IT Sector Slump Deepens - Hiring Freezes, Job Drops of Up to 50% Predicted in 2023

Hiring freeze in India's IT sector with 40-50% drop in jobs predicted for 2023 fiscal year. Campus hiring skipped for 2nd year in a row.

Attrition rates fell from 27% in 2022 to 16-19% in 2023, indicating no new jobs and fewer employees quitting.

December 2022 saw a 21% year-on-year drop in IT sector hiring. Sequentially, November to December hiring fell 4%.

Industry body Nasscom estimates 80% drop in IT jobs added in 2023 fiscal year compared to previous year.

With over 20 lakh engineering students enrolled currently, IT industry slump has consequences for fragile employment landscape.