Amid economic headwinds, IT services sector faces downward hiring trend

BENGALURU: Amid macroeconomic headwinds affecting the US and Europe, IT services sector faces a downward hiring trend of 25-30%. However, this situation has opened up new opportunities, with GCCs (Global Capability Centres) ramping up talent acquisition and projecting an estimated employee strength of 1.4 million, and it is likely to increase by 10%, said Quess IT Staffing CEO Vijay Sivaram.

Despite the challenges, Indian enterprises are projected to see a 5-10% rise in recruitment in FY24, he added. In its recent report, Quess Corp said technological adoption and industry evolution are transforming the global business landscape, particularly in India, where GCCs are expanding their footprint and seeking new growth and innovation prospects.