Recession: Is the Layoff Season Finally Here?
Tata’s hiring announcement comes to the rescue of Twitter and Meta’s laid off employees while replacing financial stress with market stability. To set the context, Anthony Battle, CIO, Jaguar Land Rover, has expressed the Software Development Company's decision to strengthen its data and digital skill base by recruiting 800 employees (fired by various organizations) across the globe. Following Tata, several organizations from varied industries are gearing towards expanding their resources through mass hiring.
Companies like Kroll (500), Content stack (400) and Upgrade (1,400) are among the list of mass employers, who will be making a great difference to India’s employment rate in the near future. Taking a look into varied opportunities in the Indian market, the gaming industry is estimated to add 1 lakh new job openings across different domains in the coming fiscal year. Meanwhile, the Indian economy is expected to have a steady positive growth with increase in export demands. Besides having the highest inflows of $83.6 billion, India will also be attracting $100 billion in foreign direct investment (FDI) by 2023.
With giant industries and startups sprawling up in every corner of the country, a huge number of employees have been hired and fired since the past few years. In a post-pandemic situation, this trend of haphazard firing has become a new norm. Pertaining to their financial crunch and the upcoming Recession, Tech giants like Google, Amazon, Zomato have been going into the job-freeze mode.
Unfortunately, most of these employers are those with their operations in the US or Canada and other Western Countries, which have been hit by the Recession. These job cuts have been a financial hit to the employees, especially immigrants. With 60 days being limited time to seek another job, immigrants with H1B visas (primarily) in the US are requesting for a time extension.
In this context, many Indian origin managers are backing up their Desi colleagues and recruiting them, depending on the requirements. This situation has invoked mixed responses from employees and employers, alike. In such a situation, many employees who have been stagnating in the IT industry have realized the need for upskilling.
Amidst the chaos of an economic slowdown and mass layoffs, many leaders predict that, except for the Corporate Industry-focused markets in the West, India will be Recession-proof and in fact, holds numerous opportunities for those looking to invest or create employment within the country.
Is this economic slowdown an alarm bell for the Indian IT Industry and is it a sign for the workforce to realize that only Upskilling can actually help you survive even in a downturn?
(Author: Alisha Fernandes is an inquisitive learner & content writer at TechDoQuest)