Till 2015, Jobs in IT sector were considered secured and elusive. Engineers were pampered with great wages and perks; however things have changed and have changed rather fast. Today, IT sector is going through a major revamp. From political turbulence to rise in automation, jobs in IT sector are under serious threat and future isn’t looking bright either.
As per the recent survey, this year the growth rate has been lower than 2015, which in itself is a worrying sign for an economy that had slowed down considerably this year. Some prolific tech giants such as: Cognizant, Infosys, Wipro and TCS had let go good number of their engineers to accommodate new trends. This is something that Indian IT sector has never witnessed before, at least at such a large scale. In past few years, this golden apple industry had only produced success stories therefore activities like this are only adding anxiety among aspirants of this industry.
This situation is not persistent in Indian Tech giants only, but massive job cut offs had been witnessed in companies like: Microsoft and IBM. Story in start-ups is also no different; boomers like Snapdeal, Craftsvilla, Stayzilla and Tolexo have all seen massive drop downs this year. Top notch institutions like IIT and IIM had also been hit hard by this massive IT melt down. As per the reports, companies are shying away from hiring professionals from these institutions. Trade pundits like Kris Lakshmikanth, founder of Bengaluru based Head hunters feel that close to 100,000 jobs will shunned in 2017. His claim is supported by the fact that companies are cutting down 40% of engineering graduated they planned to hire in year 2017.
It is not that something from the outer space had hit this sector. There are many factors that had resulted in such a slowdown. Demonetization and Donald Trump’s firm stand on America first are two biggest reasons why IT sector is bleeding the way it is now. Where demonetization had hit the e-commerce sector hard, Trump’s policy had impact job outsourcing aversely. Though impact of these political implications will wear down in coming few days still the things will be getting little nervier in IT horizon.
Rise of Automation and Artificial intelligence had already made few places vacant in many organizations and this percentage will only go up. Already some companies had laid off their staff in order to invest budget in these rising technologies. However, not all is bleak, no doubt the rise in automation has pushed the envelope but one can imagine creation of new jobs in this sector also. IT sector has always been driven by innovation and this time in place demands skilled employees over qualified ones. This is a significant time in history where things are happening thick and fast. So if you are worried about your place in future, you should better gear up and start preparing for it.