The Information Technology firms are no longer going to the staffing companies. They are instead upskilling their existing workforce to fill open positions, reports Times of India (TOI). With a steep drop in demand for IT talent, only one in four positions is coming to staffing companies, the report added.
With one of the major shifts IT has seen in its history, the hiring trends have taken a drastic turn. Companies were doling out up to 100 per cent hikes to hire top IT talent only a year ago, but the situation has completely changed today.
An industry expert was quoted in the report as saying that earlier, organisations approached staffing firms to hire for all their positions. However, given the low demand, workforce utilisation is low, and IT companies are putting their existing employees to work.
To this end, internal resource management teams have been told to identify suitable candidates for various roles in companies.
Companies are taking longer to hire a new employee if an old one leaves. New hires are taking more time as companies seek to hire the cheapest available talent in the market.
This is different from the approach IT companies followed a year ago when they readily agreed to hire suitable candidates without thinking much about the salary demand.
The CEO of Teamlease Digital told TOI that earlier, the companies used to be in a rush to close positions even if it meant extending their budgets. However, now they are going through multiple profiles and selecting the cheapest available resource.