Job shock in IT sector: Firms to step up layoffs, pare hiring: Survey
While senior staffs are
likely to lose out on jobs, hiring will take place mostly at junior, mid levels
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NEWS: With job creation seen
as the Narendra Modi government’s biggest failing, media reports that the information
technology (IT) firms will further slow down their hiring pace over the
next two quarters comes as a bigger blow to the Centre.
"The job market has undergone
an overhaul owing to technological advancements and the dynamic economic
scenario. The country's GDP growth declined 2 per cent to 5.7 per cent in the
June quarter of 2017 compared to 7.9 per cent in the corresponding quarter of
the previous year," Modi said, adding efforts should be made to improve
this to spur further job creation.
Moreover, the chances of more
lay-offs look prominent in the next six-12 months, according to Experis IT
Employment Outlook Survey from Experis IT-ManpowerGroup India for October
2017-March 2018, reported the Economic Times.
graph While senior staffs are
likely to bear the brunt of the move, the survey shows that hiring spree will
take place mostly at junior and mid levels. This is because companies are
eyeing fresh talent that is well-equipped with latest technology
The percentage of hiring intentions
has dipped 8 per cent q-o-q during the September quarter. These findings are
based on the percentage of employers expecting total head count to rise as
opposed to those who expect it to decrease.
The survey also added that captive
organisations, which mostly hire for themselves, will see a rise in employment
compared to IT services and start-ups. The Indian software services industry
includes companies such as TCS, Infosys, Wipro, HCL Technologies, global
companies such as IBM, Accenture and global in-house centres of non-IT
organisations.
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