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Will recession and tough economic conditions cause IT hiring freezeBY: Bharat | Category: Technology and Computers | Post Date: 2008-10-04
There is a concern among most Computer Science students who are about to graduate whether or not they will be able to find a job or if the offer they received from a leading IT company still holds good or will their joining date be postponed / delayed. A recession in United States, slowdown in Europe, rising inflation and overall slowdown in the number of outsourcing projects will likely result in slow hiring, layoffs or even a hiring freeze in some companies. Many companies have reported that they were postponing promotion of many employees which also helps to delay the salary hike as a result of promotion. Many other cost cutting measures are likely to include less travelling and lesser perks. Other companies are combining their non-IT operations like merging human resources and information technology systems. Newspapers tend to present things in a dramatic manner, often much worse than the real situation. According to economical times, global financial markets crisis can possibly result in a loss of 20,000 to 25,000 jobs in India. Economic Times says that TCS, Infosys, HCL, Wipro and Satyam will announce huge lay-offs over the next couple of quarters if conditions do not improve. All software engineers should now be cautions and avoid all overspending and cut down on their most leisure activities giving them to accumulate savings of a 3 to 6 months timeframe to prepare for a worst case scenario. Additionally try to move in a project which you know is very important and will not likely be impacted by any slowdown. If you know of a company executing an IT project for a government, that is again a safe place to be. A global slowdown usually causes more foreign companies to consider outsourcing in a long term therefore the situation will likely improve faster in India than other places in the world. The excuse of lay-offs may be anything, from under performance to cancelled projects. The rumor of cause panic, therefore it is possible that this will lead to a fierce competition within the groups to work longer hours to impress the manager, therefore be prepared to work for longer hours if you are a software engineer. It has became clear that the financial crisis in the US would have an impact on Indian IT firms.The most difficult part will be to explain things to family and friends. A job loss in this country is a social disgrace nobody cares if it is because of a global meltdown. All global companies follow a strategy where there is constant evaluation of whether people fit in an organization's need. When the number of people on the bench far exceeds the total number of projects, companies will try to rationalize. The top five Indian IT firms TCS, Infosys Technologies Ltd, Wipro Ltd, Satyam, and HCL Technologies Ltd derive between 51% and 63% of their revenue from the US. Indians are hard working and even though any other country will find it difficult to compete with us there is a possibility that reduced number of openings will result in a very high competition within ourself. Article Source: http://www.saching.com About Author / Additional Info: Additional Articles: * CHARACTERSTICS OF AN ORDINARY WOMAN. By Kiran Chandra * What do women want? * Architecture speaks * Too Much Sadness Causes Death * James Hicks MLM Coaching Does this article violate or infringe on your copyright ? It is a violation of our terms for authors to submit content which they did not write and claim it as their own. If this article infringes on your copyrights, then use our Contact us form with the detailed proof of infringement along with the offending article's title, URL and writer name. If you do not hear back from us then contact us again in another 10 days. Thank you. Comments on this article: (0 comments so far) * Additional comments are now closed for this article *
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