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Major Reasons Behind the Heavy Downsizing of the Indian IT Sector
Quite a few people are blaming US President Donald Trump. However, that’s just the tip of the iceberg. The key underlying factors are:
Technology Disruption: Artificial Intelligence, machine learning, and automation are taking away the low-skilled jobs. The new generation is not up to the mark with new trends in technology.
Over-dependency on Service-Based Projects: The Indian IT sector has been relying too much on the service-based revenue model. Not many companies went for creating innovative products.
Shortage of Talent & Skills: Yes, you read that correctly. Producing 1.5 million engineering graduates every year is of no use if they lack the basic employable skills. The recent study by Aspiring Minds, an employability assessment company, 95% of IT and software engineering graduates in India are unemployable. The study found that only 4.77% graduates can write the correct programming codes, and only 1.4% can write code that is functional and efficient. More than 60% of students cannot even write a compliant code. As per the India Head of Capgemini, 60 – 65% of Indian IT workforce is not even trainable. The students struggle with both technical and soft skills. Hence, one of the core problems lies within the education system in India.
Current Employment Statistics Highlights-https://www.bls.
Unemployment and Job Cuts in Non-IT Sectors in India
The overall dismal state of the job market is beyond the IT sector. In the last one year, several pink slips have been issued. Engineering major Larsen & Toubro reportedly laid off some 14,000 employees, while companies such as Microsoft, IBM and Nokia too cut back on their workforce in 2016, albeit on a smaller scale, owing to sluggish demand. Besides, the startups are also under huge pressure as the year 2016 witnessed major startup failures and more than 10,000 job cuts. More or less all the sectors have been the victim of the sluggish economy. So, what should you do at this time as a student, fresh graduate or seasoned employee?
Lost Your Job or Unhappy with Appraisal? Career Advice for Seasoned Professionals
- Try to up-skill or re-skill yourself. It might be a good time to learn a foreign language or do few online courses to upskill for upskilling . No need to master everything. But, diversifying yourself will be helpful in the long run. Of course, the courses are not free. But, it’s always a great idea to invest in yourself. Grow up. You have to think beyond FREE services.
- Get in touch with a mentor or hire a career counselor. Apart from getting advice on job hunting strategies, CV building, interview preparation, you can also gain access to a wide range of an influential network.
- It would be also nice to get back to studies. A higher degree (MS or MBA) in India or abroad could be a great alternative. However, be careful with selecting the right subject and the right college.
- Spend time on personal branding. In today’s age, it is very critical to have a credible online presence. By online presence, I meant more than Facebook, Instagram & WhatsApp.
- Don’t take any rash decisions. According to KPMG’s annual compensation trend survey, the average projected increment for the year 2017-18 is 9.7%. If you are not happy with your offered salary or appraisal, don’t think about a job change immediately. On paper, it might look fancy to switch jobs every 6 months and get a hike every time. But, it will hurt you very badly in the long-run. Changing jobs on an impulse can land a candidate into a wrong profile and industry altogether.
- It would be handy to try freelancing or a side gig. However, make sure it does not hamper your daytime job or present any conflict to your employer’s business. It’s also critical to keep the career goals aligned, and not run after extra cash blindly.