article source: forbesindia.com
overview: While most companies are shedding the flab they piled on in 2021, layoffs seem to be tapering off, and the next year can begin with cautious hiring.
Some companies have taken the tough call to restructure their entire workforce to navigate this year and that was the primary reason behind some of the layoffs. However, these were nowhere close to mass layoffs, explains Viswanath PS, MD & CEO of Randstad India. “In fact, what we have seen in 2022 is a ‘hiring slowdown in slow motion’ due to recessionary fears as opposed to a ‘sudden downturn in hiring’ which we saw during the peak of the pandemic. This is because of the doubts in the minds of decision-makers as to how deep and how long the recession is going to be. Hence, they took precautionary measures on hiring decisions.”
However, during a time when companies are choosing to cut jobs to save costs, IT services major Accenture has promoted over 60,000 employees in India out of 157,000 promotions that it distributed globally during FY2022. The number of promotions grew rapidly in the last one year when the tech talent war gained momentum. Indian IT giants Infosys, TCS, Wipro and HCL are expected to hire a total of 1.57 lakh freshers before the end of this fiscal year.