Digital Tsunami expected with Massive Layoffs, 6 Lakh Jobs Under Threat (Download PDF)

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For employees working at IT software services companies, the bad news about layoffs could be potentially worse than has been reported so far. They could be staring at about 6 lakh job cuts in the next two to three years

Termination of employment

Termination of Employment

Termination of employment

Highlights:

  • The digital tsunami will trigger jobs cuts in a big way in the IT industry
  • That employs about 40 lakh people about 24 lakh of them will have to be re-trained
  • Out of these 24 lakh employees
  • Approximately 12 lakh, can be re-trained
  • About 6 lakh can manage with existing skills
  • The rest 6 lakh, will lose their jobs over the next three years
  • Also impact those employed in telecom and banking sectors
  • The number of jobs under threat
  • Wipro undertakes a rigorous performance appraisal process on a regular basis to align
  • This systematic and comprehensive performance evaluation process triggers a series of actions such as

    • Mentoring
    • Retraining
    • Upskilling
  • The performance appraisal may also lead to the separation of some employees from the company
  • Hiring of fresher’s by IT companies has gone down sharply
  • McKinsey India Managing Director Noshir Kaka had also said the bigger challenge ahead for the industry will be to retrain 50 - 60 per cent of the workforce as there will be a significant shift in technologies.
  • 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.

Why 6 Lakh IT Professionals Losing Job

Reason for 6 lakh IT Professionals losing job

Reason for 6 Lakh IT Professionals Losing Job

Reason for 6 lakh IT Professionals losing job

- Published/Last Modified on: May 17, 2017

Economy

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