IT Company Results & its impact on hiring – Quote by NLB Services

“The IT sector has been witnessing a slowdown in hiring for over 6 months, and the last quarter’s results echo the same sentiments. Every year the 3rd quarter is slow for hiring due to the holiday season, and the impact on hiring due to geopolitical scenarios, impending recession and cost conservation by companies is expected to continue for the next few months. Despite the headwinds, a few domains like Blockchain, Cybersecurity, DevOps, and Cloud Computing will continue to be in demand owing to new deal wins declared by IT majors in the recent results. These skills will also witness an increased demand in non-tech sectors like Telecom, BFSI, and Healthcare. Furthermore, skills like Big data analytics, Data Science, AI & ML, and Cloud Computing will require more professionals to address 5G adoption demands across segments. Despite the muted quarter, we expect campus hiring to continue with nearly 15000 – 50000 new hires by IT majors in 2023. Attrition will continue to decline due to a lateral hiring freeze.” – Sachin Alug, CEO, NLB Services (A Global Technology & Digital Talent Solutions) company