Excerpt from TheHinduBusinessLine Article, Published on May 10, 2024

In a promising turn of events for India’s tech industry, a report by Flexiple indicates a projected 46% increase in hiring for 2024. Despite a significant portion of engineers experiencing hiring slowdowns and freezes, hiring managers paint a more optimistic picture. Almost half of them are actively expanding their teams, with only a quarter halting hiring efforts.

This disparity between engineers’ experiences and hiring managers’ intentions signals a mixed message about the current job market. However, there’s hope on the horizon as companies move forward with their expansion plans. This momentum could lead to a more favorable job market compared to 2023.

The report highlights that while 27% of engineers have managed to avoid layoffs, a staggering 73% have witnessed colleagues being let go. Among them, 18% have seen half of their team laid off, while 21% experienced a one-third reduction in team size over the past year. Furthermore, 34% mentioned that layoffs had affected 20% of their team.

Despite these challenges, the silver lining lies in companies gradually resuming hiring, which is expected to mitigate further job cuts. Nevertheless, engineers remain cautious as they navigate through this evolving landscape of uncertainties in the job market.

As the tech industry braces for a period of transition, the upcoming surge in hiring offers a glimmer of hope for both job seekers and those currently employed in the sector. With cautious optimism, industry professionals anticipate a more stable and promising outlook for the year ahead.

To delve deeper into this topic, please read the full article on TheHinduBusinessLine.