Indian tech firms to witness 46% hiring growth in 2024: Report 

Indian tech firms to witness a 46 per cent hiring growth in 2024, regardless of 31 per cent of engineers experiencing a hiring freeze, based on a report by Flexiple.

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A big variety of engineers (35 per cent) have observed a hiring slowdown with some even experiencing an entire freeze (31 per cent). Hiring managers inform a special story. Practically half, (46 per cent) of them are actively increasing their groups and solely 1 / 4 (23 per cent) have put hiring on maintain.

There appears to be a combined message about hiring. Engineers are feeling the results of a slowdown, whereas hiring managers are extra constructive about bringing in new folks. The job market would possibly decide up as quickly as managers transfer ahead with their enlargement plans. This could translate to improved sentiment amongst engineers as nicely. Total, there’s hope that hiring will go up for 2024, with probabilities of a greater job market than in 2023, the report famous.

Additional, the report famous that 27 per cent of engineers escape layoffs, however most see colleagues let go. A whopping 73 per cent of engineers shared that some a part of their crew has been let go. This contains 18 per cent of engineers who’ve seen half of their crew let go, whereas one other 21 per cent have witnessed a discount of about one-third in crew dimension over the previous 12 months.

Moreover, 34 per cent of engineers claimed that 20 per cent of their crew has been let go. Fortunately, 27 per cent of engineers mentioned their groups haven’t had any layoffs in any respect. The previous 12 months have been tough for builders. Layoffs have hit many tech groups and downsizing by firms has created loads of uncertainty within the job market.

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The excellent news, as we noticed earlier than, is that firms are beginning to rent once more, which is able to decelerate these cuts. Nonetheless, engineers are proper to be cautious as they navigate this evolving scenario, the report famous.