Top IT and tech firms like Wipro, Infosys and Tech Mahindra have revoked offer letters given to students after delaying their joining by nearly three-four months.
The students received these offer letters from Indian IT service companies such as Wipro, Infosys and Tech Mahindra after several rounds of interviews and a rigorous selection process, according to media reports.
“It has been identified that you are not meeting our academic eligibility criteria. Hence your offer stands null and void,” one IT company sent an email to one of the candidates.
TCS earlier postponed variable pay to its employees. Infosys has slashed variable pay to 70 percent. Wipro deferred variable pay completely.
According to a latest report by Naukri.com, the IT sector recorded a de-growth of 10 percent in hiring activity in August.
The latest Gartner report said worldwide IT spending is projected to grow 3 percent to $4.5 trillion in 2022 from 2021.
Gartner said while IT spending is expected to grow in 2022, it will be at a much slower pace than 2021 due to spending cutbacks on PCs, tablets and printers by consumers, causing spending on devices to shrink 5 percent.
IT Services revenue is expected to grow 6.2 percent in 2022 and 8.3 percent in 2023 as compared with annual growth of 12.8 percent in 2021.
