Fresher glut affecting employment

  1. Background

    A "fresher glut" is making it hard for thousands of freshers, including those from the country's most prestigious engineering and business schools, to secure work. The term defines a surge in the number of young professionals seeking employment, from freshers to those who have worked for 1-2 years.

  2. More job seekers

    A number of factors have made the job market more competitive for fresh graduates. Compared to previous years, there is a much more significant number of job applicants this year. This is because, aside from the recent graduates from the 2023 batch, a larger portion of graduates from the 2022 batch is looking for new employment than in previous years.

  3. Irrational financial situations

    The situation is further complicated by the state of the economy at the moment. Many companies have reduced their hiring and laid off employees just to try to save costs due to the global economic slump. Consequently, there are more job seekers vying for fewer job opportunities that are now available.

  4. Laid over and withdrawn proposals

    The problem is getting worse because many businesses are now delaying or even withdrawing employment offers that had already been extended to the graduates of the 2023 cohort. This means that not only is a graduate competing with his peers, but also with the graduates from the previous year.

  5. Increased competition for experienced applicants

    Recruiters prefer candidates with some job experience who can make an instant impact. Because they lack the experience that businesses need, recent graduates find it considerably harder to get employment.

  6. Cursory impact on the forthcoming placement season

    It is anticipated that the "fresher glut" will significantly affect the forthcoming engineering and business school placement season. College graduates from tier-2 and tier-3 institutions are probably going to have a harder time getting employment, even though top-tier institutions could be less affected.

  7. Less employment of recent graduates

    By experts, hiring of fresh graduates decreased by 15% to 20% compared to the previous year. This is because businesses prioritize cost cutting and increased productivity in the current economic climate.