Last year was a nightmare for the Indian IT workforce. Almost every top Indian IT company had its share of layoffs. This is likely to continue for years to come
In 2017, Wipro and Infosys along with other five top Indian IT companies laid off more than 56,000 of their employees, sending a chill down the spines of almost every employed engineer. The reasons for layoffs were attributed to adoption of automation by these companies, demand for skilled people in emerging technologies which are replacing older technologies, and incapability of people to be re-skilled in emerging technologies.
In 2016, Infosys alone had laid off almost 9000 employees and its spree of layoffs continued till 2017, while Cognizant had to let go its 6000 employees. In fact, a few companies had to take desperate measures, and had their employees forcibly put down their papers which even landed them in legal troubles.
Fact of the matter is during the last couple of years a very large faction of IT employees lost their job.
The layoffs have majorly affected professionals with five to six years of experience, while a few companies have reached up to senior managers, VPs, and other professionals in senior management roles. Meanwhile, hiring among these companies has also been down. The technologies for which these companies train are now replaced with new technologies which have made employees with expertise in older technologies redundant. The new technologies are more efficient and seek a different skill set with little to zero connection with older technologies. The lack of skilled workforce in these new technologies has slowed down the hiring among companies as well as forced companies to re-equip their employees with the knowledge of new technologies.
A report in Economic Times states “the sector witnessed a decline in hiring as Indian IT services companies such as Infosys, Tata Consultancy Services, Wipro, HCL Technologies and others shifted focus from“scale to skill”.
Companies are taking initiatives to upskill their employees, but fear of employees leaving after gaining the skills and joining some other company, holds these companies back from taking further steps in this direction.
Re-Skill to avoid getting redundant
In a recent survey conducted by NHRD, which included 200 CHROs ( Chief Human Resource Officers) noted that Indians need to upskill multiple times in their career to fill the talent gap, as skills will be the key driver to determine pay scales of working professionals in the coming days.
In Venolearn, you can learn new technologies and skill yourself for new job roles in the IT industry. You can learn skills at your own pace and work on projects, so for working professionals it offers complete flexibility with respect to learning time.
Venolearn also offers to help working IT professionals looking to switch to better paying job roles and get them hired.
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