BUSINESS

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BUSINESS

IT hiring hits all-time low: Here's why

1

IT hiring plummets

IT hiring has hit a record low of 14%, a significant drop from its 40% peak in Q1 2022 and historical average of 21% observed between 2017 and 2019.

2

Global slowdown impact

The drastic decline is primarily attributed to reduced discretionary spending and a global slowdown.

3

Non-essential projects halted

Amid economic uncertainty, companies are postponing or canceling non-essential IT projects, reducing the need for new hires.

4

Workforce utilization focus

The industry now focuses on workforce utilization, targeting an employee utilization rate of around 80-85%.

5

Graduates' opportunities impacted

This shift has led to delayed campus recruitment and is impacting opportunities for prospective graduates.