The Lay-Off Effect in India
India is much known for its crazy cricket talks everywhere, but of late in recent months the buzz word for all of indian is ‘Lay-Off’. Most of the talk these days when in office, when interacting with friends, relatives, family is centered on lay-off in major and smaller companies in india across different verticals not just IT.
Statistics say that there have been more than a million jobs were lost in india over the last few months in different sectors. but amid the buzz, india is still upbeat about this ecnomic down time. India is said to have been least affected by this global meltdown compared to other nations such as USA, U.K and Arab Countries.
It all started with the merrill lynch bankruptcy last year, spreading over all major financial companies and top banks in USA. These effects started showing in india also with AIG and ICICI coming under scanner from the investors and clients.
To make things worse, Then came the biggest ever fraud in India - The Satyam Fraud - with its CEO Ramalinga raju confessing a fraud of around 7,000 crores. It really started affecting the mood of the indian IT industry. The global financial crisis and the Downward IT mood in india has been affecting all other sectors such as Retail,Hotels & Tourism etc..Causing job losses everywhere these days.
The person who earned around 50,000 Rs per month is now forced to try and search for a job worth 10K per month. That also seems difficult given the fact that almost all top / middle level companies have completely stopped recruitment over the last few months. Getting a new offer has become a distant dream, leave the multiple offers of yester years. Many major companies are yet to honour their 2007-2008 campus offers.
Also, In general April being the Appraisal time for all major IT companies in india, the news started to get worse for all who worked very hard over 2008 with dreams of bonus and increments / hikes in salary this year. Most of the companies have said well in advance that there would not be any hike or bonus this year, some companies going for paycuts. There can be a very little number of companies who could offer a very less bunus and hike this year 2009.
Even during this period, The only companies who are benifited by this IT down is very small companies and BPO companies. Because they get some very good work forces for very less pay. Major IT giants like TCS, HCL, WIPRO, (No Satyam any more) have started focussing on their BPO related jobs and in these companies if there is any opening / recruitment then it should be for BPO only as it turned out to be.
All job sites carry very few job openings, and almost nothing from TOP MNCs. So It is real hard for the professionals who are still in work and also who lost their job due to IT slow down. Lets hope it all goes off soon and Indian IT is back on track so soon as our nation’s growth much depends on IT by all means.
Lost your Job due to Lay-Off? Or Going thru paycuts and No Hikes? Share your situtations here to make everyone aware of What is going on really in Indian IT Field.
Cheers!
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