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It Sector to Witness Reducing Numbers in Terms of Recruitment

Posted on: Nov-2017 | By: 9Dimen Group | Technology

Former Chief Infosys Officer V Balakrishnan has said that the pace of new employment in IT sector will be reduced in the country. He also expressed suspicion over the estimation of the IT industry's failure to grow at rate of 7% to 8% in this year.

However, Balakrishnan expressed his hope for the industry's good growth next year. On the assessment of the performance of the IT industry in the first half of the year 2017–2018, he stated that in view of what is happening in developed markets, the present year is expected to be challenging.

Balakrishnan told, surely, recruitment activities have slowed down. And automation is a big thing. Increased employee growth in three major companies has been purely negative, owing to which the present year is expected to be full of drops in terms of recruitment.

He said, “The good thing is that the big market of the Indian IT industry is still making the economy better, which seems to be good news.

Balakrishnan said, “Europe is doing well at present environment on the demand perspective which looks better next year but the digitalization is a big issue owing to which the IT industry has to invest. The transition period will get easier to cross.”

According to NASSCOM estimates, the area is on the way to achieve 7–8% growth. He said, “It cannot be reliable as most of the big companies are not growing at that pace.”

Balakrishnan said, “That's why this year is going to be challenging, but possibly next year the demand can be good due to the prospering developed markets.”

He agreed that the recruitment in the IT sector might remain soft.

Former Infosys official said, “Most companies have become more productive and usage levels & automation has drastically increased. However, owing to this the pace of recruitment for IT industry in the coming year will be slow.

The employment market in India is also projected to get hamper by the slow momentum in the recruitment. Considering, the figures of layoffs in past months, the growth rate of employment is expected to remain low in this fiscal year.