According to a report from The Economic Times (ET). Data sourced from LinkedIn and other job platforms shows that as many as 2.6 million freshmen were actively looking for job openings in the past 30 days.
In the last three days alone, around 800,000 people sought entry-level jobs, of which six lakh were freshers, according to data cited by AND. This rise in job search coincides with companies looking to reduce costs, resulting in a contracted economy and negatively impacting the ‘talent building’ ecosystem. Companies are increasingly reluctant to hire freshers and invest six to 18 months in training and grooming them, an industry expert said.
Large IT companies, known for hiring large numbers of people, are imposing hiring freezes and cuts, leaving a significant void in the entry-level job market, the report said. HDFC Bank Chief Economist Abheek Barua said AND“There is significant slack in the entry-level labor market, especially as major talent-consuming industries such as tech and startups freeze hiring or lay off staff.”
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Moreover, even the Banking, Financial Services and Insurance (BFSI) sector, which is struggling with high attrition, has scaled back on hiring freshers. Instead, companies are focusing on recruiting experienced professionals from competing companies, Barua added.
First print: October 4, 2023 | 11:04 am IST