Eye on higher tech spend in 2024, IT firms see 5-6% rise in hiring

economictimes.indiatimes.com:

Hiring mandates put out by IT services companies – that had almost completely frozen recruitments in the last few quarters due to weak tech demand – are improving on a month-on-month basis, recruitment firms said.

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Sunil C, chief executive of TeamLease Digital, said the firm has seen an uptick in demand for IT talent since mid-November where customers expect to start onboarding talent in mid-January.

“We have seen a 5-6% uptick in IT services hiring intent,” he said. “Over the past two quarters, customers were not clear about their hiring intent at all. That has changed in Q3.”

ET had reported on Thursday thatgreen shoots have started showing for the IT services companies after a catastrophic year and analysts expect some revival in IT spending in 2024. Research and analysis firm HFS Research expects IT budgets to grow 9% next calendar compared to a mere 2% growth in 2023.

The expectation of a rebound in IT budgets can be seen in improving hiring intent.

Also read | Headcount at big 4 Indian IT companies dips in Q1

A senior executive of a top IT services firm said the company has started preparing for “growth” and begun preparing to bring in talent given the expectations of paused programs resuming. “We have started initiating some lateral hiring and hiring of experienced professionals,” the person said, requesting not to be identified.


Sunil of TeamLease said the overall technology talent demand is up on a month-on-month