IT industry layoffs: To escape job cuts, upskilling is a must

www.financialexpress.com : For any reader of the tech media, headlines such as “Infosys, Cognizant, Wipro techies stare at job loss as Indian IT firms battle Trump’s protectionism”, “IT job crisis: Automation, skill standards, ageism all play a part” and “Tech graduates in India have zero hands-on experience” have become commonplace now. All of these—without any exception—accentuate India’s biggest job crisis in the information technology services sector, as organisation after organisation decides to lay off employees to cope with the slowdown in growth. The Indian IT industry is witnessing a major crisis that has accelerated with the global backlash towards outsourcing, protectionist policies by developed countries to protect their vote-banks, and changing demands of global corporates. The industry’s growth rate, which always stood at double digits, has, of late, come down to 5-6%, resulting in ‘job losses’, ‘firing’ and ‘layoffs’.

According to industry body Nasscom, up to 40% of the estimated four-million workforce need reskilling over the next five years, if they are to keep pace with the changing face and automation of the IT industry. Therefore, the new mantra to avoid job redundancy is continuous reskilling.

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http://www.financialexpress.com/industry/technology/it-industry-layoffs-to-escape-job-cuts-upskilling-is-a-must/713022/

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