With recent job cuts becoming the headlines of major newspapers these days, it is important to know the reasons for the major downfall of IT market.
It would be unfair to say each individual is falling prey to such tremendous hire-n-fire policy of companies these days. However there are reasons for any company to terminate an employee from a firm: either the organization doesn’t have enough funds to keep surplus employees or it’s the performance of the particular employee that takes away the opportunity at hand.
But these are just not the two reasons; industry as well as the location in which you are working may also decide the tenure of employees within the organization.
As per the employment survey conducted by Economictimes.com along with TeamLease, a report on the current employment situation of the country was generated. A complete analysis scanning the various aspects of the current employment situation as per city, sector, profile, etc. was reported.
The report placed Delhi at the highest position in job loss index and was termed as the most affected place in terms of market situation. Bengaluru and Hyderabad are the cities that rank fall next in the category after Delhi and lie in the high risk zone. Whereas, cities like Mumbai, Chandigarh, Ahmedabad, Chennai and Kolkata lie in the moderate risk zone and seem to remain unaffected during market downfall. Pune remains miles away and remains in the low risk zone of the country.
The industry of the employee is also one of the dependable factors of the recruitment slowdown which makes industrial manufacturing and allied sectors at highest risk in market slowdown. Fields such as construction, real estate and BPO and IT-enabled services fall next in the category. However, sectors such as healthcare and telecom domain are least affected by market risks, followed by retail, banking, financial services and insurance, consumer and durable goods, power and energy and agriculture and agrochemicals. Also, fields like hospitality, automobile & allied industries, media & entertainment lie in the moderate risk zone.
Recent studies found that IT companies may cold shoulder the B.Tech employees and may just be interested to hire graduates equipped with good coding skills or who may have a master’s degree, suggesting that bigger brands are less likely to invest in training the new hires. Job seekers are generally looking for more pay than the companies are willing to offer which somehow has an impact on the companies hiring the right candidates.