May 18, 2017
Layoffs By Tech Giants
Each and ever sector is facing a tough phase when employment is concerned. But Information Technologies(IT) companies are at its worst.The company in the spotlight is Cognizant, which is cutting off 5% of the employees, almost 10k in numbers.
It’s not only the problem with the Cognizant. top other 7 IT firms are planning layoffs which includes Infosys, Wipro, HCL, Tech Mahindra and so on.
If machines and artificial intelligence always remained a threat to the labour-intensive Indian IT market, what’s making the threat more imminent now is the rapid roll out of protectionism by the Donald Trump administration in the US.
Infosys has already announced they would recruit about 10,000 people in multiple US locations, while Cognizant is also hiring Americans lest they should lose their existing outsourced projects.In fact, the threat is two fold – Indian companies losing contracts and hence laying off people, and Indian companies voluntary hiring Americans to keep their contracts and hence culling unwanted employees back home.
It is not as bleak a situation as it is made out to be. There are enough jobs for people in the industry still, say experts. The good example can be this one,When ATM’s were introduced in the country in the late 80s, the biggest scare in the market was that many cashiers and accountants in the banking sector would lose jobs.
Instead, banks increased their branches, remarked an analyst. So, no need to worry. Just Brush up your skills little and stay positive.