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    For the Upcoming Two Quarters, Hiring Will Decline in the Technology Industry

    The technology sector is expected to witness a slowdown in hiring over the next two quarters, and it may take at least six to nine months to see some growth in hiring. 

    For the Upcoming Two Quarters, Hiring Will Decline in the Technology Industry

    By

    Apac CIOOutlook | Friday, November 25, 2022

    Stay ahead of the industry with exclusive feature stories on the top companies, expert insights and the latest news delivered straight to your inbox. Subscribe today.

    The technology sector is expected to witness a slowdown in hiring over the next two quarters, and it may take at least six to nine months to see some growth in hiring.

    FREMONT, CA: Over the following two quarters, recruiting in the technology sector is anticipated to stall, and it might take at least six to nine months before hiring starts to choose again. However, some areas of the technology industry may experience an increase in hiring, particularly those concerned with digitisation and the technologies supporting 5G services. While the travel and hospitality sector will require some more time to experience significant hiring activity, other segments, such as banking and finance and consumer products, may experience a rise in hiring. Ajit Isaac, the founder and non-executive chairman of Quess Corp Limited, made these insights during an event to announce the rebranding of the employment marketplace Monster to be found throughout Asia Pacific and the Middle East.

    Despite a reduction in growth-stage startup funding, he claimed that angel investment in new firms had grown steadily. Although the global recession may have some impact on the Indian economy, it won't be as severe as it is for other economies like the UK and Japan. When compared to other currencies, the Indian rupee has declined far less against the dollar, which in and of itself demonstrates the robustness of the Indian economy.

    Speaking at the occasion, former Infosys CFO Mohandas Pai stated that the Indian economy is strong and that it attracted USD 85 billion in FDI in 2021. It is anticipated to draw close to USD 100 billion in FDI. Their banking system is in excellent condition. NPAs have decreased, but bank profitability has increased. In addition, capital spending in the private sector is rising. According to the rupee-to-dollar exchange rate, India's economy will reach USD 5 trillion by December 2026, and it might reach USD 10 trillion by 2032. Consumption and investment are the major drivers of growth.

    Pai emphasised that, despite a general fall in birth rates throughout the nation, economic growth in South India was far faster than it was in the north. India's 2.0 fertility rate means that birth rates will drop. In comparison to Bihar's fertility rate of 3 and UP's fertility rate of 2.4, Karnataka's fertility rate is 1.7, as is the case throughout the whole south. The north is experiencing population growth, but not the south.

    The employment board Monster will now be branded as foundit.com throughout Asia Pacific and the Middle East as part of the new rebranding. The platform will have the technological tools necessary to provide individualised recommendations, community-led participation, and an easy-to-use user interface that will speed up the hiring process.

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