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56,000 Layoffs and Counting: India's IT Bloodbath This Year May Just Be the Start (qz.com)
An anonymous reader quotes a report from Quartz: For Indian techies, 2017 was the stuff of nightmares. One of the top employment generators until a few years ago, India's $160 billion IT industry laid off more than 56,000 employees this year. Some analysts believe this spree was worse than the one during the 2008 financial crisis. Meanwhile, hiring plummeted, with entry-level openings having more than halved in 2017, according to experts. Tata Consultancy Services (TCS) and Infosys, two of India's largest IT companies and once leaders in job creation, reduced their headcounts for the first time ever. Even mid-sized players like Tech Mahindra retrenched several employees.
Compared to the normal rate of forced attrition (i.e. asking non-performers to leave) of around 1% in earlier years, 2017 saw Indian IT companies letting go of between 2% and 6% of their employees, said Alka Dhingra, general manager of IT staffing at TeamLease Services. Infosys cut 9,000 jobs in January. "Instead of 10 people, what if we have three people to work on (a project). If we don't have the software, then some others will take the advantage (away from us)," Vishal Sikka, the former CEO of the Bengaluru-based company, said in February. Meanwhile, around 6,000 Indian employees at Cognizant reportedly lost their jobs to automation.
Compared to the normal rate of forced attrition (i.e. asking non-performers to leave) of around 1% in earlier years, 2017 saw Indian IT companies letting go of between 2% and 6% of their employees, said Alka Dhingra, general manager of IT staffing at TeamLease Services. Infosys cut 9,000 jobs in January. "Instead of 10 people, what if we have three people to work on (a project). If we don't have the software, then some others will take the advantage (away from us)," Vishal Sikka, the former CEO of the Bengaluru-based company, said in February. Meanwhile, around 6,000 Indian employees at Cognizant reportedly lost their jobs to automation.
I think my company hired those 1%....so don't worry, they're still gainfully employed!
From the article, "Digitisation and automation brought about disruption in traditional roles"... so when cheaper labor comes along to try and cut my throat I'm supposed to go along with it, but when automation comes along and replaces those people who try to cut my throat I'm supposed to feel sorry for them? HAHAHA, NOPE!
For bringing the jobs back here
But they didn't realize we meant the modems and went ahead with the business plan anyway. Don't worry, next year they will have a new proposal since this one didn't perform completely to expectations.
You can get rich if you own a politician, but you have to be rich to buy one in the first place.
Nobody bats 990 in hiring. Especially not when the market is super hot. That calls for a higher kick rate, not lower.
Anybody claiming 'we have only 1% incompetents.' is actually saying 'We never question management, revisit decisions or do anything like failure analysis. (Our Brahmen's shit doesn't stink.)'
The deeper cause has to be clients slowly getting smart and changes to US visa laws.
Who the fuck still hires Tata? I would, if I hated my employer, was six months from retirement and wanted to wreck the joint. Would the SEC consider knowing they had hired Tata insider information?
John McAfee 'It was like that time I hired that Bangkok prostitute; to do my taxes, while I fucked my accountant'
Oh, I was unaware the Orange One brought any tech jobs back.
He apparently also caused the current economic boom in the US... pre-emptively, in fact. Even before he announced his candidacy for president, the aura of his magnificence was already causing the economy to grow.
#DeleteChrome