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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.
WTF? 1% of Indian techs are incompetent?
Is this the new king of broken metrics? What is 'competent'?
John McAfee 'It was like that time I hired that Bangkok prostitute; to do my taxes, while I fucked my accountant'
Meanwhile, around 6,000 Indian employees at Cognizant reportedly lost their jobs to automation.
So are there coding projects staffed by automation?
Did someone figure out how to make a voice-response system that replied in canned incomprehensible tech-speak?
Ken
Well, I can tell you there will be a lot of Americans like me who've seen their friends axed over and over by offshoring layoffs who won't give two shits if India and China swap nukes or give each other Ebola etc... When I see that part of the world burning, I'm personally going to take up the violin.
I laugh at them for being opportunistic, riding it out as long as they could and then getting jacked and complaining about it.
Tata, Cognizant and others undercut everyone elseâ(TM)s prices until CEOs couldnâ(TM)t look at their shareholders and say âoeI just turned down the chance to save 70% on the personnel cost of our IT and have someone to sue if they donâ(TM)t perform in the future. So they laid off workers worldwide collapsing economies everywhere.
Then people all over India rushed to IT jobs like dogs to peanut butter because they didnâ(TM)t want to lose out on the opportunity to completely fuck their national economy by strengthening the caste system that made so many people suffer for so long. So a middle class was established by the poor became poorer by comparison.
Now, with wages rising in India for the middle class, the H1B holders going home and driving up inflation, etc... India has become too expensive for western businesses to ignore serious legal and cultural differences with India. Companies like Cisco feel fucked for letting caste mentality effect their engineering. Higher level managers walk carefully around and nearly how to lower level employees for fear of what the guy with 47 lines and a dot on his head could do to his family back home.
Isnâ(TM)t it time India either joins the western world or abandons it? I mean seriously... India makes all their money by being a cheap labor country. Itâ(TM)s like a human meet factory? Besides a few rare cases like the Indian Space program (I am impressed as hell by that) where is Indiaâ(TM)s leadership in technology?
Over a billion people in India and where is the investment by the government in the creation of Indian technology? Where is the India Google or Facebook or Microsoft? With millions of programmers and managers and investors, where are the world leading technologies?
Yeh... I laugh at Indians losing their jobs because all you ever were was cheap labor. You never respected yourself or your own people to do anything more than eat the scraps off other peopleâ(TM)s tables. It was an absolute shameful lack of self worth, self respect and dignity on a scale of 1/7th of the entire worldâ(TM)s population.
Where are your high speed trains?
Where are your Indian made jet liners?
Where is the Indian made clean energy?
You people do this for everyone else as cheap labor and you donâ(TM)t even have enough pride to trust your own people enough to build a real national economy as something great which you could be...
The only reason I can think of for this is that Indian people are so busy shitting on each other that you canâ(TM)t treat each other with enough respect to do anything. And then you get pissed when your nose gets slapped by your master for eating too many scraps off the table.
Tell you what. After 15 âoeglory yearsâ of outsourcing, if all you are is a dog and are happy eating scraps from your masters in other countries who hired you to be a dog and have no interest in ever treating you as a dog... then... youâ(TM)re a dog and donâ(TM)t deserve any more respect than any other beggar at the table. Fall on your face and Iâ(TM)ll put it on YouTube and make money off people laughing at you.
Stand up like a person with some dignity and say âoeWe are more than dogs. We are leadersâ and then make something of your country and treat your people with respect. The I will look at you as a human with dignity. Dignity is not something you can draw on your forehead. It is something much greater than that. When you learn this, you will stop being a dog to be laughed at.
The Orange one might have brought tech jobs back to the USA and they might be very expensive, but I know the tech companies can afford these people (ie us) as they make so much money they don't know what to do with it besides stuff it into some island bank account.
You talk just like the type of person who has no idea what the fuck he's talking about. The bulk of jobs being bled in India are the type of IT jobs that led themselves to automation (or when a company is downsizing and reducing opex). No new jobs, you dumb rube.
Salaries seems to be a reasonable destination for the spare cash, and the tech workers will then spend it.
LOL. This is wishful, ignorant thinking. That money goes back to shareholders. Rarely that gets re-invested into operations.
that's far better for the economy than a race to the bottom for the peasantry while our new aristocrats get so rich they couldn't spend it all even if they really really tried (and frankly, looking at Theranos and Uber's continued funding, they're really trying)
Wait, you think that this bleed out in India is somehow going to stop what you just described? I have a bridge to sell you (or a red hat, whatever tickles your fancy.)
>He apparently also caused the current economic boom in the US... pre-emptively,
It's amazing how your so-called "Obama boom" didn't kick in AT ALL until Trump got elected lol