Tech sector makes a comeback: Developer jobs return as hiring surges post-layoffs
The IT sector, after facing layoffs and a hiring freeze, is now bouncing back, with tech giants and startups actively recruiting developers. Freshers' hiring is also expected to double by FY2025, signalling a strong recovery in the job market.
The IT sector has faced a rough patch recently, marked by layoffs and tough campus placements. But now, there's a promising shift on the horizon. Major tech giants are once again opening their doors, actively recruiting developers and offering thousands of job opportunities.
The recent wave of companies hiring developers began in June, when there were about 117,000 distinct tech job openings, as per an Analytics India Magazine report.
Since then, this number has skyrocketed. Surprisingly, even companies that laid off developers just a year ago, citing AI advancements, are now rehiring for those same positions.
Tech giants like Amazon, Apple, Microsoft, Google, Meta, NVIDIA, and Tesla, some of which let go of up to 20,000 employees earlier this year, are now looking for talent once again.
Credit: X
Even Indian startups, which laid off around 30,000 employees in 2022 and paused hiring for 12-18 months, have resumed recruitment.
According to a recent report from SightsIn Plus, a leading HR magazine, freshers' hiring is projected to double in FY2025 compared to FY2024, signalling a major turnaround in the tech job market.
What caused the IT sector's downturn?
According to a DevQuarterly report, job postings for software developers dropped significantly between May of last year and April this year, reflecting the broader challenges in the industry:
Credit: DevQuarterly | Number of new jobs posted for software developers, May 2023-April 2024 (Worldwide)
Several factors contributed to the layoffs, including the rise of artificial intelligence, economic slowdown, inflation, higher interest rates, and overhiring¡ªparticularly during the COVID-19 pandemic, which has now led to a market correction in tech jobs.
Now, after a period of uncertainty, the IT sector is finally seeing an upward trend, with hiring picking up momentum and opportunities on the rise once again.
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Srishti B Dutta brings you everything from rags-to-riches tales and inspiring student success stories to those "No way, this can't be real!" moments. Whether it's intriguing, heartwarming, or just plain quirky, she's got it covered.
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