Hiring down in finance, IT; portals feel heat
At Jobstreet.com, in less than a year the colour has shifted from green to amber, and information technology is in skidding as a meltdown mood breeds caution. Radhika Pancholi and Ruchi Hajela report.business Updated: Oct 17, 2008 22:53 IST
Internet hiring portals are the traffic signals. At Jobstreet.com, in less than a year the colour has shifted from green to amber, and information technology is in skidding as a meltdown mood breeds caution.
“Today, we realise that it’s not just IT, but most sectors are playing cautiously in the hiring space,” said Anand R Iyer, CEO, Jobstreet.com. The share of IT in the portal’s business has dipped from 40 to 50 per cent to 20 per cent in the past six months.
IT and financial services are out of vogue, but sectors such as automobiles, consumer durables, telecommunications, insurance and asset management remain largely unaffected industry officials say.
Jitesh Oberoi of Naukri.com, rued that his company’s first quarter revenue grew by only 36 per cent compared with about 60 per cent last year.
“There is a complete hiring freeze across most of our banking and financial services clients,” said SP Tripathi, director at executive search firm ElDorado Consulting.
The problem is also not restricted to just junior or mid-level hiring.
A recruitment professional said the industry in a big mess and executive search firms will be hard-pressed to repeat last year’s 30 to 40 per cent growth.
Temporary hiring specialists Manpower India and Team Lease report strong business.