They are only doing need based hiring and that is where the whole problem exists. When it comes to IT hiring it demands 70% employees from IT services companies and we all know that IT services companies have kind of completely slowed down. People are hoping their employers will give them a big raise in salary what is the likelihood of that happening? What is the extent of drop in demand for talent in the IT space?
We see that there are no takers now so that is a situation currently. We have seen a 50% drop in June and it deteriorated further as we moved to the December quarter and here we are seeing a huge dip in hiring unlike previous years where we had a fight for talent. In fact the tightening has started happening from June itself. I mean hiring real demand has come down compared to last year. There has been a huge dip in the hiring intent. You have this one report which says actual demand and open positions from tech companies have reduced in the month of December, have you observed that trend? There are a lot of contradictory reports out there which claim that India and the Indian tech space will be an outlier now. "We have seen a 50% drop in June and it deteriorated further as we moved to the December quarter and here we are seeing a huge dip in hiring unlike previous years where we had a fight for talent," says Sunil Chemmankotil, CEO, Teamlease Digital.
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