Indian firms are demonstrating fresh optimism in recruiting from campuses, marking a recovery from the sluggish hiring trends seen in the last year. Aon study reveals that about 40% of firms plan to hire more than 10% more people.
The increase in hiring is largely motivated by a positive outlook on business and growth in industry sectors, with information technology and engineering jobs spearheading the hiring trends on campuses.
The need for expert professionals in the new-age technologies of artificial intelligence (AI), cloud computing, and cybersecurity is fueling this trend. A case in point is a report by TeamLease Digital that points out that for every 10 job openings in Generative AI in India, there is just one qualified engineer.
This talent crunch has shot up the remunerations to an all-time high, top jobs fetching Rs. 58-60 LPA packages. Institutes such as NIT Rourkela have also witnessed stellar placement results, with 1,274 job offers and 509 internship offers for the 2024-25 batch
The highest cost-to-company salary package was Rs. 62.44 lakh per year, with B.Tech graduates garnering an average CTC of Rs. 14.10 lakh.
Yet, the terrain is not even. A large number of Telugu state engineering graduates who were hired by IT firms in 2023 are still waiting to be onboarded, almost two years later.
There was seemingly no communication and instances of indefinite delay from the employer's side, who claimed to have initially provided the graduates with offer letters and assurances of maximum salaries of up to Rs. 7 lakh.
To address these concerns, some colleges in Hyderabad have stopped untrustworthy bulk recruiters from hiring on campus and have allowed students to appear for multiple interviews, thereby lifting the traditional one-job limit. The intent is to provide students with greater opportunities and partially counter the effects of delayed induction.
With a volatile job market, forward learning and flexibility become paramount. In an evolving landscape, engineers are more likely to upskill to stay afloat.
According to a report, 85% of engineers have started upskilling to meet changing job functions brought about by advances in AI and other technologies.
As the demand for technological and engineering professionals continues to rise, both students and educational institutions must be adaptable to match their skills with the industry's needs.