1.5 lakh employees in India’s IT industry might lose their jobs over subsequent three-to-six months.
Majority of those layoffs will happen in small IT firms, said HR experts
The industry employs about 45-50 lakh, of which and smaller firms account for about 10-12 lakh.
The top five IT firms alone employ on the brink of 10 lakh people.
As novel coronavirus outbreak intensifies, employees became the casualty.
The entire travel and hospitality industry has been hit, manufacturing has paused.
Companies have already warned investors about their performance within the upcoming quarter.
The lockdown, which in some countries has been extended till May, isn’t helping matters either.
More than anything, it’s the uncertainty that’s impacting decisions
Smaller firms have started shedding employees with each project ramp down
ITeS-BPO firm Fareportal, which caters to the travel industry, laid off quite 300 employees.
IT union has claimed that the corporate had asked employees to resign by giving a two-hour notice.
It is unclear if the corporate will lay off more employees.
This move comes after the company’s business, went down by 85 percent.
Besides shedding employees, pay cuts for executives and therefore the CEO’s is additionally being done
Experts expect the amount of individuals laid off to rise because the situation gets worse.
Employees who were alleged to be deployed in new projects, are now stalled
Employees are struggling and are likely to be asked to go away next
With hardly any job openings within the market a minimum of for subsequent few months..
… techies are getting to find it almost impossible to land any job.
Most firms have paused hiring and lots of startups have announced pay cuts.
However there’s still no clarity on how long it might deem the businesses to recover.
Another expert said, it’s going to take longer for recruitment to resume.
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