Approximately 57,000 employees were laid off by India’s big IT players in the last few weeks!
This shows how badly India, as a nation, and of course these BIG software companies, are prepared to cope with this gloomy scenario.
The major reason for the downsizing is the US President’s strict H1B visa and anti-outsourcing norms, to counter which, neither our economy nor these IT biggies, have any coping mechanisms.
With the new President taking charge in January 2017, didn’t we see this coming? Our politicians and companies should learn a thing or two from Mr. Trump (giving first priority to his citizens rather than bowing down to the self-centered policies and decisions of other nations).
Another reason (as given by these firms) is automation of most of their processes, thereby, scaling down the need for deploying more manpower.
Now, this sounds like a problem of the 80s and early 90s (remember the GLOBALIZATION era ?) when computers were introduced and the employees were reluctant to accept the technology. They feared it would take away their jobs. But heck! The introduction of computers actually gave rise to the IT industry, creating millions of jobs across the globe (except that instead of employees, it’s the employers thinking adversely this time).
Oh wait, there is one more reason – the companies that made huge profits with the existing IT business models have not been able to tackle the digitization that is happening at a rapid pace.
Back then, they could completely switch to IT from hardcore manual methods, but now from IT (already based on digital technology), a shift to core digital platforms, tools, and cloud technologies seems like a herculean task. Like, really?
These companies are already spending a huge chunk on training. For IT professionals, it would be a lot easier to switch to digital ways of working.
For all techies who have been affected, just believe that:
1. You were inducted into the company only after passing all the tests and tight screening processes. You've already proved your performance during your stint. If you were really incapable, you wouldn’t have been absorbed in the first place or been fired post-training, or in the initial 1-2 months. Hence never doubt your capabilities. Also, don’t take the layoffs personally. Maybe you are about to enter a new phase of your professional life by exploring better alternatives. You never know where you could be headed or where it could lead you.
To cut it short, these companies could not formulate strategies to handle Mr. Trump and his policies.
2. Also, the reason IT firms hire staff from India is the low labor cost (apart from intelligence and talent, of course) which otherwise is in dollars in the US. Now that they have no option but to hire US locals, obviously, they would cut down on Indian staff and use the savings to pay Americans (whether they have 'the brains’ and would be able to sustain, is a different issue 😄)
How to survive a layoff?
1. Socialise more (and more!) in your professional network. You never know what luck has in store for you.
2. Times are even tougher for those who had experience of > 5 years and working in senior positions. You can utilize your skills and experience by working as consultants to small and medium-sized companies.
Small companies are always looking for experienced professionals to set up and offer expertise to their projects. They pay quite well. In fact, people with such experience should leave these 9-5 corporate jobs and go for freelancing work or have an additional source of income while being on the job.
A lot of techies I know, work that way and make big money.
"A portion of all consultants are in it just for the money or the job flexibility. They know they can deliver what was promised but are not really involved in the outcome itself." - Mario Peshev
3. While the whole nation is bitten by the ‘startup’ bug, you may also try your hands at it, provided your idea is unique, you have decent business sense, and loads of patience. If you are financially sound, go for the traditional ways (self-funding) of doing business.
If only the IT companies could set up entrepreneurial cells in their capacity, encouraging the employees who have been retrenched, to set up their own ventures leading to mutual benefits.
4. Freshers can do some value addition to their portfolio by learning new or in-demand skills.
5. Enrol for a digital marketing course or take up jobs where you can work as a virtual assistant / IT expert by working from home or making money online.
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Just remember that no matter how severe, the recession is always temporary, and everyone would recover from it very soon.
Always have backups even if you are in a well-paid, full-time job. As they say “Love your job, not your company... You never know when your company might stop loving you...“ 😊
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(Images used in the blog are random downloads from Google)
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