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New hirings in the IT sector are likely to drop by 50 per cent over the next four years, according to a report by Crisil. The prediction is extremely negative for lakhs of engineering students across the country as the IT sector has traditionally been the biggest employer in the private sector.
More than 7 lakh engineering students graduate every year. In fiscal 2013-14, Crisil estimates IT hiring at 1.05 lakh and says the number could come down to a mere 55,000 by 2017-18. The IT sector currently employs 31 lakh people or 24 per cent of total private sector jobs in the organised sector. The sharp slowdown will therefore impact the overall hiring sentiment in the economy.
IT jobs growth is slowing down because margins in the $118 billion outsourcing industry are under pressure. Frontline IT companies such as TCS, Infosys and Wipro earn nearly three fourth revenues from North America and Europe, where growth is still anemic. As a result, clients are asking companies to cut costs.
Since employee salaries account for the biggest cost component for IT companies, domestic outsourcers are reducing bench strength, improving employee utilisation rates and reducing other operational costs, Crisil says. In 2013-14, employee cost accounted for over 60 per cent of total cost of IT companies.
Finally, Indian companies are planning strategies to move further up the value chain towards services such as consulting and software products, Crisil says. These services are currently dominated by global majors (such as Accenture, IBM), who have higher revenue per employee despite comparable employee bases.
In this scenario, a skill development program like Coders Unlimited will help fresh graduates stand out with their technical and practical expertise and experience.
To get the best out of this skill development program students can start when they are in their 1st year in college and continue until they finish their final project. Through out this innovative and one of a kind program, they learn the latest technologies and also get hands on experience.
At the end of the program they will be able to code immediately once they are hired, unlike other graduates who will need additional training.
To an employer, a graduate of the Coders Unlimited program will be extremely valuable, as CU hires are able to hit the ground running and work and be productive compared to the typical college graduate who may have an advanced degree but cannot be productive without extensive training.