IT Industry Laying Off 56000 Employees This Year

Top IT companies in India are currently in a phase being termed as the biggest retrenchment drive in recent years. The top IT firms in the country are expected to release about 56,000 engineers this financial year. This number is almost double the number of engineers released in the previous year, which reflects how unprepared the industry as a whole is in regards to the ever increasing protectionist environment emerging across the western world and adapting to the ever evolving world of technology.

The companies in reference here include major organizations of the country and abroad who have set up development branches in the country including Infosys Ltd, Wipro Ltd, Tech Mahindra Ltd, HCL Technologies Ltd, US-based Cognizant Technology Solutions Corp. and DXC Technology Co., and France-based Cap Gemini SA. These companies employ around 1.24 million individuals cumulatively and are expected to let go of around 4.5% of them in this year.

The Indian IT industry is effected due to Trumps recent campaign for the H-1b visas, and US governments move of strict visa norms. after the warning by country’s apex trade body about the effect on the IT industry, Wipro made it official about laying off its 600 employees. The second IT company Cognizant, last week has let go off 6,000 of its employees along with 1,000 executives. Infosys is supposedly laying off its 1,000 employees at various levels carrying its annual performance appraisal.

As more companies move towards newer technologies such as AngularJS, NodeJS, React, React-Native, IonicJS etc, the number of physical employees required to carry out these tasks have begun reducing. Tasks that needed a whole pyramid of employees earlier can now be done with just a handful of them. With companies facing this reality as a sudden jolt instead of a foreseen outcome has resulted in the soon to come mass layoffs.

 

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