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GCC firms slam the brakes on hiring; IT set to take a hit
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Mint the urgency in GCCs to get talent has declined and it is now a “buyer’s market". The change in pace for GCCs follows a slash in hiring targets by the IT services industry.
This, analysts said, is set to hit revenues in the recruitment sector, which is heavily dependent on the IT industry. “In 2021 and parts of 2022, 70% of our mandates came from IT services and 30% from GCCs.
Then the slowdown impacted the larger IT firms while GCC mandates upped to 45%. However, in the October-December quarter, we expect a drop in mandates from these companies since they have reached a saturation point," said Sunil Chemmankotil, CEO of staffing firm TeamLease Digital.
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