As firms go on hiring freeze, freshers looking for jobs hit record-high

As many as 2.6 million freshers were actively looking for job opportunities in the last 30 days

The number of candidates seeking entry-level jobs has reached a record high as companies across various sectors have reduced their hiring for freshers, according to a report by The Economic Times (ET). Data cited from LinkedIn and other job platforms indicate that as many as 2.6 million freshers were actively searching for job opportunities in the past 30 days.

Estimates from staffing firm Xpheno suggest that the typical volume of active entry-level job seekers in 30 days is around 1-1.2 million, a figure significantly lower than that reported in the last month.

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In the last three days alone, approximately 800,000 individuals were seeking entry-level jobs, with six lakh of these being freshers, according to data cited by ET. This surge in job-seeking coincides with companies looking to reduce costs, resulting in a tightened economy and impacting the 'talent build' ecosystem adversely. Firms are increasingly hesitant to hire freshers and invest six to eighteen months in training and grooming them, an industry expert stated.

Large IT companies, known for hiring in significant volumes, are imposing hiring freezes and downsizing, creating a substantial void in the entry-level job market, the report added. Chief Economist of HDFC Bank, Abheek Barua, told ET, "There is considerable slack in the job market at the entry-level, particularly as large talent-consuming sectors such as tech and startups are either freezing hiring or laying off staff."

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Additionally, even the Banking, Financial Services and Insurance (BFSI) sector, which is grappling with high attrition rates, is scaling back on hiring freshers. Instead, companies are focusing on recruiting experienced professionals from rival firms, Barua added.