In all ,over 200,000 tech jobs were eliminated globally by the end of 2022.But the first month of the new year itself has seen nearly 70,000 technology jobs eliminated.Indian tech companies, particularly,startups,have been part of this global tech layoff calamity
The current spate of layoffs is being attributed to years of aggressive hiring that must be rationalised for the companies to remain competitively productive.Another argument being put forth is that the tech sector with its current product portfolio has matured and reached a state of stagnation.The technology sector needs to find new areas for growth.And for this , the right skill set and talents need to be aligned,But more than that ,new culture needs to be built within the organisation that encourages and compels tech professionals to go out of their comfort zone and create new things.For this shift in work and cultural values,the human resources department must wield put the knife to the flab.
HR departments across the technology sector companies are slowing down their recruitment process.Many have already put it off for the time being.Large -scale corporate recruiters are completely off the list.Many companies that were still hiring during COVID-19 times have reduced the number of recruitments this year.which may continue till next year or so.Those companies that have already gone through placement interviews are delaying their onboarding process for sometime.As fear of recession looms over the market,experts are worried that companies will raise the benchmark for recruiting candidates and lower their salary packages as compared to previous years.
The most likely scenario in college placements would see less rush of companies for recruiting freshers and graduates . Expecting tech giants such as Amazon , Facebook,Google and Microsoft to conduct large scale hiring is the most unlikely scenario.Few are expecting this is going to happen this year.Final -year technology students seems to be confused whether to take up the jobs being offered amidst the fears of layoffs.Many of them with available job offers are considering ignoring the offer and moving abroad for further studies till the situation becomes normal.
Moreover,they are not in a position to negotiate the terms of their employment anymore, atleast for now.
India which supplies technology professionals to the global market as much as it uses them in the domestic business ecosystem has been hurt on both ends.Amidst the job losses,there is rising uncertainty among graduating freshers at India's top technical education institutions.Declining job opportunities,eluding campus placements,and an uncertain future in technology are some of the hotly debated topics across campuses in India, hinting that it could be the same everywhere in the globe.
Sources claim students are particularly worried about landing a job as big tech companies continue to sack their experienced and loyal employees. Employee that were laid off by big tech are said to be those who were not willing to adapt to new technologies and had poor performance in the last 2-3 years .Some of them were involved in moonlighting and other things.They won't be able to compete on experience level, however,they upgrade their skills and knowledge to showcase their lucrative candidate profile.
As they are well versed with current trends in technology, willing to take risks,try out new things and learn new skills,it can be used to their advantage to get a job.In case the company is looking to replace those lay-off employees, fresher would be go -,to choice in terms of cost -benefit analysis.
While the fear of slowdown and job cuts is still limited to the IT,finance, and media sector till now ,it is likely to spread to other sectors as well.As per international Labour organization,the global employment growth rate is expected to slow down to 1percent in 2023 as compared to 2% in 2022.However ,there is a positive side ,too,to the layoff story and it is that this whole situation would open up the space and provide the chance for highly skilled graduates to prove themselves.
There are two sides to the debate:Those who are optimistic that the recent layoffs are just part of the process of advancing technology,and those who are pessimistic and believe that the sector is becoming less secure.The latter points to the increaseing number of tech startups and companies that are failing as evidence that the sector is not as strong as it once was.In response to these layoffs,many tech workers have expressed their thoughts about the current job security situation.Most of them feel that layoffs are necessary in order to keep the industry competitive.
Companies can also adopt training module to meet the requirements of advanced countries to avoid layoffs.
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