‘No one is safe’Even as the freshers are most affected, the fall in demand for IT services and the technological disruption is also leaving an impact on mid-level and even senior-level employees. “There is hardly any lateral movement. When one chooses to change jobs, usually they look for a 50-100% salary hike but today the situation is that companies, which are still hiring, are conscious about the cost. They want the right resources with the right skills, but within the budget,” says Joshi.It’s not just those seeking a move, but also those choosing to remain who are impacted. Companies are toning down salary hikes and other incentives.“For mid-level and senior level, it is a question of their earnings, which are coming down. The opportunities they have are very limited,” he said. Fuad too says that his company is cutting down on salary hikes and offering it only to selected employees. “They have cut down heavily on the increment. Now, it is just 6-7%. Only two people in my team have been offered the increment.”With an experience of more than four years in the field, he is finding it difficult to find a new job. “Two years ago, I used to get calls from different companies. But now, even when I have more experience, I find it harder to get an interview call.”Asif, who is also part of the recruitment panel in his company, says that even experts with years of experience in the field find it difficult to land a new job if they do not possess enough knowledge to operate the new technologies. Offering some relief, however, is the fact that – as of now – there are no reports of mass layoffs at the mid and senior level. “At the mid and senior levels, what we have seen is that in the last one year, the attrition was 24%, it has now come down to below 14%,” said Joshi. New problems, new solutions According to industry experts, the recruitment crisis in the IT sector is reaching its lowest point. “I think we have already bottomed out, we have already seen a huge headcount dip for the first time in the history of some of the top ten IT companies,” says Joshi. “Now, any new attrition is resulting in new hiring. This quarter may be a little weak in the hiring, but starting from June, we expect things to stabilize. The second half of the year should be much better.” The new jobs being created demand that candidates step out of traditional methods and explore new possibilities by making use of novel technologies.“Companies observe technological advancements as a mechanism of increasing efficiency and cutting expenses. So job seekers should step out of their comfort zones and start experimenting with new technologies. That is the only way to land jobs in the current scenario,” points out Asif. However, one of the biggest impediments in this is that most institutes and colleges in the country are yet to come to terms with the ever growing technological advancements. “One limitation for the traditional institutions here is that they don’t have professors who are trained in these areas. But students are overcoming this by resorting to online platforms. Something I have observed is that students who come for job interviews have an extra certificate of an online course they have done in AI or cloud computing. This helps them secure a job,” said Asif. “At the same time, there are only a very limited number of students who can spend extra money on an online course and get the exposure. The institutes should initiate measures to train the students according to the demands in the market,” Ali observed. “The positive side is that GCC (Global Capability Centers) is doing well,” says Joshi. “A lot of research, innovation and product designing is happening in India, that is the silver lining in the IT industry right now. Historically, GCC has served more like a support system, but today it has become a platform where talents are getting absorbed and new opportunities are created.” Even though some doors are shutting down, others are definitely opening up for talented youth in the country. The struggle has forced Saketh, an engineering graduate from Chennai, to become more philosophical. “It also depends on one’s destiny whether you immediately find a job or you struggle for a year or two,” he says.
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