How do you evaluate the growing layoff trend and decode the underlying circumstances in Indian context? Will global layoffs jolt India’s IT sector?
VP The year 2023 for sure is not a happy new year for our tech workers due to the global trend of reducing the workforce. The layoff trend emerged post-pandemic amid ongoing global economic conditions, after which companies world-wide has got entangled in the layoff trend which is set to worsen in 2023.
India’s IT sector is one of the largest employers in the organised sector, any global layoff trend is certain to have an impact on their growth projections though there isn’t a visible trend yet so far in India. Most of the top IT companies saw a rise in revenue and net profit and few have already announced variable pay-outs including increments to their employees. Ongoing challenges related to the attrition rates, are still high, which means that there are enough opportunities for the employees and business for competitions to attract employees with higher salaries,...
