IT Layoff has come back to haunt the software professionals in India. Once called the most valued industry in India is now staggering with slow growth rate and many more obstacles. The $150 billion industry may see worse time in days to come for multiple reasons. The companies have now started evaluating the strength of the employees through performance appraisal and started showing people the door.
Cognizant IT layoff has already hit the headlines. However, there are many other big companies who are letting people go. Capgemini, Infosys, Wipro and many others are on the list to layoff people. As per the experts, India may lose more than 1 Lakh jobs in the coming year. The number increase in the coming year. Now, that does not really mean, Industry is shrinking. There will be new openings as well, but now Skills will be more important than anything else to grab those.
There are three major reasons for this job crunch.
Yes, it is one of the big reasons as the employers are now focusing on hiring more people from America rather than sending from India. This may cut down many jobs for the Indians.
Automation has a key role to play in the industry. People need to upgrade skills and match the parity. However, if someone is left behind in the race, then they may never get a job again.
The industry is shifting rapidly. There was a time when the workload was less on the employees. However, things have changed now. There is a radical change in the work and the management is always seeking value addition from the employees. Many are not able to cope up with this shift and losing their job very fast.
According to the experts, people with 10-15 years experience are most vulnerable for this IT layoff. However, people 3-7 years of experience may face the wrath for automation. However, the experts believe that they can learn and upgrade to stay relevant.