As it stands, freshers often struggle to secure desired placements as employers prioritize candidates with prior work experience. Indeed, a renowned platform known for its user-friendly interface, sheds light on the current challenges faced by freshers in the post-2020 landscape. According to their report, hiring has been declining over the past three years, reflecting broader economic shifts since the onset of changes in 2020. Job postings for freshers have declined by over 8% since December 2021, accompanied by a significant 34% reduction in job seekers.
It’s surprising to note that in the past year alone, there has been a noticeable decline in job postings for graduates compared to previous years.
Several layoffs in the tech sector, attributed to overhiring or skill deficiencies, have contributed to the decrease in hiring entry-level workers. These trends can be linked to global events that have reshaped the economic landscape, making organizations more cautious in their hiring practices. Particularly in the IT sector, hiring procedures have shifted, leading to a decrease in recruitment of freshers by major IT companies from campuses.
In certain sectors, having a degree remains crucial for employers to gauge candidates’ competency for roles. In the tech sector specifically, there has been a significant 37% decrease in demand for degree-related employment among fresher applicants since December 2022. This drop can be attributed to various factors, including differing income expectations, potential skills gaps in the rapidly evolving IT industry, and apprehension about entering the job market during uncertain times.
Global economic changes have resulted in a decline in large-scale hiring of freshers. Businesses are taking a cautious approach, opting to wait before making recruiting commitments until they see signs of market recovery over the next few quarters. However, hiring hasn’t halted entirely; certain departments, such as marketing, sales, and administration, are still open to recent grads. By honing technical, soft, and modern digital skills, freshers can better position themselves in the job market, gaining an advantage when companies resume hiring.
Administrative positions are actively sought after, comprising 11.5% of recent hires. Although hiring has declined overall, the software sector still maintains a significant presence in the labor market.