IT job market crashes: Infosys, Cognizant and others reportedly fire thousands

[ashok321]

LOL......right. When you hit the ditch and there will be millions and millions of your fellow countrymen without work in the next few years, remember this "LOL" from your post. You should take serious issues seriously or post better.


http://www.businessinsider.com/50-percent-unemployment-robot-economy-2013-1

https://robotenomics.com/2014/04/16/study-indicates-robots-could-replace-80-of-jobs/

https://www.reddit.com/r/path%3D%252Fr%252FFuturology%252Fcomments%252F25tb2t%252F

Not sure who is a decade away. Its here and its in progress. The only thing is the wide spread use is just starting to take place. By 2020, the most job openings will be for people who configure Robots. A few years after that, all jobs will start to disappear. AI is already here and in all capacities to change humans. It is just getting deployed rather quickly now.

 

[DJ_Viper]

All the knowledge in the world makes poor substitute for common sense

Why do Americans live in perpetual paranoia ?

No one lives in paranoia. Like I said, when the Indian economy takes a nosedive (that has already started by IT companies firing thousands of people in India), you can remember my post. Just by acting like a 10 year old kid and shrugging away serious issues, doesn't make you smart or the other one "paranoid". The reality is a b!tch, the sooner you realize it and plan for it, the better off you'd be.

View attachment 396801

I know Mckinsey guys and work with them on various research stuff. So I am aware of what jobs will be left here. Which is why the estimate will be 80% jobs gone to the Robots and 20% left for humans. 1 teacher will oversee dozens of kids, one General Manager will oversee hundreds of Robotic processes that will work for him as a Virtual Workforce. Sales representatives aren't hired by companies in dozens (compared to IT, Finance and HR staff) so a few of those jobs will remain as is. The masses will be gone.

 

[Vishwabalas]

No one lives in paranoia. Like I said, when the Indian economy takes a nosedive (that has already started by IT companies firing thousands of people in India), you can remember my post. Just by acting like a 10 year old kid and shrugging away serious issues, doesn't make you smart or the other one "paranoid". The reality is a b!tch, the sooner you realize it and plan for it, the better off you'd be.

I know Mckinsey guys and work with them on various research stuff. So I am aware of what jobs will be left here. Which is why the estimate will be 80% jobs gone to the Robots and 20% left for humans. 1 teacher will oversee dozens of kids, one General Manager will oversee hundreds of Robotic processes that will work for him as a Virtual Workforce. Sales representatives aren't hired by companies in dozens (compared to IT, Finance and HR staff) so a few of those jobs will remain as is. The masses will be gone.

LOL......okey.

I will start building my nuclear bunker right now and wait for the robots to take over the world

Do we need to wear tin foil hats too ?

 

[ashok321]

No one lives in paranoia. Like I said, when the Indian economy takes a nosedive (that has already started by IT companies firing thousands of people in India), you can remember my post. Just by acting like a 10 year old kid and shrugging away serious issues, doesn't make you smart or the other one "paranoid". The reality is a b!tch, the sooner you realize it and plan for it, the better off you'd be.



I know Mckinsey guys and work with them on various research stuff. So I am aware of what jobs will be left here. Which is why the estimate will be 80% jobs gone to the Robots and 20% left for humans. 1 teacher will oversee dozens of kids, one General Manager will oversee hundreds of Robotic processes that will work for him as a Virtual Workforce. Sales representatives aren't hired by companies in dozens (compared to IT, Finance and HR staff) so a few of those jobs will remain as is. The masses will be gone.

Soundcloud:

https://soundcloud.com/https%3A%2F%2Fsoundcloud.com%2Fworld-economic-forum%2Fa-glimpse-into-the-future-robots-society-and-employment

 

[Vishwabalas]

Soundcloud:

https://soundcloud.com/https%3A%2F%2Fsoundcloud.com%2Fworld-economic-forum%2Fa-glimpse-into-the-future-robots-society-and-employment

Maybe they will need robot repair technician ? ....... or will robots take care of their own ?

 

[CAD]

Job cuts in Indian IT companies will be 1.75 -2 lakh per year in next 3 years, due to under- preparedness in adapting newer technologies, says Head Hunters MD

Bengaluru: Executive search firm Head Hunters India on Sunday said the job cuts in Information technology (IT) sector will be between 1.75 lakh and 2 lakh annually for next three years due to under-preparedness in adapting to newer technologies.

“Contrary to media reports of 56,000 IT professionals to lose jobs this year, the actual job cuts will be between 1.75 lakh and 2 lakh per year in next three years, due to under- preparedness in adapting to newer technologies,” Head Hunters India founder-chairman and MD K. Lakshmikanth told PTI, analysing a report submitted by McKinsey & Co. at the Nasscom India Leadership Forum on 17 February.

McKinsey and Co. report had said nearly half of the workforce in the IT services firms will be “irrelevant” over the next 3-4 years. McKinsey India managing director Noshir Kaka had also said the bigger challenge ahead for the industry will be to retrain 50-60% of the workforce as there will be a significant shift in technologies.

The industry employs 3.9 million people and the majority of them have to be retrained. “So, when we analyse these figures, it is clear that 30 to 40% of the workforce cannot be retrained or re- skilled. So, assume that half of this workforce can continue to work on old skills, then balance will become redundant.

“So, the number of people who will become redundant in the next three years will be about five to six lakhs. This will workout to, on a average, between 1.75 lakh to 2 lakh per year for next three years,” Lakshmikanth explained. However, he said job cuts will not take place in major cities like Mumbai or Bengaluru, but cities like Coimbatore or a few remote places, he said.



Lakshmikanth further said the IT services industry is passing through an uncertain time as the growth in digital technologies like cloud-based services is happening at a much faster pace and the companies are combining learning of some of the new technologies and reskilling.

“Because of the changing technology, the most affected will be the professionals aged 35 and above, for it would be very difficult for them to get jobs,” Lakhsmikanth said. Asked if it is fair to blame US President Donald Trump’s policy for job cuts, Lakshmikanth said it is not fair because he has fulfilled the promise after winning the elections.

“How can we blame Trump, for he has fulfilled the election promise of giving jobs to local people including IT professionals by tightening H1-B visa norms, which were being misused by companies by paying less to foreign professionals working in US. It is for companies to tackle the situation, and such situation they have undergone in previous years. It is not new for them. They know to tide over it,” he said.

Lakhsmikanth also said it is not fair even to target the Indian government as the IT industry grew on its own in India, but at later stages respective state governments and central governments provided them facilities like land or creating special economic zones, among others.

Source: livemint

 

[CAD]

Last week this newspaper reported massive lay offs in the Indian IT sector, despite claims by the government that the Indian economy is growing. Well, it turns out that IT is not the only sector that has been affected. Engineering as a whole seems to be in trouble, if the latest IIT campus placements are anything to go by.

One out of every three IITians graduating this year either didn't find a suitable job or, worse, wasn't found suitable for a job through campus placement, according to the data released by the Human Resource (HRD) ministry. Basically, employment opportunities for India's great pool of engineering talent just shrunk.

Only 66 per cent of those who made themselves available for campus recruitment landed a job offer in 2016-17, as against 79 per cent in 2015-16 and 78 per cent in 2014-15.

This could mean competition has gone up in terms of quality, or the size of the pie has turned smaller. Out of 9,104 student in 17 IITs who applied this year, 6,013 got jobs.There are 75,000 students studying in 23 IITs in the country. But the fact is even the astronomically evaluated e-commercial firms have frozen hiring.

The Human Resource Development ministry said that recruitment by Public Sector Units through GATE scores has increased over these years and many of those recruited are from IITs. "These numbers may not reflect in the campus recruitment volumes. We need to add these too before coming to conclusions on employment opportunities for IIT students."

This looks like the HRD putting on a brave face on a bad job. That seems the case especially when viewed in the context of the 7 top IT firms projecting 56,000 layoffs by the end of 2017. Already Larson and Toubro had shaved off 14000 jobs last year. This year Infosys, Wipro and a couple of other IT firms have sacked thousands of people. Many manufacturing construction firms slashed jobs in November-January to protect their profit margins post-demonetization.

India's economic growth has slowed down to 7.1 per cent from 7.9 per cent last year. Add to this the Trump administration insisting on "buy American and hire American." A lot of Indian firms are cutting down on their native employment and recruiting Americans. All this must, experts say, have a trickle-down effect on the IIT scene.

Ironically, the number of companies visiting IITs shows a rise. But job offers have dipped. In IIT Madras, which topped the National Ranking of the country's engineering institutes, of the 665 students who were available for campus placements, 521 got job offers, with an average salary of 12.91 lakh per annum. That works out to 78 per cent of the students who wanted jobs got the offers, as against 86 per cent in the previous two years.

In a rather unique explanation, Bhaskar Ramamurthy, IIT Madras director, blamed it on the weather. "Our placement drive was disrupted due to the cyclone this year and so there might have been a slight drop." The next excuse could be heat wave.

IIT Roorkee placed 653 of 974 campus job-seekers this year; that is 67 per cent compared to 83 per cent last year. Of the old bunch of IITs, the one in Kanpur showed a slight improvement in campus placements this year.

In IIT Delhi, 502 of 563 students got job offers. Authorities said: "There are a number of students who opt for higher studies or sit for civil services examination. Many set up their own start-ups and so not everyone opts for campus placement."

Source: khaleejtimes

 

[Banglar Bir]

India's economic growth has slowed down to 7.1 per cent from 7.9 per cent last year. Add to this the Trump administration insisting on "buy American and hire American." A lot of Indian firms are cutting down on their native employment and recruiting Americans. All this must, experts say, have a trickle-down effect on the IIT scene.

Supa Pawa TRUMPED by Uncle Trump.

In a rather unique explanation, Bhaskar Ramamurthy, IIT Madras director, blamed it on the weather. "Our placement drive was disrupted due to the cyclone this year and so there might have been a slight drop." The next excuse could be heat wave.

 

[Jobless Jack]

India's economic growth has slowed down to 7.1 per cent from 7.9 per cent last year. Add to this the Trump administration insisting on "buy American and hire American." A lot of Indian firms are cutting down on their native employment and recruiting Americans. All this must, experts say, have a trickle-down effect on the IIT scene.

Supa Pawa TRUMPED by Uncle Trump.

In a rather unique explanation, Bhaskar Ramamurthy, IIT Madras director, blamed it on the weather. "Our placement drive was disrupted due to the cyclone this year and so there might have been a slight drop." The next excuse could be heat wave.

the best part is that the next US presidents will sing in the same tune( if not more) as trump !

 

[soundHound]

to be clear whatever Impact there might be, it will only be faced at Service industry and that too for job with lowest of lower skills, many of them might be victim of automation rather then trump. India is not only about service, there are plethora of top notch R&D centers operating here, India also houses several startup hotbeds(Bangalore, Mumbai, NCR etc.), so people with correct skillset have no dearth of opportunity here. In-fact what I think it was long overdue for India to start migrating from service to product sector, and am glad that will start happening with full force now.

 

[Narcissist]

This is not exactly a problem isolated to India. Underemployment has plagued many people all over the world. The good days of the boomers, where a monkey could be in charge of anything, are gone.

 

[GodToons]

Fake news:
Fact: this is regular churning in IT industry where non performers are asked to quit post evaluations. Since Modi is in power, political parties are trying to make it another issue. It will fall flat when companies releases their annual hiring target/ numbers.

Modus operandi of creating narrative in India..

article, without proper investigation, will be picked by Scroll.in/Catchnews.in/print.in/Jantakareporter.com --> without verification, blog/ opinion will be created by NDTV/ IndiaToday --> NDTV/India Today blogs will be picked by Washington post/ NYT/ BBC

Viola!! Time to say intolerance and say Hindus are worst religion and backward.

 

[CaptainJackSparrow]

That's how capitalism works, folks.

Hope yall know neither hiring is permanent nor firing is permanent. It's all cyclical.

 

[AnnoyingOrange]

The IT job market in India is seemingly crashing. There are reports that the information technology firms in India are in the middle of one of the largest job cuts ever seen in this Industry.

The number of layoffs this year is set to be twice that of last year, with inability to adapt to new technologies, inadequate growth, rise in costs (and subsequent fall in profits) and the use of automation tools which reduce the number of employees needed the main reasons behind the same.

Seven of the biggest IT firms in the country are in the process of laying off more than 56,000 engineers. This number is only set to grow as companies have been unable to deal with newly elected US President Donald Trump's nationalist-protectionist policies.

As a result of Trump's new policies, many IT companies are in the process of hiring US citizens and asking Indian H-1B Visa holders to return back to India . According to Livemint, Infosys has announced plans to hire 10,000 US citizens over the next two years and Wipro has already hired over 2,800 US citizens in the past 18 months.

Job cuts at Cognizant

Cognizant seems to be the worst hit as the company is planning on cutting off as many as 6,000 jobs - representing a whopping 2.3 per cent of its total workforce.

The company is reportedly struggling with adapting to new technologies and digital services and is laying off employees in lower-end jobs which are becoming redundant because of automation.

The number of layoffs this year is set to be twice that of last year due to inability to adapt to new technologies, inadequate growth and rise in costs

Cognizant has also reportedly placed close to 15,000 employees in the lowest category - Bucket 4. That is, they have put them on notice by giving them the lowest ratings possible.

A spokesperson told Livemint that performance-based reviews this year are consistent with past ones and that the company has not conducted any layoffs.

Job cuts at Tech Mahindra

Software services company Tech Mahindra, which ranks fifth amongst Indian IT firms on the basis of revenue, has also reportedly let go of more than a thousand employees this month.

A Tech Mahindra spokesperson said. - "We have a process of weeding out bottom performers every year and this year is no different".

Job cuts at Snapdeal

In the middle of Flipkart acquisition rumours, the struggling e-commerce player is reportedly planning to cut a huge 30 per cent of its workforce as a result of poor growth, reduced revenue and incurring losses. More than 1,000 employees are expected to be affected by this decision.

Job cuts at Infosys

Reports claim that Indian IT colossus Infosys is planning to lay-off as many as 1,000 employees in the coming months. The employees in question are said to be those working as project managers, senior architects and in other high level-positions.

As a result of Trump's new policies, many IT companies are in the process of hiring US citizens and asking Indian H-1B Visa holders to return back to India

In fact, Infosys has already started laying off employees. Last month, the IT giant asked 500 plus employees to leave on the ground of 'non performance'.

In a bid to warn employees, Infosys has also reportedly placed more than 3,000 senior managers in the 'employees needing improvement' category.

Job cuts at DXC Technology Co

DXC technology is also in the midst of a three-year plan to reduce overheads and cut the fat. The company is planning to reduce the number of offices in the country from 50 to 26 and is also planning to lay-off 10,000 of its 170,000 strong work-force.

Job cuts at Aircel

Cutthroat competition and Jio's disruptive pricing policy has impacted almost all of the telecom operators in the country badly. The struggling telecom operator reportedly fired 700 employees in February - which account for more than 10 per cent of its Indian workforce.

Job cuts at Wipro

Wipro has also reportedly started the process of making the organisation leaner and more decentralised by reducing unwanted and excess managers and executives.

A Wipro spokesperson reportedly said: "Performance appraisal may also lead to the separation of some employees from the company and these numbers vary from year to year".

Wipro is planning to trim the fat by removing unnecessary layers such as project leaders which the company feels are not needed anymore as a result of automation.

Job cuts at Tata Teleservices

Tata Teleservices, which along with Tata Teleservices (Maharashtra) has a presence in 19 telecom circles in the country has reportedly fired as many as 600 employees in sales and other similar sectors.

According to Gadgets Now, the lay-offs have been done at multiple locations and the sacked employees are being offered a severance package consisting of just one-month's salary.

Tata Consultancy Services Ltd (TCS) on the other hand is reportedly not planning to initiate any layoffs this year.

A regular ...Annual HR practice getting over hyped... every company shunts out bottom 5% performers every year.. thats the norm.. stop getting smug about it..

 

[Ajaxpaul]

This is good in a sense. Its time for companies to focus on other technologies which they have never ever concentrated till now. Its a shame that new companies are becoming leaders in AI, while the outsourcing companies never even invested in them.

But its not crashing down idiots. Out of millions employed in IT industry I expect 10000 jobs to be cut.

It could be in 50k to 80k range if young techies don't adapt. Business is changing.