are directly contributing to the scenario are: a stressed pipeline (lack of new orders), distance between projects, troubles in the banking and financial services (BFSI) space and the anti-outsourcing sentiments in the US accentuated by it being the election year.

The technology sector - largest employer of skilled workforce in the country- is putting off hiring people with experience. This is indeed indicative of the surest sign of a slowing economy. While campus recruitment for entry-level jobs is still on, lateral tech hiring seems to have come to a near halt with many IT firms giving fresh instructions to third party hirers to put hiring on "slow" , "mute" or "halt" mode. The primary reasons for this is a huge bench (employees without work due to lack of new projects). Other factors that are directly contributing to the scenario are: a stressed pipeline (lack of new orders), distance between projects, troubles in the banking and financial services (BFSI) space and the anti-outsourcing sentiments in the US accentuated by it being the election year.

Source: The Economic Times

Topics: #Updates, #Jobs, Talent Acquisition

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