Hyderabad: FY25 promises to usher in good tidings for engineering grads set to pass out this year. India’s tech industry is slated to see a 25-30% uptick in campus placements driven by surging demand for emerging technologies such as AI, Cloud Computing, and Cybersecurity.
According to data provided to TOI by TeamLease Digital, after lower-than-expected campus hiring numbers of 80,000-90,000 in FY24, at least 1.12 lakh-1.2 lakh of the nearly 1.5 million engineering graduates passouts are expected to get hired on campus.
“With fresh talent being increasingly recognised as a crucial driver of digital transformation initiatives across sectors and in meeting growing talent needs, the hiring landscape looks promising,” said Krishna Vij, Vice-President, TeamLease Digital.
Confirming that the worst is over, former Nasscom chairman BVR Mohan Reddy said things are picking up. “From now on you will see some growth but not necessarily hockey stick growth because firms are discovering GenAI applications in automating stuff and augmenting productivity of individuals,” he said.
However, Aseem Marwaha, founder, eLitmus, feels the figures could be much higher. “The demand, especially in the over Rs 7.5 lakh per annum range, has surged by at least 50% and could be as high as 80% due to robust demand. Even talent with average skill levels are cracking high paying jobs this year unlike last year when even good talent was struggling,” he said.
“Things were slow till about the first week of September . But the market recovered significantly. Many companies could not meet numbers through campus hiring and have been coming to us since November to help them identify colleges where they could still hope to get reasonable quality talent,” he added.
After hitting a peak placement rate of 27% in FY22, numbers plummeted to 6% in FY24 due to challenges like economic slowdown and skill mismatches, said Vij, adding: “In 2022, fresher hiring reached unprecedented levels driven by post-pandemic recovery, increasing digitisation, and demand for tech talent, leading to inflated bench sizes,” she explained. In FY25, she said, fresher employability rate is set to rise to 71.5% from 64% in FY24, indicating improved skill alignment with industry needs.
