“Major Tech Giants Signal Hiring Slowdown as India Sees 90% Drop in Top 6 Tech Job Postings”
Big Tech Giants Envisage Hiring Pause in India Amidst Steep Job Decline
The tech industry’s landscape in India seems poised for a significant shift as reports indicate a looming hiring pause by major corporations such as Google, Facebook (Meta Platforms), Amazon, Apple, Microsoft, Netflix, and others. A stark decline in job postings, amounting to a staggering 90 percent, has raised speculation about an impending hiring freeze within these renowned tech giants operating in India.
Data compiled by specialist staffing firm Xpheno for the Economic Times revealed a substantial downturn in job postings across the Big 6 tech companies. This decline, compared to the preceding year, signals a major slowdown in recruitment efforts within these influential firms, reflecting a challenging landscape for job seekers in the Indian tech sector.
The present scenario depicts an all-time low in active hiring among these tech giants, with a striking decline of 98 percent in India. This notable reduction is indicative of the challenging economic climate that has adversely affected the tech industry, particularly as these companies align a significant portion of their revenue with the fluctuations in the US economy.
Prasadh MS, head of workforce research at Xpheno, highlighted the ongoing ramifications of this hiring slowdown, particularly affecting experienced lateral layers within the tech talent pool. The sustained low to no hiring action by these tech corporations is anticipated to further impede job movements and opportunities in the foreseeable future.
Reports suggest a bleak outlook for the immediate future, projecting a continued decline in demand for tech jobs, particularly within Google, Netflix, and Meta (Facebook) by as much as 78 percent in India. With the current global economic climate and the rapid advancements in artificial intelligence, the anticipated hiring pause is forecasted to persist for at least the next two quarters.
Amidst this slowdown, major tech players globally have reported just 30,000 job openings, signifying a substantial drop of over 50 percent in hiring. Simultaneously, these corporations employ fewer than 150,000 individuals in India for their core operations, further underscoring the localized impact of this hiring deceleration.
The slowdown in hiring isn’t confined solely to big tech conglomerates; Indian startups are also grappling with job cuts and hiring freezes. Recent data highlights that these startups have collectively laid off approximately 28,000 employees across the country this year, signifying a broader trend of economic strain within the tech ecosystem.
As India’s tech sector navigates these challenging times marked by a substantial decline in job postings and an anticipated hiring freeze among major tech players, the repercussions are felt not only within established corporations but also resonate through the startup landscape. The trajectory of tech employment in India remains uncertain, with the specter of a prolonged hiring pause looming large over the industry’s immediate future.
Sources By Agencies
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