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How IT hiring slowdown is impacting the overall job market

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How IT hiring slowdown is impacting the overall job market

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The job market is changing a bit because of the slowdown in IT hiring, which is likely to remain flat for at least two quarters, says Quess

Business services provider Quess Corp's chairman Ajit Isaac believes the job market is changing owing to the slowdown in IT hiring, which will likely remain flat for at least two quarters. Issac says it remains to be seen how this will pan out for all the players in the market.

"I don't expect the IT business to turn around very quickly, but the rest of our business, and IT constitutes about 10 percent of our overall numbers. So I'm not unduly worried because in a 15 year time span, we've seen at least two or three instances when we've gone through such cyclical movements, and it will settle down in another six to eight months’ time," he told CNBC-TV18.
However, Isaac said that there are certain pockets in IT still seeing renewed demand. For example, there are a lot of requirements in areas like DevOps, cybersecurity, data, and digital processes.
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Speaking about his platform, Issac said Quess, previously, like its competitors, had a 'discover only' platform where one could key in searches and get results.
"This time around, we have more personalisation. If you and I search for MBA candidates on our site, it's more likely that we will get slightly differentiated results because of how the algorithms analyse who the user is. So, these changes will come to play," he said.
Issac's remarks come a day after Quess rebranded its job portal Monster.com as foundit, and added new functionalities targeting a new-age job market. The company plans to make use of artificial intelligence (AI), data and analytics to serve jobs to its users. Monster claims it now helps more than 70 million job seekers and has 10,000 corporate customers across 18 countries.
"We don't have a target right now for market share. But we are looking at traffic and that traffic is seeing significant changes. The last month has been one of the highest increases in traffic for us," said Issac. He added that this year's revenues are expected to go up by about 70 percent year-on-year.
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