Driven by India’s stable geographical, economic and political foundation, tech firms in India are expected to pick up their hiring in 2023, despite the global trend of growing layoffs and hiring freeze, findings from staffing and recruitment services firm Randstad showed on Thursday.
“While cost optimization is one of the many reasons behind such decisions, India’s stable geographic, economic and political foundation is the most important reason why these organizations are looking to invest in India and effectively manage their business continuity plans. Given these trends, we are anticipating a very promising Q1FY24 in terms of hiring numbers, especially in the technology sector,” Sanjay Shetty, director of Professional Search & Selection and Strategic Account Management at Randstad India said.
The findings were based on a survey of 600 tech companies.
According to staffing firm TeamLease, over 23,000 people have been laid off in the start-up world alone, since the start of the Covid-19 pandemic. The problem has been exacerbated in the second half of 2022, with tech giants including Meta, Twitter, Amazon and Apple announcing job cuts.
Despite layoffs, people with “relevant skills” can find new jobs, the survey added.
“While we have seen layoffs happening to a certain extent in some large organizations, it is also true that the laid-off candidates with relevant skills are easily being able to find enough employment opportunities in India,” Shetty said.
He added that most of the surveyed firms are in a “wait and watch” mode and have temporarily slowed down hiring. The IT industry in India is “very safe” from the impact of the slowdown in the West.
“…irrespective of the employment scenario in the west, India is going to be an overall employment gainer and is well-poised to be one of the most attractive employment destinations in the world,” Shetty added.