50% laid off IT-employees will get hired again, says survey
According to a recent survey, more than 50% of the two lakh employees, who are expected to be laid off from the IT sector in the next two years will get absorbed back into the system once they are re-skilled.
The survey cites that, although firms are letting employees go, new opportunities are simultaneously opening up.
Here's all you need to know.
IT-employees will get absorbed after getting re-skilled
Tough time ahead for the IT sector
The IT sector is going through one of its biggest lows, thanks to a disastrous financial quarter and Trump's H-1B policy; which is forcing the companies to hire local talent, instead of sending Indians to work in the US territory.
In order to sustain themselves through the ordeal, the entire sector has started slashing down employees and kick-started rapid automation to fill the gap.
Rising cause of concern
This move may bear fruits for the IT firms but it has already caused mass panic among the employees, who are now facing an uncertain future. While some employees have taken to the social media to rant about their grievances, few have decided to form a trade union so, their interests can be safeguarded.
However, chances of respite from this mass-firing are quite slim.
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What the survey suggests
However, if CIEL HR Services' survey is anything to go by, almost 50% of the employees will be re-skilled and they'll get placed again in the sector.
The survey said that most of the firing is taking place in IT infrastructure support, testing and software development space; which will eventually be balanced out in emerging categories like cloud computing and artificial intelligence.
Looking for alternative options
The current attrition rate of IT industry is around 15-20%; automation will take care of these vacancies and the Industry will not hire anymore for those positions.
CIEL HR Services CEO Aditya Narayan Mishra quipped that the wheels were already in motion and those who didn't make the cut should start looking for alternative career options such as retail and consumer banking.
It was expected but not so early
Automation is going to be the buzzword, as firms are trying to curb expenditure to keep themselves afloat in these trying times.
Almost 33% of the respondents had anticipated factors like automation and policy change but 44% of the respondents believed that the change took place faster than they had anticipated.
56% said that the increased discussions of layoffs led to this widespread panic.
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