The series of layoffs that have been commenced by Indian IT giants such as Tech Mahindra, Cognizant and Infosys is likely to continue over the period of forthcoming 12 to 24 months, as observed by the IT experts. Automation and digitalization are contributing in accentuating these trends along with certain global trends of protectionism by select nations, quotes Profit NDTV.
Thousands of IT professionals are being handed over pink slips as a part of the so-called performance appraisal. But experts have cautioned that these are actually measures for controlling costs owing to immense pressure on businesses that is increasing due to protectionism in the majority of the business target markets.
Software exporters in India are especially facing disturbances in business ambience after stringent work authorization regimes for immigrants have been launched by nations such as the US, the UK, and Singapore.
IT firms are now also forced to redesign their business strategies owing to cloud computing, robotic process automation, and updating of technologies in artificial intelligence that are leading to completion of work with reduced workforce.
Sunil Goel the MD of Global Hunt executive search organization has said that the impact has been accentuated also owing to change of visa regime by the US for IT professionals. He also added that this trend of pink slips for IT Workers will continue for another one to two years.
Layoffs are anticipated for workers in system administration, technology support and manual testing as jobs in these domains are increasingly being managed by systems based on process automation by robotics and AI.
It has been revealed by Nomura the Japanese brokerage firm that around 7, 60, 000 jobs cuts will be made effective by Wipro, Tech Mahindra, Cognizant and Infosys.
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