'Fresher Glut' Is Impeding Young Professionals From Getting Hired. Here's How To Tackle It

Freshers looking to secure their dream jobs are no longer a thing of the past. Online sources state that a rapid rise in the talent pool is putting the dreams of many in a fix!

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'Fresher Glut' Is Impeding Young Professionals From Getting Hired. Here's How To Tackle It

According to a news report, thousands of freshers are looking for jobs, be it students from reputed management colleges or engineering institutes. Unfortunately, a lot of these freshers are falling victim to "fresher glut" - a term coined by market gurus to explain the phenomenon of companies offering a job, only to rescind it at a later stage, leaving the fresher with no backup.

A Perfect Example That Illustrates Fresher Glut

A report from the Economic Times stated that an engineering graduate, who was a fresher from a top Institute of Technology in the country got a placement offer from an American e-commerce giant in January 2023. The engineer was assured of a cost-to-company salary package of INR 50 lakh.

Unfortunately, the placement was canceled during the probation period. As per the report, the company stated that the role earlier offered was no longer available. What's more ironic is that the company even went on to assure the engineer that the CTC included all benefits, perks, etc., leaving the fresher with no backup.

Talent Pool: Stats & Impact

Of late, there is a rapid rise in the talent pool. 2023 saw an unusually high number of candidates looking for a job or a job change in various sectors as compared to the 2022 B-school graduates & engineers. An estimated 45% of candidates from the 2022 batch are currently in the job market for a job change as compared to 25% in a normal year.

Employers tend to dabble over when it comes to hiring freshers so that they do not hire the wrong individuals but take the necessary time to hire the right candidates. This has led to long delays or revocations of placement offers from sectors involving consultancies, startups, and IT services, especially for freshers in 2023. This has resulted in what is called a 'fresher glut'.

Solution To Tackle Fresher Glut

There is a clear indication that companies are looking to cut jobs and reduce fresh hiring so as to take care of their cost-benefit aspect. It is estimated that 20-30% of job offers for freshers of the 2023 batch will be either delayed or revoked gradually.

These uncertain dynamics in the market have been a cause of concern for freshers ranging from engineers to management students. What if companies do not bother to assure students of stable placement offers or even worse, after giving a placement, suddenly revoke the offer citing unexpected circumstances?

Therefore, students need to regularly upskill while looking for companies that will most likely hire them. To keep upgrading your skills in this globally competitive market, access a wide variety of courses through Unstop and improve your learning and knowledge. This platform will go a long way in helping you get out of what many freshers fear the 'fresher glut' moment.