Leading IT and software companies have cancelled offer letters made to students after postponing their joining by close to three to four months, including Wipro, Infosys, and Tech Mahindra.
Numerous freshmen reportedly received offer letters, but eventually their offer letters were cancelled after their joining dates were postponed.
The news, which was first covered by BusinessLine, cited emails that these businesses sent to freshmen whose offer letters were turned down.
The sources state that the students went through a rigorous screening procedure, including numerous rounds of interviews, before receiving these offer letters.
The country’s IT/tech sector is not immune to the effects of the global macroeconomic conditions, which have affected Indian sectors amid predictions of a recession and rising prices.
Prior until now, experts predicted that the Indian IT sector’s momentum would continue to wane.
While Infosys reportedly reduced variable compensation to 70% and Wipro entirely delayed it, TCS had previously delayed variable pay to its employees.
In August, hiring activity in the IT sector decreased by 10%, according to the most recent report from Naukri.com.
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