Fresher glut strands thousands on job street

economictimes.indiatimes.com:

The CTC promised to this engineer included all perks, benefits and restricted stock units.

There are thousands of such job seekers, including many from top-tier engineering and management institutes, who have fallen victim to what market experts call a «fresher glut» created by a spike in the talent pool of young professionals — freshers and those with one to two years of experience.

This pool has swelled this year with a higher-than-usual number of candidates from the 2022 batch of engineers and B-school graduates already looking out for a job change in sectors such as consulting, IT services and startups, adding to those freshers from the 2023 batch whose final offers have been delayed or revoked.



Nearly 45% candidates from the 2022 batch are currently in the job market, according to data from HirePro, compared with around 25% in a normal year, as an uncertain macroeconomic environment globally forces companies to cut jobs and tighten recruitments as part of efforts to reduce cost. «Our estimates suggest nearly 20-30% of the offers from the 2023 batch are delayed or revoked,» said Pasupathi.

«This means the 2022 batch is already competing with the 2023 batch.